Tuesday, June 24,2008 01:00 PM  thru  03:00 PM
Tuesday, July 08,2008 01:00 PM  thru  03:00 PM

Directions to Fox Haven & Biggs Property (Tracts 1-5): Take I465 to Exit 23 on northwest side of Indianapolis, then west 3.7 miles on West 86th Street (CR1000N in Hendricks County)

Directions to Sun Chase Property (Tract 6): Take I465 to Exit 13 on the west side of Indianapolis, then west 3.0 miles on US36 to Raceway Rd., then south 1 mile to CR100S, then west 1/2 mile to CR1050E, then north 1/2 mile. - Or - From Avon, take US36 east 3.7 miles to Raceway Rd, then south 1 mile to CR100S, then west ﾽ mile to CR1050E, then north 1/2 mile.

SEALED BID AUCTION: SEALED BID DEADLINE - MONDAY JULY 21, 2008 - 2PM

Tract 1: 74.39± acres  56 tillable acres. Zoned PUD for a residential density of 93 homes. The barn and the grain bins situated on the Northwest corner of the property (CR950E) will be removed within 90 days upon written request of the new owner.
IMPORTANT NOTE: The Agreement for Sewer Service will be assigned/transferred to the buyer of Tract 1. This sewer will serve the overall developing area, and adds great value to this property.

Tract 2: 86.3± acres  73 tillable acres. Zoned PUD for a residential density of 144 homes. This tract also includes a small rental residence. There is extensive road frontage on CR1000N and on CR 1000E.

Tract 3: 75.4± acres  72 tillable acres. Zoned PUD for a residential density of 161 homes. The improvements situated at the north end of the property are the property of the current Tenant and will be removed within 90 days after a written request from the new owner.

Tract 4: 61.32± acres  52 tillable acres. Zoned PUD for a residential density of 93 homes, and also two institutional sites. The 1 acre institutional site on the far west side of the property is a commitment to donate Hendricks County a site for a Sherriff Station. There is a small wooded wetland that is designated for conservation on the west side of CR1025E. The remainder of the property on the west side of CR1025E is reserved for institutional use and green space.

Tract 5: 55.0± acres  53 tillable acres. Zoned RA-Residential Agriculture. Also possible for Estate Home Development. Great road frontage on CR1000N and on CR1025E. There is also 50 feet of road frontage access on CR1075E.
Owners: The Lewis Group Inc., Richard A. Lewis, Karen A. Lewis, Kevan and Heather Biggs

Tract 6: 12.5± acres  Situated just southeast of Avon on CR1050E. This property is Zoned for Commercial Development, and is bisected by the new Ronald Reagan Parkway right-of-way. This tract offers road frontage on both sides of the Parkway. There is a sewer lift station (Plainfield #24) located on the east side of the property. Water service is at the west side of the property.
Owners: Sun Chase Development Corp.

BROKER PARTICIPATION: A 2% commission will be paid to any properly licensed Broker who registers a successful buyer according to the Broker Participation Guidelines. Broker Registration forms are available upon request or by going to: www.schraderauction.com and scrolling to this auction dated July 21, 2008. Forms must be completed and returned no later than July 18.

SEALED BID MATERIALS: A SEALED BID AND PROPERTY INFORMATION/BIDDERS PACKET has been prepared which provides general instructions and contains basic property information and all forms necessary to submit a sealed bid, including legal description, Offer To Purchase Real Estate by Sealed Bid Auction, plats, and property details. The package may be ordered from SCHRADER REAL ESTATE & AUCTION CO., INC. by calling: 800-451-2709. Prospective bidders are advised to review all information available from broker, seller and other sources prior to submitting a bid. Property related information provided to bidders are for informational purposes only and may not be relied upon. It is highly recommended and encouraged that each bidder independently verify all information and perform his/her own physical inspection of the property. Please note the included Executive Summary of the Phase 1 Environmental Assessment (dated May 10, 2005). The complete report, along with the Subsurface Investigation and Foundation Recommendations are available upon request. Please note that there are 3 separate Offers to Purchase included: Fox Haven  Tracts 1, 2, 3, 4; Biggs Property - Tract 5; Sun Chase  Tract 6. Please use the appropriate offer form(s) when bidding. THE AGREEMENT FOR SEWER SERVICE SHALL BE ASSIGNED/TRANSFERRED TO THE BUYER OF TRACT #1 AT CLOSING.
TERMS AND CONDITIONS FOR BIDDING:

