Auction

FOR SALE ON BIDS

EAST OLIVER TOWNSHIP, OLIVER COUNTY, NORTH DAKOTA

FRIDAY, SEPTEMBER 10, 4:00 PM

LEGAL DESCRIPTION:

TRACT - #1 – NW1/4 Section 19-142N-82W, Deeded-154.00, Tillable- +/-146.70.

TRACT - #2 – NE1/4 Section 19-142N-82W, Deeded-152.00, Tillable- +/-152.70.

Total Tillable Acres - 299.40 (Division will be determined by the USDA).

Total Productivity Index weighted average of #71.30. 2010-USDA Barley base acreage of 112.20 with a yield of 41 and a Wheat base acreage of 163.50 with a yield of 22. (Division will be determined by the USDA). Land is available for the 2011 crop season.

THE PROCEDURE FOR BIDDING ON THE SALE OF THE REAL ESTATE WILL BE AS FOLLOWS:

1. Written, sealed bid(s) for each separate parcel shall be submitted to -U.S. Bank; c/o Johnson Trust; Attention: Charles P. Peterson; 505 North 2nd Avenue; Fargo ND 58102 no later than 4:00 PM CT on Friday, September 10, 2010. Sealed bid(s) shall state which tract, the full amount of the bid and shall not be on a per acre basis. The bid must state the name, address, and telephone(s) number of the bidder too.

2. The top six (6) written bidders shall be notified and given an opportunity to submit oral bids at 1:00 PM CT on Thursday, September 16, 2010, at the office of Schulz Geiermann Bergeson & Guler Law Offices, P.C. (First Community Credit Union Building); 425 North 5th Street, 3rd Floor; Bismarck ND 58501.

3. The successful bidder will be required to sign a purchase agreement immediately following the live auction. The terms of the sale are cash, with a 10% down payment to be made when the bid is accepted and full payment be made on or before Thursday, October 28, 2010. Seller will provide an up-to-date abstract and clear title to real estate, subject to reservations, conveyances and easements of record. Real estate taxes will be prorated to date of closing.

4. Sale is for the surface rights only, less 50% wind rights. All coal, oil, gas, gravel, clay, scoria and all other minerals are reserved, including ingress and egress to remove the same.

5. The property is subject to withdrawal without further notice, and shall be sold in an “AS IS – WHERE IS – WITH ALL FAULTS” condition, without any warranties or representations, express or implied. All information given about the property is an approximation only. It is the responsibility of each bidder to evaluate the property and shall hold seller, its agents, and employees harmless with regard to the condition of the property and all statements made with reference thereto. All statements made the day of the auction take precedence over printed materials.

6. The seller reserves the right to reject any and all bids or waive any irregularities.

Kenneth Johnson Residuary Trust

For further information, contact- U.S. Bank Farm Management Group; Attention: Charles P. Peterson; 505 North 2nd Avenue; Fargo ND 58102; (701) 241-8206 (Office).

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