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Land Auction 1035 Acres In 16 tracts - Farm Land - Sullivan Co. Indiana & Clark Co., Illinois
Tue, Jun 18, 6:00 PM
17 miles SW of Terre Haute, IN & 11 miles NW of Sullivan, IN

Owner: Indiana Michigan Power Company and Indiana Franklin Realty, Inc.

SOLD FOR $6,576,550

• Tillable land • Farm Land • Potential Building Sites • Frontage • Woods for recreation & hunting

OPEN HOUSE/INSPECTION DATES
THURSDAY, MAY 23 from 4-6PM

TUESDAY, JUNE 4 from 4-6PM
Meet an Auction Representative at the Fairbanks Fire Dept. - Located on CR 925 N just west of SR 63 in Fairbanks, IN

PROPERTY LOCATION
LOCATION #1: (792 acres - Sullivan Co., IN) From Intersection of US HWY 41 and St. Rd. 48 in Shelburn, IN go west on St. Rd. 48 for 7 miles to St. Rd. 63 turn right (north) travel approximately .3 miles to Co Rd 800 N, turn left (west) go approximately .7 miles to property on north side of Co Rd 800 N (Tract #5).

LOCATION #2: (243 acres - Clark Co., IL) From intersection of US Hwy. 41 and St. Rd. 154 in Sullivan, IN, go west on St. Rd. 154 for 14.6 miles to St. Rd. 1 in Illinois. (you will cross the Wabash River at Hutsonville, IL - SR 1 is on the west of Hutsonville) turn north (right) on SR 1 go approx. 8 miles to West Union, turn east (right) on Union St. in West Union and go approx. 4 miles to the property. Union St. turns into Co. Rd. 450 which turns into River Rd. .2 miles from the property.

AUCTION LOCATION
Sullivan County 4-H Fair Grounds Exhibit Building.
Address: 1361 East County Road 75 North, Sullivan, IN

PROPERTY DESCRIPTION


1035 total acres in 16 tracts. 792 acres located in Sullivan County, IN and 243 acres located in Clark County, IL. Tracts offer Tillable land, farm land, woods for hunting and recreation, available sites for potential building.

TRACT DESCRIPTIONS
Tract 1: 37± ac Mostly tillable frontage on Co Rd 800 N & Co Rd 800 W.
Tract 2: 35± ac All tillable frontage on Co Rd 800 N.
Tract 3: 47± ac Mostly tillable frontage on Co Rd 800 W.
Tract 4: 21± ac With 15 acres of mixed hardwood trees. Potential building site, recreational or hunting tract.
Tract 5: 21± ac Features 14 acres of mixed hardwood trees. Potential building site and/or recreational/hunting tract.
Tract 6: 41± ac (SWING TRACT) productive farm land.
Tract 7: 71± ac (SWING TRACT) all tillable productive farm land.
Tract 8: 46± ac All tillable farm land with frontage on Co Rd 800 W.
Tract 9: 49± ac Mostly mixed hardwood trees, excellent hunting/recreational tract with frontage on Co Rd 800 W.
Tract 10: 32± ac Mixed hardwood trees excellent hunting/recreational tract with frontage on Co Rd 800 W.
Tract 11: 47± ac Mostly tillable productive farm land with frontage on Co Rd 800 W & Co Rd 925 N.
Tract 12: 73± ac Mostly tillable productive farm land frontage on Co Rd 925 W.
Tract 13: 155± ac With approximately 130 acres of productive tillable farm land balance of acreage in woodland. Frontage on Co Rd 925 N.
Tract 14: 117± ac Mostly tillable productive farmland.
Tract 15: 36± ac With approximately 34 acres of productive tillable farmland. Small grain bin and outbuilding located on the Southwest corner of this tract.
Tract 16: 207± ac With approximately 179 acres of tillable land with frontage on River Road. This tract has approximately 1/2 mile of frontage on the Wabash River. The balance of acreage is mixed hardwood trees creating an excellent habitat for hunting and recreational opportunities.

