Fowler, CO 81039(Otero County)

MANNER OF SALE: The real estate will be offered as individual Tracts 1 thru 5 and in combinations of tracts. The 19.58 Oxford Ditch Water shares will be offered as Tracts 1W thru 20W with Tracts 1W thru 19W being 1 share each, and Tract 20W being a .58 share. These water shares will be offered individually and in combination of shares. THE REAL ESTATE TRACTS AND THE DITCH WATER SHARES WILL NOT BE OFFERED IN COMBINATION. The real estate and the ditch water shares will be sold in the manner that produces the highest aggregate bid. There will be OPEN BIDDING on the tracts and combinations during the auction as determined by the auction company. Bids on the real estate tracts, tract combinations and the total property may compete, and bids on the ditch water share tracts, tract combinations and the total 19.58 ditch water shares 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 December 12, 2014, 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 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: All of the Sellers interest will transfer to the Buyer(s) at closing.

WATER RIGHTS: All of the Sellers interest will transfer to the Buyer(s) at closing, including any Oxford Ditch Water Shares attached to Tracts 1 thru 5. There are 2 irrigation wells on Tract 1; 3 irrigation wells on Tract 2; and 1 irrigation well on Tract 3. The approved augmentation for all 6 wells is 103AF for 2014 by CWPDA.

CROPS: Tenants shall retain 100% of all 2014 crops.

FSA INFORMATION: Any FSA farm program payments associated with the 2014 and future crop years under the 2014 Farm Bill will be subject to FSA program elected provisions at the time of signup; and Buyer will receive 100% of any payments associated with the 2015 and future crop years. See chart on back for bases and yields.

CLOSING: Closing will be on or before December 12, 2014.

POSSESSION: Date of closing, subject to the tenants rights to harvest the 2014 crops.

REAL ESTATE TAXES: Taxes for 2014 and prior years will be paid by the Seller

CONSERVATION EASEMENT: Tract 4 is subject to two separate 35-acre Conservation Easements of record that tie the ditch water shares to the real estate, allows for agricultural use of the property, allows for one single family dwelling to be constructed within the prescribed Building Envelope for each of the two easement tracts, but prohibits subdivision of the land for residential building lots. Contact Neal for details and a copy of the easement

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, including but not limited to the number of cropland acres, grass acres, base acreages and yields. FSA acres may not be the same as deeded acres or county appraiser acres. Acreages are not covered by title insurance.

ACCEPTANCE OF BIDS: The successful bidders will be required to enter into a real estate purchase contract immediately following the auction. Copies of the contract will be available 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 by the Seller. Title evidence will be provided on sale day.

INSPECTIONS: Each potential bidder is responsible for conducting their own independent inspections and 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.

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

AUCTIONEERS NOTE: This is a great irrigated farm near Fowler, Colorado, on and near US Hwy 50. Irrigation water is provided by the Oxford Ditch and by 6 wells. The land has mostly been bench leveled and the system is in good working condition. This farm has traditionally grown all of the irrigated crops common to the Arkansas Valley including but not limited to corn, alfalfa, soybeans, vegetables and melons. This farm would also supplement a livestock operation with feed and grain.

Tract 5 is a late model 180,000 bushel grain bin facility with unloading augers, pits, aeration fans, plus an elevator office; 10,850 sq. ft. insulated curvette with aeration, 3 phase electrical, metal swinging doors on each end, 17 & 20 wide, both 14 tall, and great access being located right on US Hwy 50, one mile East of Fowler, Colorado.

We will also sell the additional 19.58 shares of Oxford Ditch water in increments of one share with the option of buying multiple shares or all 19.58 shares at the auction. The shares have limitations and restrictions so please familiarize yourself with these ditch rights prior to auction day.