<SEC-DOCUMENT>0000891092-14-003212.txt : 20140613
<SEC-HEADER>0000891092-14-003212.hdr.sgml : 20140613
<ACCEPTANCE-DATETIME>20140421144136
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000891092-14-003212
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALICO INC
		CENTRAL INDEX KEY:			0000003545
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				590906081
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913
		BUSINESS PHONE:		239-226-2000

	MAIL ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALICO LAND DEVELOPMENT CO
		DATE OF NAME CHANGE:	19740219
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 65px; width: 144px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 21, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">David R. Humphrey</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Accounting Branch Chief</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 F. Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 24pt; text-align: justify">Re:</td>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Alico, Inc.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Form 10-K for the Fiscal Year Ended September 30, 2013</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Filed December 9, 2013</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Filer No. 0-00261</td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Mr. Humphrey:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter responds to
the staff&rsquo;s comment letter dated March 24, 2014 (the &ldquo;Comment Letter&rdquo;), regarding the above-referenced filing.
For your convenience, each of the comments has been duplicated below, followed by our responses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I><U>Form 10-K for the fiscal year ended September 30,
2013</U></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I><U>Consolidated Financial Statements</U></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I><U>Consolidated Statements of Comprehensive Income,
page 41</U></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Refer to the section of Other (Expense) Income. We note you have classified the line items, Gain on sale of real estate
and Impairment of assets held for sale as non-operating income (expense) items. Please tell us what consideration you gave to ASC
360-10-45-4 and 360-10-45-5 in classifying each of these items.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Company Response:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">In fiscal year 2012, the
Company recognized a gain on sale of real estate of $9.1 million and recognized an impairment of assets charge of $1.9 million
in the Other (Expense) Income section of the Consolidated Statements of Comprehensive Income. The gain on sale of real estate was
a result of selling two parcels of land in Polk County, FL, and the impairment charge was recognized when the Company contracted
for the sale of land in Lee County, FL.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Alico, Inc. is an agribusiness
and land management company. We currently own over 130,000 acres of land in Florida and have been active in agriculture for over
50 years. Our operations consist primarily of farming and related agricultural activities, but we also pursue</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">leasing, conservation and other activities
as more fully described in our public filings to enhance the productivity and value of our land holdings. Our segments, <I>Citrus
Groves, Agricultural Supply Chain Management, Improved Farmland, Ranch and Conservation and Other Operations, </I>describe the
nature of our agricultural operations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">The Company held
the specific parcels above as part of its land holdings for many years. Historically, the Company was unable to utilize these parcels
in any of the operating segments to produce agricultural products or find other innovative land uses for these parcels. Further,
the Company did not receive any revenues from these parcels prior to selling them. In addition, these parcels were not included
in the total assets of any of the segments in the Segment Information footnote in the Form 10-K as they were not considered operating
assets of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">While the parcels
were not producing agricultural income, they were held for many years based on potential long-term appreciation consistent with
the philosophy described in our Form 10-K under Part 1 Item 1 &ldquo;<I>The Land We Manage,&rdquo;</I> where we state, &ldquo;We
