AUCTION TERMS & CONDITIONS
PROCEDURE: The property will be offered in 8 individual tracts. Tract 1 will not be able to be combined with Tracts 2-8 and must be bid on individually. Tracts 2-8 will be offered as individual tracts, any combination of tracts, or as a whole property. The property will be sold in the manner resulting in the highest total sale price. Bidding will be done on a lump sum total dollars per tract, not dollars per acre.
REGISTRATION: To participate in mobile bidding, bidders must be registered before Tuesday, September 20 at Noon CDT. Once the online registration form is filled out it will be automatically sent to Murray Wise Associates for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase. Onsite registration will take place prior to 10AM CDT on Thursday, September 22, 2022. For any questions about mobile bidding, contact Elizabeth Strom at (217) 398- 6400 or firstname.lastname@example.org.
ACCEPTANCE OF BID PRICES: All successful high bidders will enter into a Contract to Purchase immediately following the close of bidding for presentation to the seller. Final bid price is subject to approval or rejection by seller. Upon the close of the auction the winning bidder will sign the Contract to Purchase in DocuSign.
DOWN PAYMENT: A 10% non-refundable down payment of the total contract purchase price will be due within 24 hours of the close of the auction from the winning bidder. The down payment may be paid in the form of wire transfer. The balance of the contract purchase price is due in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING.
CLOSING: The closing shall take place on or before October 25th, 2022, or as soon as applicable closing documents are completed.
POSSESSION: Seller shall deliver possession of the real estate described hereinabove to Buyer at closing, subject to right of no third party for crop year 2023. Seller shall deliver possession of real estate described hereinabove to Buyer at closing, free and clear of all liens and encumbrances and subject to the rights of tenants in possession. Tenants' possession will terminate upon completion of the 2022 crop harvest or, on or before October 31, 2022. Notwithstanding to the contrary, Seller shall be permitted to store any and all grain currently held in storage/grain bins located on said premises following closing, and Seller, Seller's agent, and/or Seller's tenant, shall be permitted reasonable ingress and egress access upon said real estate for the removal of such grain, until removal by Seller, Seller's agent, or Seller's tenant occurs, on or before June 30, 2023.
TITLE: Seller will provide a proper deed conveying merchantable title to the real estate to the successful buyer free and clear of liens.
REAL ESTATE TAXES & INCOME: The 2022 calendar year taxes due and payable in 2023 shall be paid by seller in the form of a credit at closing. The most recent tax figures available will be used to determine the amount of the credit. The 2023 calendar year taxes and beyond will be the responsibility of the buyer(s). The Seller will retain all income from the 2022 crop.
CLOSING REIMBURSEMENTS: Buyer shall reimburse current tenant for input costs due as listed below:
Tract 3: $2,618.35
Tract 4: $2,618.35
Tract 6: $799.80
Tract 8: $842.74
(Only pertinent to listed tracts)
CRP: A portion of the property is enrolled in the Conservation Reserve Program (CRP), with a $3,120 annual payment. The current contract expires September 30, 2026. Seller shall transfer all rights and obligations of that contract to the buyer(s). Seller shall retain all CRP income for 2022.
SURVEY: At the Seller’s option, the Seller shall provide a new survey where there is no existing legal description sufficient to convey title. Any need for a new survey shall be determined solely by the Seller unless such surveys are required by State or local law. The cost of the survey shall be paid by the Seller. The type of survey performed shall be at the Seller’s option and sufficient for providing a standard form owner’s title insurance policy and the transfer of merchantable title.
MINERAL RIGHTS: The sale shall include any and all mineral rights owned by the Seller, if any.
ACREAGES: All acreages are approximate and have been estimated based upon current legal descriptions, FSA records and aerial mapping software.
EASEMENTS & LEASES: The sale is subject to any and all easements and leases of record.
DISCLAIMER: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller or Murray Wise Associates LLC. 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 believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the Seller or Murray Wise Associates LLC. All sketches and dimensions in this brochure are approximate. All acreages are approximate and have been estimated based on legal descriptions or aerial photographs. Conduct at the final round of bidding and increments of bidding are at the direction and discretion of the seller’s agent. The Seller and Murray Wise Associates LLC reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Under no circumstances shall Bidder have any kind of claim against Murray Wise Associates LLC, or anyone else if the internet service fails to work correctly before or during the auction.
AGENCY: Murray Wise Associates LLC and its representatives are exclusive agents of the Seller.
SELLER: Kelly T. Seaman Testamentary Trust, Kyle Thomas Seaman Estate, Kirk Seaman and Craig Seaman.
In Person Auction:
Auction Time: Thursday, September 22nd 10:00 AM CDT
This property will be offered in 8 individual tracts. Tract 1 will not be able to be combined with Tracts 2-8 and must be bid on individually. Tracts 2-8 will be offered as individual tracts, any combination of tracts, or as a whole property. The property will be sold in the manner resulting in the highest total sale price. Bidding will be done on lump sum total dollars per tract, not dollars per acre.
Contact an MWA representative with any questions regarding the bidding procedure or property.
To participate in mobile bidding, bidders must be registered before Tuesday, September 20 at Noon. Once the online registration form is filled out it will be automatically sent to Murray Wise Associates for approval to allow bidding. Auction company may request a letter of recommendation from prospective bidder’s financial institution stating funds are available for the 10% deposit and that bidder has the financial capacity for final purchase. Onsite registration will take place prior to 10AM on Thursday, September 22, 2022. For any questions about mobile bidding, contact Elizabeth Strom at (217) 398-6400 or email@example.com.
The entire property to be offered at the Auction consists of approximately 509± acres located in Humboldt Township, Coles County, Illinois and consisting of eight tracts described as follows:
Tract 1-4 and 6-8:
Prime Class A farmland with tracts ranging in size from 32± acres to 105± acres and featuring predominantly Drummer-Milford silty clay loam and Flanagan silt loam. These tracts offer an incredible opportunity for buyers looking for prime Illinois farmland.
Unique combination of income producing Conservation Reserve Program (CRP) land with many abundant recreational opportunities.
Taxable acres per tract are as follows:
Tract 1: 71.00 acres
Tract 2: 104.83 acres
Tract 3: 76.88 acres
Tract 4: 78.50 acres
Tract 5: 27.79 acres
Tract 6: 40.00 acres
Tract 7: 79.00 acres
Tract 8: 31.82 acres