HOOVER REAL ESTATE CO.
ABSOLUTE LAND AUCTION
Dickinson County – Milford Township

               9:00 A.M. Tuesday, September 28th, 2004         

 67 Acres more or less

LOCATED: Sale to be held at farm site, from Milford, Iowa, 1 mile south on Highway 71 and 2-1/2 miles east on 240th Street.
LEGAL: The Southeast Quarter of the Southwest Quarter (SE1/4SW1/4) AND the Southwest Quarter of the Southeast Quarter (SW1/4SE1/4) (less acreage site of 12.76 acres) of Section 16, Township 98 North, Range 36 West of the 5^th P.M., Dickinson County, Iowa (exact legal description to be taken from Abstract of Title)
TAXES:  Net annual taxes payable 2004 & 2005 - $608.00
                Net taxable acres - 65.7
ACTUAL YIELDS:  (these figures furnished by current tenant)
                8 years Corn Average - 146.88 Bu.
                7 years Soybean Average - 41.29 Bu.
FSA DATA:  65.7 Tillable acres      Corn Base - 41.2 acres    Corn Yield - 116 Bu.
                                                           Bean Base - 24.5 acres    Bean Yield - 31 Bu.
SOILS:  Talcot, Wadena & Biscay - Average CSR - 57.73
COMMENTS:  This farm located near the Iowa Great Lakes would make a great investment opportunity or an add-on unit to an existing farm operation.  Tile map obtained from NRCS indicates the property has a 10" tile running from east to west.
TERMS: Tract will be sold to the highest bidder with no reserved bid.  10% down payment will be required the day of the auction & Buyer 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 are not contingent upon financing & Buyer is required to arrange for any necessary financing prior to the auction.  Possession shall be on closing, subject to Tenant's rights, which shall terminate at the end of the 2004 crop year on February 28th, 2005.  Buyer shall have the right to enter the property after the fall harvest for the purpose of fall tillage.  Owner shall pay real estate taxes due Spring & Fall 2005.  Owner shall furnish the successful Buyer Abstract showing good title.  Buyer shall be responsible for obtaining a title opinion.  Announcements made the day of the sale shall supercede any previous information.  Hoover Real Estate Co., its affiliated licensees, and the Auctioneer represent the Owner exclusively in this real estate auction.