NW CHAMPAIGN COUNTY FARMLAND AUCTION

Description

Terms

Bidding Procedure: The property will sell via Public Auction using the Multi-Parcel Auction Method – bid on one or both tracts. The properties will sell to the highest bidder(s) subject to confirmation of the Seller.
Acceptance of Bid Prices: Successful bidder(s) will sign a Confirmation of Sale Agreement at the auction site immediately following the close of bidding. Successful online bidder(s) will sign a Confirmation of Sale Agreement within 24 hours after Auction. Bidding IS NOT CONDITIONAL UPON FINANCING.
Down Payment: Buyer(s) will deposit $25,000 per tract ($50,000 if buying both tracts) as down payment with the Auction Company upon signing of Confirmation of Sale Agreement. Onsite Buyer(s) will place deposit date of auction; online Buyer(s) will place deposit within 24 hours of auction’s end. Balance will be due at closing.
Real Estate Taxes: Taxes will be prorated to the date of closing (short proration method). Buyer(s) will pay for any Current Agricultural Use Valuation (CAUV) recoupment fees due to a buyer-induced change in land use.
Current Lease and Rent Proration: The property is selling subject to a cropland lease that expires December 31, 2024. Buyer(s) will receive 100% of the lease proceeds for 2024, totaling $44,000 as follows: $22,000 credit at closing and $22,000 from tenant following the 2024 harvest. Cash rents will be distributed between Buyers of Tracts 1 and 2 on a pro-rata share based on tillable acres.
Closing Date: June 13, 2024, time being of the essence. Closing will be conducted by City Title Agency, Springfield, OH.
Possession: Date of closing, subject to current tenant’s right to plant, cultivate, and harvest 2024 cash grain crop (see lease information above).
Partial Survey: Seller is under contract to transfer approximately 17.6 acres located on the south side of the farm to an adjacent landowner. This transaction will occur prior to the transaction(s) transferring Tracts 1 and 2 to the Buyer(s). If survey is not completed by projected date of closing, Buyer(s) will agree to extend the contract up to 90 days until survey can be completed.
Deed Covenant: Transfer of both tracts will be subject to a 15-year moratorium on lot splits from either tract for the purpose of new residential construction. This deed covenant will run with the land and is voidable at the sole discretion of the Co-Trustees of the Trust
Agency: SHERIDANS LLC and its representatives are Exclusive Sales Agents for the Seller.
Online Bidding: Auctioneer will accept online bids during auction in real time. Auctioneer retains full discretion to modify these terms at any time prior to or during the auction. Bidders’ use of online or offsite bidding option and bid placement constitutes acceptance and agreement to adhere to these terms. All bidders are responsible for reading all terms and conditions. Lack of knowledge of Auction Terms and Conditions will not release bidders from their obligations. Auctioneer is not responsible for the failure of any part of the bidding process or internet bidding. See additional online bidding terms online.
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 auction marketing information 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.