The East Grove Farm

Auction Date

Jun 10, 2021 - 1:00 PM

Inspection Location

Please call to schedule an inspection.

Directions to Auction

ONLINE AUCTION - The auction platform is open for bidding. Please visit mgw.us.com/eastgrove to bid. The auction closes June 10, 2021, beginning at 1 p.m. Central Time.

Directions to Farm

From the intersection of IL Route 26 and U.S. Route 30, travel south on IL Route 26 for 7.5 miles. Then turn east on Union Road for 2.0 miles to arrive at the farm.

agency

Martin, Goodrich & Waddell, Inc. and its representatives are agents of the owner.

earnest money escrow

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 July 8, 2021. 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 2021 real estate taxes due and payable in 2022 shall be shared equally between the seller and buyer.
The 2022 real estate taxes and all subsequent year taxes shall be paid by the buyer.

Crops And Expenses

The buyer will receive a cash rental credit in the amount of $24,561 for the 2021 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.

disclaimer

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.

Description of Property

The Northwest Quarter of Section 12, Township 19 North – Range 9 East (East Grove Township), Lee County, Illinois.

Method

The property will be offered in one tract in an online auction. Bidding will be on a per acre basis, multiplied by 160 acres. The seller reserves the right to accept or reject any or all bids. All successful bidders will enter into a purchase agreement with the seller immediately following the auction. Upon the close of the auction, the purchase agreement will be forwarded to the successful bidders via email or fax. A signed copy of the purchase agreement must be received by Martin, Goodrich & Waddell, Inc. within 24 hours of the auction closing. A 10% earnest money payment is required to accompany the purchase agreement and may be submitted by cashier’s check or wire transfer. Bidding ends at 1:00 p.m. Central Time on Thursday, June 10th, 2021. A bid placed within 5 minutes of the scheduled close of the auction will extend bidding by 5 additional minutes until all bidding is completed. If you plan to bid, please register 24 hours prior to the auction closing. Bidding is not conditional upon financing.

Mineral Rights

The buyer will receive and the seller will convey all mineral rights that the seller owns relating to the property.

location

The subject farm is located approximately 80 miles southwest of Chicago O’Hare International Airport. Nearby towns include: Amboy (4 miles north), Dixon (10 1/2 miles northwest), and Mendota (15 miles southeast).

frontage

There is approximately 1/2 mile of road frontage on Union Road.

major highways

Illinois Route 26 is 2 miles west, U.S. Route 52 is 5 3/4 miles northeast, U.S. Route 30 is 7 miles north.

legal description

A brief legal description indicates The East Grove Farm is located in the Northwest Quarter of Section 12, Township 19 North – Range 9 East (East Grove Township), Lee County, Illinois.

total acres

There are a total of 160 acres, more or less, according to the Lee County Assessor’s Office.

tillable acres

There are approximately 140.35 tillable acres according to the Lee County FSA.

soil types

Major soil types found on this farm include Houghton muck, Selma loam, and Hooppole loam.

topography

The topography of the subject farm is level to nearly level.

location 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.

mineral rights

All mineral rights owned by the seller will be transferred in their entirety to the new owner.

possession

Closing shall be on or before July 8, 2021. 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 2020 real estate taxes totaled $4,033.34. The tax parcel number is #08-20-12-100-001.

grain markets

There are a number of grain markets located within 10 miles of The East Grove Farm.

zoning

The East Grove Farm is zoned AG-1, Agricultural.