Pitman Township Farmland Auction
74 Acres Top Quality Farmland
Thursday October 25th at 11:00AM
Farmersville KC Hall
104 South East Street Farmersville, IL 62533
74 Acres with approx. 71.25 Acres tillable located in the North ½ of SW ¼ Section 1 Pitman Township Montgomery County. Located just north of Morrisonville Ave on the East side of E. 5th Road. The farm features predominate soil types of Virden Silty Clay and Herrick Silt Loam The area East of the Drainage ditch has a tile system that was installed in 1999. The tile is on 95’ Centers. There is tile on the West side of the ditch but no mapping of this tile is available per seller.
Property # 03-01-300-005
Legal: N ½ of SW ¼ Except 5 Acres in the NW corner Section 1 T11N R5W.
Real Estate Tax: $2,028.90
Earnest Money: $50,000
Seller: Prairie Homes Association, Inc
Attorney: Beth E. Brotherton of Beavers, Graham & Calvert
4% Buyers Premium
Kent Aumann, Auction Manager
PRIOR TO BIDDING ON ANY PROPERTY
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS - DO NOT BID
BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
• UPON CONCLUSION OF THE AUCTION: The Winning Bidder will be required to fully and correctly complete and properly sign the Real Estate contract without any modifications and pay the specified non-refundable earnest money deposit as stated in the property description. This non-refundable earnest money deposit will be held in escrow until closing and that amount will then be credited to the Buyer as part of the purchase price of the property. Successful bidder not executing the contract providing the earnest money deposit after the auction will be considered in default. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Aumann Auctions, Inc. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the property either publicly or privately with Aumann Auctions, Inc. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Aumann Auctions, Inc. In addition, Aumann Auctions, Inc. also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Aumann Auctions, Inc. for and hold harmless Aumann Auctions, Inc. from any costs, losses, liabilities, or expenses, including attorney fees resulting from Aumann Auctions, Inc. being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
• BUYER’S PREMIUM: A 4% Buyer’s Premium will be added to the winning bid to determine the total purchase price of the property.
• DATE OF CLOSING: The closing will take place within 30 days from the date of the auction and as specified in the Contract for Sale of Real Estate. All taxes will be prorated to the day of closing.
• NO CONTINGENCIES: This Real Estate contract is not contingent on or subject to Buyers financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.
• TITLE: Buyer is entitled to and the Seller will provide clear, insurable title for property upon full payment.
• ZONING AND EASEMENTS: Property is being sold subject to any and all easements of record. Property is subject to all state and local zoning ordinances.
• AERIAL PHOTOS, IMAGES AND DRAWINGS: are for illustration purposes only and not surveyed boundary lines unless specified.
• AGENCY: Aumann Auctions, Inc. is the Agent and Representative of the Seller.
• CONDITION OF PROPERTY: Property is sold 'AS IS, WHERE IS' condition. Aumann Auctions, Inc, the Sellers nor their representatives, agents, or employees make express or implied warranties or representations of any kind. Each potential bidder is responsible for
conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property prior to bidding on the subject property. All information presented in the brochure, website, and all other mediums is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors, or omissions is assumed by the Seller, Aumann Auctions, Inc. or their Agents or Representatives. Buyer and or
Bidder agrees to hold harmless and indemnify Aumann Auctions, Inc. and their Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
• DISCLAIMER: All information included herein was derived from sources believed to be correct, but is not guaranteed. NEW DATA, CORRECTIONS, and CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
• DISPUTES: Any dispute between Aumann Auctions, Inc or the Sellers or their Agents or Representatives and the Buyer(s) will be (a) arbitrated in Montgomery County, IL or (b) tried in a court of jurisdiction in Montgomery County, Illinois at the discretion of both the Seller and Aumann Auctions, Inc.
• CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and discretion of Aumann Auctions, Inc. Aumann Auctions, Inc. reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Aumann Auctions are final.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND AUMANN AUCTIONS, INC. AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.
Seller: Praire Homes Assoc., Inc.