MGW Real Estate Auction Information


The Gill Farm

SOLD

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Contact Details -
Mark T. Mommsen  (Agent)
Phone: 815-756-3606
Mobile:  815-901-4269
Email: Mark.Mommsen@mgw.us.com



Date of Auction: 7/28/2011
Time of Auction: 10:00AM
Auction Location: Davis Junction Fire Department, 106 S. Maple St., Davis Junction, IL 61020
Inspection Date: 7/28/2011
Inspection Location: Please call to schedule an inspection
Directions to Auction: The auction site is located just off IL-72 in Davis Junction.  From Interstate 39, head west on IL-72 for 3.9 miles, then south onto South Maple Street.  The fire department is on the corner.
Directions to Farm: The farm is located just east of Davis Junction and south of Rockford, IL.. From Interstate 39, head west on IL-72 for 2.5 miles.  The farm is on the north side of the road, just east of IL-251.

Auction Terms & Conditions

Agency: Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.  Buyer agents seeking cooperation shall register their buyers in writing with Martin, Goodrich & Waddell, Inc. 10 days prior to the auction.
Earnest Money: The successful bidder as determined by the auctioneer is required to make a 10% down payment of the accepted bid price on the day of auction with the balance due at closing.  Bidding is not conditional upon financing.  Payment shall be in the form of a personal check or cashier’s check.
Closing: Closing shall be on or before August 29, 2011.  Possession is subject to the rights of any tenants in possession.   
Real Estate Taxes: The 2011 real estate taxes, drainage assessment taxes, and special assessments due and payable in 2012 shall be shared equally between seller and buyer.  The 2010 real estate taxes were $560.40.  The 2012 real estate taxes, drainage assessment taxes, and special assessments due and all subsequent year taxes shall be the responsibility of the buyer.
Crops & Expenses: The 2011 crop year cash rent shall be shared equally between seller and buyer.  Buyer shall receive the landlord share (or cash rent) for the 2012 crop year.
Government Agricultural Program Payments: Buyer accepts title subject to the farm’s existing participation in the following government agricultural programs: NONE.
Conveyance: At closing, seller shall convey and transfer the property to buyer by warranty deed, appropriate assignment, land trust, or other similar acceptable instrument of conveyance.  At the same time, the balance of the purchase price then due shall be paid and all documents relative to the transaction shall be signed and delivered.
Title Evidence: At closing, seller shall furnish a commitment and Owner’s Title Guaranty Policy for the amount of the purchase price at the seller’s expense.
Survey: Seller shall secure a boundary survey by a licensed land surveyor at the seller’s expense, dated no more than 6 (six) months prior to closing. Final purchase price will be based upon surveyed acres.
Disclaimer & Absence of Warranties: Announcements made the day of the auction supersede any previously made statements or material provided, whether printed or oral.  Information contained in this brochure is subject to the terms and conditions of the purchase agreement between the seller and buyer.  All maps, data, and images in this brochure are approximate, and no liability for its accuracy is assumed by the seller or seller’s agent.  The buyer shall be responsible for conducting their own independent inspection and due diligence concerning the property.  The property is being sold “as is” and “where is” with no warranty or representation, either expressed or implied, concerning the property is made by the seller or seller’s agent.  The auctioneer reserves the right to make final decisions on auction conduct and bidding increments.        
Disclosure: Some photos in this brochure may be stock photography and are for illustrative purposes only.
Owner: Nordic Investment Corporation
Property Details
Location: The subject farm is located approximately 75 miles west of Chicago and O'Hare International Airport. Nearby towns include: Rockford (5 miles north), Rochelle (10 miles south), and Huntley (30 miles east).  The farm is contiguous to the village of Davis Junction.
Frontage: There is approximately 3/8 mile of road frontage on State Highway 72. 
Major Highways: State Highway 251 is 1/8 mile west, Interstate 39 is 2 1/2 miles east, and Federal Highway 20 is 8 miles north.
Legal Description: A brief legal description indicates the Gil Farm is located in part of the Northwest Quarter of Section 24 in Township 42 North, Range 1 East of the Third Principal Meridian (Scott Township) in Ogle County Illinois.
Total Acres: There are a total of 56.27 acres, more or less, according to the Ogle County assessors Office.
Tillable Acres: There are approximately 52.2 tillable acres, according to the Ogle County FSA Office.
Soil Types: Major soil types include Selma loam, Wyanet silt loam, and Odell silt loam.
FSA Data: The FSA direct corn yield is 111 bushels per acre and the FSA corn base is 39.8 acres. The FSA direct bean yield is 29 bushels per acre, the FSA bean base is 12.4 acres.
Topography: The topography of the subject farm is level.
Climate / Growing Season: Ogle County has a continental climate typical of northern Illinois. The average length of the growing season is nearly 142 days. On average we expect about 2854 growing degree days from April 15 through September 30. Annual precipitation averages about 34 inches with over two thirds of this coming during the growing season. Snowfall averages about 33 inches per year. Prevailing winds are from the west and southwest. This climate, combined with the generally excellent soils in this area, provide a nearly ideal environment for the production of corn and soybeans.
Mineral Rights: All mineral rights owned by the seller will be transferred in their entirety to the new owner.
Possession: Possession will be given at closing, subject to the terms and conditions set forth in the purchase contract.
Taxes: The 2010 Real Estate Taxes totaled $560.40. The tax parcel number is 11-24-100-012.
Grain Markets: There are a number of grain markets located within 10 miles of the Gill Farm.
Zoning: The farm is zoned Business.
 
Soils Information
Soil # Soil Name Approx Acres Corn Yield Gross Bushel
125A Selma Loam 24.2 176 4259
622B Wyanet Silt Loam 13.4 159 2131
490A Odell Silt Loam 6.8 176 1197
440B Jasper Loam 4.6 173 796
102A La Hogue Loam 3 162 486
87C Dickinson Sandy Loam 0.2 138 28
    Total: 52.2    


TOTAL ACRES - 56.3 acres, more or less
TILLABLE ACRES - 52.2 acres, or 92.8% per FSA figures
CORN YIELD - 170.4 bushels per acre, based on tillable acres
COMPARABLE YIELD INDEX - 158.1 bushels per acre, based on total acres

Disclaimer : Although the information contained in this brochure is considered to be accurate, no representation or warranty to that effect is being made. The information contained herein is subject to verification, and no liability for errors or omissions is assumed. The listing may be withdrawn with or without notice, and the stated price and terms are subject to change without notice or approval. The Seller further reserves the right to reject any and all offers. All inquiries, inspection appointments, and offers must be channeled through the Seller’s Designated Agent.