buyer s PROSPECTUS Friday, September 11 @ 10AM 160 acres Located in Section 11, 14, & 15 160+/- Acres Subject to Survey 150+/- Cropland Acres 10+/- Acre Farmstead To be offered in 4 tracts Land has been tiled! Land will not be tilled back All tracts enrolled in ARC County offered in 4 tracts Meeker Cty, MN Forest Prairie Township Multi Tract Farmland & Farmstead Auction Opportunity to purchase 3 great tracts of tillable tiled farmland and a farmstead with several outbuildings. This land features loamy soils with productivity indexes into the upper 80s and low 90s. The farmstead could serve as a great farm base or as a nice rural residence located only a mile south of Watkins, MN. Norbert (Sonny) Hennen Estate, Owner 320.693.9371 Contact Eric Gabrielson 701.238.2570 Barn Auction Location On site at 67010 380th St. Watkins, MN 55389 Directions From Hwy 55 in Watkins, MN, South on Cty. Rd 2 1 mile, then East on 380th St. 1/4 mile. Shop Shed 24400 MN Hwy 22 South, Litchfield, MN 55355 Ashley Huhn MN47-002, Eric Gabrielson MN47-006, Randy Kath MN47-007, Scott Steffes MN14-51, Brad Olstad MN14-70, Bob Steffes MN14-09, Max Steffes MN14-031 SteffesGroup.com TERMS: Ten percent down upon signing purchase agreement with balance due at closing in 30 days. This is a 5% buyer s premium auction.
TERMS & CONDITIONS. The Terms and Conditions of Sale are set forth upon this page in this Buyer s Prospectus and the Earnest Money Receipt and Purchase Agreement. The information set forth is believed to be accurate. However, the owner of the properties and Steffes Group make no warranties or guaranties expressed or implied. Information contained in this document was collected from sources deemed to be reliable and is true and correct to the best of the writer s knowledge. Auctioneers and owners will not be held responsible for advertising discrepancies or inaccuracies. All ANNOUNCEMENTS ON AUCTION DAY TAKE PRECEDENCE OVER PREVIOUSLY ADVERTISED INFORMATION. Prospective buyers are advised to consult with an attorney of their choice with respect to the purchase of any real property including but not limited to, seeking legal advice from their own attorney regarding disclosures and disclaimers set forth below. TERMS & CONDITIONS Auction staff will be at the sale site approximately one hour prior to sale time. The successful bidder will be required to sign an Earnest Money Receipt and Purchase Agreement at the close of the real estate auction. A total deposit of 10% of the Purchase price will be required. Those funds will be placed in the Steffes Group Auction Trust Account as good faith money until closing. Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited. Balance of the purchase price must be paid in full with cashier s check at closing on or before Friday, October 16,. Seller will provide up-to date abstract at their expense and will convey property by Warranty Deed. taxes paid by seller. Subsequent taxes and or special assessments, if any, to be paid by buyer. Real Estate Taxes are subject to reassessment under new owner. Closing Agent Fee will be shared equally between Buyer and Seller. All tracts will be offered on an individual basis. At the conclusion of the first round of bidding a recess will be taken. Bidding will then be reopened (at the last bid received) and all tracts will be offered again. The bidding will continue at the Auctioneer s discretion. Our goal is to realize the highest return to the Seller, and to satisfy all interested parties by allowing bidders who are interested in one tract to have the same opportunity as multi-tract Buyers. Please note the bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid. The auction sale is for registered bidders and their guests. All bidding is open to the