SELLERS:  Chris Gage and Jeri Hennsessey

LOCATION:  Located in Twp 82N R7W Section 1, Twp 82N R6W Section 6 and Twp 83N R7W Section 36 in Linn County, Iowa.  This property is located inside the city limits of Cedar Rapids, Iowa.  Exact legal description available.

BIDDING METHOD:  Sealed bidding.  This property will be offered as one entire property and not in seperate tracts.  Bids shall be based on dollars per acre.

BID DEADLINE:  All sealed bids must be submitted to the auction company before January 29, 2010 at 4pm.  All bids must be on forms obtained from the auction company.  The seller reserves the right to accept any bid or offer prior to the close of this period and cancel the auction.  It is the bidder's responsibility to ensure their bid has been received by the auction company.  In the event the bids received by the auction company on January 29 are not acceptable to the seller, the top 5 bidders will be invited to a private auction for the opportunity to reconsider their bid.  This private bidding session may be conducted by phone or in person.

CLOSING:  Closing will be held on or before March 15th, 2010.

EARNEST DEPOSIT:  Upon being notified you are the successful bidder, you must place a 10% earnest deposit with Whitetail Trophy Properties, to be placed in the brokers trust account. 

PURCHASE AGREEMENT:  The successful buyer(s) will enter into a purchase agreement with the sellers upon being notified they are the successful bidder.

AGENCY:  Whitetail Trophy Properties is a real estate brokerage licensed in Iowa and represents the seller only.

FINANCING:  Your bidding is not contingent upon financing.  All bids must be cash bids.  All financing must be arranged prior to the auction event.

TAXES:  All taxes will be prorated to the date of closing. The seller will be responsible for property taxes through the day of closing.

POSSESSION:  Full possession will be given at closing subject to tenants rights on the rock quarry.

ZONING:  The property is zoned agricultural.

LEASE:  The property includes a working limestone quarry that is leased to another entity on a month-to-month lease.  This lease generates a $3000 per quarter rental payment plus a royalty based on the tonnage of rock removed from the quarry.  

EASEMENTS:  Property is offered AS-IS WHERE-IS and is subject to all easements, covenants and restrictions in place.

SEALED BIDDING PROCESS:
Contact the auctioneer at 712-646-2061 to obtain a bidders packet.  This packet includes acknowledgement of the Terms and Conditions of the auction, bidding form and property information.  Bidder packets will be delivered by fax, email or U.S. Mail and can be returned by fax, U.S. Mail or email. 

Sellers will consider all pre-auction offers on this property.  Should sellers accept a pre-auction offer the auction will be cancelled.  Contact Whitetail Properties Auctioneer Jason Smith if you have questions about bidding.  If the seller does accept an offer the cancellation notice will be posted on this website.

The property is located 1/4 mile north of Highway 30 off of Honey Grove Road.  Old River Road SW runs along the north side of the property.

Google Map of this property