regularly review our land holdings to determine the best use of each parcel based upon our management expertise. Our total return
profile is a combination of operating income potential and long-term appreciation. Land holdings not meeting our total return criteria
are considered surplus to our operations and will be sold or exchanged for land considered to be more compatible
with our business objectives and total return profile.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">The selling of under-productive
assets is part of our strategy only when the assets do not align to any of our operating segments and perform to our total return
criteria.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">As discussed in&nbsp;Rule
4-01(a)&nbsp;of Regulation S-X, disclosure requirements are subject to the overriding&nbsp;rule&nbsp;that financial statements
filed with the SEC should be filed in a manner that will best indicate their significance and character in the light of the various&nbsp;rules,
regulations, and other provisions that apply to these statements. That is, the statements should fairly present the&nbsp;<I>operations
and financial condition of the company in question, and should reasonably present the disclosures required by statute and SEC regulations.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">It is our belief
that treating the gain on sale of real estate and the impairment of assets as Other (Expense) Income items best indicated the character
and significance of the transactions, since the assets in question were not included in the assets of our operating segments and
did not produce any operating income prior to their sale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">While the Company
considered <I>ASC 360-10-45-4</I> and <I>360-10-45-5</I> when classifying these items, based on the facts stated above and the
nature of these items, the Company concluded that the presentation of the gain on sale of real estate and impairment of assets
held for sale as Other (Expense) Income items was most appropriate. We believe the Other (Expense) Income classification of these
sales best indicated their significance and character. Additionally, these transactions were fully disclosed in footnote 7 under
Item 8 of our September 30, 2013 Form 10-K.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the $20.3 million gain recorded in the fourth quarter of fiscal year 2013 from the granting of a warranty
easement deed to the United States Department of Agriculture, we note you retain title to the property along with the right to
subsurface resources. In this regard, please tell us how you calculated the cost basis associated with this transaction and what
accounting literature you relied upon in your determination that recognition of a gain was appropriate.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Company Response:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In July, 2013, the Company
closed a warranty easement deed with the United States Department of Agriculture (&ldquo;USDA&rdquo;), through its administering
agency, The Natural Resources Conservation Service, granting a conservation easement on 11,591 acres located in Hendry County,
FL (the &ldquo;Property&rdquo;) for $20,678,000. The easement agreement states the Property will be enrolled in perpetuity in the
Wetlands Reserve Program designed to restore, protect and enhance the values of the wetlands and for the conservation of natural
resources. As a result of the transaction, the Company recorded a gain of $20,343,000 in its Statement of Comprehensive Income
for the fiscal year ended September 30, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Property under the
conservation easement is unimproved ranch land acquired in the 1960&rsquo;s and had a total cost basis of $335,513 at the time
of the sale. The basis was immaterial in its entirety and was therefore netted against the $20,678,000 in proceeds received to
derive the gain.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The warranty easement deed granted certain rights to the USDA and
prohibited the Company from performing these functions. The following is a list of the rights transferred to the USDA in the easement
area:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #2A2A2A">1</FONT><FONT STYLE="color: #3B3B3B">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #3B3B3B">hayi</FONT><FONT STYLE="color: #2A2A2A">ng</FONT><FONT STYLE="color: #525252">,
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or seed harves</FONT><FONT STYLE="color: #2A2A2A">tin</FONT><FONT STYLE="color: #3B3B3B">g </FONT><FONT STYLE="color: #2A2A2A">for
