HOOVER REAL ESTATE CO.
LAND AUCTION
Clay County - Herdland Township

9:30 A.M. Tuesday, April 30th, 2002

240 Acres more or less; offered in 2 tracts
 

LOCATED: Located at the farm sites, 8 miles south of DeWolf Park on M-50 to the Junction of B-53, then east 2 miles to 260th Avenue, then south 2 1/4 miles; OR 2 miles west of Gillett Grove on B-53 to 260th Avenue, then 2 1/4 miles south.

TRACT #1: 80 acres, more or less

LEGAL: The South Half of the Northwest Quarter (@1/2NW1/4) of Section 11, Township 94 North, Range 36 West of the 5th P.M., Clay County, Iowa (exact legal description to be taken from Abstract of Title)

TAXES: Net annual taxes payable 2001 & 2002 - $1056

FSA DATA: 77.2 Tillable acres   

                      Corn Base - 42 acres    Corn Yield - 121 Bu.

SOILS: Nicollet, Clarion and Webster.  Average CSR - 74

COMMENTS: This is an excellent, high quality, inside 80 acre tract; a top investment farm, or nice add-on unit.

TRACT #2: 154.76 acres more or less

LEGAL: The Southeast Quarter (SE1/4) of Section 11, LESS a building site to be surveyed out by Owner, Township 94 North, Range 36 West of the 5th P.M., Clay County, Iowa (exact legal description to be taken from Abstract of Title)

TAXES: Net annual taxes payable 2001 & 2002 - $1814

FSA DATA: 142.4 Tillable acres   Average CSR - 69.29

                      Corn Base - 61.6 acres    Corn Yield - 121 Bu.

                      CRP - 9.9 acres @ $170.60/acre; expires 2012
                                 5.0 acres @ $98/acre; expires 2015

                                 3.6 acres @ $98/acre; expires 2010

                                 0.5 acres @ $170.60/acre; expires 2012
SOILS: Clarion, Nicollet Loam, Canisteo, Terril and Okoboji. 

COMMENTS: This tract offers you the opportunity to own good Clay County farmland with guaranteed CRP income and some good pheasant hunting.

METHOD OF AUCTION: Tract #1 to be sold 1st and Tract #2 to follow. Each sale is final.

TERMS: 10% down the day of the auctions. Buyer(s) shall sign a real estate contract requiring the balance to be paid on June 1, 2002.  Possession shall be on settlement, subject to Tenant's rights, which shall terminate at the end of the 2002 crop year.  Buyer(s) to receive cash rent @ $104 per tillable acre, less the CRP acres, for the 2002 crop year in November.  Sellers shall pay real estate taxes due Fall of 2002.  The 2002 CRP payment due in October will be prorated between Buyer(s) and Sellers by the FSA based on the date the Warranty Deed is recorded.  Announcements made the day of the sale shall supercede any previous information.  Hoover Real Estate Co., its affiliated licensees, and the Auctioneer represent the Owners exclusively in this real estate auction.

OWNERS: DR. JOHN & WENDY VAUBEL
ATTORNEY: CHRIS BJORNSTAD - Cornwall, Avery, Bjornstad & Scott Law Firm
 

CLIFF HOOVER, BROKER - CLINTON JONES, AUCTIONEER

for information

call..... 712-262-9555 or e-mail..... hooverre@ncn.net

DISCLAIMER: All information has been taken from sources deemed to be reliable; however, no guaranty of its accuracy is made or implied by Owner(s), Broker or Auctioneer.  Buyer(s) are advised to make their own inspections and do independent research on the properties.