MGW Real Estate Auction Information


The Lewis Prestegaard 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: 11/9/2015
Time of Auction: 1:00 pm
Auction Location: Steward Fire Department, 311 Main Street, Steward, IL 60553
Inspection Date:
Inspection Location: Please call to schedule an inspection.
Directions to Auction: From the intersection of I-39 and Perry Road, travel west 1/2 mile to arrive at the Steward Fire Department.
Directions to Farm: From the intersection of I-39 and Perry Road, head east on Perry Road for 1/2 mile, then travel south 1 mile on Paw Paw Road, then east 1 mile to arrive at the farm.

Auction Terms & Conditions

Agency: Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.
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.
Closing: Closing shall be on or before December 9, 2015. The purchase agreement is between the seller and buyer only, and cannot be assigned to a third party without the written consent of the seller. Possession is subject to the rights of any tenants in possession.
Real Estate Taxes: The 2015 real estate taxes due and payable in 2016 shall be paid by the seller. The 2016 real estate taxes and all subsequent year taxes shall be the responsibility of the buyer.
Crops & Expenses: Cash rent for the 2015 crop year shall be retained by the seller. The farm is free of leases after the 2015 crop year.
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 gross 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, acreages, 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: James S. and Carol S. Cutsinger
Property Details
Location: The subject farm is located approximately 55 miles southwest of Chicago O'Hare International Airport. Nearby towns include: Steward (2 miles northwest), Rochelle (4 1/2 miles northwest), Shabbona (6 miles southeast), and DeKalb (11 miles northeast).
Frontage: There is 3/8 mile of road frontage on Locust Road and 1/2 mile on Reynolds Road.
Major Highways: Interstate 39/U.S. Route 51 is 1 1/2 miles west, U.S. Route 30 is 4 1/2 miles south, Interstate 88 is 4 5/8 miles northeast, and Illinois Route 23 is 11 1/8 miles east of the property.
Legal Description: A brief legal description indicates The Lewis Prestegaard Farm is located in Part of the Northwest Quarter of Section 26, Township 39 North - Range 2 East (Alto Township), Lee County, Illinois.
Total Acres: There are a total of 152.516 acres according to a recent survey.
Tillable Acres: There are 149.09 cropland acres, according to the Lee County FSA, of which 2.40 acres are currently enrolled in CRP.
Soil Types: Catlin silt loam is the major soil type found on this farm.
Topography: The topography of the subject farm is level to gently rolling.
Climate / Growing Season: Lee County has a continental climate typical of northern Illinois. The average length of the growing season is nearly 173 days. On average we expect about 2,750 growing degree days from April 23 through October 15. Annual precipitation averages about 35" with over two-thirds of this coming during the growing season. Snowfall averages about 35" per year. Prevailing winds are from the west-northwest. This climate, combined with the generally excellent soils in this area, provides a nearly ideal environment for the production of corn and soybeans.
Mineral Rights: The buyer will receive and the seller will convey all mineral rights that the seller owns relating to the property.
Possession: Closing shall be on or before December 9, 2015. The purchase agreement is between the seller and buyer only, and cannot be assigned to a third party without the written consent of the seller. Possession is subject to the rights of any tenants in possession.
Financing: Mortgage financing is available from several sources. Names and addresses will be provided upon request.
Taxes: The 2014 real estate taxes totaled $3,686.00. The tax parcel numbers are #06-26-100-001 and #06-26-100-004. The 2015 real estate taxes due and payable in 2016 shall be paid by the seller. The 2016 real estate taxes and all subsequent year taxes shall be the responsibility of the buyer.
Grain Markets: There are a number of grain markets located within 10 miles of The Lewis Prestegaard Farm.
Zoning: The Lewis Prestegaard Farm is zoned A-1, Agricultural District.
 
Soils Information
Soil # Soil Name Approx Acres Corn Yield Gross Bushel
171B Catlin silt loam 79.57 185 14720
622B2 Wyanet silt loam 19.38 153 2965
356A Elpaso silty clay loam 15.9 195 3100
145B2 Saybrook silt loam 12.97 170 2205
60C2 La Rose silt loam 11.94 148 1767
154A Flanagan silt loam 4.56 194 885
60B2 La Rose silt loam 2.91 151 439
8776A Comfrey loam 1.51 185 279
622C2 Wyanet silt loam 0.35 150 52
    Total: 149.09    


TOTAL ACRES - 152.5 acres, more or less
TILLABLE ACRES - 149.1 acres, or 97.8% per FSA figures
CORN YIELD - 177.2 bushels per acre, based on tillable acres
COMPARABLE YIELD INDEX - 173.2 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.