real estate terms _ conditions

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EARNEST MONEY DEPOSITS: A $20,000 deposit is required per parcel by the
successful purchaser(s) the day of sale. Deposits must be in the form of certified check,
bank money order, cash or personal check with a bank letter of credit indicating the
check is good for deposit as of December 13, 2011. The earnest money deposit is
non-refundable and will be forfeited if the buyer does not consummate the transaction.
Checks should be made to Roy Brandes, P.C. Escrow when you are recognized as the
successful bidder.

CONFIRMATION OF SALES: Successful bidders are required to execute a purchase
agreement upon the conclusion of the auction. The seller reserves the right to accept or
reject any and all offers.

CLOSING: The balance of the purchase price is due at closing. Closings will take
place no sooner than January 1st, 2012 and no later than Tuesday, January 31, 2012.
All financing and or 1/2 of the Title Insurance Co. closing fees will be the responsibility
of the buyer.

EVIDENCE OF MARKETABLE TITLE/DEED: An owners policy of title insurance in
the amount of the purchase price will provide evidence of marketable title. The seller
will furnish an owners policy of title insurance and convey title by warranty deed
containing the following language: “The Grantor Grants to the Grantee the right to
make ** divisions under section 1089 of the land division act, Public Act 288 of 1967 &
Public Act 87 of 1997” and “This Property may be located within the vicinity of a
farmland or a farm operation. Generally accepted agricultural and management
practices which may generate noise, dust, odors and other associated conditions may
be used and are protected by the Michigan Right to Farm Act. ** Parcel #1 will receive
17 splits and Parcel #2 will receive 16 splits.

CROP RESERVATIONS: All 2011 planted crops are reserved from the sale of the

TRACT #2 CRP: This parcel contains a 1.21 acre filter strip currently enrolled in CRP.
The annual rental payment is $120.00. The term of the contract expires on 9-30-2013.
It will be the responsibility of the purchaser of tract #2 to transfer this program with the
guidance of the FSA office in Jonesville.

REAL ESTATE TAXES: The 2012 Real Estate taxes will be prorated to the date of

MINERAL RIGHTS: Seller will convey 100% of all oil, gas and subsurface mineral
rights owned by the seller.
LEGAL DESCRIPTIONS: All acreage, dimensions and proposed boundaries are
approximate and have been estimated based on current legal descriptions and or aerial
photos. Any maps used in the flyer to show boundaries are not a guarantee of exact
lines, they are merely being used to assist prospective buyers in locating the parcel
being offered. This parcel is being sold in its entirety (not by the acre). No adjustment
will be made in the purchase price if an actual survey reveals acreage amounts different
than estimated in any pre-sale information and or advertising materials.

SURVEYS: Each parcel contains a legal description and tax roll number. In the event
the parcels are sold individually, a survey will not need to be completed in order to close
the transaction. In the event the purchaser(s) request a survey, it will be at the
purchaser(s) expense.

POSSESSION: Possession will be at closing.

CONDITION OF THE PROPERTY: The property is being sold in its “As-Is, Where-Is”
condition with no expressed or implied warranty of any kind. The seller and or Belcher
McPherson Auction Co. and/or Haines and Associates will assume that all prospective
buyers have inspected the property and rely on their own conclusions.

ANNOUNCEMENTS: Any announcements made by the auctioneer the day of sale take
precedence over any and all printed material and or verbal statements. Information in
this brochure and other printed materials has been obtained from sources deemed
reliable but the Seller and/or Belcher McPherson Auction Co. and/or Haines and
Associates makes no guarantees to it’s accuracy.

AGENCY DISCLOSURE: Belcher McPherson Auction Company and/or Haines and
Associates, its agents, employees and or representatives are Exclusive Agents of the

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