Smith - Imm Auction

390 +/- Acres of Phillips County Land

Crop & Pasture Land & Oil Production

Selling for Larry & Virginia Smith and the Estate of Pauline Imm

Tuesday, October 6th 2020, 10:00 A.M.

Auction Location: Huck Boyd Community Center, 860 Park Street, Phillipsburg, KS

Come Early for Refreshments and to Register for a Bidder Number

Tract 1: Legal Description: The Southwest Quarter (SW/4) and the South Half of the Northwest Quarter (S/2NW/4) of Section Eleven (11) Township Three (3) South, Range Nineteen (19) West of the 6th P.M., Phillips County, Kansas

General Description: This tract of land contains a total of 234.5 acres and has approx. 126.59 acres of cropland, 97 acres of pasture land with the balance being farmstead, grass and wooded wildlife habitat. There is approx. 39.5 acres of cropland currently planted to milo with the balance cropland being open, although was being prepared to plant to wheat. The pasture consists of well managed native grasses and has good fencing. and has a large pond. There is also an old farmstead that has a water well that does have electric service.

 

Property Location:  From Phillipsburg, Ks go West on Hwy 36 to W 500 Rd, ¾ Mi. N to W Osage Rd and ½ Mi. West to the Southeast corner of said property. WATCH FOR SIGNS

FSA Information:  This tract carries a 36.1 acre wheat base with a PLC yield of 50 bu. and a grain sorghum base of 44.7 acres with an 81 bu. PLC yield.

Tract 2: Legal Description: The Southeast Quarter (SE/4) of Section Sixteen (16), Township Two (2) South, Range Nineteen (19) West of the 6th P.M. Phillips County, Kansas

 

General Description: This tract is an all native grass pasture with good fences, ponds and a windmill to provide water.

 

Property Location:  From Phillipsburg, Ks go west on Hwy 36 to W 500 Rd, From Phillipsburg, Ks go West on Hwy 36 to W 500 Rd, 6¾ Mi. N to W Jade Rd and 2 mi. West to the Southeast corner of said property. WATCH FOR SIGNS

Minerals: Tract 1: This property has one producing oil well.  It is believed that all of the minerals are intact and owned by Larry Smith, who will convey his undivided one-half (1/2) mineral interest to the purchaser at the time of closing.  The other undivided one-half interest owned by the Estate of Pauline Imm will be conveyed to the purchaser, but subject to the existing oil and gas lease which is paying a royalty interest to a third-party beneficiary named in the Will of Pauline Imm. That oil and gas lease will remain in effect until the cessation of production on the above described property. Tract 2: – All Seller’s mineral interest will be conveyed to the purchaser. 

Possession: Tract 1: Purchase shall receive immediate possession of the west 86.05 unplanted acreage and shall be granted possession of the balance on March 1, 2021. The current tenant shall have the right to graze the milo stalks but must have cattle removed on or before December 31, 2020. Tract 2: Purchaser shall be granted possession on March 1, 2021.

Taxes:  Seller shall pay all the 2020 taxes and prior years’ taxes, if any.  The 2021 and subsequent years taxes shall be the responsibility of the buyer.  2020 taxes were Tract 1 - $2,079.58 and Tract 2 - $349.94.

Terms, Title Insurance and Closing: Ten Percent (10%) down day of the sale; balance due upon closing.  Owner’s policy and closing expense will be shared 50/50 between the buyer and sellers.  Mortgage policy, if required will be the expense of the buyer.  Closing shall be on or before November 6, 2020.  This auction sale is not contingent upon the purchaser’s ability to finance the purchase.  Consult your loan agency prior to the auction. 

 

Conditions: All acreages are considered to be approximate and are deemed to be from reliable county & FSA sources.  Buyers are encouraged to verify details and view properties prior to the auction.    Bidding increments are solely at the discretion of the auctioneer. The auctioneer will not accept absentee or telephone bids at the auction without prior approval.  Announcements made day of sale shall take precedence over printed material.