SEE OUR WEBSITE FOR AUCTION RESULTS!

www.farmandranchrealty.com

LAND LOCATION:  From the intersection of Hwys 96 & 25 in Leoti, KS, go 12 miles East to CO RD 25, then 10 miles North to the SE corner of the property.  SIGNS WILL BE POSTED!

MANNER OF SALE:  The real estate and mineral rights will be offered in 3 individual tracts only.  THERE WILL BE NO COMBINATION OF ANY TRACTS. Auction procedure and increments of bidding are at the discretion of the auction company.

TERMS:  10% down day of sale, with the balance to be paid on or before March 2, 2023 or upon such terms as may be acceptable to the Seller.  Personal and corporate checks are acceptable for the down payment with the final payment to be made in certified funds. All funds will be held by an identified title/escrow company.  Bidding is not contingent upon financing.  Financing, if necessary, needs to be arranged and approved prior to the auction. Announcements made day of sale take precedence over printed material and previously made oral statements.

CROPS:  Buyer will receive the landlord’s 1/3rd share of the 2023 wheat crop on Tract 1.

FSA INFORMATION:  Any future FSA payments will follow the crops and will be paid pursuant to FSA regulations.  See chart for FSA cropland acres, base acres and yields.

MINERAL RIGHTS: Mineral rights are believed to be 50% intact per research by title company.

Tract 1:  Mineral Rights are selling separately as Tract 2 and surface rights only will go to  

               the Buyer at closing.

        Tract 2:  All Seller’s interest in the mineral rights and production go to the Buyer.

        Tract 3:  All Seller’s interest in the mineral rights go to the Buyer.

ROYALTY INCOME:  There is 1 producing oil well on Tract 2 and all of the Seller’s interest will transfer to the Buyer on April 1, 2023.  See chart for total annual production details. 

CLOSING:  Closing will be on or before March 2, 2023.

POSSESSION:  Date of closing, subject to the tenant’s rights on the 2023 wheat crop.

REAL ESTATE TAXES:  Seller will pay taxes for 2022 and prior years. Taxes for 2023 will be paid by the Buyer. (Tract 2:  2022 Tax - $1,810.92), (Tract 3:  2022 Tax - $37.10) See chart for 2022 tax amounts for Tract 1.

Farm & Ranch Realty, Inc.

Donald L. Hazlett, Broker
1-800-247-7863
www.farmandranchrealty.com