</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">ny rea</FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #2A2A2A">on</FONT><FONT STYLE="color: #3B3B3B">;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">altering o</FONT><FONT STYLE="color: #3B3B3B">f gras</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #2A2A2A">l</FONT><FONT STYLE="color: #3B3B3B">and,
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p</FONT><FONT STYLE="color: #2A2A2A">l</FONT><FONT STYLE="color: #3B3B3B">owing, disk</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">ng,
</FONT><FONT STYLE="color: #2A2A2A">cutting or o</FONT><FONT STYLE="color: #3B3B3B">t</FONT><FONT STYLE="color: #2A2A2A">he</FONT><FONT STYLE="color: #3B3B3B">rw</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">se
</FONT><FONT STYLE="color: #2A2A2A">d</FONT><FONT STYLE="color: #3B3B3B">est</FONT><FONT STYLE="color: #2A2A2A">r</FONT><FONT STYLE="color: #3B3B3B">oying
the v</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">g</FONT><FONT STYLE="color: #2A2A2A">etati</FONT><FONT STYLE="color: #3B3B3B">v</FONT><FONT STYLE="color: #2A2A2A">e
co</FONT><FONT STYLE="color: #3B3B3B">ver;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">3.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">dump</FONT><FONT STYLE="color: #3B3B3B">i</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">g
refuse</FONT><FONT STYLE="color: #525252">, </FONT><FONT STYLE="color: #3B3B3B">waste</FONT><FONT STYLE="color: #525252">s, </FONT><FONT STYLE="color: #3B3B3B">sew</FONT><FONT STYLE="color: #525252">a</FONT><FONT STYLE="color: #3B3B3B">ge,
or o</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">h</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">r
</FONT><FONT STYLE="color: #2A2A2A">debri</FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #525252">;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">4.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #3B3B3B">harves</FONT><FONT STYLE="color: #2A2A2A">ti</FONT><FONT STYLE="color: #3B3B3B">ng
wood produc</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #525252">s;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">5</FONT><FONT STYLE="color: dimgray">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">drain</FONT><FONT STYLE="color: #3B3B3B">i</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">g</FONT><FONT STYLE="color: dimgray">,
</FONT><FONT STYLE="color: #2A2A2A">dr</FONT><FONT STYLE="color: #3B3B3B">e</FONT><FONT STYLE="color: #2A2A2A">d</FONT><FONT STYLE="color: #3B3B3B">ging</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">c</FONT><FONT STYLE="color: #2A2A2A">h</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">nn</FONT><FONT STYLE="color: #3B3B3B">eli</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">g</FONT><FONT STYLE="color: #525252">,
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</FONT><FONT STYLE="color: #3B3B3B">as w</FONT><FONT STYLE="color: #2A2A2A">ell a</FONT><FONT STYLE="color: #3B3B3B">s </FONT><FONT STYLE="color: #2A2A2A">a</FONT><FONT STYLE="color: #3B3B3B">l</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">e</FONT><FONT STYLE="color: #2A2A2A">rin</FONT><FONT STYLE="color: #3B3B3B">g
or tampering w</FONT><FONT STYLE="color: #2A2A2A">it</FONT><FONT STYLE="color: #3B3B3B">h wa</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">er
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or devices</FONT><FONT STYLE="color: #525252">;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">6.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">di</FONT><FONT STYLE="color: #3B3B3B">v</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">rt</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">ng
</FONT><FONT STYLE="color: #2A2A2A">or </FONT><FONT STYLE="color: #3B3B3B">ca</FONT><FONT STYLE="color: #2A2A2A">u</FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">ng
or </FONT><FONT STYLE="color: #2A2A2A">p</FONT><FONT STYLE="color: #3B3B3B">erm</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">tt</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">ng
</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">h</FONT><FONT STYLE="color: #2A2A2A">e di</FONT><FONT STYLE="color: #3B3B3B">ve</FONT><FONT STYLE="color: #2A2A2A">rsion
</FONT><FONT STYLE="color: #3B3B3B">of surface or undergro</FONT><FONT STYLE="color: #2A2A2A">und </FONT><FONT STYLE="color: #3B3B3B">w</FONT><FONT STYLE="color: #2A2A2A">ater
int</FONT><FONT STYLE="color: #3B3B3B">o</FONT><FONT STYLE="color: #525252">, </FONT><FONT STYLE="color: #3B3B3B">wi</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">hin</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">or o</FONT><FONT STYLE="color: #2A2A2A">u</FONT><FONT STYLE="color: #3B3B3B">t of t</FONT><FONT STYLE="color: #2A2A2A">h</FONT><FONT STYLE="color: #3B3B3B">e
