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TEXAS LAND AUCTION, 1896+/- offered in 4 Tracts
Fri, Oct 24, 10:00 AM
Sherman & Dallam Counties, Texas

Owner: Proventus, LLC and Proventus II, LLC

SOLD FOR $4,711,813

• 1885+/- Cropland Acres
• 5+/- Miles Southwest of Stratford, Texas
• 11 Irrigation Wells
• 5 Center Pivots
• Online Bidding Available

OPEN HOUSE/INSPECTION DATES
Tuesday, September 23rd from 9-11am
Wednesday, October 8th from 1-3pm
Inspection Headquarters: Hampton Inn - 2010 S. Dumas Ave.
Dumas, Texas

PROPERTY LOCATION
Tracts 4-5 Location: From the intersection of US Routes 54 & 287 in Stratford TX, travel west on US Route 54 for 5 miles to the farm.
Tract 6 Location: From Tracts 4-5, travel back east on US Route 54 for 2.5 miles to Farm Road 2014. Travel south on Farm Road 2014 for 1/2 mile to the farm.
Tract 7 Location: From Tract 6, continue south on Farm Road 2014 for 3.5 miles to County Road R. Travel west on County Road R for 1 mile to the farm.



AUCTION LOCATION
Rita Blanca Coliseum, 1219 W FM 281 Dalhart, TX 79022.
From the southeast side of Dalhart Hwy 385 & FM 281, travel west on FM 281 approximately 1.2 miles to auction location.

PROPERTY DESCRIPTION
This auction provides a rare investment opportunity with 6,054+/- total acres. The portfolio includes a high percentage of tillable acres with excellent soils and a high percentage of irrigated acres with good water. The farms also have quality tenants in place for the 2014 crop year and Tracts 1-3 are subject to a lease for the 2015 crop year.

TRACT DESCRIPTIONS
Tract 4: 629± ac with 625+/- cropland (FSA) and 492+/- acres under center pivot. This tract has 3 wells providing water to 1 center pivot.

Tract 5: 308± ac with 302+/- cropland (FSA), 238+/- acres under pivot and 64+/- acres in CRP. This tract has 2 wells providing water to 1 pivot.

Tract 6: 639± ac with 639+/- cropland (FSA), 494+/- acres under center pivot and 146+/- acres of CRP. This tract has 4 wells providing water to 1 center pivot.

Tract 7: 320± ac with 318+/- cropland (FSA) and 242+/- acres under center pivot. This tract has 2 wells providing water to 2 center pivots.

ONLINE BIDDING AVAILABLE: You may bid online during the auction at www.schraderauction.com. You must register by Monday, October 13 to bid online. For online bidding information, call Schrader Auction Company at 800-451-2709.


SOIL INFORMATION

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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. SELLER'S ACCEPTANCE: The auction is with reserve; the final bids are subject to the Seller's acceptance or rejection.

PURCHASE CONTRACT: Each successful bidder will be required to sign a purchase contract, in the form provided in the bidder packets, at the auction site immediately following the close of the auction. 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.

BUYERS PREMIUM: The total contract purchase price will be the accepted bid amount plus a 2% buyers premium.

PAYMENT TERMS: 10% of the purchase price will be due as a down payment on the day of auction, 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: Closing will be 30 days after the auction or as soon as possible thereafter upon completion of the survey, if applicable, the final title commitment and Sellers closing documents. Costs for an administered closing shall be shared 50:50 between Buyer and Seller. Buyer shall pay all lender fees and other costs related to any loan obtained by Buyer.

POSSESSION: Possession will be delivered subject to the rights of the current farm tenant for the remainder of the 2014 crop year.

RENT: All 2014 farm rent will be retained by Seller.

REAL ESTATE TAXES: Buyer will assume the real estate taxes assessed for the calendar year 2015 and all subsequent years. EVIDENCE OF TITLE: Preliminary title insurance schedules will be available for review prior to the auction. At closing, Seller will pay for the issuance of a standard owners title insurance policy in the amount of the purchase price.

DELIVERY OF TITLE: The property will be conveyed by special warranty deed, free and clear of liens but otherwise subject to all easements and other matters of record and other permitted exceptions described in the purchase contract. The conveyance will include any minerals and mineral rights owned by Seller, but without any warranty or representation as to the existence, nature or extent thereof.

SURVEY: If any tract or combination is sold which cannot be conveyed using existing legal descriptions (as determined by Seller), one or more new surveys will be provided as required to record the conveyance. Otherwise, a new survey will be provided only as deemed necessary or appropriate in Sellers sole discretion. If a new survey is provided, the survey costs will be shared equally (50:50) by Seller and Buyer and the purchase price will be adjusted to reflect any difference, in excess of one (1) acre, 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, existing surveys and/or aerial mapping. The marketing materials are not provided as survey products.

CRP CONTRACTS: Existing CRP contracts will be assigned to and assumed by the Buyer(s) of the affected Tracts.

PLANNING APPROVAL: The auction property is offered as crop production land. Buyer assumes all responsibility after closing for obtaining any necessary county planning approvals and satisfying all local requirements in connection with any future construction or development.

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 with respect 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 having completed, prior to the auction, 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 and dimensions are approximate.

AGENCY: Schrader Real Estate and Auction Company, Inc. and John F. Lund (and their respective agents and representatives) are exclusively the agents of the Seller. CONDUCT OF AUCTION: The conduct of the auction and increments of bidding will be at the direction and discretion of the auctioneer. Seller and Sellers agents 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 PRINTED MATERIALS AND ANY OTHER ORAL STATEMENTS MADE.

OWNER: Proventus, LLC and Proventus II, LLC

Aggrieved persons may apply for payment from the Real Estate Recovery Trust Account administered by the Texas Real Estate Commission.