public and the property is offered for sale to qualified purchasers without regard to sex, race, color, religion, natural origin, or handicap. THIS IS A 5% BUYER S PREMIUM AUCTION. FIVE PERCENT WILL BE ADDED TO THE FINAL BID TO ARRIVE AT THE CONTRACT SALE PRICE. THE PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED. THE PROPERTY WILL BE SOLD SUBJECT TO OWNER CONFIRMATION. PROPERTY SOLD WITHOUT WARRANTY All dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents. The property will be sold AS IS and without any warranties or representations, express or implied. SUCCESSFUL BIDDER The successful bidder of the property shall be determined by competitive bidding. Should any dispute arise between bidders, the auctioneer shall have the right to make the final decision to either determine the successful bidder or to re-offer the property that is in dispute. The auction will be recorded and the auctioneer s records shall be conclusive in all respects. CLOSING The successful bidder will be required, at the close of the auction, to complete the Earnest Money Receipt and Purchase Agreement. 2 A sample contract is included in this Prospectus. Balance of the purchase price is due in cash at closing on or before Friday, October 16,. Closing will take place at a closing company mutually agreeable to both Buyer and Seller. SELLER S PERFORMANCE The Seller has agreed to the terms of the sale as published. However, the Broker and Auctioneer make no warranties or guaranties as to the Seller s performance. AGENCY DISCLOSURE Steffes Group, Inc. is representing the Seller and will be paid by the seller. POSSESSION Possession will be at closing unless otherwise agreed to in writing and agreeable by buyer and seller. MINERAL RIGHTS All mineral rights, if any, held by Seller will be transferred upon closing. However, the Seller does not warrant the amount or adequacy of the mineral rights. ENVIRONMENTAL DISCLAIMER The Seller, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state or local law. Buyer is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property. No warranties are made as to the existence or nonexistence of water wells on the property, or the condition of any wells. EASEMENTS AND SURVEY The property to be sold is subject to any restrictive covenants or easements of record and any results that an accurate survey may show. BIDDING PROCEDURE As a buyer you have two objectives to accomplish: 1. Purchasing the property. 2. Purchasing the property at a price you can afford. How is this accomplished? 1. Estimate comparative value 2. Experienced buyers always decide what to pay before the bidding begins. 3. Inspect the property carefully. 4. Compare with other properties available in the area. 5. Check the selling price of previously sold properties. 6. Discuss your buying plans with a lender. Have your financing arrangements made in advance. 7. This sale is not subject to financing. AVOID OVER OR UNDER BIDDING Always bid on a property toward a price. Establish that price before the bidding begins. By doing this you will avoid getting caught up in the auction excitement and pay a price that is too high for the market or one that you cannot afford. It will also make you confident to bid to your established fair market value. Many bidders who do not plan ahead end up with regrets after the auction because they were too nervous or uncertain about their judgment to bid. THE BIDDING STRATEGY Research and know the value of the property. Have your financing arranged before the auction. Establish your highest and best bid before the bidding begins. Make your bids promptly to force other bidders up or out without delay.
