TIMED ONLINE CASH RENT AUCTION

2027 POSSESSION! — 4 YEAR LEASE

179.57 CROPLAND ACRES

SECTION 11
Township 88 North • Range 43 West
WOODBURY COUNTY, IOWA

Directions to the Farm: From Holstein, Iowa, travel west 12 miles on Highway 20, then southwest 3 miles on Highway 31.

BIDDING OPENS

Monday, December 14th, 2026
@ 10:00 A.M. CST

BIDDING CLOSES

Friday, December 18th, 2026
@ 10:00 A.M. CST
Extended bidding/soft close applies.

PROPERTY INFORMATION

Brief Legal Description: E 1/2 of the NW 1/4; E 1/2 of the W 1/2 of the NW 1/4; part of the S 1/2 of the SW 1/4; and part of the NW 1/4 of the SE 1/4, all in Section 11, Township 88 North, Range 43 West of the 5th P.M., Woodbury County, Iowa.

FSA Info: Farm #9577 • Tract #1761

Cropland Acres: 179.57

CSR2: 59.6 Weighted Average

Soil Types: Ida, Napier, Anthon, Monona, Kennebec and Rawles.

PHELPS LAND HOLDINGS — OWNER

TERMS OF AUCTION

Method of Auction: 179.57 cropland acres will be offered for cash rent through a timed online auction at www.spencergroups.com. Bidding will be conducted on a per-acre basis, with the final accepted bid multiplied by 179.57 acres to establish the annual gross cash rent.

Final bid is subject to the Landowner's approval.

Four-Year Lease: The successful bidder will enter into a four-year cash rent lease covering the 2027, 2028, 2029 and 2030 crop years.

Bidding Requirements: Interested parties shall register at www.spencergroups.com at least 24 hours prior to the close of the auction. Spencer Groups, Inc. reserves the right to require verification of financial ability or creditworthiness before approving bidders.

Deposit & Payment: Upon acceptance of the successful bid, the high bidder will be required to sign a four-year cash rent lease and deposit 10% of the total 2027 annual cash rent into a designated trust account no later than January 6, 2027. The deposit shall be non-refundable and credited toward the 2027 cash rent obligation. The remaining balance of the 2027 cash rent will be due March 1, 2027. Full annual cash rent for 2028, 2029 and 2030 will be due March 1 of each respective year.

Soil Fertility & Maintenance: The tenant will be required to conduct annual soil testing and provide results to the Landowner. Fertilizer, lime and other nutrients shall be applied according to the recommendations of a qualified agronomist to maintain the farm's fertility and productivity. The tenant shall provide documentation of soil testing and nutrient applications upon request and shall be responsible for proper weed control and customary agricultural practices.

Additional Lease Conditions: No hunting or removal of crop residue will be permitted without the express permission of the Landowner. The complete cash rent lease will be available for prospective bidders to review prior to the auction.

Agency: Spencer Groups, Inc./Farms America, Inc./Ed Spencer Real Estate, its agents and associates, are agents for and represent the Landowner in this transaction. All bidders shall be considered customers, not clients. 

ED SPENCER — BROKER/AUCTIONEER
402-510-3276

LUKE SPENCER — AUCTIONEER
402-510-5853

HANNAH JOHNSEN — ASSOCIATE BROKER/AUCTIONEER
712-592-9794

SPENCER AUCTION GROUP
322 E. 7th St. • Logan, IA 51546
Office: 712-644-2151

www.spencergroups.com