BIDDING PROCEDURE: All tracts will be offered individually, in any combination or as a whole unit. There will be open bidding on all tracts and combinations during the auction as determined by the auctioneer. Bidding on individual tracts, tract combinations and the entire property will compete.

PURCHASE CONTRACT: Immediately following the close of bidding, each high bidder will sign a purchase contract in the form provided in the bidder packets. All information contained in this sale brochure 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.

SELLERS ACCEPTANCE: The final bids are subject to the Sellers acceptance or rejection.

BUYERS PREMIUM: A Buyers Premium in the amount of three percent (3%) of the bid amount shall be charged to Buyer and added to the bid amount to arrive at the total contract purchase price.

PAYMENT TERMS: 10% of the 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 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.

CLOSING; PRE-CLOSING ACCESS: The targeted closing deadline shall be on or before Monday, July 6, 2015 (or as soon as possible thereafter upon completion of the survey, if applicable, the final title commitment and the Sellers closing documents). Buyer will be given immediate access, prior to closing, for farming activities including preparing for and planting the 2015 crop. Buyer will be required to sign a pre-closing access agreement. Please contact Auction Company for more details.

POSSESSION: Possession shall be delivered at closing. However, Buyer will have a license for pre-closing access as described above.

REAL ESTATE TAXES: Buyer shall pay the real estate taxes for the calendar year 2015 and all subsequent years.

DELIVERY OF TITLE: At each closing, Seller shall furnish at Sellers expense: (i) a warranty deed conveying marketable title to Buyer, subject to all permitted exceptions as described in the purchase contract; and (ii) an owners title insurance policy in the amount of the purchase price insuring marketable title, subject to all standard requirements, conditions and exceptions and subject to the permitted exceptions.

MINERALS: The oil, gas and other minerals included with the sale will not exceed a 1/16th interest. Other energy rights (including wind and solar) have been retained by third parties and will not be conveyed by the Seller. Contact Auction Company for additional information.

SURVEY: A new survey will be procured only if necessary to record the conveyance or if otherwise deemed necessary or appropriate in Sellers sole discretion. If a new survey is procured, the survey costs will be shared equally (50:50) by Seller and Buyer and the purchase price will be adjusted to reflect any difference between advertised and surveyed acres. Any survey of adjacent tracts purchased in combination will be for the perimeter only.

TRACT MAPS; ACRES: All advertised tract maps, acres, dimensions and boundaries are approximations based on county parcel data, current legal descriptions and/or aerial mapping. The marketing materials are not provided as survey products.

CRP CONTRACT: An existing CRP contract will be assigned to and assumed by the Buyer of Tract 5.

PROPERTY INSPECTION: Inspection dates have been scheduled and will be staffed with auction personnel. Owner, Broker and Auction Company disclaim any and all responsibility for the safety of prospective bidders and other persons during any physical inspection of the property. No person shall be deemed an invitee to the property by virtue of its being offered for sale. DISLAIMER 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 and Auction Company assume no liability for any inaccuracies, errors or omissions in such materials. All sketches, tract maps, measurements and dimensions are approximate.

AGENCY: Schrader Real Estate and Auction Company, Inc. and Paul A. Lynn & Associates, LLC (and their respective agents and representatives) are exclusively the agents of the Seller. Aggrieved persons may apply for payment from the Real Estate Recovery Trust Account administered by the Texas Real Estate Commission.

CONDUCT OF 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 persons identity, credentials, fitness, etc. All decisions of the auctioneer at the auction are final.

CHANGES: Please arrive prior to scheduled auction time to inspect any changes or additions to the property information. OFFICIAL ANNOUNCEMENTS MADE FROM THE AUCTION PODIUM ON AUCTION DAY WILL TAKE PRECEDENCE OVER THE MARKETING MATERIALS AND ANY OTHER PRIOR STATEMENTS.

SELLER: Kasper Land & Cattle Texas, LLC as optionee. (Seller has the right to acquire and convey any purchased tracts at closing pursuant to the terms of a purchase option which has been approved as part of a confirmed plan of reorganization in the U.S. Bankruptcy Court, N.D. Texas)

Sale Day Drafts: Agreement To Purchase

Sale Day Drafts: Exhibit A Tract Map and Descriptions

Sale Day Drafts: Exhibit B Announcements

Sale Day Drafts: Exhibit C Pre-Closing Access

Information Booklet

Online Bidding Registration Form

Bidder Pre Registration Form

Auction Brochure

Preliminary Title - Tract 10

Preliminary Title - Tract 1

Preliminary Title - Tract 2

Preliminary Title - Tract 3

Preliminary Title - Tract 4

Preliminary Title - Tract 5

Preliminary Title - Tract 6

Preliminary Title - Tract 7

Preliminary Title - Tract 8

Preliminary Title - Tract 9

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