12,248 Acres Morgan and Summit Counties Croydon, Utah Located on Lost Creek

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1 House Brand Ranch 12,248 Acres Morgan and Summit Counties Croydon, Utah Located on Lost Creek J. Floyd Hatch, Broker INTERMOUNTAIN REALTY GROUP P.O. Box Salt Lake City, , Ext (cell) (fax)

2 Location The House Brand Ranch is located in Morgan and Summit Counties near the small farming community of Croydon, Utah. Croydon is located near Devil s Slide, Exit #111, Interstate 84, approximately 10 miles east of Morgan City. Lost Creek is the valley northeast of Croydon where the ranch begins. Nearby attractions: Park City with its golf courses, restaurants, and ski resorts is located 34 miles southwest of the ranch. Salt Lake City is 60 miles west via I-80. Ogden is 35 miles west on I-84. Land Area The House Brand Ranch has approximately 10,731 acres in Morgan County and an additional 1,517 acres in Summit County, totaling 12,248 acres. The ranch is enrolled in the Utah Agriculture Greenbelt Assessment Act administered through the County Assessor s Office of each county. Land Classification/Description The ranch runs from the pristine Lost Creek Valley with its green hay fields and irrigated ground to lower benches of dry land alfalfa with some irrigated ground in Cedar Canyon. The balance of Sagebrush covered slopes with groves of Aspen, Oak and Pine trees adds a diverse feel to the ranch s terrain. The seller reports the following acreage classifications. These figures are estimates only. Irrigated land ( acres) The Lost Creek Valley floor is irrigated from Lost Creek with gravity flood irrigation to the hay lands and pastures. Cedar Canyon also has an alfalfa grass mix on approximately acres which is flood irrigated from a small lake and spring located in the canyon. Bench land ( acres) Dry land alfalfa covers the bench lands. The seller normally harvests 1-2 crops each year. Deer and elk feed here during the winter. West slopes The balance of the ranch extends to the west, with a mixture of Sagebrush, Scrub Oak and Cottonwood trees in the valleys. Most of the major canyons have a livestock spring. To the east, oak brush and cedar trees grace the slopes. The higher country has a generous selection of Quaking Aspen groves, which provide plenty of cover for turkeys, sage grouse, chukars, mule deer, elk, and moose.

3 Cedar Canyon Rock Outcroppings The ranch has many outstanding red rock outcroppings, especially in the Cedar Canyon area, some with arches, bowls and coves. The ranch has a high degree of privacy and few people have seen the true beauty of Cedar Canyon. It has great potential as a fishery, a hunting unit and as a place to build a family home or lodge. Elevation The Lost Creek Valley floor is 5,300 feet above sea level at Croydon and rises east along Lost Creek to 5,445 feet. The highest point on the ranch, near the east border, is over 8,000 feet above sea level. Most of the property is between 6,000 to 7,400 feet above sea level. Water Rights The seller will convey its interest in the water rights as per irrigation, culinary and stock watering rights recorded with the State of Utah Division of Water Rights. A prospective buyer is encouraged to investigate the water rights by calling John R. Mann, Area Engineer with the Utah Division of Water Rights at A. There are 175 shares of irrigation water in the Croydon Irrigation Company which runs from the Lost Creek Reserve upstream for approximately 6 miles. This water is used through the summer months for various diversions out of Lost Creek. The annual cost is approximately $15 per share. The assessment is divided between the Weber Basin Assessment at $11.39 per share and the Croydon Irrigation Maintenance and Operation Assessment at $4.39 per share. Eric Wilde reports that one share of water is worth 26 minutes of watering every 8 days. This budget assessment may vary from year to year. B. The Cedar Creek Right, as per State Engineers, printout right # for irrigation on approximately 70 acres, domestic and stock watering, with a priority date of 1871, in the name of the previous owner, George R. Thackery. C. Both homes near the west border of the ranch are fed from springs for their culinary use. D. The sellers have identified over 80 individual mountain seeps and springs. Many of the springs have stock and game reservoir watering ponds or troughs. The seller has not filed, in some cases, water claims to the water but has put it to beneficial use. The majority of this water originates on the ranch and is for ranch purposes.