BUYERS PREMIUM: A three percent (3%) Buyers premium will be added to the final bid price and included in the total purchase price.

PROCEDURE: The property will be offered in sixteen (16) individual tracts, any combination of two (2) or more tracts, and as an entire tract at the dates and times noted in this brochure. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneers. Bids on tracts, tract combinations, and the entire tract may compete.

DOWN PAYMENT: A ten percent (10%) down payment is required on the day of the auction with the balance due in cash at closing. The down payment may be made in the form of cash, cashiers check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING SO BE SURE TO HAVE ARRANGED FINANCING, IF NEEDED, AND THAT YOU ARE CAPABLE OF PAYING CASH AT CLOSING.

ACCEPTANCE OF BID PRICES: All successful bidders will be required to enter into a Real Estate Purchase Contract at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance or rejection.

DEED: Seller shall provide a Limited Warranty Deed to Buyer(s) at closing.

EVIDENCE OF TITLE/CONDITION: Seller agrees to furnish bidders a preliminary owners title insurance commitment to review prior to the auction. The cost of the owners title insurance policy will be paid by Seller. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar or related matters. All tracts will be sold "AS IS-WHERE IS."

RESERVATION OF RIGHTS: Less and Except all of the coal, oil and gas, coalbed methane gas, shale gas and other liquid or gaseous hydrocarbons or other constituents thereof, and all other minerals of any kind or nature now owned by Indiana Michigan Power Company/Indiana Franklin Realty, Inc. lying under the surface of the above described tracts of land.

TRANSMISSION LINES: Easement rights for electric transmission lines will be granted to Indiana Michigan Power Company on some tracts prior to auction.

REAL ESTATE TAXES: Seller will pay the current year taxes prior to closing or a credit for the current year taxes will be given to Buyer(s) at closing. If the current year taxes are undetermined, Seller shall credit Buyer(s) at closing based on the most recent ascertainable tax figures.

CLOSING: Closing shall take place on or about November 1, 2013, or as soon thereafter as applicable closing documents are completed, at a location designated by Seller. With respect to the timing of the successful bidder fulfilling its obligations under the Real Estate Purchase Contract, time is of the essence.

POSSESSION: Possession of the property shall be given to Buyer(s) at closing, subject to tenants rights to harvest the 2013 crops on tillable land.

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

SURVEY: Seller, at its sole cost and expense, may provide a new survey to the Buyer(s) for the tracts prior to closing. Any need for a new survey shall be determined solely by Seller. If the property purchased is a combination of tracts, the survey shall be for the perimeter of such combination only. The type of survey provided shall be determined by Seller.

PROPERTY INSPECTION: Each potential bidder is responsible for conducting, at their own risk, independent inspections, investigations, inquiries, and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Each potential bidder shall be liable for any property damage caused by any such inspections or investigations.

AGENCY: Schrader Real Estate and Auction Company Inc., Murray Wise Associates LLC and its representatives (the Auctioneers) are the auctioneers and exclusive agents of the Seller regarding the sale of 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 Real Estate Purchase Contract. ANNOUNCEMENTS MADE BY THE AUCTIONEERS AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is sold "AS IS-WHERE IS." No warranty or representation, either express or implied, or arising by operation of law concerning the property is made by Seller or the Auctioneers and are hereby expressly disclaimed. In no event shall Seller or the Auctioneers be liable for any consequential damages. The information contained in this brochure is believed to be accurate but subject to verification by all parties relying on it. Seller and the Auctioneers assume no liability for its accuracy, errors or omissions. All sketches and dimensions in this brochure are approximate. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneers. Seller and the Auctioneers reserve the right to preclude any person from bidding if there are any questions, in the sole judgment of Seller or the Auctioneers, as to such persons creditworthiness, ability or willingness to close on the purchase of the property, credentials, fitness, etc. All decisions of Seller and the Auctioneers are final.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to the scheduled auction time to review any changes, corrections, or additions to the property information.

SELLER: Indiana Michigan Power Company and Indiana Franklin Realty, Inc.