THE GATEWAY, Oberlin, KS 67749 - Decatur County

LEGAL DESCRIPTION:

NW/4 OF 32-2-27 AND

SW/4SW/4 OF 29-2-27

LAND LOCATION: From the intersection of Hwys 83 & 36 in Oberlin, KS, go 8 miles East and ½ mile North to the SW corner of the property. SIGNS WILL BE POSTED!!

MANNER OF SALE: This real estate will be offered in 1 tract only. 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 April 30, 2010, or upon such terms as may be acceptable to the Sellers. 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 the auction company in their trust account or 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.

MINERAL RIGHTS: All of the Seller’s interest will transfer to the Buyer at closing.

CROPS: Buyer will receive the landlord’s 1/3rd share of the 2010 growing wheat crop.

FSA INFORMATION: Cropland acres - 96.8

Grassland acres - 103.2

BASE ACRES DCP YIELD

Wheat 47.5 35

Oats 1.3 41

Grain Sorghum 12.9 41

Barley 7.3 40

Buyer will receive the landlord’s 1/3rd share of all FSA wheat payments and 100% of all FSA feed grain payments associated with the 2010 crop year.

CLOSING: Date of closing will be on or before April 30, 2010.

POSSESSION: Date of closing on the open acres and after the 2010 wheat harvest on the planted wheat acres.

REAL ESTATE TAXES: Seller will pay taxes for all of 2009 and prior years. Taxes for 2010 will be the responsibility of the Buyer. (2009 taxes - $279.84)

ACCEPTANCE OF BIDS: The successful bidder will be required to enter into a Farm & Ranch Real Estate Purchase Contract immediately following the auction. Copies of the contract will be available from the auction company prior to the sale.

EVIDENCE OF TITLE: Seller will provide title insurance to the Buyer in the amount of the purchase price with the premium to be paid one-half by the Buyer and one-half by the Seller. Title evidence will be provided on sale day.

ACREAGES: Acreage figures are considered to be approximate and are from reliable, sources, based on (USDA) FSA figures. All FSA information is subject to change. FSA acres may not be same as deeded acres.

INSPECTIONS: Each potential bidder is responsible for conducting their own independent inspections & due diligence concerning pertinent facts about the property. Neither Seller or Farm & Ranch Realty, Inc., its agents or representatives, are making any warranties about the property, either expressed or implied.

EASEMENTS: This sale is subject to all rights-of-way and easements, whether recorded or not, and to any oil and gas leases of record.

AGENCY: Farm & Ranch Realty, Inc., its agents and representatives, are the Exclusive Agents of the Seller.

AUCTIONEER’S NOTE: The Myrna Kelley Revocable Trust will offer this good cropland and grass for sale at ABSOLUTE PUBLIC AUCTION on Thursday, April 1st at the Gateway in Oberlin. This will be a great opportunity to add to your land holdings in the Oberlin area. Good location and good access – only ½ mile North of Hwy 36 on 190th Avenue!

SEE YOU AT THE AUCTION!