Madison Ranch

AUCTION

WEDNESDAY   OCTOBER 20, 2004

SALE TIME:  1:30 p.m.

Sale to be held at the Lisco American Legion Hall, Lisco, NE

GRASS LAND

640 Acres +/- Country Home • CRP • Grass

To be sold in two Tracts or as a Unit!

Tract One 600 Acres+/-  SOLD $132,000.00 Good Hard Grass pasture and all 77.2 acres cropland in the Conservation Reserve Program! This land as you will see has some unique terrain. Excellent access just off of a major highway! Rock out-croppings are scattered throughout.  The CRP payment is in 2 Contracts and expires in 2007 & 2009. The annual payment on the CRP is approximately $2,299.91. The Buyer will receive all of the 2005 CRP Payment and must assume the existing contract. The Buyer will have possession of the pasture land on closing. The CRP is fenced separately from the majority of the grass. This will be a nice grazing unit with the benefit of income from the Conservation Reserve Program!

Tract Two: 40 Acres +/-   SOLD! $30,000.00  with Home site, CRP and Grass with Lots of Trees for shelter! Offering this Tract with the home will allow someone an affordable place in the country with a home that has had very good exterior maintenance. This would make a nice comfortable acreage or maybe a hunting cabin! This Tract has 11.9 acres farmground enrolled in CRP to 9-30-09 ($355.33) and 4.2 acres considered farmland now in grass. The balance is home site, trees and grass. There are several older buildings. Some of the personal property will remain with the premises!

TRACT ONE: SE1/4 of Section 1, E1/2, SE1/4NW1/4 and E1/2SW1/4 of Section 12, all in Township 18 North, Range 47 West of the 6th P. M., Morrill County, Nebraska

TRACT TWO: NE1/4NE1/4 of Section 13, Township 18 North, Range 47 West of the 6th P. M., Morrill County, Nebraska

REAL ESTATE TAXES:  Tract One: $1,383.62 (2003). Tract Two: $319.74. (2003)

TERMS:  The price will be determined at Auction. Contact you local Lender now to make arrangements to buy! The sale of this property is not contingent upon loan approval.  All financial arrangements must be made prior to the sale. Tract One will require a $15,000.00 earnest deposit. Tract Two will require a $3,000.00 earnest deposit. This will apply to the purchase price and the balance will be due at closing on or before November 22, 2004.    The sale is subject to Seller confirmation; however it is the intention of the Seller to sell to the highest and best bidder.

Announcements at sale supercede all prior advertising printed or oral. The information is deemed to be correct however, the Buyers should make their own personal inspection and investigation of the property.

Israel Family Revocable Trust

Carol Madison & William I. Israel - Trustees

(The Family of Harold & Lee Madison)