Edson, KS 67735 - Sherman County

LEGAL DESCRIPTIONS:

Tract 1: S/2 & S 35 acres of NW/4 of 31-9-38

Tract 2: SW/4 of 32-9-38

Tract 3: S/2NW/4 of 32-9-38

Tract 4: N/2NE/4 of 32-9-38

Tract 5: Approx 133 ac of grass in NW/4 & W/2NE/4 of

31-9-38

Tract 6: Approx 121.23 ac in the NE/4 of 31-9-38

LOCATION: From the Edson I-70 exit 27, go 6 ½ miles South to Road 57, then 2 miles West to the NE corner of Tract 4. SIGNS WILL BE POSTED!!

MANNER OF SALE: This real estate will be offered as a “MULTI-PARCEL” auction in 6 individual tracts and in combinations of tracts. It will be sold in the manner that produces the highest aggregate bid. There will be OPEN BIDDING on all tracts and combinations of tracts during the auction as determined by the auction company. Bids on tracts, tract combinations, 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 June 22, 2010, or upon such terms as may be acceptable to the Seller. 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. Bids are subject to Seller confirmation. Announcements made day of sale take precedence over printed material and previously made oral statements.

MINERAL RIGHTS: Sellers will retain ½ of the mineral rights for a term of 10 years, with said reservation to be non-participating in lease monies, delay rentals and bonuses, but fully participating in royalties.

CROPS: Buyer(s) will receive the landlord’s 1/3rd share of the 2010 wheat crop. See chart for planted wheat acres.

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

CLOSING: Closing will be on or before June 22, 2010.

POSSESSION: Date of closing on the open acres; 12/31/10 on the grassland acres, and after harvest on the planted wheat acres.

REAL ESTATE TAXES: Sellers will pay taxes for 2009 and prior years. Taxes for 2010 will be prorated to the date of closing.

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(s) and one-half by the Sellers. Title evidence will be provided on sale day.

ACCEPTANCE OF BIDS: Each 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.

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.

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. Statements, while not guaranteed, are from reliable sources.

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 Sellers.

AUCTIONEER’S NOTE: Marion Crouse and Jim Pickett, heirs of Alma L. Pickett Trust, will sell this fantastic farm at PUBLIC AUCTION to the highest bidder. This farm has been in the Pickett family for many years and offers an opportunity to purchase a “seldom offered” farm to the public at auction. The landlord’s share of the 2010 wheat crop will go to the Buyers. The grassland is located on Road 57. This farm has been very productive and is one of the “top farms” in Sherman County, Kansas. This area offers a great opportunity to grow, along with tenants who are second to none, for a good return on investment dollars. Contact Don at Farm & Ranch Realty, Inc. for further details and additional information.