ease</FONT><FONT STYLE="color: #2A2A2A">me</FONT><FONT STYLE="color: #3B3B3B">nt </FONT><FONT STYLE="color: #2A2A2A">a</FONT><FONT STYLE="color: #3B3B3B">r</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">a
by a</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">y mea</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #3B3B3B">;</FONT></TD>
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<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">7.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">building</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #2A2A2A">pl</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">ci</FONT><FONT STYLE="color: #3B3B3B">ng</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">or a</FONT><FONT STYLE="color: #2A2A2A">ll</FONT><FONT STYLE="color: #3B3B3B">ow</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">ng
t</FONT><FONT STYLE="color: #2A2A2A">o b</FONT><FONT STYLE="color: #3B3B3B">e </FONT><FONT STYLE="color: #2A2A2A">plac</FONT><FONT STYLE="color: #3B3B3B">e</FONT><FONT STYLE="color: #2A2A2A">d
stru</FONT><FONT STYLE="color: #3B3B3B">c</FONT><FONT STYLE="color: #2A2A2A">ture</FONT><FONT STYLE="color: #3B3B3B">s on, </FONT><FONT STYLE="color: #2A2A2A">u</FONT><FONT STYLE="color: #3B3B3B">n</FONT><FONT STYLE="color: #2A2A2A">d</FONT><FONT STYLE="color: #3B3B3B">er</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">o</FONT><FONT STYLE="color: #2A2A2A">r </FONT><FONT STYLE="color: #3B3B3B">ove</FONT><FONT STYLE="color: #2A2A2A">r
</FONT><FONT STYLE="color: #3B3B3B">t</FONT><FONT STYLE="color: #2A2A2A">h</FONT><FONT STYLE="color: #3B3B3B">e </FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">se</FONT><FONT STYLE="color: #3B3B3B">m</FONT><FONT STYLE="color: #2A2A2A">ent
a</FONT><FONT STYLE="color: #3B3B3B">rea, ex</FONT><FONT STYLE="color: #2A2A2A">c</FONT><FONT STYLE="color: #3B3B3B">ept for stru</FONT><FONT STYLE="color: #2A2A2A">ctu</FONT><FONT STYLE="color: #3B3B3B">r</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">s
</FONT><FONT STYLE="color: #2A2A2A">for undeveloped </FONT><FONT STYLE="color: #3B3B3B">recrea</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">io</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">l
</FONT><FONT STYLE="color: #3B3B3B">use;</FONT></TD>
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<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">8.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #2A2A2A">plantin</FONT><FONT STYLE="color: #3B3B3B">g o</FONT><FONT STYLE="color: #2A2A2A">r
h</FONT><FONT STYLE="color: #3B3B3B">arves</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">ing any cro</FONT><FONT STYLE="color: #2A2A2A">p</FONT><FONT STYLE="color: #3B3B3B">;</FONT></TD>
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<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">9</FONT><FONT STYLE="color: #2A2A2A">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #3B3B3B">graz</FONT><FONT STYLE="color: #2A2A2A">ing </FONT><FONT STYLE="color: #3B3B3B">or
allowing livestock o</FONT><FONT STYLE="color: #2A2A2A">n th</FONT><FONT STYLE="color: #3B3B3B">e </FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">as</FONT><FONT STYLE="color: #2A2A2A">emen</FONT><FONT STYLE="color: #3B3B3B">t
</FONT><FONT STYLE="color: #2A2A2A">are</FONT><FONT STYLE="color: #3B3B3B">a;</FONT></TD>
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<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #2A2A2A">10</FONT><FONT STYLE="color: #525252">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #3B3B3B">d</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">st</FONT><FONT STYLE="color: #2A2A2A">u</FONT><FONT STYLE="color: #3B3B3B">rb</FONT><FONT STYLE="color: #2A2A2A">ing
</FONT><FONT STYLE="color: #3B3B3B">or in</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">e</FONT><FONT STYLE="color: #2A2A2A">r</FONT><FONT STYLE="color: #3B3B3B">fering
with the </FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">es</FONT><FONT STYLE="color: #2A2A2A">ti</FONT><FONT STYLE="color: #3B3B3B">ng
o</FONT><FONT STYLE="color: #2A2A2A">r b</FONT><FONT STYLE="color: #3B3B3B">ro</FONT><FONT STYLE="color: #2A2A2A">od</FONT><FONT STYLE="color: #3B3B3B">-rearing
act</FONT><FONT STYLE="color: #525252">i</FONT><FONT STYLE="color: #3B3B3B">vities of wil</FONT><FONT STYLE="color: #2A2A2A">dlif</FONT><FONT STYLE="color: #3B3B3B">e
i</FONT><FONT STYLE="color: #2A2A2A">ncl</FONT><FONT STYLE="color: #3B3B3B">u</FONT><FONT STYLE="color: #2A2A2A">d</FONT><FONT STYLE="color: #3B3B3B">ing
