Auctioneer: Rex D. Schrader #13222
Paul A. Lynn & Associates, LLC, Texas Licensed Broker #9000489

PROCEDURE: The property will be offered in 27 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 auctioneer. Bids on tracts, tract combinations, and the total property may compete.

ABSOLUTE AUCTION: The property will sell to the highest bidder, regardless of price.

DOWN PAYMENT: 10% down payment on the day of the auction with the balance in cash at closing. The down payment may be made in the form of cash, cashiers check, personal check or company check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

DEED: The sellers shall provide a warranty deed.

EVIDENCE OF TITLE: The sellers will furnish an owners policy of title insurance in the amount of the purchase price, subject to standard exceptions and conditions, current taxes not yet due, easements and other matters of record (except liens). A preliminary title insurance commitment will be available to review before the auction.

REAL ESTATE TAXES AND ASSESSMENTS: Real estate taxes and assessments shall be pro-rated to the date of closing.

CLOSING: Closing will be within 30 days after auction or within 15 days of completion of applicable closing documents, whichever is later.

AGREEMENT OF PURCHASE AND SALE: The purchaser(s) shall execute an agreement of purchase and sale, in the form provided by the auctioneer, without modification, immediately after being declared the high bidder.

POSSESSION: Possession will be given at closing. Canyon West Golf Club continues in active operation. Check with the auction staff regarding scheduled events.

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

SURVEY: The sellers 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 sellers. The sellers 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 for tracts 1-26 shall be adjusted to reflect any difference between advertised and surveyed acres. The closing price for tract 27 shall not be adjusted to reflect any difference between advertised and surveyed acres.

ACCESS: All roads and drives located within the auction property, including but not limited to the roads identified as Canyon West Dr. and Club House Dr., will be private drives and will be maintained by the property owner(s), including the auction tract buyers. Auction tracts 1 thru 6, inclusive, have direct access to Quanah Hill Road and auction tract 25 has deeded access to Old Brock Rd. All other auction tracts will have access to public road(s) via private drives (some of which have yet to be constructed) and will be subject to covenants for the construction and/or maintenance of such private drives, as applicable. Auction tracts will be sold together with and/or subject to such easements as may be necessary or convenient to provide all auction tracts with access to public road(s).

MINERAL RIGHTS: The sale shall include all Mineral Rights which may be owned by the sellers, if any, without any warranty as to the nature or extent thereof.

AGENCY AND REPRESENTATION: Schrader Real Estate and Auction Co., Inc. and Rex D. Schrader (as the licensed auctioneer), Paul A. Lynn & Associates, LLC and Paul A. Lynn (as the licensed broker), McLemore Auction Company, LLC, Ameribid, LLC, and their respective agents and representatives, are representing only the sellers in this transaction.

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 agreement of purchase and sale. 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 sellers or auctioneers, and are hereby expressly disclaimed. In no event shall sellers 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. Sellers 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. A person may be disqualified from bidding, prior to the opening of bids, if the sellers and/or auctioneers have reason to question the persons identity, credentials, creditworthiness, or ability or willingness to close on the purchase of the property. All decisions of the auctioneers are final.

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

SELLERS: Wesley J. Mickle, Mickles Valley View Ranch, Inc. and Canyon West Golf Club, Inc.

None at this time