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SOLD

3,233+/- Acre All Contiguous Land Auction Offered in 2 Tracts with 2,162+/- Acres Irrigated Cropland

Lea County New Mexico & Cochran County, Texas

Owner: H&W Enterprises LLC Wed, Aug 15, 2012

SOLD FOR $2,992,500

Attention Farmers & Investors • Texas: 782+/- Acres • New Mexico: 2,451+/- Acres • On the Texas/New Mexico State Line • 16 Pivots & 26 Wells • 100 Miles West of Lubbock, TX • 80 Miles East of Artesia, NM


OPEN HOUSE/INSPECTION DATES

Monday, July 30, 4-6PM CST
Meet an Auction Representative at Tract 2 for more information.

PROPERTY LOCATION

From Levelland, TX: From the intersection of TX 114 & 385, travel west on 114 for 14 miles (Whiteface) turn left (south) onto TX Farm Road 1780/125 W travel .3 miles turn right (west) on TX 125W, travel 10.6 miles to Jct 214 (Lehman) continue on 125W for 16.6 miles thru Bledsoe, turn left (south) on St. Line Road/769S, travel 8.9 miles to farm.
From Bronco: Travel north on State Line Road for 10.5 miles to farm.
From Lovington, NM: Travel east on US 82 for 20 miles to St. Line Road (north) travel 24 miles to farm.

AUCTION LOCATION

Mallet Event Center & Arena
2320 State Hwy 385.
Levelland, TX 79336.

From intersection of Hwy. 114 & Hwy. 385, travel south on Hwy. 385 for 1.5 miles to the auction site.

PROPERTY DESCRIPTION

The property is currently managed by U.S. Agri-Services Group LLC. They can be reached at 1-866-276-6014 should you like to discuss ongoing professional farm management of these farms.

Contact Auction Company for a detailed information booklet including FSA information, tax summaries, soil summaries, lease info., well info. and title search.

TRACT DESCRIPTIONS

Tract 1: 2,451± ac with 1699+/- acres of irrigated land according to FSA office. The current tenant estimates the irrigated acres to be 1670 acres. This tract features 12 center pivots supplied by 20 irrigation wells. All the wells on this tract are systematically tied together, which allows for better water management practices. Refer to the diagram for approximate well location and underground water line system. This tract includes 272 acres of state leased land.

Tract 2: 782± ac with 463+/- acres of irrigated land according to FSA office. The current tenant estimates the irrigated acres to be 468+/- acres. This tract features 4 center pivots supplied by 6 irrigation wells. All the wells on this tract are systematically tied together, which creates maximum use of the 6 wells. Refer to the diagram for approximate well location and underground water line system.


INTERACTIVE MAP

TRACT MAP(S)

AREA MAP(S)

PROCEDURE: The farms will be offered in 5 individual tracts, any combination of tracts and as a total unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneers. Bids on tracts, tract combinations, and the total property may compete.

DOWN PAYMENT: 10% of the accepted bid price as down payment on the day of auction with the balance in cash at closing. If the bidder pre-registers with the Auction Company on or before Thursday, August 9, then cash or a personal check will be accepted for the down payment (contact the Auction Company for a pre-registration form or visit www.schraderauction.com). If the bidder does not pre-register, a bank letter of credit or guarantee will be required with a personal check, OR bidder must present a $5000 cashiers check with a personal check for the balance of the down payment on auction day. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

POSSESSION: Possession will be given at closing, subject to any remaining rights of the current tenant, if any.

BUYERS PREMIUM: A Buyers premium of 5% shall be added to the winning bids and paid by the Buyer(s) as part of the Total Contract Purchase Price.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.

ACCEPTANCE OF BID PRICES: All successful Bidders will be required to enter into a Purchase Agreement at the auction site immediately following the close of the auction. All final bid prices are subject to the Sellers acceptance or rejection.

CLOSING: Closing shall be within 15 days of completion of applicable closing documents.

DEED: Seller shall provide a Warranty Deed.

EVIDENCE OF TITLE: The Seller agrees to furnish an Owners Policy of Title Insurance in the amount of the purchase price. All tracts sold AS IS.

REAL ESTATE TAXES AND ASSESSMENTS: The 2012 calendar year taxes shall be prorated to the date of closing. Prorations will be based on the 2011 tax information. Buyer(s) will be responsible for all subsequent taxes.

CASH RENT INCOME: The Buyer(s) shall receive all rent payments made after closing. The Buyer(s) shall also receive a credit for a portion of the rent paid prior to closing, prorated to the day of closing.

SURVEY: The Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller. Seller and successful bidder shall each pay half (50:50) of the cost of the survey. The type of survey performed shall be at the Sellers option and sufficient for the issuance of an owners title insurance policy. Combination purchases will receive a perimeter survey only. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres.

MINERAL RIGHTS: Sale shall include 100% of the Mineral Rights owned by the Seller, if any.

AGENCY: The auction is being conducted by Schrader Real Estate and Auction Co., Inc., by and through Rex D. Schrader, who is a licensed broker in New Mexico and a licensed auctioneer in Texas (collectively, Auctioneer). Auctioneer is the exclusive agent of the Seller for purposes of the auction. Vic Coker and Genesis Farms, Inc. dba Vic Coker Land Co. (collectively, Coker) is an independent broker licensed in Texas. Coker is not an agent of, or otherwise associated or affiliated with, Auctioneer.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. ANNOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is sold AS IS, WHERE IS. No warranty or representation, either express or implied, or arising by operation of law concerning the Property is made by the Seller or Auctioneers, and are hereby expressly disclaimed. In no event shall Seller or the Auctioneers be liable for any consequential damages. The information contained in this brochure is believed to be accurate but subject to verification by all parties relying on it. Seller and the Auctioneers assume no liability for its accuracy, errors or omissions. All sketches and dimensions in this brochure are approximate. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneers. Seller and the Auctioneers reserve the right to preclude any person from bidding if there is any question, in the sole judgment of Seller or the Auctioneers, as to such persons creditworthiness, ability or willingness to close on the purchase of the Property, credentials, fitness, etc. All decisions of the Auctioneers are final.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections, or additions to the Property information.