, Bude, MS (Franklin County)

The property is located in northeast Franklin County about 13 miles northeast of Bude and 12 miles west of Brookhaven. It has excellent access on paved Shucktown Road and is about three miles north of Hwy. 84. The property joins the Homochitto National Forest. The land has rolling terrain. The land has good potential as a timber investment and a deer/turkey hunting property. The property is entirely forested. The timber consists of about 59 acres of 55- to 60-year-old pine sawtimber, 98 acres of 13-year old (1994) planted pine, and 14 acres in a natural hardwood area.

LEGAL DESCRIPTION

The legal description of the property is found on the bid form. The property is located in Sections 14 and 23, T7N, R5E, Franklin County, Mississippi. The deed states the property contains 171 acres.

TIMBER DESCRIPTION

The Timber that may be sold separately from the land consists of 59 acres of mature pine that is designated as “Final Harvest Area” on Exhibit A. An inventory of this area was performed by TimberCorp in February 2007. The 59-acre final harvest area is estimated to contain the following volumes.

Species/Product Volume Tons

Pine Sawtimber 534.4 MBF 4,383

Pine Chip-n-saw 78 cords 172

Pine Pulpwood 70 cords 196

Hardwood Pulpwood 33 cords 93

These volume estimates are presumed to be accurate, but are not guaranteed. Additional volume information is found in the attached Stand and Stock Tables.

BIDDING PROCESS

Bids will be opened at 10:00 a.m. on Tuesday, March 20, 2007, at the office of TimberCorp. Those bidders wishing to mail their bids should mail them to ... The outside of the bid envelope should be clearly marked “SEALED BID-FOSTER SALE.”

CONDITIONS OF SALE

Successful bidders will be notified within 24 hours of acceptance of their bid. Upon acceptance of a bid, the successful land bidder will be expected to enter into a Contract of Sale whereby conditions of sale such as closing, date of possession, etc. are accepted by the Buyer and Seller. The successful bidder may be required to deposit earnest money equal to 5 percent of the sale price. This earnest money deposit will be applied to the purchase price. A successful bidder would be expected to close within 30 days following acceptance of bid. Conveyance shall be made by warranty deed provided by the Seller. If the successful bidder fails to complete the transaction, earnest money will not be refunded. The Seller reserves the right to reject any or all bids. The Seller believes the title is clear. If, however, a title search reveals the need for curative work, the Seller shall have a reasonable amount of time to clear title. If the Seller is unable to provide a merchantable title, the earnest money will be refunded to the Buyer. The 2007 ad valorem taxes shall be pro-rated to the date of closing using 2006 actual taxes. The sale is by the tract rather than by the acre. The Seller believes there are a total of 171 acres, but makes no warranty as to acreage or accuracy of boundary lines. All maps, plats, and other information are provided for assistance to prospective bidders. All information shown is believed to be accurate but no warranty is expressed or implied and all bidders should conduct their own investigation and inspections. Any appraisal, title search, timber cruise, survey, or other expense incurred by the Buyer shall be the responsibility of the Buyer. The Seller will convey 50 percent of whatever mineral interest the Seller owns, if any.

Prospective bidders and/or their agents may inspect the property on their own, or they may call Steve Butler to arrange an appointment. Those entering the property do so at their own risk, and no liability is assumed by Seller or Seller’s agents. Steve Butler, Broker, will not be liable for any fees or commissions to any real estate salesman, broker, dealer, or agent in connection with this offering unless prior arrangements have been made. Such arrangements made will be in writing only.

If the timber in the 59-Acre “Final Harvest Area” is sold separately from the land, the timber purchaser shall have until September 30, 2008, to cut and remove the timber. The timber deed will be provided by the Seller, and a copy is available upon request. The timber deed will require the timber buyer to comply with Mississippi’s Best Management Practices with regard to harvesting the timber. The timber sale will include all trees of every size and species (less any trees required by BMPs to be left for any streamside management zones). If the bidder seeks to change any portion of this deed, these specific changes should be discussed with TimberCorp at or prior to the bid opening.