49.5+/- Tillable; 3.9+/- Road
METHOD OF SALE: Halderman Real Estate Services, Inc. (“HRES,” IN Auct. Lic. #AC69200019) and Jones Lang LaSalle Brokerage, Inc. (“JLL”) are combining efforts and will offer approximately 882.6 acres, more or less, of real property at public auction on October 5, 2021, at 6:30 PM, at the Beck’s Center at the Purdue Agronomy Center for Research and Education, West Lafayette IN. This property will be offered in fifteen tracts as individual tracts, in combination(s) of tracts, or as a whole farm. Each bid shall constitute an offer to purchase and the final bid, if accepted by the Seller, together with the payment of the earnest money, and execution and delivery of the purchase agreement, shall constitute a binding contract between the respective Buyer and the Seller for the sale of the respective tract(s). The auctioneer will settle any disputes as to bids and the auctioneer’s decision will be final. To place a confidential phone, mail or wire bid, please contact John Bechman at 765-404-0396, at least two days prior to the sale.
ACREAGE: The acreages listed in this brochure are estimates taken from the county assessor’s records, FSA records and/or aerial photos.
SURVEY: The purchase agreement will provide that Seller reserves the right to determine the need for and type of survey provided for a tract, if any. If an existing legal description is adequate for the issuance of an owner’s title insurance policy (the “Owner’s Policy”) for the tract, no new survey will be completed. If the existing legal description is not sufficient to obtain such an Owner’s Policy for the tract, a survey will be completed, the cost of which will be shared 50/50 by the Seller and the respective Buyer. The Seller will choose the type of survey to be completed and that it will be sufficient to provide an Owner’s Policy for the tract. If a survey is completed, the purchase price for the surveyed tract will be adjusted, up or down, to the exact surveyed acres. The price per acre will be the auction price bid for the tract, divided by the tract acreage estimated in the auction brochure.
FARM INCOME: The tracts are subject to leases. However, Seller will retain the 2021 farm income under such leases.
EARNEST MONEY: Each Buyer shall pay 10% of the accepted bid to the Seller as earnest money on the day of the auction with the balance of the purchase price due at the closing. The earnest money must be in the form of a non-refundable personal check, cashier’s check, cash or corporate check. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING. BE SURE YOU HAVE FINANCING ARRANGED, IF NECESSARY, AND ARE CAPABLE OF PAYING CASH AT CLOSING.
APPROVAL OF BIDS: The Seller reserves the right to accept or reject any and all bids. All successful bidders must enter into a purchase agreement the day of the auction on the Seller’s form, immediately following the conclusion of the bidding. Such purchase agreement shall not be subject to modification. Successful bidders must execute purchase agreements on tracts exactly as they have been bid and using the Seller’s purchase agreement form.
DEED: The Seller will provide a Corporate Limited Warranty Deed at closing upon full payment of the purchase price.
EVIDENCE OF TITLE: The purchase agreement will provide that Seller will provide an Owner’s Policy to the respective Buyer in connection with the closing. Each Buyer is responsible for a Lender’s Title Insurance Policy, if needed. The Seller, at its expense, will satisfy all of the title requirements shown in the Commitment for the Owner’s Policy so that there will be no exception for delinquent taxes, liens, mechanic’s liens, or any other title defect in the Final Owner’s Policy. A “title defect” does not include any easements, encumbrances, licenses, restrictions, covenants, conditions, or exceptions that does not prohibit the respective Buyer from using the Real Estate for consistent with the mission of that Buyer, nor materially reduces the value of the Real Estate. If there is a title defect, then the purchase agreement(s) are null and void prior to the closing, and the broker, HRES or JLL, will return the respective Buyer’s earnest money.
CLOSING: The closing(s) shall be on or before, and no later than, December 1, 2021.
POSSESSION: Possession of each tract will be at its closing, subject to the tenant’s rights. Possession of the buildings will be at its closing, subject to the tenant’s rights.
REAL ESTATE TAXES: The real estate taxes will be prorated to the day of closing.
DITCH ASSESSMENTS: Each Buyer will pay the 2022 ditch assessment and all assessments thereafter for its respective tract(s).
DRIVEWAY EASEMENT: If Tract 14 sells separate from Tract 13, the Seller shall reserve a 25-foot-wide ingress and egress easement across the west edge of Tract 13 for the benefit of Tracts 13 and 14. This will be a non-exclusive easement and include the current driveway. All costs of maintenance will be shared equally between Tract 13 and 14 owners.
