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284 +/- Acres Offered in 5 Tracts - Farmland Auction
Fri, Aug 10, 9:00 AM
Annawan, IL - Henry County

Owner: Proventus II, LLC

SOLD FOR $2,963,100

• 262 +/- Cropland Acres • Excellent Drummer & Elburn Soils • Great Investment Opportunity • Level Fields with Access to Drainage • 120 +/- Miles West of Chicago • 13 +/- Miles East of Geneseo • 60 +/- Miles Northwest of Peoria •

Contact Auction Company for detailed information booklet including FSA summaries, soil maps, assessments, tax information and other information.

Auction begins at 9AM CST

OPEN HOUSE/INSPECTION DATES
Tuesday, July 24, 4-6 pm
Thursday, August 2, 9-11 am
Meet a Schrader Representative at the barn on Tract 3.

PROPERTY LOCATION
From the intersection of I-80 and IL-78 (exit 33), 13 +/- miles east of Geneseo, travel south on IL-78/Canal Street 0.6 miles to US 6/Front Street. Turn west on US 6 and travel 1 mile to the property on the south side of the road.

AUCTION LOCATION
Annawan Best Western, 317 N. Canal Street, Annawan, IL 61234. From the intersection of I-80 and IL-78 (exit 33), travel south on IL-78/Canal Street 0.2 miles to the hotel located on the west side of the road. Across from the Shell Service Station.

PROPERTY DESCRIPTION
FARM LEASE: Call the Auction Company for Lease Details at 800-451-2709.

Current Lease goes through December 31, 2014. If not terminated by the Buyer. Buyer may terminate the Tenants lease after November 1, 2012. If lease is not terminated, Buyer shall be entitled to income beginning with the 2013 crop year.

TRACT DESCRIPTIONS
Tract 1: 27.7± ac all tillable with frontage on US 6 and E 2600th Street. Primarily Drummer and Elburn soils.
Tract 2: 152± ac with approximately 146 acres tillable fronting on US 6 and E 2600th Street. An open ditch borders the south boundary. Mostly Drummer and Elburn soils.
Tract 3: 2± ac including the 40 ft. x 62 ft. machine shed and four grain bins totaling 26,000 +/- bushels storage. Two bins include aeration floors and dryers.
Tract 4: 90± ac with 76 +/- acres tillable frontage on N 1700th Ave. Open ditches on two sides. Mostly Milford, Drummer and Elburn soils.
Tract 5: 13± ac with approximately 11 acres tillable. Frontage on US 6 & N 1700th Ave. Bordered by a ditch on the west side. Mostly Beaucoup and Calco soils.


SOIL INFORMATION

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PROCEDURE: The Properties will be offered in 5 individual tracts, any combination of tracts and as a total 284 +/- acres. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts, tract combinations and the total property may compete.

DOWN PAYMENT: 10% down payment on the day of auction for individual tracts or combinations of tracts. The down payment may be made in the form of cashiers check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

ACCEPTANCE OF BID PRICES: All final bid prices are subject to the Sellers acceptance or rejection. All successful bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction.

DEED: Seller shall provide a deed sufficient to convey insurance title to the real estate. Real estate is sold subject to all rights of way, legal highways, leases, easements of public record, and all other matters of public record.

EVIDENCE OF TITLE: Seller will provide a preliminary title insurance commitment to review prior to auction. Seller agrees to furnish Buyer(s) at Sellers expense an updated Owners Policy of Title Insurance prior to closing.

CLOSING: The balance of the purchase price is due at closing, which will take place 30 days after the auction, or as soon thereafter as applicable closing documents are prepared by the Seller. Costs for an insured closing shall be shared 50:50 between Buyer(s) and Seller. All lender costs shall be paid by the Buyer(s).

POSSESSION: Buyer may terminate the tenants lease after November 1, 2012. Current lease goes through December 31, 2014 if not terminated by Buyer. If lease is not terminated, Buyer shall be entitled to income beginning with the 2013 crop year.

REAL ESTATE TAXES: Buyer shall assume 2013 calendar year taxes due in 2014.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.

SURVEY: The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. Combination purchases will receive a perimeter survey only. Final sales price shall be adjusted to reflect any difference between advertised and surveyed acres.

PLANNING APPROVAL: The sale of all tracts is subject to any necessary county planning approval or other necessary county approval. The real estate is being offered for agricultural purposes, and any construction on the property may require county approval.

PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Further, Seller disclaims any and all responsibility for Bidders safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.

EASEMENTS: Subject to any and all existing easements.

BUYERS PREMIUM: A Buyers Premium of 2% will be charged to the Buyer. The Buyers Premium shall be added to the high bids to obtain the Total Contract Purchase Price.

SOIL DATA / CPI: Optimum Crop Productivity Ratings for Illinois provided by University of Illinois at Champaign-Urbana. Crop yields and productivity indices for optimum management are maintained at the following NRES web site: http://soil productivity.nres.illinois.edu/

AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.

STOCK PHOTOGRAPHY: Some crop photos are for illustrative purposes only and were not taken on the property.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.

ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

OWNER: Proventus II, LLC