COMMERCIAL REAL ESTATE AUCTION

INVESTMENT PROPERTY

FORT MADISON, IOWA

THIS REAL ESTATE POSITIVLEY SELLS TO THE HIGHEST BIDDER!

THURSDAY, NOVEMBER 5, 2009 AT 11:OO A.M.

Located at 4420 Avenue L, Fort Madison, Iowa

Public showing of the real estate on Monday, October 26th from 11:30 A.M. to 1:00 P.M.

Open

Website: www.menkehoyerauction.com        Email:auctions@menkehoyerauction.com

DESCRIPTION OF THE REAL ESTATE

·         ­93’x160’ Steel building with brick front situated on 2.28 acres m/l.

·         Concrete lot with approximately 100 parking spaces.

·         Access from both Highway 61 and Avenue L.

·         Highway Signage.

·         Prime commercial site close to shopping, restaurants and manufacturing plants.

Auctioneers Note:  This property was known locally as River City Lanes.  Due to recent fire, this property has undergone extensive damage and is no longer in operation.  As stated above, this real estate is located in a prime commercial area and offers a great variety of potential commercial uses.

Real Estate Taxes – Based on property prior to fire damage.   Gross Taxes                  $10,710.77 Net Taxes                     $10,710.77

INCLUSIONS:  All personal property located in the building.

TERMS: 20% down payment on November 5, 2009.  Balance to be paid upon delivery of

                 merchantable abstract and deed with a proposed closing date of December 4, 2009.

POSSESSION: Day of closing.

REAL ESTATE TAXES: To be prorated to the date of possession on the basis of the last available tax

                                             statement and all prior taxes.

GENERAL INFORMATION AND SPECIAL PROVISIONS

·         This property was involved with a fire, is in poor state of repair, and may constitute a nuisance under the Fort Madison City Code.  The property will be sold in its current condition “as is” and any nuisance on the property will need to be abated by the purchaser within 90 days of the date of the auction.

·         Seller shall not be obligated to furnish a survey.

·         This real estate is selling subject to public road easements, utility easements & all other easements of record.

·         The buyer acknowledges that he/she has carefully & thoroughly examined the real estate & is familiar with the premises.  The buyer is buying the real estate & all improvements “as is”, “where is” & there are no express or implied warranties pertaining to the same.

·         If, in the future, a site cleanup is required, it shall be the expense of the buyer.

·         The seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing & and has no records or reports pertaining to lead-based paint and/or lead-based paint hazards in the housing.

Announcement:

Information contained herein is presented on behalf of the seller.  Menke-Hoyer Auction & Realty Co., Inc., agent for the seller, cannot guarantee the information to be correct or assume the liabilities for errors and omissions.  Buyers should verify the information to their own satisfaction.  Any announcements made from the auction block on day of auction will take precedence over any matter of print and will be final.

DANIEL G. AND CINDY S. ATKINSON  -  OWNERS

R. L. Fehseke III of Fehseke and Eschman Law Offices

1023 Avenue G, Fort Madison, Iowa 52627 – Attorney for Seller

OFFICE PHONE          JEFF HOYER       COREY FRAISE       DAN FRAISE                        IL. LICENSE  

  319-367-5744               319-759-4320           319-470-0115           319-470-3183              #444.000.278