Sample Multi-Tract Bidding Grid. Please note the bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid. The numbers on the sample grid do not reflect any expected value on the tracts we are selling. All tracts will be offered on an individual basis. At the conclusion of the first round of bidding a recess will be taken. Bidding will then be reopened (at the last bid received) and all tracts will again be offered. The bidding will continue at the auctioneer s discretion. Our goal is to realize the highest return to the seller, and to satisfy all interested parties by allowing bidders who are interested in one tract to have the same opportunity as multi-tract buyers. All bidding will be on a per tract basis. We will not have per acre bidding. This is an AUCTION! To the Highest Bidder. The bidding will not close and property will not be sold until everyone has had the opportunity to make his or her highest and best bid. PLEASE NOTE THIS IS A SAMPLE MULTI-TRACT BIDDING GRID AND DOES NOT REPRESENT THIS AUCTION SALE! TRACT NUMBER ROUND 1 BIDDER ROUND 2 BIDDER ROUND 3 BIDDER 1 $168,000 8 $168,000 8 $168,000 8 SOLD 2 $140,000 7 $140,000 7 $140,000 7 SOLD 3 $152,000 8 $153,500 13 $163,500 13 SOLD T1 T4 T2 T3
Tract 1 Legal Description: E1/2 SW1/4 Less 10 acre farmstead 11-121-30 Acres: 70+/- Cropland Acres: 70+/- Concrete & plastic tile; no maps available (1) building entitlement on Northside of tract Property subject to survey Please Note: The land will be surveyed. Area Symbol: MN093, Soil Area Version: 8 Code Soil Description Acres Percent of field PI Legend Non Irr Class *c Productivity Index L353B Wadenill loam, 2 to 6 percent slopes 18.88 27.0% IIe 92 L324A Forestcity, overwash Forestcity complex, 1 to 4 percent slopes 13.72 19.6% IIw 88 L337B Wadenill Sunburg complex, 2 to 6 percent slopes 12.20 17.4% IIe 88 L318A Lundlake silty clay loam, 0 to 1 percent slopes 7.11 10.2% IIIw 86 L350A Marcellon loam, 0 to 3 percent slopes 6.96 9.9% Iw 98 1801B Gardencity very fine sandy loam, 2 to 6 percent slopes 5.25 7.5% IIe 90 1185 Gardencity fine sandy loam, moderately wet, 0 to 2 percent slopes 4.76 6.8% I 90 101B Truman silt loam, 2 to 6 percent slopes 0.51 0.7% IIe 99 L322A Uniongrove loam, 0 to 2 percent slopes 0.28 0.4% IIw 88 L317A Barry loam, 0 to 2 percent slopes 0.26 0.4% IIw 87 L347A Klossner and Lundlake soils, 0 to 1 percent slopes, ponded 7 0.1% VIIIw 5 Weighted Average 90.1 *c: Using Capabilities Class Dominant Condition Aggregation Method. Soils data provided by USDA and NRCS. 4
Tract 1 & 4 - Tax Statement Sharon M. Euerle Meeker Co. Treas. 325 North Sibley Litchfield, MN 55355-2155 320-693-5345 www.co.meeker.mn.us Property ID Number: 10-0129000 Property Description: SECT-11 TWP-121 RANG-30 E 1/2 SW 1/4 67010 380 ST NORBERT N HENNEN 67010 380TH ST WATKINS MN 55389 FOREST PRAIRIE TWP 3978-T ACRES 80 PROPERTY TAX STATEMENT 1 2 3 PRCL# 10-0129000 TC RCPT# 3,010 Values and Classification Taxes Payable Year 2014 Estimated Market Value: 515,900 Homestead Exclusion: 25,000 Taxable Market Value: 490,900 New Improve/Expired Excls: Property Class: AGRI HSTD Sent in March 2014 Proposed Tax * Does Not Include Special Assessments Sent in November 2014 Property Tax Statement First half Taxes: Second half Taxes: Total Taxes Due in : 5857 3,147 543,500 25,000 518,500 AGRI HSTD 3,040 1,534 1,534 3,068 2014 1. Use this amount on Form M1PR to see if you are eligible for a homestead credit refund... 1,397.69 463 MID MN DEVELOPMENT CLEARWATER 1,361.61 3,288 230 3,058 1,320.14 619.37 809.74 247.76 5.74 55.25 3,558 490 3,068 1,286.25 639.97 692.21 389.92 5.06 54.59 3,058 3,068 3,058 3,068
