A single-family home and turn-key hobby livestock acreage site will be offered for sale and included in this auction for a buyer wanting to enjoy the countryside. This home can be viewed by contacting the listing agents, Matt Adams and/or Kenny Herring, or by attending the Open Houses on Sunday, January 16th from 1:00 PM to 4:00 PM and Thursday, January 20th from 4:00 PM to 7:00 PM.

Tract 1: 320 Acres m/l with 299.86 FSA cropland acres carrying a CSR2 soil rating of 54.4. Currently, 282.89 acres are being farmed with the primary soil types of Sharpsburg silty clay loam and Shelby clay loam. There are 3.60 acres enrolled into two Conservation Reserve Program (CRP) CP8A Grassed Waterways contracts - 2.00 acres paying $392 annually ($196.11/acre through 2022) and 1.60 acres paying $376 annually ($234.88/acre through 2024). This tract also includes two MidAmerican wind turbines located on the northwest portion of the tract with an approximate annual payment of $12,352.

Tract 2: 136.75 acres m/l with 132.21 FSA cropland acres carrying a CSR2 soil rating of 54.4.

Tract 3: Home and 23.25-acre Acreage Site - A 1,678 Sq. Ft., single-family, one and one-half story style house, built in 1900, with 3 bedrooms and 1.75 bathrooms and a detached 28' x 40' metal garage building, built in 2007. Locally known as 2989 Frontier Road, Adair, Iowa 50002, this acreage site also includes 15.07 FSA cropland acres carrying a CSR2 soil rating of 44.9. Currently, these acres are being utilized as pasture with well-maintained exterior fences and there is a one-half acre pond located on the northwest corner of the tract.

The three tracts will be offered via Public Auction and will take place at 10:00 AM at the Casey Community Center, 104 W. Sherman Street, Casey, Iowa 50048. The farmland tracts (Tracts 1 & 2) will be sold as two individual tracts using the "Buyers Choice" auction method on a price per acre basis, and the high bidder can take, in any order, one or both tracts for their high bid. "Buyer's Choice" auctioning will continue until both tracts have been purchased and removed from the auction. The acreage site (Tract 3) will be offered through a traditional auction as a total purchase price. Tracts will not be offered in their entirety at the conclusion of the auction. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available.

AUCTION DETAILS

Guthrie County, Iowa Land Auction

480 Acres M/L (Offered in Three Tracts)

Tuesday, January 25th, 2022 at 10:00 AM

Seller: Lehman Land Corporation

Auction Location:

Casey Community Center

104 W. Sherman Street

Casey, Iowa 50048

Online Bidding: Contact Agent

Auction Method: The three tracts will be offered via Public Auction and will take place at 10:00 AM at the Casey Community Center. The two farmland tracts (Tracts 1-2) will be sold on a per-acre basis and will be offered through the "Buyer's Choice Auction Method", whereas the winning bidder may elect to take, in any order, one or both tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until both farmland tracts have been purchased and removed from the auction. The acreage (Tract 3) will be offered through a traditional auction as a total purchase price. Tracts will not be offered in their entirety at the conclusion the auction. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available.

Tract 1: 320 Acres M/L

Tract 2: 136.75 Acres M/L

Tract 3: 23.25-Acre Acreage Site

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.

Farm Program Information: Farm Program Information is provided by the Guthrie County Farm Service Agency. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Guthrie County FSA and NRCS offices.

Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held in Peoples Company's Trust Account.

Closing: Closing will occur on or before Monday, February 28th, 2022. The balance of the purchase price will be payable at closing in the form of cash, guaranteed check, or wire transfer.

Possession: Possession of the land will be given At Closing, Subject to Tenant's Rights.

Farm Lease: The farming rights are available for the 2022 cropping season.

Contract & Title: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Peoples Company the required earnest money payment. The Seller will provide a current abstract at their expense. Sale is not contingent upon Buyer financing.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Surveys: A survey will be completed by the Seller for Tract 3. The acreage and surrounding tracts are subject to change prior to the auction. No additional surveying or staking will be provided by the Seller.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an As is Where is basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per-acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from abstract.