AUCTION IS OVER

1. SEALED BID MATERIALS: A SEALED BID AND PROPERTY INFORMATION / BIDDER'S PACKET has been prepared which provides general instructions and contains basic property information and all forms necessary to submit a sealed bid, including legal description, Real Estate Purchase Agreement, title report and property details. The package may be ordered from SCHRADER REAL ESTATE AND AUCTION CO., 950 NORTH LIBERTY DRIVE, COLUMBIA CITY, INDIANA, call 1-800-451-2709 or (260) 244-7606. Prospective bidders are advised to review all information available from auction company, seller, and other sources prior to submitting an offer to purchase. Materials provided to bidders are for informational purposes only and may not be relied upon. All sketches and dimensions in the brochure are approximate. It is highly recommended and encouraged that each bidder independently verify all information and perform his/her own physical inspection of the property. All information contained in the sale brochure and any related materials are subject to the terms and conditions outlined in the Purchase Agreement.

2. PROCEDURE: Sealed Bids shall be submitted on the property by Thursday, May 26, 2011 at 5pm.

3. TERMS AND CONDITIONS:

Closing: The balance of the purchase price is due at closing, which will take place within 15 days of presentation of insurable title. Costs for an insured closing shall be shared 50:50 between Buyer(s) and Seller.

BUYER’S PREMIUM: There will be a 10% Buyer’s Premium added to the Bid Price to total the Contract Purchase Price.

REAL ESTATE TAXES: Seller will pay 2010 taxes due in 2011, Buyer will pay 2011 taxes due in 2012 and thereafter.

POSSESSION: Possession of the property shall be given on the date of closing, immediately following the closing.

DEED: Seller shall provide a Warranty Deed.

CONDITION: Auction Company, seller, and their respective officers, employees, and agents offer the property in an "as-is, where-is condition, with all faults". Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation environmental and physical condition of the Property.

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

4. OFFER REQUIREMENTS: All offers must be sealed and the name and address of the offering party must appear on the outside front of the envelope. Offers must be in writing on the appropriate Purchase Agreement provided by the Auction company in the Bidder's Packet and must be received by SCHRADER REAL ESTATE AND AUCTION COMPANY, 950 NORTH LIBERTY DRIVE, COLUMBIA CITY, INDIANA 46725 by 5:00 PM on Thursday, May 26 at 5pm. Bidder may deliver or use overnight delivery service.

5. ALL OFFERS MUST BE ACCOMPANIED BY;

(a) Real Estate Purchase Agreement. The Real Estate Purchase Agreement must be properly completed and signed. Bidders should carefully review the Real Estate Purchase Agreement to be used, and any exhibits and addenda to the Real Estate Purchase Agreement.

(b) A cashier's check for ten percent (10%) of bid price. Check must be payable to 'Schrader Real Estate and Auction Co. Escrow'. The check will be deposited only if bid is accepted. Checks submitted with unacceptable bids will be returned within three (3) business days after the bids are rejected, but no later than June 1, 2011. Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

6. OFFERS AND ACCEPTANCE: The Property will sell absolute regardless of price to the highest bid submitted.

None at this time