scale: 749 11-121N-30W Meeker County Minnesota Tract 2 Legal Description: NE1/4 NW1/4 14-121-30 Acres: 40+/Cropland Acres: 38+/Concrete & plastic tile; no maps available (1) building entitlement 5/27/ Field borders provided by Farm Service Agency as of 5/21/2008. Soil Map Soil Map State: County: Location: Township: Acres: Date: Soils data provided by USDA and NRCS. Area Symbol: MN093, Soil Area Version: 8 State: Minnesota County: Meeker Location: 14-121N-30W Non Irr Class *c Irr Class *c Productivity Index Township: Forest50Prairie IVw 40 IIw Acres: 74 IIIe Date: 83 5/18/ Code Soil Description Acres Percent of field 178 Granby fine sandy loam, 0 to 1 percent slopes 11.70 29.2% 1096 Fieldon Dassel, depressional complex, 0 to 2 percent slopes 9.10 22.7% 311C2 Shorewood silty clay, 6 to 12 percent slopes, eroded 5.57 13.9% L332A Blue Earth mucky silt loam, lundlake catena, 0 to 1 percent slopes 3.74 9.4% IIIw 77 281 Darfur loam, 0 to 2 percent slopes 3.74 9.4% IIw 82 8C Sparta loamy sand, 6 to 12 percent slopes 2.10 5.3% VIs 35 96B Collinwood silty clay loam, 3 to 6 percent slopes 1.40 3.5% IIe 86 1801B Gardencity very fine sandy loam, 2 to 6 percent slopes 1.22 3.0% IIe 90 L318A Lundlake silty clay loam, 0 to 1 percent slopes 0.81 2.0% IIIw 8B Sparta loamy sand, 1 to 6 percent slopes 0.49 1.2% IVs 1185 Gardencity fine sandy loam, moderately wet, 0 to 2 percent slopes 0.13 0.3% I Soils data provided by USDA and NRCS. State: Minnesota Meeker Area Symbol: MN093, Soil Area Version: 8 AreaCounty: Symbol: MN093, Soil Area Version: 8 *c: Using Capabilities Class Dominant Condition Aggregation Method Code Soil Description Location: 14-121N-30W Soils data provided by USDA and NRCS. 178 Township: Granby fine sandy loam, 0 to 1 percent slopes Forest Prairie 1096 Acres: Fieldon Dassel, 40 depressional complex, 0 to 2 percent slopes 311C2 Shorewood silty clay, 6 to 12 percent slopes, eroded Date: 5/18/ PI Legend Minnesota Meeker 14-121N-30W Forest Prairie 40 5/18/ 86 IIe Weighted Average Acres Percent of field 39 90 68 PI Legend Non Irr Class *c Irr Class *c Productivity Index 11.70 29.2% IVw 50 9.10 22.7% IIw 74 5.57 13.9% IIIe 83 L332A Blue Earth mucky silt loam, lundlake catena, 0 to 1 percent slopes 3.74 9.4% IIIw 77 281 Darfur loam, 0 to 2 percent slopes 3.74 9.4% IIw 82 8C Sparta loamy sand, 6 to 12 percent slopes 2.10 5.3% VIs 96B Collinwood silty clay loam, 3 to 6 percent slopes 1.40 3.5% IIe 86 1801B Gardencity very fine sandy loam, 2 to 6 percent slopes 1.22 3.0% IIe 90 L318A Lundlake silty clay loam, 0 to 1 percent slopes 0.81 2.0% IIIw 86 8B Sparta loamy sand, 1 to 6 percent slopes 0.49 1185 Gardencity fine sandy loam, moderately wet, 0 to 2 percent slopes 0.13 cent of field 14-121N-30W IVs IIe Meeker County I 0.3% Minnesota Weighted Average 1.2% PI Legend Non Irr Class *c IrrCapabilities Class *c Productivity Index *c: Using Class Dominant Condition Aggregation Method. Soils data provided by USDA and NRCS. Area Symbol: MN093, Soil Area 29.2% IVw Version: 8 50 22.7% IIw *c: Using Capabilities Class Dominant Condition Aggregation74 Method 6 map 35 center: 39 90 68
Tract 2 - Tax Statement Sharon M. Euerle Meeker Co. Treas. 325 North Sibley Litchfield, MN 55355-2155 320-693-5345 www.co.meeker.mn.us Property ID Number: 10-0153000 Property Description: SECT-14 TWP-121 RANG-30 NE 1/4 NW 1/4 NORBERT N HENNEN 67010 380TH ST WATKINS MN 55389 FOREST PRAIRIE TWP 3978-T ACRES 40 PROPERTY TAX STATEMENT 1 2 3 PRCL# 10-0153000 TC RCPT# 783 Values and Classification Taxes Payable Year 2014 Estimated Market Value: 156,600 Homestead Exclusion: Taxable Market Value: 156,600 New Improve/Expired Excls: Property Class: AGRI HSTD Sent in March 2014 Proposed Tax * Does Not Include Special Assessments Sent in November 2014 Property Tax Statement First half Taxes: Second half Taxes: Total Taxes Due in : 5894 786 157,200 157,200 AGRI HSTD 826 417 417 834 2014 1. Use this amount on Form M1PR to see if you are eligible for a homestead credit refund... 463 MID MN DEVELOPMENT CLEARWATER 794 794 371.40 174.25 171.79 59.41 1.61 15.54 834 834 377.65 187.36 184.98 66.55 1.48 15.98 794 834 794 834
