LEE COUNTY, IA LAND AUCTION - MITCHELL

Tract 1 - 38.95 Surveyed Acres

• FSA indicates approximately 37.0 cropland acres
• CSR2 is 80.8!
• Major soil types are Festina and Bertrand
• Access is in the northeast corner off of Belfast Road

Tract 2 - 69.94 Surveyed Acres

• FSA indicates 63.02± cropland acres
• CSR2 is 89.6!
• Major soil type is Festina
• Access is along the southwest side off of Belfast Road

Tract 3 - 222.48 Surveyed Acres

• FSA indicates 215.71± cropland acres of which 24.01 acres are enrolled in CRP (CP38E-4D) at a rental rate of $183.97 expiring 9-30-2037. The total annual payment is $4,417.00.
• CSR2 is 75.9!
• Major soil types are Festina, Okaw, Sparta and Koszta
• Access is in the northwest corner off of Belfast Road

Tract 4 - 102 Taxable Acres±

• FSA indicates 95.33± cropland acres
• CSR2 is 45.4
• Major soil types are Sparta and Colo
• Access is on the west off of Belfast Road

The Mitchell Farm will be sold in four (4) individual tracts. All four (4) tracts will sell on a price per acre basis, based upon a survey that has recently been completed. Surveyed acres will be used to constitute the final settlement price on Tracts 1, 2 & 3. Taxable acres will be used to constitute the final settlement price on Tract 4. All four (4) tracts will be offered through the marketing method of “Buyer’s Choice” whereas the high bidder may elect any or all tracts for their high bid. “Buyer’s Choice” will continue until all four (4) tracts have been elected. The tracts will NOT be offered in their entirety at the conclusion of the auction.

Immediately following the auction, the successful buyer(s) will be required to sign a real estate sales contract and pay ten percent (10%) of the purchase price as a non-refundable down payment which will be held in escrow until closing. The balance of the purchase price will be due at closing, which will take place on or about April 22, 2024, upon delivery of a merchantable abstract and deed. The real estate taxes will be prorated to the date of closing. Possession will be given at the time of closing, subject to the current 50/50 crop share lease. Buyer(s) of each tract will be responsible for 50% of the inputs for their respective tract(s) at the time of closing and receive 50% of the crop at harvest. Contact the auction company for further lease details.

Bidding is NOT subject to any contingencies, including but not limited to financing, an appraisal or inspection of the property.

All announcements made sale day take precedence over prior advertising either written or oral. The information in our brochure, in our advertisements and on our website is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, drone video, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties made by the seller or Sullivan Auctioneers, a BigIron company, pertaining to this property. Real estate is being sold “AS IS”.

• Tract 1: $5,564.08
• Tract 2: $8,633.04
• Tract 3: $24,421.50
• Tract 4: $7,439.42