4 Lost Creek The jewel of the Lost Creek Basin is Lost Creek. The stream drains into a vast area and eventually fills Lost Creek Reservoir. The reservoir is not located on House Brand Ranch. However, approximately 3 miles of Lost Creek flows through the property. The following statistics were taken from the Reservoir Information Center: 248 feet high Elevation: 6022 feet 22,510 acre feet 365 acres surface Built between Operated by Weber Basin Water Conservancy District in Layton, Utah The dam also stores water for the Croydon Irrigation Company After construction of the dam, Lost Creek s average approximate monthly flows are shown below. The Weber Basin Water Conservancy District and the Utah Wildlife Resources Division have agreed to a minimum stream flow of 8.0 CFS to maintain fish habitat. Month Amount (CFS) January 12.0 February 12.0 March 20.0 April 50.0 May 65.0 June 40.0 July 40.0 August 40.0 September 30.0 October 15.0 November 12.0 December 12.0 Information provided by Blaine Johnson, Weber River Water Commissioner,

5 Lost Creek drains a surface area of approximately 123 square miles. Its 30-year average monthly flows prior to the construction of the dam and storage of water in the reservoir were as follows: Month Amount (CFS) January 11.3 February 12.7 March 17.8 April 75.2 May June 44.4 July 18.4 August 14.2 September 12.1 October 11.0 November 11.6 December 12.1 Information provided by Matt Lindon, Utah Division of Water Rights, Observation by Ken Summers, Fish Biologist, Northern Region Office of the Utah Wildlife Resources Division, , concerning Lost Creek: The state no longer stocks the creek below the dam; It has a wild fish population, with german brown trout as the predominant species side canyon streams hold cutthroat and brook trout; Toone Canyon will run red for a few weeks in early spring and for brief periods after a storm; Water temperature at the bottom of the dam is nearly 39 degrees summer temperatures will range from 54 degrees to 60 degrees oxygen and temperatures are generally not a problem in Northern Utah s higher streams; The valley is all private land so there is no public pressure and land owners are doing a better job with grazing; Lost Creek is one of the richest trout streams in Utah it contains very large fish German Browns and Rainbows. Byron Gunderson, Fish Tech Outfitters, Salt Lake City, The Utah Division of Water Rights has a policy for the conversion of irrigation rights into ponds for fish propagation: It involves a change of use application and a permitting process which takes from 3-6 months; Generally, a pond with a one-acre surface area and an average depth of 8 feet with several 16-foot deep pools will require approximately 10 acre-feet of water; Pond water must have a return flow to the creek; This is a highly technical procedure which will require expert consulting from a hydrological engineer. For more information, please contact John Mann, Utah Division of Water Rights,

6 Equipment The following is a list of equipment included with the sale. The equipment is in good working order subject to age and use. The equipment will be sold in an As Is condition. Production 5240 International Tractor 7250 Case International Tractor Challenger Swather 185c Massey 2190 Baler Heston 4600 Baler Twinstar Rake Saws, Drills, Vice Chains and Come A Long Attached Corral Gates and Panels 1990 Ford Flat Bed Truck 2005 Suzuki 4 Wheeler Flat Trailer 4 Horse Trailer-No title Sprinkler Pump 2004 Chevy Pickup Truck John Deere Grain Drill Sprinkler Pipe + Trailer Ditcher Evans Man Land Plane 12 Land Scraper 6 Bottom Plow 3 Point Sprayer Chisel Plow 18 Disk 8 Ft. Scraper Blade Harrows 3 Cattle Chutes 3 Gas Diesel Tanks with Pumps 1986 Ford Truck Sprayer Press-Drill Press 20 Fold Down Disk Refrigerator Spare Tires-Parts, Filters Bolts and Nuts Welder Case Grain Drill Fence Stretchers 8 Ft. Brush Cutter Hand Tools, Wrenches 1997 Ford Flatbed Truck Gradall Beach Forklift 12 Ft. Roller Samsung Excavator 130 LCM 580 5K Case Backhoe D-39-EX21 Komotsu Dozer The ranch is leased to nearly 450 cow/calf pairs plus bulls during the summer. In addition, the seller owns approximately 50 mother cows year round. Hay production varies depending on rain fall. The dry land alfalfa receives 1 to 2 cuttings, yielding approximately 1 to 2 tons per acre total. The 375 to 400 acres irrigated normally yield 2.5 to 3 tons per acre.

