Wayne County, Iowa Land Auction
277.11 Surveyed Acres M/L
Offered In Three Tracts
Sells With ‘No-Reserve’ To The Highest Bidder

Seller:
The Estate of Muriel I. Sponsler
Kathryn A. Heckman, Executor of the Estate

Attorney for the Estate:
Jenna K. Lain, Attorney at Law
Meyer & Lain
Corydon, Iowa 50060

Auction Date:
Monday, November 22, 2021 @ 10:00 AM CST

Auction Location:
Humeston Community Center
115 N. Eaton Avenue
Humeston, Iowa 50123

Auction Method: Tracts 1, 2, and 3 will be sold on a price per acre basis and will be offered through the marketing method of “Buyer’s Choice”, where the high bidder can take, in any order, any or all tracts for their high bid. “Buyer’s Choice” auctioning will continue until all tracts have been purchased. Tracts will not be offered in their entirety at the conclusion of the auction.

Tract 1: 63.355 Surveyed Acres M/L
Tract 2: 63.355 Surveyed Acres M/L
Tract 3: 150.40 Surveyed Acres M/L

Farm Program Information: Farm Program Information is provided by the Wayne County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farms are reconstituted by the Wayne County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in the Meyer & Lain Trust Account.

Closing: Closing will occur on or around Tuesday, December 21, 2021. The balance of the purchase price will be payable at closing in the form of certified check or wire transfer. With respect to the timing of the Seller and successful Buyer(s) in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence.

Possession: Possession of the farm will be given at closing, subject to the current tenant’s rights.

Farm Lease: All tracts are subject to a current farm lease. Full possession of each tract will occur following harvest and removal of the 2022 crop. The Seller will retain 100% of the 2021 cash rent income. Buyer(s) shall be entitled to 100% of the rental income attributed to the land and 2022 lease term.

Survey Information: Tracts 1, 2 and 3 have been surveyed to determine the property boundaries and actual gross acres to be sold. If any of the tracts sell to different Buyers, then Sellers will pay for the surveyor to put minimal stakes in the tract splits to identify new boundaries. Any additional staking will be at the expense of the Buyer(s) of each tract. This work will not be completed until after the 2021 crops are removed.

Contract & Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a real estate sales contract and deposit with Meyer & Lain the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer obtaining financing after the auction is over. All financial arrangements are to have been made prior to bidding at the auction. Transfer will be made by Court Officer Deed. Estate Auction is subject to final court approval.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Online and phone bidders must register with the Auctioneer at least 24 hours prior to the start of the auction.

Driveway Entrances: Each tract currently has its own driveway entrance off of the gravel roads. Tracts 2 and 3, if sold to separate Buyers, will have one shared entrance off of 50th Street. If the new owner(s) of any tract elect to install a new driveway entrance or widen any current driveway entrance then that owner will be responsible for installing them per the Wayne County Engineer’s Office plans and specifications. Any and all costs associated with the installation of new driveway entrances or widening of entrances, if needed, will be at the sole expense of the new Buyer(s) of each tract. The Sellers will not install any new driveway entrances or widen any of the existing driveway entrances.

Fences: Existing fences, if any, are in as-is condition and will not be updated. Not all property lines have fences installed. No new fences to divide any of the tracts will be installed by the Sellers. All current and any future fences and fence lines shall be governed by the Wayne County and State of Iowa fence line rules and regulations. Existing fence lines may not be located on the true boundary lines.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. If in the future a site clean-up is required on any of the tracts, it shall be at the expense of the Buyer(s) of each tract. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstracts.