Auction #1006
Terms & Conditions

ON-SITE INSPECTION AND SUPPLEMENTAL INFORMATION PACKAGES
More detailed information is available for each property.  The Supplemental Information Packages include maps and aerial photographs, directions, bid instructions and forms, sample Purchase and Sale Agreement and other pertinent data provided on the property by the Seller.  You may order a Supplemental Information Package by calling the Information Office at 1-800-845-3524.  There is a $15.00 shipping and handling charge for each hard copy Supplemental Information/Bid Package or a $5 charge for each CD.  A service charge of $15 will be charged for the delivery of more than five packages via email.  You should personally inspect the properties.

BID PROCESSING AND CLOSING
Sealed bids must be submitted to Realty Marketing/Southeast on the Seller's bid form no later than 5:00 p.m. PDT, October 19, 2010.  Each bid must be accompanied by a certified or cashiers check or bank money order in an amount equal to ten percent (10%) of the bid price as a deposit made payable to Seller's respective closing agent.  No letters of credit will be accepted. Deposits will be held by Realty Marketing/Southeast "uncashed" until Buyers have been notified of Seller's acceptance and/or rejection of Bids.  Bidders will be notified of acceptance or rejection of bids no later than October 26, 2010.   For successful bidders, deposits will be forwarded to Seller's respective closing agent to be held in a non-interest bearing account.  For rejected Bids, deposits will be returned by certified mail within three days of Seller's notification of rejection.  Except as noted below, all Buyers will be required to pay most closing costs including, but not limited to, recording fees for the Special Warranty Deed (Texas) or Act of Cash Sale (Louisiana) and any Deed of Trust (Texas) or Mortgage (Louisiana) for the benefit of the Buyer's lender, normal prorations, abstract fees, title insurance premiums, title commitment fees, and any and all other costs and expenses in connection with the acquisition of title insurance and escrow fees, the fees for tax certificates, any other recording fees, except for the recording fees attributable to the release of the American AgCredit, FLCA liens and the release of the Memorandums of Pulpwood and Sawtimber Agreements.  In addition, buyers will be responsible for any real estate compensation taxes or rollback taxes and penalties as a result of a change in use or designation of the property including, but not limited to, a change from open space, agriculture, forest land or recreational. Resurvey is not required by Seller for any sale block.  If any Buyer desires to have a tract resurveyed, the Buyer will be responsible for ordering the survey and the cost of the survey.  The surveyor must be approved in advance in writing by Seller and the survey must be certified by the surveyor to Seller and Seller's lender.  All sales must close within 45 days of the offering, unless extended by the Seller in writing. Closings will not be extended due to reasons related to the completion of survey work.  See Supplemental Information Packages for specific details pertaining to title insurance, conveyance documents, closing costs and closing agents, etc.

PUBLISHED RESERVES
All properties are offered with a Published Reserve Price.  This means that when the high bid equals or exceeds the amount of the Published Reserve Price, the Seller is committed to sell the property.  Should the bids fail to reach the amount of the Published Reserve Price, then the Seller reserves the right to accept, counter or reject the high bid no later than five (5) business days following the bid date of October 19, 2010, by providing notice to Purchaser (or broker for Purchaser) by one of the following methods with notice to be given when Seller: (i) places notice of the same in United States mail, postage prepaid; (ii) completes telephonic communication; (iii) sends email communication; (iv) sends facsimile communication; or, (v) places notice of the same in overnight courier.

COOPERATING BROKERS
Broker cooperation is invited.  A 1- 1.5% commission will be paid to the qualified real estate agent whose Buyer closes on the purchase of the property (see individual supplemental information packages for specific commissions).  Cooperating broker commission will be paid only upon close of escrow.  If a Buyer represented by a cooperating broker purchases more than one property, the fee paid to the cooperating broker will be determined by the total purchase price on all properties sold to that Buyer.  No commission will be paid to any real estate agent participating as a principal or as a partner, member, shareholder, officer or owner of any entity used to purchase the property. See the Supplemental Information Package for details.

ADDITIONAL CONDITIONS
(A) No claim will be considered for allowance, adjustment or rescission based upon failure of the property to correspond to any particular expectation or standard.

(B) Seller will convey the property by Special Warranty Deed (Texas) or Act of Cash Sale (Louisiana), subject to the Permitted Exceptions and "AS-IS".

(C) Buyers who purchase and close on more than one property in Texas will accept the conveyance of all properties under one Special Warranty Deed per county and state per Grantee.  If multiple Special Warranty Deeds are requested, the Buyer will be responsible for reimbursing the Seller for any and all additional fees, costs and expenses incurred by the Seller in providing multiple Special Warranty Deeds.  Buyers who purchase and close on more than one property in the same Louisiana Parish will accept the conveyance of all properties in that Parish under one Act of Cash Sale.  If multiple Act of Cash Sales are requested, the Buyer will be responsible for reimbursing the Seller for any and all additional costs incurred by the Seller in providing multiple Act of Cash Sales.

(D) Properties will be sold "As Is".  Prospective Buyers should examine the property and all supporting documentation carefully.  Each bidder is responsible for evaluating the property and shall not rely on the Seller, sales agents, or escrow agents.  All Buyers will take possession at the close of escrow.  The Seller has no obligation to adjust the purchase price due to a variance of acreage or condition from that published in the Catalog or Supplemental Package.

(E) Acreages set forth for the properties are approximations only, based upon seller's estimate of acreages, but actual sizes may be different.  In addition, the legal description acreage may not correspond to the estimated acreage or the tax acreage.  No adjustments will be made to any bid or sales price due to any variance determined between actual acreage and that stated in any of the information provided by the Seller or RMSE.

(F) Seller has the right to postpone or cancel these sealed bid offerings in whole or in part, in its sole discretion, and to modify or add any terms and conditions prior to the deadline for submission.

(G) Agency Disclosure.  Realty Marketing/Southeast is conducting this Sealed Bid Land Sale in affiliation with  Nine Frog Real Estate, LLC., Texas and George Galloway, Broker, Louisiana Broker (903-723-1080); Nine Frog Real Estate, LLC., George Galloway, Broker and Realty Marketing/Southeast all represent the Seller in this transaction.

(H) The information contained herein has been gathered from sources deemed reliable; however, Seller, Realty Marketing/Southeast and/or its Affiliated Broker make no warranties expressed or implied as to the accuracy of the information contained herein.