Burlington Road, Letts, IA 52754 - Muscatine County

Peoples Company is pleased to represent the Dick T. Cornick Revocable Trust in the sale of 102.5 total acres m/l of high-quality tillable farmland located just northwest of Fruitland, Iowa, in Muscatine County. This exceptional farm will be offered in two separate tracts through a Public Auction to be held at 10:00 AM on Wednesday, April 2nd, at the Fruitland Community Center. Both live and online bidding options will be available.

Tract 1: 55.5 acres m/l, with 51.33 FSA Cropland acres carrying a CSR2 rating of 76.8.

Tract 2: 47 acres m/l, with 43.33 FSA Cropland acres carrying a CSR2 rating of 76.2.

(Final surveyed acres will be added prior to the auction)

The farm consists of two tracts situated in Section 15 of Seventy-Six Township, Muscatine County, Iowa. These high-quality, naturally draining tracts would make excellent additions to an existing farming operation, a compact yet productive opportunity for a beginning farmer, or a smart investment for those looking to diversify their portfolio. The prime location in Muscatine County provides convenient access to multiple grain marketing options, including grain processors and the Mississippi River grain market.

The farm is currently leased for the 2025 cropping season, and the buyer will receive a lease credit at closing in the amount of $33,218 If both tracts are purchased together. The buyer of Tract 1 would receive a lease credit of $18,022 and the buyer of Tract 2 will receive a $15,196 if the tracts are purchased separately.

The auction will be conducted using the "Buyer's 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. Tracts will not be offered in their entirety after the auction.

Auction Details & Terms

Muscatine County Land Auction

102.5 Acres M/L (Offered in Two Tracts)

Wednesday, April 2nd, 2025 at 10:00 AM

Tract 1: 55.5 acres m/l

Tract 2: 47 acres m/l

Seller: Dick T. Cornick Trust

Representing Attorney: Eichelberger Law Office, PC

Auction Location:

Fruitland Iowa Community Center

104 Sand Run Rd

Fruitland, IA 52749

Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number to bid at the auction.

Online Bidding: Register to bid on our website. Potential bidders may have access to the live auction by utilizing Peoples Company's online auction platform via the Internet. By using Peoples Company's online auction platform, bidders acknowledge that the Internet is known to be unpredictable in performance and may, from time to time, impede access, become inoperative, or provide a slow connection to the online auction platform. Bidders agree that Peoples Company nor its affiliates, members, officers, shareholders, agents, or contractors are, in any way, responsible for any interference or connectivity issues the bidder may experience when utilizing the online auction platform.

Auction Method: The two tracts will be offered via Public Auction and will take place at 10:00 AM at the Fruitland Community Center in Fruitland, Iowa. The two farmland tracts will be sold on a per-acre basis and offered through the "Buyer's Choice Auction Method", whereas the winning bidder may elect to take one, two, or any combination of tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until all farmland tracts have been purchased and removed from the auction. Tracts will not be offered in their entirety after the auction. This auction can also be viewed through a Virtual Online Auction option with online bidding available.

Farm Program Information: Farm Program Information is provided by the Muscatine County Farm Service Agencies. 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 Muscatine 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 the Peoples Company Trust Account.

Closing: Closing will occur on or before Wednesday, May 14th, 2025. The balance of the purchase price will be payable at closing in the form of a guaranteed check or wire transfer.

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

Farm Lease: The farm is currently leased for the 2025 cropping season, and the buyer will receive a lease credit at closing in the amount of $33,218 If both tracts are purchased together. The buyer of Tract 1 would receive a lease credit of $18,022 and the buyer of Tract 2 will receive $15,196 if the tracts are purchased separately.

Contract & Title: Immediately upon the conclusion of the auction, the high bidder will enter into a real estate sales contract. The Seller will provide a current abstract at their expense. The sale is not contingent upon Buyer financing.

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. The winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made on 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. The buyer should perform his/her investigation of the property before 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 the Abstract.