TERMS:

PROCEDURE: The 1280 +/- Surface Acres will be offered in two (2) individual surface tracts and the 1280 +/- Net Mineral Acres will be offered in two (2) net mineral tracts or as a combination of any and all of these tracts. There will be open bidding on all tracts and combinations of tracts during the auction as determined by the Auctioneer. The property will be sold in the manner resulting in the highest total sales price. AUCTION REGISTRATION: Onsite auction registration will begin one hour prior to the beginning of the auction. All bidders are required to register with a valid form of photo ID (ie. driver’s license) and acknowledge having read and agree to be bound by the auction terms and conditions. DOWN PAYMENT: Ten percent (10%) down payment of the total contract purchase price will be due immediately after the bidding concludes, with the balance due in cash at closing. The down payment may be made in the form of a cashier’s check, personal check or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are able to pay cash at closing. PURCHASE CONTRACT: Immediately following the close of bidding, each high bidder will be required to sign a purchase contract in the form provided in the bidder packets. All information contained in this auction packet and other marketing materials is subject to the terms and conditions contained in the written purchase contract. Seller shall not be bound by any statement, promise or inducement that is not contained or incorporated in the written purchase contract. BUYERS PREMIUM: A BUYER’S PREMIUM in the amount of Five Percent (5%) is in effect for all purchases. The Buyer’s Premium will be added to the “Winning Bid” on each tract or tracts which will determine the “Total Contract Price”. CLOSING: Closing will take place on or before June 23, 2017. Closing will take place at Covenant Title in Perryton located at 210 S. Main, phone # 806-434-3410 POSSESSION: Possession of the wheat acres will be after the wheat is harvested or at closing and funding whichever is later. Possession of the milo acres if planted will be at closing and funding with the tenant being refunded expenses by the buyer. These expenses will be disclosed the day of the auction. The balance of the sections will be given possession at closing and funding; provided, however, that the Seller’s tenant will have reasonable ingress and egress upon and through all of the property as may be necessary or convenient in order to harvest wheat on any of the property if closing and funding occurs prior to wheat harvest. TITLE: Seller shall provide an Owner’s Policy of Title Insurance on the surface tracts in the amount of the purchase price insuring marketable title, subject to all standard requirements, conditions and exceptions and subject to permitted exceptions. Buyer will be responsible for all expenses associated with a mortgagee’s title policy. Seller shall provide a Special Warranty Deed conveying the surface estate to the Buyer. MINERALS: The mineral rights shall transfer by Mineral Deed (without warranty) in a form acceptable to Seller and subject to all valid and subsisting oil and gas leases of record. Successful bidders shall have twenty (20) days following the auction (the Title Review Period) to review title and submit any valid title objections to the Seller. Any and all title objections must be delivered in writing to the auction company for the seller’s review no later than 5:00 pm CST on Wednesday, June 7th, 2017. CONDITION OF PROPERTY: No warranty or representation, either express or implied, will be given to any Buyer. Property is being sold AS IS, WHERE IS. Buyer shall release Seller of any and all liability. EASEMENTS AND LEASES: Sale of this property is subject to any and all easements and rights of way filed of record or apparent upon the surface and any and all leases. SURVEY: No survey will be provided. FSA INFORMATION: According to the Ochiltree County, Texas Farm Service Agency, Section 49 contains 632.46 Effective DCP Cropland Acres with 504.51 base acres of wheat and 125.66 base acres of grain sorghum. Section 91 contains 640.47 Effective DCP Cropland Acres with 510.81 base acres of wheat and 127.22 base acres of grain sorghum. Information taken from the FSA office is for informational purposes only and needs to be verified by the bidder prior to bidding. MILO CROP: If a milo crop has been planted by auction date, the buyer will reimburse the tenant for planting expenses at closing. These expenses will be disclosed on auction day. WHEAT CROP: The growing wheat crop DOES NOT CONVEY with this sale. If the closing takes place before harvest, the tenant will have the right to harvest the existing wheat crop after closing and buyer will then assume possession of the wheat acres. TAXES: The 2016 and previous taxes shall be paid by the seller. The 2017 taxes shall be prorated to the date of closing. PROPERTY INSPECTIONS: SELLER, BROKER, AND AUCTION COMPANY disclaim any and all responsibility for the safety of prospective bidders or buyers and other persons during any physical inspections of the property. No person shall be deemed an invitee to the property by virtue of its being offered for sale. DISCLAIMER AND ABSENCE OF WARRANTIES: This property is offered AS IS WHERE IS. NO WARRANTY OR REPRESENTATION, STATED OR IMPLIED, IS MADE BY SELLER, BROKER OR AUCTION COMPANY CONCERNING THE PROPERTY. Prospective bidders are responsible for conducting at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. The information contained in this brochure and other marketing materials is subject to verification by all parties relying on it. Seller, Broker, Auction Company and their representatives and agents assume no liability for any inaccuracies, errors or omissions in all such materials. All measurements, dimensions, sketches, tract maps and brochures are approximate and have been estimated on legal descriptions or aerial photography. CONDUCT OF THE AUCTION: The conduct of the auction and increments of bidding will be at the direction and discretion of the auctioneer. Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, identity, etc. All decisions of the auctioneer at the auction will be final. CHANGES: Plan to arrive prior to the scheduled auction time to inspect any changes or additions to the property information. OFFICIAL ANNNOUNCEMENTS MADE FROM THE AUCTION PODIUM ON AUCTION DAY WILL TAKE PRECEDENCE OVER THE MARKETING MATERIALS AND ANY OTHER PRIOR STATEMENTS. AGENCY: Mason and Morse Ranch Company, LLC and its representatives and agents are exclusively the agents of the Seller. NOTE: Flash photography, videoing, and or public announcements will be allowed on auction day “only” with prior approval from Mason and Morse Ranch Company, LLC. SELLERS: Kim Davis, John Davis, Sue Pendell, Robert Davis, William Davis, Deirdre Davis, Deborah Mote, Mary Davis

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