WATERWAY EASEMENT: Certain tracts are subject to a 12-foot-wide waterline area for a 2-inch waterline that is 4 feet below the surface that serves certain other tracts of the property. If the tracts with the waterline and those benefitting from the waterline sell as anything less than a farm as a whole, easements will be reserved on the tracts with the waterline for the tracts benefitting from such waterline.
MONITORING STATION: Tract 10 will be sold subject to a seismic monitoring station being located on the tract and a seismic monitoring station maintenance and land use agreement concerning this station between the Seller and the Incorporated Research Institutions for Seismology. The Seller shall assign its interest in the agreement to the respective Buyer at the closing.
MINERAL RIGHTS: All mineral rights owned by the Seller will be conveyed to the respective Buyer.
PROPERTY INSPECTION: Each bidder may inspect the tracts prior to the auction. Such inspections are to be at the respective bidder’s expense by qualified inspectors or contractors selected by the bidder. Each bidder and its qualified inspectors or contractors shall have the right to enter upon the tract(s) for the purpose of making such engineering, environmental, land use, physical, market, or soil tests, inspections, investigations, and studies concerning the tract(s) (collectively, the “Tests”) that they may elect to perform. No Tests shall be undertaken without twenty-four (24) hours prior written notice to the Seller, and the Seller and any of its agents or representatives shall have the right to be present at same. No Tests shall involve the taking of samples or other physically invasive procedures without the prior consent of the Seller (which said consent shall not be unreasonably withheld, conditioned, or delayed). Upon the completion of any Tests, each bidder shall restore the tract(s) to its condition prior to such Tests.
INDEMNIFICATION: Each bidder agrees to indemnify and hold harmless the Seller and its owners, shareholders, members, officers, directors, managers, employees, agents, and representatives from any and all loss, cost, expense (including reasonable attorneys’ fees), liability, damage, cause of action or claim (including, without limitation, for death, bodily injury, or damage to the tract(s)) (collectively, “Liability”) arising out of or resulting from the respective bidder’s and/or bidder’s agents exercise of its rights under these terms and conditions; provided, however, that (i) bidder shall not be liable for (a) any preexisting defects in the tract(s), including the location of any hazardous substances thereon, except to the extent exacerbated by bidder, or (b) any Liability caused by, arising out of, or resulting from the negligence, gross negligence, or intentional act of the Seller or its owners, shareholders, members, officers, directors, managers, employees, agents, and representatives; (ii) the Seller shall tender defense of any claim subject to each bidder’s indemnity to each bidder within ten (10) days after such claim is made or discovered; and (iii) each bidder shall have the right to assume and control the defense of any claim with counsel selected by the bidder and reasonably acceptable to the Seller. Bidder’s indemnity in this provision shall survive the auction, or earlier termination of any transaction arising from the auction.
AGENCY: Halderman Real Estate Services Inc., Russell D. Harmeyer, Auctioneer, Jones Lang LaSalle Brokerage, Inc., and their representatives, are exclusive agents of the Seller.
DISCLAIMER: All information contained in this brochure and all related materials are subject to the Terms and Conditions outlined in the Seller’s purchase agreement form. This information is subject to verification by all parties relying upon it. No liability for its accuracy, errors or omissions is assumed by the Seller, HRES, or JLL. All sketches and dimensions in this brochure are approximate. ANNOUNCEMENTS MADE BY JLL, HRES AND/OR THEIR AUCTIONEER AT THE AUCTION DURING THE TIME OF THE SALE TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIALS OR ANY OTHER ORAL STATEMENTS MADE. The property, including but not limited to its tracts, is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either express or implied, concerning the property is made by the Seller, HRES, or JLL. Each prospective bidder is responsible for conducting his/her independent inspections, investigations, inquiries and due diligence concerning the property. Except for any express warranties set forth in the sale documents, each Buyer accepts the property “AS IS” on the date of the auction, and each Buyer assumes all risks thereof and acknowledges that in consideration of the other provisions contained in the sale documents, Seller, HRES, and JLL make no warranty or representation, express or implied or arising by operation of law, including any warranty for merchantability or fitness for a particular purpose of the property, or any part thereof, and in no event shall the Seller, HRES, nor JLL be liable for any consequential damages. Conduction of the auction and increments of bidding are at the direction and discretion of HRES, JLL, and/or the auctioneer. The Seller, HRES, and JLL reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of HRES, JLL, and/or the auctioneer are final.
West Lafayette, Indiana 47906
882.6+/- Acres offered in 15 Tracts
Pasture; Productive Tillable and Wooded Land