Sale Terms and Conditions: Peoples Company is handling the sale of five tracts of land, including, but not limited to cropland, timber, and three residential dwellings, owned by the State of Iowa in Boone County and Dallas County, Iowa through a Sealed Bid Sale.

Sealed Bid Submittal Process & Deadline: Sealed Bids, in written or electronic format, for the Property will be due no later than 5:00 P.M. CST, on Wednesday, May 15th, 2024, to the following: 

Matt Adams
Peoples Company
12119 Stratford Drive, Suite B
Clive, IA 50325
Matt@PeoplesCompany.com 

Sealed Bids for the Property shall be submitted on the Sealed Bid Submittal Form that can be obtained by contacting Listing Agent Matt Adams by phone at (515) 423.9235 or by email at Matt@PeoplesCompany.com. Handwritten bids, if legible, may be acceptable in the Seller and Broker’s sole discretion. Please complete each blank field provided in the Sealed Bid Submittal Form. Bids can be submitted via mail or email but must be received by the deadline date in order to be considered. 

Upon the receipt of all submitted bids, the Seller may accept or reject any bid or offer, enter into negotiations with one or more Bidders, or withdraw the Property from market without notice. Upon the Seller’s acceptance of any bid or offer, the winning Bidder and Seller shall enter into a binding Offer to Buy. The Seller shall not be obligated or bound to sell the Property until Seller has entered into a fully executed, definitive Offer to Buy. 

Agency: Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge that they are representing themselves in completing the sales transactions. 

Offer to Buy and Earnest Money: The appraised value of the five tracts will be publicly available and a Potential Buyer* may submit offers on one, multiple, or all available tracts.  A Buyer will receive an “Offer to Buy” (“OTB”) document from the State of Iowa for the tract or tracts being purchased outlining the terms and conditions associated with purchase. If a Buyer’s offer is accepted, a 10% earnest money payment is required and must be received by Peoples Company within three (3) business days from the date of an accepted offer by the State of Iowa. Earnest money will be held in the Peoples Company Trust Account. The balance of the purchase price will be due on or before the determined closing date and the Buyer will be required to submit the completed OTB. If the balance is not paid on or before closing, the Buyer risks forfeiting the 10% earnest money. *Please see additional Buyer Requirements and Qualifications.

Contract & Title: Title and possession of the land will be granted when the State of Iowa issues a Land Patent Deed. Once all monies are received, the Buyer should allow for approximately 30 days or less for the issuance of the State Land Patent and transfer of the property to Buyer. The Seller will provide a current abstract at their expense. However, the State will have no obligation to clear any title objections, and the sale of any tract will be without any warranties, express or implied, and is subject to all easements, restrictions, and covenants of record. The sale is not contingent upon Buyer financing. Contact the Listing Agent for clarification on how the property will be transferred to the Buyer. Note pertaining to that Portion of Tract 2 in the North Half of the Northwest Fractional Quarter (N½ NWfrl¼) of Section 6, Township 81 North, Range 26 West of the 5th P.M., Woodward, Dallas County, Iowa, approximately 28.96 acres more or less: Even though the State has been in possession of the Property for decades, the State may not have marketable title to an undivided ½ interest in said portion of Tract 2.

Closing & Possession: Closing will occur on or before Friday, July 12th, 2024. The balance of the purchase price will be due and payable on the agreed-upon closing date in the form of a certified check or wire transfer. Possession of the land will be granted upon issuance of a State Land Patent as described in the "Contract & Title" section.

Easements: Buyer acknowledges Seller shall have and reserve an easement over the Property as it pertains to any existing utility facilities and drainage facilities servicing the Retained Parcel, including but not limited to existing facilities for purposes of communications, electric, gas, tile, and sewer; Buyer acknowledges that said easement(s) shall provide to Seller a reasonable right of access over the Property to the existing facilities; and that the Patent to the Buyer will reflect said easement(s).

Property Taxes: The property is owned by the State of Iowa, which is a tax-exempt entity, and therefore property taxes are currently not paid on the property. Buyer should acknowledge that there will not be a property tax proration at closing. Upon the change in ownership, the property will be added to the tax rolls and property tax will become due and payable in the future years. Contact the Listing Agent for questions related to property tax amounts and dates payable.

Farm Leases & Residential Lease: The majority of the property (642.38 acres) is leased for the 2024 cropping season. The Property is currently subject to a Cash Farm Lease between the Iowa Prison Industries (IPI) and Nizzi Brothers – Lloyd & Dan Nizzi dated October 26, 2021, and has a term through the last day of February 2025. The Cash Farm Lease will be assigned to the Buyer(s) at the time of the issuance of the State Land Patent as it pertains to the tract(s) purchased. The Cash Farm Lease and the corresponding lease rental payment for the lease period March 1, 2024, through February 28, 2025, will be prorated - this will be calculated from the date of issuance of the State Land Patent. Additionally, as noted on page 9, one residential dwelling located at 1251 334th Street, Woodward, Iowa 50276 within Tract 5 is currently leased through June 20, 2024. The Rental Property Agreement may be assigned to the Buyer of Tract 5 upon issuance of the State Land Patent.

Farm Program Information: Farm Program Information is provided by the Boone County and Dallas 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 Boone County and Dallas County FSA and NRCS offices.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Seller. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. The cost to maintain, repair, or erect partition fence(s), including but not limited to partition fences under Iowa Code Chapter 359A, between the property purchased by Buyer and the property retained by the State of Iowa will be solely the responsibility of the Buyer, and Buyer’s successors, heirs, administrators, executors and assigns. Existing fence lines may not fall directly on the legal boundary.

Surveys: All tracts have been surveyed, as noted in the marketing materials. No additional surveying or staking will be completed by the Seller. Contact the Listing Agents for additional details.

Mineral Rights: A mineral title opinion will not be obtained or provided, and there will be no guarantee as to the ownership of the mineral interests on all tracts. Seller will convey 100% of whatever mineral rights are owned by the Seller without warranty.

Septic Tanks: The agricultural dwelling(s) and other buildings will be sold on an “as is, where is” basis. The agricultural building(s) are served by a private sewage disposal system(s) on Tract 5. Any and all septic system inspections, repairs, removal, or replacement and/or the responsibility for removal of the home will be at the sole cost and responsibility of the Buyer. The Buyer will be responsible for and required to take all actions required to comply with Iowa Administrative Code Chapter 567-69. Specifically, prior to closing, Buyer shall provide proof of one of the following: (i) that the existing private sewage disposal system has passed a certified inspection; (ii) that Buyer has executed a binding agreement with the local board of health to address the private sewage disposal system; or (iii) that the Buyer intends to demolish or raze the impacted building(s) consistent with Section 567-69.2(1)(a)(7).

Other Terms and Conditions: 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 or guarantees, expressed or implied, made by Peoples Company or the Seller. We obtained the marketing information from sources we believe to be reliable. However, we make no guarantee, warranty, or representation about it. We include projections, opinions, assumptions, or estimates for example only and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.