Michael L Dooley Revocable Trust Farmland Auction - Three Martensdale, Iowa Tracts

Mark your calendars for Friday, November 8th, 2024, at 10:00 AM! Peoples Company is pleased to represent the Michael L Dooley Revocable Trust in the sale of 151.9 acres m/l located in Warren County, Iowa. This offering consists of productive tillable farmland tracts with recreational qualities and a 1960's 2-story farmhouse, located just south of Martensdale, Iowa. All of these tracts are located within the desirable Martensdale-St Marys School District and the Interstate 35 corridor, near the Warren/Madison County line. The portfolio will be offered in three tracts via the Buyer's Choice auction method of sale at the Immaculate Conception Hall in St Marys, Iowa.

Tract 1: 43.46 acres m/l (survey completed 10/8/24) with 29.01 FSA cropland acres, carrying a CSR2 value of 71.5.

Tract 2: 30.38 acres m/l (survey completed 10/8/24) with 20.04 FSA cropland acres, carrying a CSR2 value of 78.6.

Tract 3: 78.16 acres m/l (survey completed 10/8/24) with 46.55 FSA cropland acres, carrying a CSR2 value of 44.1.

The farmland will be offered as three individual tracts via the Buyers Choice auction method through a live, in-person auction and a virtual, live online auction option. Online bidding will be available as well. With the "Buyers Choice" auction method the high bidder can take, in any order, one, multiple, or all tracts for their high bid. "Buyer's Choice" auctioning will continue until all three tracts have been purchased and removed from the auction. The tracts will not be offered in their entirety or any combination after the auction.

Michael L Dooley Revocable Trust Farmland Auction

151.9 Acres M/L

Offered in Three Tracts

Friday, November 8th, 2024

10:00 AM

Seller: Michael L Dooley Revocable Trust

Representing Attorney's: Ken Butters, Brick Gentry, P.C. & James Monroe, The Law Office of James R. Monroe

Auction Location:

Immaculate Conception Hall

101 James Street

St Marys, IA 50241

Tract 1: 43.36 acres m/l (survey completed 10/8/24)

Tract 2: 30.38 acres m/l (survey completed 10/8/24)

Tract 3: 78.16 acres m/l (survey completed 10/8/24)

Online Bidding: Register to bid on our website. Potential bidders may have access to the live auction by utilizing Peoples Company's online auction platform via the Internet. By using Peoples Company's online auction platform, bidders acknowledge that the Internet is known to be unpredictable in performance and may, from time to time, impede access, become inoperative, or provide a slow connection to the online auction platform. Bidders agree that Peoples Company nor its affiliates, members, officers, shareholders, agents, or contractors are, in any way, responsible for any interference or connectivity issues the bidder may experience when utilizing the online auction platform.

Auction Method: The farm will be sold as three individual tracts using the "Buyers Choice" auction method. All bids will be on a price-per-acre basis. The high bidder can take, in any order, one, multiple, or all tracts for their high bid. "Buyers Choice" auctioning will continue until all tracts have been purchased and removed from the auction. Tracts will not be offered in their entirety after the auction. The tracts will be sold via Public Auction on Friday, November 8th, 2024, at 10:00 AM at the Immaculate Conception Hall in St Marys, Iowa. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available.

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number to bid at the auction. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.

Agency: Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.

Farm Program Information: Farm Program Information is provided by the Warren County Farm Service Agency. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Warren County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in the Peoples Company Trust Account.

Closing: Closing will occur on or before Wednesday, December 18th, 2024. The balance of the purchase price will be payable at closing in the form of cash, guaranteed checks, or wire transfers.

Possession: Possession of the tracts will be given At Closing, Subject to Tenant's Rights.

Farm Lease: The farm lease has been terminated and the farmland on each tract will be available for the 2025 crop year.

Open House: There will be an open house on October 23rd, 2024 between 4:00 PM and 6:00 PM for potential Buyer's to view the dwelling on Tract 2. The dwelling can be shown by appointment as well.

Tract 2 Dwelling Lease: There is an existing lease on the Tract 2 dwelling. Please contact one of the Listing Agent's for a copy of the lease.

Septic System: Per Iowa Code 445B, the septic system on Tract 2 is exempt from the Septic System Inspection Requirement and the septic system servicing the home is in "As-is - Where is" condition and no inspections, updates, or improvements will be made by the sellers.

Wells: There is a known well on Tract 2, located just east of the dwelling. The well will be conveyed to the Buyer in "As-is - Where is" condition and no inspections, tests, updates, or improvements will be made by the Seller.

Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit the required earnest money payment into the Peoples Company Trust Account. The Seller will provide a current abstract at their expense. The sale is not contingent upon Buyer financing.

Financing: The purchasers obligation to purchase the Property is unconditional and is not contingent upon the Purchaser obtaining financing. Any financial arrangements are to have been made before bidding at the auction. By the mere act of bidding, the bidder makes a representation and warrants that the bidder has the present ability to pay the bid price and fulfill the terms and conditions provided in the Contract.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Surveys: Surveys will be provided for Tracts 1, 2, and 3. The farmland acres are subject to slight change after the surveys have been completed but before the auction (survey's have been completed as of 10/8/24). After the surveys have been completed, tract acres will be updated on the Peoples Company website. Additionally, the final tract acres will be announced on the day of the sale. No additional surveying or staking will be provided by the Seller.

Tract Acreage: All prospective Buyer's should note the discrepancy between the acreage provided by the Warren County Assessor, Farm Service Agency, and mapping software. Surveying will be completed prior to the auction to determine the final acreage for each tract. The Peoples Company website will be updated with the final tract acres, which will also be announced by the Auctioneer on the day of the sale.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an As is Where is basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a "Price Per Acre" amount. Peoples Company and its representatives are agents of the Seller. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made on auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her investigation of the property before bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from the Abstract.