Norcatur, KS 67653 - Decatur County

LEGAL DESCRIPTIONS:

NORTON COUNTY:

TRACT 1: SE/4 of 6-1-25

DECATUR COUNTY:

TRACT 2: N/2SE/4 & SE/4SE/4 of 1-1-26

TRACT 3: NE/4NE/4 of 12-1-26

TRACT 4: Minerals & Royalty Production

MANNER OF SALE: This real estate will be offered as a “MULTI-PARCEL” auction in 4 individual tracts and in combinations of tracts. It will be sold in the manner that produces the highest aggregate bid. Bids on individual tracts and the total property may compete. 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 December 16, 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 will take precedence over printed material and previously made oral statements.

MINERAL RIGHTS: All of the Seller’s interest in mineral rights and royalty production will be offered as Tract 4. The production will be prorated to the date of closing.

CROPS: The 2011 wheat crop will be retained by the tenant.

FSA INFORMATION: Buyer(s) will receive all of the FSA feed grain payments associated with the 2011 crop year. All FSA wheat payments associated with the 2011 crop year will be retained by the tenant. See chart below for FSA information.

CLOSING: On or before December 16, 2010.

POSSESSION Date of closing, subject to the tenant’s rights to harvest the 2011 wheat crop.

REAL ESTATE TAXES: Seller will pay taxes for 2010 and prior years. Taxes for 2011 will be the responsibility of the Buyer(s).See chart below

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 contracts will be available from the auction company prior to the sale.

EVIDENCE OF TITLE: Sellers will provide title insurance to the Buyer(s) in the amount of the purchase price with the premium to be paid one-half by the Buyer and one-half by the Sellers. 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 the same as deeded acres or county appraiser acres.

INSPECTIONS: Each potential bidder is responsible for conducting their own independent inspections and due diligence concerning pertinent facts about the property. Neither Sellers nor 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 oil and gas lease of record, if any.

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

AUCTIONEER’S NOTE: Our Sellers have joined together to offer this farm at ABSOLUTE PUBLIC AUCTION on November 16th. The mineral rights will be sold in a separate tract and then offered in combination with the surface.

TRACT 3 has excellent trees for a small hunting tract with some farmland. TRACT 1 is mostly pasture on the Norton County side, while TRACT 2 has pasture, cropland and oil production. If TRACTS 1 and 2 split, the Buyers will need to put a fence on the county line to separate the pastures. The Sellers will not provide a survey.

FOR A TOUR OF THE PROPERTY, CONTACT JAMES AT 785-656-3894.

INTERNET BIDDING AVAILABLE – Register by November 12th to bid online. Call for details.