Tract 3 Legal Description: SW1/4 SE1/4 15-121-30 Acres: 40+/- Cropland Acres: 39+/- Concrete & plastic tile; no maps available (1) building entitlement Area Symbol: MN093, Soil Area Version: 8 Code Soil Description Acres Percent of field PI Legend Non Irr Class *c Productivity Index L319A Swedegrove Lundlake complex, 0 to 2 percent slopes 14.92 37.3% IIw 88 L307B Koronis loam, 2 to 6 percent slopes 9.15 22.9% IIe 88 L351A Houghton muck, lundlake catena, 0 to 1 percent slopes 8.59 21.5% IIIw 74 8C Sparta loamy sand, 6 to 12 percent slopes 2.58 6.4% VIs 35 L317A Barry loam, 0 to 2 percent slopes 2.54 6.4% IIw 87 L318A Lundlake silty clay loam, 0 to 1 percent slopes 1.85 4.6% IIIw 86 229 Waldorf silty clay loam, 0 to 2 percent slopes 0.37 0.9% IIw 85 Weighted Average 81.4 Area Symbol: MN093, Soil Area Version: 8 *c: Using Capabilities Class Dominant Condition Aggregation Method Soils data provided by USDA and NRCS. *c: Using Capabilities Class Dominant Condition Aggregation Method. Soils data provided by USDA and NRCS. 8
Tract 3 - Tax Statement Sharon M. Euerle Meeker Co. Treas. 325 North Sibley Litchfield, MN 55355-2155 320-693-5345 www.co.meeker.mn.us Property ID Number: 10-0165000 Property Description: SECT-15 TWP-121 RANG-30 SW 1/4 SE 1/4 NORBERT N HENNEN 67010 380TH ST WATKINS MN 55389 FOREST PRAIRIE TWP 3978-T ACRES 40 PROPERTY TAX STATEMENT 1 2 3 PRCL# 10-0165000 TC RCPT# 803 Values and Classification Taxes Payable Year 2014 Estimated Market Value: 160,500 Homestead Exclusion: Taxable Market Value: 160,500 New Improve/Expired Excls: Property Class: AGRI HSTD Sent in March 2014 Proposed Tax * Does Not Include Special Assessments Sent in November 2014 Property Tax Statement First half Taxes: Second half Taxes: Total Taxes Due in : 5911 818 163,500 163,500 AGRI HSTD 860 434 434 868 2014 1. Use this amount on Form M1PR to see if you are eligible for a homestead credit refund... 463 MID MN DEVELOPMENT CLEARWATER 814 814 380.60 178.70 176.18 60.93 1.65 15.94 868 868 393.07 194.99 192.51 69.26 1.54 16.63 814 868 814 868
Tract 4 Farmstead located at 67010 380th St. Watkins, MN 55389 10+/- Acres Two-story Home 4BR, 1B, 45 x 44 ½ Built in 1941 Remodeled in 2006 New roof in 2013 New Septic in July Poured foundation Attached 2-car 36 x 24 garage Large breezeway Power overhead door Utilities/Misc. Dual Fuel LP Furnace Electric Baseboard heat York AC Unit New steel siding 1995 New windows 2005 Maytag fridge Amana dish washer 2013 Frigidaire glass top stove Maytag washer/dryer (2) basement freezers (chest & upright) Newer water heater/softener & furnace Main floor master (4) Bedrooms upstairs Barn w/ Attached Pole Barn Cattle Shed 60 x 36 (barn) 60 x 19 Lean To 60 x 36 x 11 (Pole Barn Cattle Shed) Concrete floors New roof in 2014 New steel siding in 2006 Block wall Water to barn (not in use) Machine Shed 60 x 34 x 12 Pole Frame New roof & doors in 2012 Sliding door Chief Hog Barn 100 x 40 x 7 ½ Steel frame Sliding door 30,000+/- ga. holding tank 20,000+/- ga. holding tank Built in late 80 s Hay Shed 45 x 24 x 12 Wood post frame Steel roof Chief Shop 48 x 39 x 15 Heated & insulated Concrete floor 20 x 13 insulated overhead door 1-phase power, Lp heat Built in mid-90 s (5) Grain Bins 24 x6 ring, approx. 6000 w/unload, no fan/no floor Chief 18 x6 ring, full floor, approx. 3500 Bu., Newer stirator w/unload auger, 24 Sukup dryer fan (1 phase), LP heat 21 x8 ring, approx. 5000 bu., no fan, w/unload auger Behlen 14 x 4 ring, approx. 2500 bu., w/unload auger 14 x 5 ring, approx. 2500+/- bu., no floor 1-Car Garage 26 x 18 Concrete floor Insulated 9 x 7 overhead door New roof & door in 2014 General Info 120 +/- well- new in 90 s LP tank for house rented Property subject to survey Please Note: The land will be surveyed and have new septic installed. 10
