PROCEDURE: The property will be offered in 20 individual tracts, in any combination of these 20 tracts, or 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. The property will be sold in the manner resulting in the highest total sale price, subject to Sellers acceptance. Kansas Auction procedures will be conducted same as above, but with only 3 tracts.

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 Wednesday, July 25, 2012 then cash or a personal check will be accepted for the down payment (contact 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.

APPROVAL OF BID PRICES: All successful bidders will be required to enter into Purchase Agreements at the auction site immediately following the close of the auction. The auction bids are subject to the acceptance or rejection by the Sellers.

DEED: Seller will provide Warranty Deed, Corporate Warranty Deed and/or a Trustee Deed.

EVIDENCE OF TITLE (for Oklahoma property Tracts 1 - 20): The Seller shall provide an updated abstract and/or a title insurance commitment showing merchantable title to the real estate. In the event the Buyer requires a title insurance policy, one will be provided. The cost of said title insurance policy will be the Buyers expense.

EVIDENCE OF TITLE (for Kansas property Tracts 1 - 3): The Seller agrees to furnish an Owners Policy of Title Insurance in the amount of the purchase price. Cost of said owners title insurance policy shall be shared by the Buyer and Seller (50:50).

CLOSING: The closing shall take place within 30 days after the auction or as soon thereafter as applicable closing documents are completed.

POSSESSION: Possession is at closing on all tracts.

REAL ESTATE TAXES: The 2012 calendar year taxes due in 2012 shall be pro-rated to the date of closing.

SURVEY: Seller shall provide a survey for any tract 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 providing merchantable title/title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres.

CRP: Certain auction tracts have all or a portion of the acreage enrolled in the CRP Program under one or more CRP contracts. The Buyer shall assume these CRP contracts and assume the responsibility and benefits of each. More detail is provided in the Information Booklet. Contact Auction Company.

MINERALS: No minerals will be conveyed with the real estate.

ACREAGE AND TRACTS: All acreages are approximate and have been estimated based on current legal descriptions and/or aerial photos. Any corrections, additions, or deletions will be made known prior to the auction.

AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.

STOCK PHOTOGRAPHY: Harvest photos on front and back covers are for illustrative purposes only.

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. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.

ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

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

Bidder Pre-Registration Form

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