7 Big Game Hunting/ C.W.M.U. The House Brand Ranch is home to abundant big game. The seller has offered hunts on the ranch for many years in which elk, moose and deer are taken with excellent results. Most of the hunters are repeat customers. The ranch has reported the following numbers for 2013: 8 Elk - 7 can be sold and 1 is drawn by a public hunter 2 Moose - 1 can be sold and 1 is drawn by a public hunter 10 Mule deer 9 can be sold and 1 is drawn by a public hunter Gas, Oil, Mineral and Geothermal Rights The seller will convey half of the existing interest in the mineral rights and will retain ½ the interest when the ranch be sold. Buyer will need to conduct its own study to determine the value of the existing rights. Planning and Zoning The House Brand Ranch is primarily located in Morgan County with a smaller portion in Summit County, Utah. Morgan County Charlie Ewert, Planning Director, , reports the following: F1 320 Acre Zone Majority of the ranch A 20 Acre Zone Acreage along Lost Creek Road RRI - 1 Acre Zone Around Croydon with 200 foot frontage and 300 feet deep from center of paved road Summit County Cordell Batt, Planner, The property in Summit County sits in the Agriculture Protection Zone.

8 Real Estate Taxes for 2012 Morgan County: $7565 Summit County: $291 These taxes reflect the Greenbelt Assessment in Utah. At closing the buyer will be asked to re-file with each county and be responsible for a rollback assessment if he takes the property out of Greenbelt. Improvements to the Ranch 4 separate working corrals and chutes 2 large new hay shelters 40 x moderate ranch style homes, each having been remodeled in recent years 1 older home built in 1890 with 4 car garage Quonset for machinery storage Machine shop and storage area The owner employs 1½ workers to help him each day on a year round basis to keep the ranch running efficiently. Sales Price The House Brand Ranch is listed at $22,000,000 (cash). Any offer will need a minimum of $500,000 earnest money. The seller will agree to a 30-day investigation period with the earnest money being refundable to the buyer. The buyer will be asked to state in writing, prior to the end of the investigation period, that they have investigated the ranch and are either willing to proceed and close, whereby the earnest money becomes nonrefundable, or that they are not going to proceed and the earnest money will be refundable. Seller may transact and buyer will assist with a 1031 Exchange program. The seller will retain the House Brand Ranch brand. This marketing information has been obtained from sources deemed to be reliable. However, the House Brand Ranch information is not guaranteed or warranted by sellers or the real estate broker. Potential buyers have the responsibility to conduct their own investigation for their intended use. The described property is subject to change in price. Acreage and square footage figures are a courtesy estimate only. Buyer will need to verify each prior to closing. The maps that are provided are not surveys and are for orientation purposes only.

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11 House Brand Ranch Contacts List Real Estate Brokerage: Title Company: Utah Division of Water: Summit County Planning: Morgan County Planning: Weber Basin Water: Utah Wildlife Resources: J. Floyd Hatch, Broker, Intermountain Realty Group 4571 S. Holladay Blvd., Salt lake City, Utah Scott Buchanan, High Country Title 1729 Sidewinder Drive, P.O. Box 714, Park City, Utah John R. Mann, Engineer JudyAusick, Water Rights Specialist 1594 W. North Temple, Suite 220, Salt Lake City, Utah Office, Fax Cordell Batt, Planner P.O. Box 128, Coalville, Utah Office, Fax Charlie Ewert, Planning Director P.O. Box 886, Morgan, Utah, Colette Edwards 2837 East Hwy. 193, Layton, Utah Office, Fax Lori Cornicelli, Wildlife Biologist Manager 515 East 5300 South, Ogden, Utah Kent Summers, Fish Biologist 515 East 5300 South, Ogden, Utah Croydon Irrigation Company: Eric Wilde 2737 North 7000 East, Croydon, Utah Taxes Greenbelt: Morgan county Treasurer, Summit County Treasurer, Engineer: Joe Richardson, President, Richardson Surveying 3448 South 100 West, Bountiful, Utah

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