TERMS: 10% down day of sale, with the balance to be paid on or before April 1, 2011, 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. Announcements made day of sale take precedence over printed material and previously made oral statements.

MINERAL RIGHTS: Minerals are believed to be100% intact. All of the Sellers interest will transfer to the Buyer(s) at closing.

CROPS: Buyer(s) will receive the landlords 1/3rd share of the 2011 growing wheat crop, and Buyer(s) will pay for 1/3rd of the top dress and Banvil applied to the growing wheat. Buyer(s) will reimburse the tenant for 2 spraying operations on the summer fallow acres. See chart for planted wheat acres on each tract.

CROP INSURANCE: There is RP crop insurance in effect on the 2011 growing wheat crop at the 65% level. Seller agrees to transfer the landlords 1/3rd share of the rights of indemnity to the Buyer(s) at closing with Buyer(s) agreeing to pay the landlords 1/3rd share of the premiums at closing, and receive any benefits therefrom.

FSA INFORMATION: Buyer will receive the landlords 1/3rd share of all FSA wheat payments associated with the 2011 crop year, and 100% of all FSA feed grain payments associated with the 2011 crop year.

CRP INFORMATION: Buyer of Tract 4 will receive the landlords 50% share of the 2011 CRP payment which will accrue from October 1, 2010, through September 30, 2011. See chart for CRP acres, expiration date and payment amount.

CLOSING: Date of closing will be on or before April 1, 2011.

POSSESSION: Date of closing, subject to the tenants rights on the 2011 growing wheat crop.

REAL ESTATE TAXES: Seller has paid taxes for 2010 and prior years. Taxes for 2011 will be the responsibility of the Buyer(s). See chart for 2010 tax amounts.

ACCEPTANCE OF BIDS: Each successful bidder will be required to enter into a real estate purchase contract immediately following the auction. Copies of the contract will be available from the auction company prior to the sale.

EVIDENCE OF TITLE: Seller will provide title insurance to the Buyer(s) in the amount of the purchase price with the premium to be paid one-half by the Buyer(s) and one-half by the Seller. Title evidence will be provided on sale day. Buyer may close as soon as closing documents are preparedno later than April 1, 2011..

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. Statements, while not guaranteed, are from reliable sources.

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.

AUCTIONEERS NOTE: The 3 quarters described as Tracts 1, 2 & 3 are as nice as land gets in the Bird City area. This land has been in the Greenhalgh family since 1909 when the family of the tenant broke it out of sod.

The wheat looks good and is subject to the tenancy of Gary Brubaker of Bird City. He would like to continue farming the land should you need a good tenant.

Tract 4 adjoins the Sherman-Cheyenne County line with 95.6 acres in good cropland and 46.5 acres in CRP.

IF YOU ARE LOOKING FOR AN INVESTMENT IN GOOD LAND, DONT MSS THE AUCTION ON MARCH 3RD!