Hoover Real Estate Co.
Absolute Land Auction
480 Acres
Clay & Palo Alto Counties, Iowa
Located 5 Miles South of Ruthven, Iowa
~Land to be Sold in 6 Adjoining Tracts~

Own Some of Iowa's Finest!

Friday June 25th, 2004 at 10:00am   Sale to be held at the farm site 5 miles South of Ruthven, Iowa on County Road N18 (340th Avenue)

Plat Map

Soil Map

Tract 1 Productive Iowa Farmland         80 +/- Acres – 70 CSR       FSA Data:       76.8 A. Estimated Tillable Acres       38.8 A. Corn Base             Corn Yield: 119 Bu.       38.0 A. Soybean Base       Bean Yield:  37 Bu.       Estimated Taxes: $1,226       Rent Credit: $9,229	Tract 2 The Land Will Always Be There!         63.441 Surveyed Acres – 69.78 CSR       FSA Data:       59.9 A. Estimated Tillable Acres       30.3 A. Corn Base             Corn Yield: 119 Bu.       29.6 A. Soybean Base       Bean Yield:  37 Bu.       Estimated Taxes: $1,126       Rent Credit: $7,198
Tract 3 New Wealth Every Year!         80 Surveyed Acres – 73.50 CSR       FSA Data:       73.3 A. Estimated Tillable Acres       37.2 A. Corn Base             Corn Yield: 119 Bu.       36.1 A. Soybean Base       Bean Yield:  37 Bu.       Estimated Taxes: $1,497       Rent Credit: $8,808	Tract 4 No Vacancy Factor       80 Surveyed Acres – 69.18 CSR       FSA Data:       76.8 A. Estimated Tillable Acres       38.8 A. Corn Base             Corn Yield: 119 Bu.       38.0 A. Soybean Base       Bean Yield:  37 Bu.       Estimated Taxes: $2,016       Rent Credit: $9,229
Tract 5 "They Won't Make Any More!"       128.145 Surveyed Acres – 71.19 CSR       FSA Data:       120.3 A. Estimated Tillable Acres       60.9 A. Corn Base               Corn Yield: 119 Bu.       59.4 A. Soybean Base         Bean Yield:  37 Bu.       Estimated Taxes: $2,225       Rent Credit: $14,448	Tract 6 A Tract Sized For Any Budget       48.733 Surveyed Acres – 67 CSR       FSA Data:       43.5 A. Estimated Tillable Acres       22.0 A. Corn Base             Corn Yield: 119 Bu.       21.5 A. Soybean Base       Bean Yield:  37 Bu.       Estimated Taxes: $778       Rent Credit: $5,227

TERMS OF THE AUCTION

ABSOLUTE AUCTION: All tracts will be sold to the highest bidder with no reserved bids.

METHOD OF AUCTION: This property will be offered in 6 individual tracts & will not be offered in combination.  Tract #1 will be sold first, and then Tracts #2, #3, #4, #5 & #6 are to follow consecutively.  Each sale shall be final.  Tract #1 will be sold based on 80 acres more or less.  Bids on Tracts #2, #3, #4, #5 & #6 will be based on gross surveyed acres of each tract.

DOWN PAYMENT: A down payment equal to 10% of the purchase price will be required the day of the auction & Buyer(s) shall sign a real estate contract requiring the balance to be paid by certified funds at closing as soon as merchantable title can be conveyed.

BIDS NOT CONDITIONAL UPON FINANCING: It shall be the responsibility of the Buyer(s) to obtain any necessary financing prior to the auction.

POSSESSION: Possession shall be upon receipt of final payment at closing, subject to Tenant’s rights, which shall terminate February 28^th, 2005.  Owner will collect rent from current tenant & terminate the existing lease per Iowa law on or before September 1^st, 2004.  Buyer(s) will be credited the cash rent on closing for the 2004 crop year on each tract.

TAXES: Owners will pay real estate taxes due Fall 2004.

EVIDENCE OF TITLE: Owners shall furnish the Buyers an Abstract showing good title.  The Buyers are responsible for obtaining a title opinion.

DISCLAIMER: All information has been taken from sources deemed to be reliable; however, no guaranty of its accuracy is made or implied by Owners, Broker, or Auctioneer. Taxes, CSR & FSA information are estimated.  Buyer(s) are advised to make their own inspections and do independent research, including confirmation of FSA information, on the properties.  Announcements made the day of the sale shall supercede any previous information. Hoover Real Estate Company, its affiliated licensees, & the Auctioneer represent the Owners exclusively in this real estate auction.