MANNER OF SALE: This real estate will be offered as a MULTI-PARCEL auction in 4 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 8, 2012, 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. All bids are subject to Seller confirmation. Announcements made day of sale take precedence over printed material and previously made oral statements.

MINERAL RIGHTS: Tracts 1 and 2 will convey surface rights only to the Buyer(s). Tract 3 is 50% of the mineral rights & royalty income in and under Tracts 1 and 2. Tract 4 is 100% of the mineral rights & royalty income in and under the NE/4 of 34-17-40.

CROPS: There are no growing crops this land has expired CRP grass.

FSA INFORMATION: Buyer(s) of Tract 1 will receive the landlords 1/3rd share, if any, of all FSA wheat payments and 100% of all FSA feed grain payments, if any, associated with the 2012 crop year. See chart on back for FSA information.

CLOSING: Closing will be on or before June 8, 2012.

POSSESSION: Date of closing, with Buyer having the right to enter upon the cropland upon full execution of the purchase contract and payment of the earnest money deposit.

REAL ESTATE & ROYALTY TAXES: Seller will pay taxes for 2011 and prior years. Taxes for 2012 will be prorated to the date of closing. (See chart on back for 2011 taxes)

EVIDENCE OF TITLE: Seller will provide title insurance to the Buyer(s) in the amount of the purchase price on Tracts 1 and 2 with the premium to be paid one-half by the Seller and one-half by the Buyer(s). Copies of the title insurance commitments will be available for review. A certificate of title will be issued for Tracts 3 and 4.

ACCEPTANCE OF BIDS: Each successful bidder will be required to enter into a real estate purchase contract immediately following the auction. Copies of the contracts 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 & due diligence concerning pertinent facts about the property. Neither Seller or Farm & Ranch Realty, Inc., its agents or representatives, are making any warranties about the property, either expressed or implied.

EASEMENTS: This sale is subject to all rights-of-way and easements, whether recorded or not, and to oil and gas leases of record.

AGENCY: Farm & Ranch Realty, Inc., its agents and representatives, are the Exclusive Agents of the Seller.

TRACT 2 - IMPROVEMENTS

Tract 2 measures 285x525, approximately 3.4 acres, in the SE corner of the SE/4 in Section 27 and includes a 1,548 sq ft home with 2 bedrooms, 1 bath, basement, and propane heat. This property also includes a carport.

Property is selling AS-IS, WHERE-IS with no warranties, either expressed or implied.

AUCTIONEERS NOTE: The heirs of the late Jennie Ellen Lee will sell this farm at ABSOLUTE PUBLIC AUCTION on Friday, May 4th in Tribune.

The land will be offered separately from the mineral rights, and the house with 3.43 acres will also be offered as a separate tract then the land, improvements, mineral rights and gas production will be offered in combinations of the Buyers choice. Tract 4 will be sold subject to an OPTION OF FIRST REFUSAL of record.

This farm is located on a good gravel road with good access to the house and farmland. THE CRP IS OUT AND THE LAND IS READY TO FARM.

Call Frank at 541-890-1996 for an appointment to view the house and call Farm & Ranch Realty for details on the auction.

SEE YOU AT THE AUCTION!!