KENTON-AREA FARM AUCTION

Description

KENTON-AREA FARM AUCTION

144 Acres ♦ 1 Tract

Wednesday ♦ June 14 ♦ 4:00 PM

Farm Location: CR 160 and TR 179, Kenton, OH. From Kenton take SR 31 south approximately 1.5 miles and turn east onto CR 160.

Auction Location: Kenton County Fairgrounds Arts & Crafts Building, 14134 Letson Ave, Kenton, OH 43326.

We are excited to offer this strong producing 144-acre farm for sale for the first time in decades. Frank and Phyllis (“Tillie”) Oates owned this the property since the 1970s, with Mr. Oates farming it for much of that time. The property has been under consistently strong management since Mr. Oates retired from farming. Quality soils, good tiling, access from two roads, and a great location just southeast of Kenton make this a super opportunity for farmers, hobbyists, and investors. Over 140 acres tillable! Join us to bid on the farm in one tract!

Don’t miss an opportunity to bid on this quality farm just southeast of Kenton!

Blount and Pewamo Soils

REAL ESTATE SALE TERMS

Bidding Procedure: The tracts will sell to the highest bidder via the Multi-Parcel Auction Method and subject to confirmation of the Seller. 

Acceptance of Bid Prices: The successful bidder will sign a Confirmation of Sale Agreement at the auction site immediately following the close of bidding. Bidding IS NOT CONDITIONAL UPON FINANCING.

Down Payment: Purchaser will deposit $50,000 per tract as down payment with the Auction Company on the date of auction upon signing of Confirmation of Sale Agreement; balance due at closing.

Real Estate Taxes: Taxes will be prorated to date of closing using long proration method. Purchaser  will be responsible for CAUV recoupment due to change in land use, if applicable.

Closing Date: On or before July 25, 2017. Purchaser will pay customary portion of closing costs at closing.

Closing Agency: The closing for this transaction will be managed and conducted by Hardin Title and Closing Services, Inc. at their Kenton, Ohio, office.

Possession: Date of closing with tenant in possession rights reserved to harvest 2017 grain crop by December 31, 2017.

Cash Rents:Seller will credit toPurchaser at closing $17,250 as full satisfaction of cash rent proration for 2017 crop year. Any remaining cash rent payments due from tenant farmer will be paid to Seller.

Survey and Adjustments:Seller will provide a new boundary survey for the property prior to closing. If the new survey indicates that the property’s total acreage is greater than the currently recognized 144.063 acres, there will be no adjustments to the purchase price. If the new survey indicates that the property’s total acreage is less than the acreage indicated by the contract, only a difference of greater than one percent (1%) of the currently recognized acreage will require a downward adjustment of the purchase price based on the per acre value achieved at the auction.

Agency: Sheridan & Associates, Auctioneers, Real Estate Broker, Appraisers, LLC and its representatives are Exclusive Sales Agents for the Seller.

Disclaimer & Absence of Warranties: All information contained in this brochure and all related materials is subject to the terms and conditions outlined in the Confirmation of Sale Agreement.  Announcements made by the Auctioneer at the time of the Auction will take precedence over any previously printed or oral information. The property is sold on an "AS IS, WHERE IS" basis, and no warranties or representations, either expressed or implied, concerning the property are made by the Seller or the Auction Company. Each bidder is responsible for conducting his/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. Neither the Seller nor the Auction Company assumes liability for its accuracy, errors, or omissions.  Conduct at the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and the Auction Company reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, legal capacity, etc. All decisions of the Auctioneer are final.

                                                                                                   MARK A. KORDIC

Successor Trustee for the

Phyllis A. Oates Living Trust Agreement