45 Home 44.5 36 Apron Garage 24 Garage 26 18 39 Shop 15 Sidewall 48 Bins 19 36 Dryer Bin Lean-to 11 Sidewall Barn Cattle Shed 60 60 60 34 Shed Machine 12 Sidewall Storage Bin Hay 45 Shed Lean-to Hog Barn 7.5 Sidewall 100 24 12 Sidewall 40
Tract 4 Farmstead Photos 12
Abbreviated 156 Form Minnesota Meeker Report ID: FSA-156EZ U.S. Department of Agriculture Farm Service Agency Abbreviated 156 Farm Record FARM: Prepared: Crop Year: Page: 8659 5/27/15 8:35 AM 1 of 2 DISCLAIMER: This is data extracted from the web farm database. Because of potential messaging failures in MIDAS, this data is not guaranteed to be an accurate and complete representation of data contained in the MIDAS system, which is the system of record for Farm Records. Operator Name Farm Identifier Recon Number NORBERT N HENNEN F#5973 into 8659, 8660 2009 27093 115 Farms Associated with Operator: 5970 Please Note: All tracts are currently enrolled in ARC County CRP Contract Number(s): None DCP CRP Farmland Cropland Cropland WBP WRP/EWP Cropland GRP 159.49 148.32 148.32 Farm Status Active Number of Tracts 2 State Conservation Other Conservation Effective DCP Cropland Double Cropped Native Sod MPL/FWP 148.32 N FAV/WR History Crop Base Acreage CTAP Tran Yield PLC Yield CCC-505 CRP Reduction CORN 131.1 106 SOYBEANS 14.3 34 Total Base Acres: 145.4 Tract 1&2 Tract Number: 1184 BIA Range Unit Number: Description: I-2 & I-3/E2SW4/11/FP;NW4NW4/14/FP FAV/WR History N HEL Status: NHEL: no agricultural commodity planted on undetermined fields Wetland Status: WL Violations: None DCP CRP Farmland Cropland Cropland WBP WRP/EWP Cropland GRP 119.86 109.72 109.72 State Conservation Tract contains a wetland or farmed wetland Other Conservation Effective DCP Cropland Double Cropped MPL/FWP 109.72 Native Sod Crop Base Acreage CTAP Tran Yield PLC Yield CCC-505 CRP Reduction CORN 98.3 106 SOYBEANS 10.7 34 Total Base Acres: 109.0 Tract 3 Tract Number: 1349 BIA Range Unit Number: Description: I-3/SW4SE4/15/FP FAV/WR History N HEL Status: NHEL: no agricultural commodity planted on undetermined fields Wetland Status: WL Violations: None Farmland State Conservation Tract does not contain a wetland Cropland Other Conservation DCP CRP Cropland WBP WRP/EWP Cropland GRP 39.63 38.6 38.6 Effective DCP Cropland Double Cropped MPL/FWP 38.6 Native Sod Crop Base Acreage CTAP Tran Yield PLC Yield CCC-505 CRP Reduction CORN 32.8 106 SOYBEANS 3.6 34 Total Base Acres: 36.4 Owners: NORBERT N HENNEN Other Producers: None
Earnest Money Receipt & Purchase Agreement EARNEST MONEY RECEIPT AND PURCHASE AGREEMENT SteffesGroup.com Date: Received of Whose address is SS # Phone # the sum of in the form of as earnest money and in part payment of the purchase of real estate sold by Auction and described as follows: This property the undersigned has this day sold to the BUYER for the sum of $ Earnest money hereinafter receipted for $ In Cash at Closing Balance to be paid as follows $ 1. Said deposit to be placed in the Steffes Group, Inc. Trust Account until closing, BUYERS default, or otherwise as agreed in writing by BUYER and SELLER. By this deposit BUYER acknowledges purchase of the real estate subject to Terms and Conditions of this contract, subject to the Terms and Conditions of the Buyer s Prospectus, and agrees to close as provided herein and therein. BUYER acknowledges and agrees that the amount of deposit is reasonable; that the parties have endeavored to fix a deposit approximating SELLER S damages upon BUYERS breach; that SELLER S actual damages upon BUYER S breach may be difficult or impossible to ascertain; that failure to close as provided in the above referenced documents will result in forfeiture of the deposit as liquidated damages; and that such forfeiture is a remedy in addition to SELLER S other remedies. 