County Road 5050 , Elk City, KS 67344(Montgomery County)

EARNEST MONEY: 10% of the total contract purchase price will be due on the day of the auction, with the balance due in cash at closing. The earnest money payment may be made in the form of a cashiers check or personal 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.

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 Seller.

EVIDENCE OF TITLE: Seller agrees to make available to bidder a preliminary title insurance commitment to review prior to auction. The cost of title insurance, if the buyer(s) elects to purchase the title insurance policy, will be shared equally 50:50 between Buyer and Seller. Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar related matters. All tracts sold AS-IS.

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

POSSESSION: Possession of the land shall be at closing or as soon thereafter as any applicable lease agreements expire. All tillable crop ground is subject to a multi-year lease. Pasture and mow land will be available for possession on closing. The single-family dwelling and garage in Montgomery County will be available for possession within 60 days after closing. The buildings on Tract 9 will be available on closing.

REAL ESTATE TAXES: Real Estate taxes shall be prorated to the date of closing.

MINERALS: All of the minerals that are owned by the Seller will transfer to the Buyer. All of the Montgomery County land to be auctioned is subject to a single oil and gas lease and related right of way for gathering and transmission lines. The lease is currently help in force by the production of natural gas from various wells located on the land. The current lease operator, RedBud Oil & Gas Operating, LLC advises that gas production from each well is currently separately metered and therefore royalty can be remitted to the owners of the land on which the various wells are located. If auction sale results in more than one owner of the Montgomery County land, instructions will be issued to RedBud at closing to make future division of royalty accordingly. However, subsequent oil and gas development activities could change this result requiring future negotiated arrangements among the various land owners to apportion common royalty. Bidders should be aware that the lease will remain in effect as to all of the Montgomery County land (even those tracts which may not be currently productive) so long as oil or gas is produced in paying quantities anywhere on the Montgomery County land Included in the auction.

Tract 8, in Elk County, is adjacent to the Superior Refinery site which is being studied and/or evaluated by KDHE for related contamination. The refinery site is on the west side of Road 28A and Tract 8 is on the east side. To the knowledge of the auctioneer and seller there are no currently active studies or evaluations related to the site pending by KDHE with respect to the land to be auctioned.

Additionally, some abandoned and unplugged oil wells were observed on Tract 9 by the auctioneer during inspections of the property. In a conversation with a representative of KCC, he indicated that there was no current record of oil wells on this tract. He also indicated that a new landowner should report the wells as abandoned and that as long as the wells werent used or modified the landowner would not be held responsible for plugging any abandoned wells.

ANNOUNCEMENTS DAY OF AUCTION TAKE PRECEDENCE OVER ANY PRINTED MATERIAL