Monday, June 30,2008 04:00 PM  thru  06:00 PM

From Marion take Hwy 60 north 11.3 miles. From Sullivan take Hwy 60 south 3.7 miles. Located between Marion & Sturgis, Kentucky along Hwy 60.

AUCTION HELD ON SITE

Tract 1: 104 acres, approximately 81 cropland acres, comprised of mainly Belknap & Waverly soils with a level topography. There is a 3.9 acre CRP contract paying $316.00 annually which expires in 2015. This tract contains a wooded area ideal for deer or turkey hunting.
Tract 2: 37 acres of wooded hill country with open area for food plats and clear shot at your record buck. There are mature hardwood trees. Combine with Tract 3 for the perfect hunting spot.
Tract 3: 52 acres of rolling timberland containing marketable hardwood trees, a beautiful, well-stocked lake with bass blue-gill & catfish, excellent hunting and beautiful views.
Tract 4: 1 acre improved with a modern pole frame barn/hunting lodge with living room, kitchen, full bath, sleeps six with central heat & air, measuring 30x40 with concrete floor, water, septic system and security alarm.

PROCEDURE: Tracts 1-4 will be offered in tracts, or as a total unit. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer.
BUYERS PREMIUM: A 2% Buyers Premium will be added to the final bid price and included in the contract purchase price.
DOWN PAYMENT: 10% of the accepted bid as down payment on the day of auction with balance in cash at closing. The down payment may be made in the form of cash, cashiers check, personal check, or corporate 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.
ACCEPTANCE 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. All final bid prices are subject to the Sellers acceptance or rejection.
DEED: Seller shall provide a Warranty Deed.
EVIDENCE OF TITLE: Seller shall provide title insurance in the amount of the purchase price.
CLOSING: Closing shall take place 15 days after proof of merchantable title.
POSSESSION: At closing, subject to tenants farm lease for the 2008 crop year. Seller shall retain 2008 cash rent farm income.
REAL ESTATE TAXES: Buyer shall assume the real estate taxes due in 2009. Buyer shall assume 2009 ditch assessments if any. The 2008 real estate amount is $500.45.
ACREAGE: All acreage is approximate and has been estimated based on current legal descriptions and/or aerial photos.
SURVEY: AT THE SELLERS OPTION, the Seller shall provide a new survey where there is no existing legal description or where new boundaries are created by the tract divisions in this auction. Any need for a new survey shall be determined solely by the Seller, cost of the survey will be split 50:50 between Buyer(s) and Seller. The type of survey performed shall be at the Sellers option and sufficient for providing title insurance. Closing prices shall be adjusted to reflect any difference between advertised and surveyed acres, except on Tract 4 or any combination including Tract 4, if a new survey is determined to be necessary by the Seller. Tracts bid in combination shall receive a perimeter survey only.
EASEMENT: In the event any tract or combination of tracts sell in such a manner there is no access to a public roadway, easement access shall be provided over an existing private road illustrated on the aerial tract map.
CRP (Conservation Reserve Program): Buyer shall assume the income and responsibility of any real estate enrolled in the CRP Program. The 2008 CRP payment shall be conveyed to Buyer.
BROKER PARTICIPATION: A qualified real estate broker can earn up to 2% of the high bid amount. For Broker Participation Guidelines & Buyer/Broker Registration Form go to www.schraderauction.com or call the Auction Company 800-451-2709.
AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.
DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.
ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.