Ellis County Fairgrounds, Hays, KS 67601 - Ellis County

LEGAL DESCRIPTIONS:

TRACT 1: SE/4 & W/2NE/4 OF SECTION 35-12-16

TRACT 2: 100% OF THE MINERAL RIGHTS IN AND UNDER TRACT 1

TRACT 3: NE/4 OF SECTION 29-14-19

TRACT 4: 100% OF THE MINERAL RIGHTS IN AND UNDER TRACT 3

MANNER OF SALE: This real estate will be offered as a MULTI-PARCEL auction in 4 individual tracts. 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 June 24, 2011, 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: MINERAL RIGHTS ARE 100% INTACT. Tracts 1 and 3 will convey surface rights only. Tract 2 and 4 are 100% of the mineral rights under Tracts 1 and 3.

CROPS: Seller will retain the 54.3 acres of growing wheat on Tract 3. There are no growing crops on Tracts 1, 2 & 4.

FSA INFORMATION: Buyer will receive 100% of all FSA payments associated with the 2012 crop year on Tract 3.

CRP PAYMENTS: The 2011 CRP payments on Tract 3 will be prorated to the date of closing.

CLOSING: Date of closing will be on or before June 24, 2011.

POSSESSION:

Tracts 1, 2 & 4: Date of closing.

Tract 3: Date of closing on the grassland and CRP acres, and after the 2011 wheat harvest on the planted wheat acres.

REAL ESTATE TAXES: Seller will pay taxes for all of 2010 and prior years. Taxes for 2011 will be prorated to the date of closing. See chart below for 2010 tax amounts.

ACCEPTANCE OF BIDS: The successful bidders will be required to enter into 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: Sellers will provide title insurance to the Buyer(s) in the amount of the purchase price on Tracts 1 and 3 with the premium to be paid one-half by the Buyer(s) 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 same as deeded acres.

INSPECTIONS: Each potential bidder is responsible for conducting their own independent inspections and due diligence concerning pertinent facts about the property. Neither Sellers 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, if any.

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

AUCTIONEERS NOTE: Tract 1 is ALL GRASSLAND offering: Excellent turf of natural grasses, 3 & 4 wire perimeter fencing, Plentiful water supplied by a pond and Post Rock Rural Water. There is immediate possession with good county road access. The current tenant on Tract 1, Mike Younger (785-735-5062), would like to continue farming this land.

Tract 3 offers productive cropland, and small acreage of hay meadow bordered on the North by an improved county road.

SEE YOU AT THE AUCTION!