2. Prior to closing SELLER at SELLER S expense shall furnish BUYER an abstract updated to a current date showing good and marketable title. Zoning ordinances, building and use restrictions and reservations in federal patents and state deeds, existing tenancies, easements and public roads shall not be deemed encumbrances or defects. 3. If the SELLER S title is not insurable or free of defects and cannot be made so within sixty (60) days after notice containing a written statement of defects is delivered to SELLER, then said earnest money shall be refunded and all rights of the BUYER terminated, except that BUYER may waive defects and elect to purchase. However, if said sale is approved by the SELLER and the SELLER S title is marketable and the buyer for any reason fails, neglects, or refuses to complete purchase, and to make payment promptly as above set forth, then the SELLER shall be paid the earnest money so held in escrow as liquidated damages for such failure to consummate the purchase. Payment shall not constitute an election of remedies or prejudice SELLER S rights to pursue any and all other remedies against BUYER, included, but not limited to specific performance. Time is of the essence for all covenants and conditions in this entire agreement. 4. Neither the SELLER nor SELLER S AGENT make any representation of warranty whatsoever concerning the amount of real estate taxes or special assessments, which shall be assessed against the property subsequent to the date of purchase. 5. Minnesota Taxes: SELLER agrees to pay of the real estate taxes and installment of special assessments due and payable in BUYER agrees to pay of the real state taxes and installments and special assessments due and payable in SELLER warrants taxes for are Homestead, Non-Homestead. SELLER agrees to pay the Minnesota State Deed Tax. 6. North Dakota Taxes: 7. The property is to be conveyed by deed, free and clear of all encumbrances except special assessments, existing tenancies, easements, reservations and restrictions of record. 8. Closing of the sale is to be on or before Possession will be at closing. 9. This property is sold AS IS, WHERE IS, WITH ALL FAULTS. BUYER is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, seepage, septic and sewer operation and condition, radon gas, asbestos, presence of lead based paint, and any and all structural or environmental conditions that may affect the usability or value of the property. 10. The contract, together with the Terms and Conditions of the Buyer s Prospectus, contain the entire agreement and neither party has relied upon any oral or written representations, agreements, or understanding not set forth herein, whether made by agent or party hereto. This contract shall control with respect to any provisions that conflict with or are inconsistent with the Buyer s Prospectus or any announcements made at auction. 11. Other conditions: Subject to easements, reservations and restrictions of record, existing tenancies, public roads and matters that a survey may show. Seller and Seller s agent DO NOT MAKE ANY REPRESENTATIONS OR ANY WARRANTIES AS TO MINERAL RIGHTS, TOTAL ACREAGE, TILLABLE ACREAGE OR BOUNDARY LOCATION. 12: Any other conditions: 13. Steffes Group, Inc. stipulates they represent the SELLER in this transaction. Buyer: Seller: Steffes Group, Inc. Seller's Printed Name & Address:
USDA Maps All lines approximate T3 T1 T4 T2
Multi Tract Farmland & Farmstead Auction Friday, September 11 @ 10AM T1 T4 160 acres offered in 4 tracts T2 T3 SteffesGroup.com