161.454± Surveyed Acres will be Offered in 3 Tracts.
S28, 29, & 32, T28N, R7E, Waddams Township, Stephenson County, Illinois
Seller: Lubenow Family Farm LLC
AUCTION TO BE HELD
Tuesday, November 28, 2023 at 1:00 PM CST
Lena Community Center
497 Lions Drive
Lena, IL 60148
-Online Bidding Available-
FARM INFORMATION QUESTIONS
Ray Brownfield
630-258-4800 (Call/Text)
ray@landprollc.us
AUCTION SOFTWARE/REGISTRATION QUESTIONS
Rob Warmbir
815-693-4063 (Call/Text)
rob@rwpropertyservice.com
AUCTION QUESTIONS/BREAKS (During Auction)
Sandy Nehring
815-483-4478 (Call/Text)
sandy@landprollc.us
Lubenow Farm Auction Terms and Conditions
Procedure. This is a three-tract auction. The tracts will be offered by the “Choice” auction method. The “Choice” method allows the high bidder to choose which tract(s) they would like to purchase. If there are remaining tracts after the high bidder decides, the remaining tracts will be offered with another round of bidding. Tracts will not be combined at the end. Bids will be taken in-person at the auction site and live online, including phone bids. If you are bidding for a partnership, corporation, or other entity, a document authorizing you to bid and sign a purchase agreement on behalf of the entity is required.
Financing. Bidding is not conditional upon financing. Be certain financing has been arranged, if needed, and that you are capable of paying cash at closing.
Acceptance of Bid Prices. The successful bidder(s) will sign a purchase and sale agreement immediately following the close of bidding. The purchase price will be calculated by multiplying the surveyed acres by the accepted per acre bid. Seller reserves the right to accept or reject any or all bids for any and all reasons.
Down Payment. A ten percent (10%) earnest money deposit of the total purchase agreement price will be due immediately after a purchase and sale agreement is signed by all parties to the transaction. The down payment may be paid in the form of a personal check, business check, cashier’s check, or wire transfer. The balance of the gross sale price is due at closing.
Closing. Closing shall take place thirty (30) days after November 28, 2023, or as soon thereafter as applicable closing documents are completed. The anticipated closing date is on or before December 28, 2023. Total reimbursement cost of $16,798.19 (fertilizer-$14,647.69 and lime-$2,150.50) to be reimbursed, by Buyer(s), to Todd Hoeft at closing. If multiple Buyers, each Tract’s reimbursement cost will be calculated using the Tract’s tillable acres.
Possession/Lease
A. Possession will be granted at closing. Seller has terminated the 2023 cash rental lease with the tenant in possession.
B. Seller will receive 100% of the 2023 cash rent. Buyer will receive 100% of the 2024 cash rent.
Title. Seller shall provide an Owner’s Policy of Title Insurance, in the amount of the purchase price, and shall also provide a deed conveying the property to the Buyer.
Real Estate Taxes and Assessments. Seller will credit to Buyer at closing, the 2023 real estate taxes, payable in 2024, based upon the most recent real estate tax information available. The 2024 real estate taxes payable in 2025, and all future real estate taxes, with no adjustments after closing, to be paid by Buyer.
Survey. The farm has been surveyed and will be sold based on surveyed acres.
Mineral Rights. All mineral rights owned by the Seller will be conveyed at closing.
Agency. Land Pro LLC and its representatives are exclusive agents of the Seller.
Disclaimer and Absence of Warranties. All information and all related materials are subject to the terms and conditions outlined in the purchase agreement. Announcements made by the auctioneer before and during the auction will take precedence over any previously printed material or any other oral statements made. The property is being sold on an “AS-IS, WHERE-IS, WITH ALL FAULTS” basis, and no warranty or representation, either expressed or implied, concerning the condition of the property is made by the Seller, Land Pro LLC, or its representatives. Each potential bidder is responsible for conducting its own independent inspections, investigations, inquiries, and due diligence concerning this property. The property information is believed to be accurate but is subject to verification by all parties relying on the information. No liability for its accuracy, errors, or omissions is assumed by the Seller, Land Pro LLC, or its representatives. All sketches and dimensions are approximate. Photographs are used for illustrative purposes only. Conduct at the auction and increments of the bidding are at the discretion of the auctioneer. The Seller, Land Pro LLC, and its representatives reserve the right to preclude any person from bidding and to remove any person from the auction if there is any question as to the person’s credentials, fitness, conduct, etc. With the permission of Land Pro LLC, this sale may be recorded and/or videoed. Seller, Land Pro LLC, and its representatives disclaim any and all responsibility for bidder’s safety during any physical inspection of the property. All decisions of the auctioneer are final. Neither the auctioneer nor the online bidding software and service provider shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
Seller. Lubenow Family Farm LLC
Attorney. Daniel J. Kramer Law Office
Ray L. Brownfield ALC AFM Robert J. “Rob” Warmbir, ALC AFM
Designated Managing Broker Auctioneer
Land Pro LLC RW Property Services, LLC
License 471.002495 (Real Estate) License 441.002377 (Auctioneer)