All offers must meet or exceed the MINIMUM BID PRICE OF:

Tracts 1, 2, 3, 4: $10,000 per acre (Please make your bid in total dollars)

Tract 5: $770,000

Tract 6 - $230,000
BID COMBINATION: If bidding on a combination of Tract 2 & Tract 3, the existing legal descriptions shall remain as described for a combined total of 161.7 acres. Should Tracts 2 & 3 sell separately, then in order to accommodate the approved PUD layout, Tract 2 would be 86.3 acres, and Tract 3 would be 75.4 acres. In the event tracts 2 & 3 sell separately then these two tracts would have revised legal descriptions indicating the revised acreages. Please bid accordingly.
BID DEADLINE: July 21, 2008  2:00 pm
BIDDING: In the event of substantially close bids, the Owner(s) reserve the right to have the top bidders engage in a final bidding and submit their FINAL AND BEST OFFER by 4:00 pm on July 23, 2008. The bids are subject to the Sellers acceptance or rejection. If the Buyers offer is rejected, the Earnest Money shall be mailed to the Buyer within 3 business days after the bid is rejected, but no later than July 28, 2008.
CLOSING: To be cash terms on August 22, 2008 on Tracts 1, 2, 3, 4, 5. Closing on Tract 6 shall take place no later than 7 business days after presentation of insurable title. (See Survey below)
TAXES: To be prorated to date of closing. If the tax rate is not finalized, the last rate and value shall be used for any tax credit.
POSSESSION: On day of closing, subject to tenants rights on the 2008 crop. Buyer(s) of Tracts 1, 2, 3, 4 & 5 to receive a cash credit of $80 per tillable acre at closing. There are no tillable acres on Tract 6.

The barn and the grain bins situated on the North West corner of Tract 1 and the Improvements on Tract 3 are the property of the current Tenant and will be removed within 90 days after a written request from the new owner. The land that they are situated on shall be the property of the new owner.
SURVEY: Surveys shall be provided at closing:

Survey dated March 23, 2005 shall be furnished for Tracts 1, 2, 3, 4

If Tracts 2 and 3 sell separately, then a new survey will be furnished for these two tracts.

Survey dated November 14, 2005 shall be furnished for Tract 5

Tract 6 will require a new survey. The corner locations and the right-of-way for the new Ronald Regan Parkway shall be established. The closing date of this tract will be subject to the completion of the survey, and the purchase price shall be prorated to reflect the newly surveyed acreage versus the advertised acreage of 12.5 acres.
TITLE: Conveyed by Warranty Deed with Owners Title Insurance.
FINANCING: Bidding is not conditional upon financing.
CONDITION: Broker, Seller, and their respective officers, employees, and agents offer the property in an as-is, where-is condition, with all faults.
OFFER REQUIREMENTS: All offers must be sealed and the name and address of the offering party must appear on the outside front of the envelope. Offers must be in writing on the enclosed Offer to Purchase Real Estate by Sealed Bid Auction provided by the Auction Company in the Bidders Packet and must be received by Schrader Real Estate & Auction Co, Inc., 24192 Lacy Road, Cicero, IN 46034, Attention: Bill Haworth by 2:00 pm (Indiana Time) on July 21, 2008. Bidder may deliver or use overnight delivery service.
ALL OFFERS MUST BE ACCOMPANIED by a Cashiers Check in the amount equal to five percent (5%) of the bid price. Check must be payable to Schrader Real Estate & Auction Co. Escrow. The check will be deposited only if bid is accepted. An additional earnest money deposit (a Cashiers Check) equal to 5% of the accepted bid is to be paid to Schrader Real Estate & Auction Co. Escrow within two (2) business days after acceptance of any offer. Checks submitted with unacceptable bids will be returned within three (3) business days after the bids are rejected.