migra</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">ory bi</FONT><FONT STYLE="color: #525252">r</FONT><FONT STYLE="color: #3B3B3B">ds</FONT><FONT STYLE="color: #525252">;</FONT></TD>
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<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #3B3B3B">11</FONT><FONT STYLE="color: #525252">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #3B3B3B">use of </FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">he
ea</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #3B3B3B">ement </FONT><FONT STYLE="color: #525252">ar</FONT><FONT STYLE="color: #3B3B3B">ea
f</FONT><FONT STYLE="color: #525252">or </FONT><FONT STYLE="color: #3B3B3B">de</FONT><FONT STYLE="color: #525252">v</FONT><FONT STYLE="color: #3B3B3B">eloped
recreation. These u</FONT><FONT STYLE="color: #525252">ses </FONT><FONT STYLE="color: #3B3B3B">include but </FONT><FONT STYLE="color: #525252">ar</FONT><FONT STYLE="color: #3B3B3B">e
not </FONT><FONT STYLE="color: #2A2A2A">li</FONT><FONT STYLE="color: #3B3B3B">mited to</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #3B3B3B">camping
faci</FONT><FONT STYLE="color: #2A2A2A">l</FONT><FONT STYLE="color: #3B3B3B">ities</FONT><FONT STYLE="color: #525252">, </FONT><FONT STYLE="color: #3B3B3B">recreationa</FONT><FONT STYLE="color: #2A2A2A">l
</FONT><FONT STYLE="color: #525252">v</FONT><FONT STYLE="color: #3B3B3B">ehicle trai</FONT><FONT STYLE="color: #2A2A2A">l</FONT><FONT STYLE="color: #525252">s
</FONT><FONT STYLE="color: #3B3B3B">and track</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #2A2A2A">p</FONT><FONT STYLE="color: #3B3B3B">o</FONT><FONT STYLE="color: #2A2A2A">rt</FONT><FONT STYLE="color: #3B3B3B">ing
cla</FONT><FONT STYLE="color: #525252">y </FONT><FONT STYLE="color: #3B3B3B">oper</FONT><FONT STYLE="color: #525252">a</FONT><FONT STYLE="color: #3B3B3B">tion</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #3B3B3B">,
</FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #3B3B3B">keet </FONT><FONT STYLE="color: #525252">s</FONT><FONT STYLE="color: #3B3B3B">hooting
op</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #3B3B3B">rati</FONT><FONT STYLE="color: #2A2A2A">on</FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">firearm rang</FONT><FONT STYLE="color: #525252">e </FONT><FONT STYLE="color: #3B3B3B">oper</FONT><FONT STYLE="color: #525252">a</FONT><FONT STYLE="color: #3B3B3B">tion</FONT><FONT STYLE="color: #525252">s
</FONT><FONT STYLE="color: #3B3B3B">an</FONT><FONT STYLE="color: #2A2A2A">d </FONT><FONT STYLE="color: #3B3B3B">the i</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">frastructure
to r</FONT><FONT STYLE="color: #525252">a</FONT><FONT STYLE="color: #3B3B3B">ise</FONT><FONT STYLE="color: dimgray">, </FONT><FONT STYLE="color: #3B3B3B">stoc</FONT><FONT STYLE="color: #2A2A2A">k</FONT><FONT STYLE="color: #525252">,
</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #2A2A2A">nd </FONT><FONT STYLE="color: #3B3B3B">r</FONT><FONT STYLE="color: #2A2A2A">el</FONT><FONT STYLE="color: #3B3B3B">e</FONT><FONT STYLE="color: #2A2A2A">a</FONT><FONT STYLE="color: #3B3B3B">s</FONT><FONT STYLE="color: #2A2A2A">e
captive</FONT><FONT STYLE="color: #3B3B3B"> </FONT><FONT STYLE="color: #525252">r</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #525252">is</FONT><FONT STYLE="color: #3B3B3B">ed
wa</FONT><FONT STYLE="color: #2A2A2A">t</FONT><FONT STYLE="color: #3B3B3B">erfowl</FONT><FONT STYLE="color: #525252">, </FONT><FONT STYLE="color: #3B3B3B">g</FONT><FONT STYLE="color: #2A2A2A">ame
b</FONT><FONT STYLE="color: #3B3B3B">ir</FONT><FONT STYLE="color: #2A2A2A">d</FONT><FONT STYLE="color: #3B3B3B">s and other w</FONT><FONT STYLE="color: #2A2A2A">i</FONT><FONT STYLE="color: #3B3B3B">l</FONT><FONT STYLE="color: #2A2A2A">dlif</FONT><FONT STYLE="color: #3B3B3B">e
</FONT><FONT STYLE="color: #2A2A2A">f</FONT><FONT STYLE="color: #3B3B3B">o</FONT><FONT STYLE="color: #2A2A2A">r hun</FONT><FONT STYLE="color: #3B3B3B">ti</FONT><FONT STYLE="color: #2A2A2A">n</FONT><FONT STYLE="color: #3B3B3B">g
or fis</FONT><FONT STYLE="color: #2A2A2A">hin</FONT><FONT STYLE="color: #3B3B3B">g</FONT><FONT STYLE="color: #525252">;</FONT></TD>
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<TD STYLE="width: 83pt; text-align: right">12.</TD><TD STYLE="width: 5pt"></TD><TD>a<FONT STYLE="color: #262626">n</FONT><FONT STYLE="color: #363636">y a</FONT><FONT STYLE="color: #262626">c</FONT><FONT STYLE="color: #363636">tivi</FONT><FONT STYLE="color: #262626">ti</FONT><FONT STYLE="color: #363636">es
w</FONT><FONT STYLE="color: #262626">h</FONT><FONT STYLE="color: #363636">ic</FONT><FONT STYLE="color: #262626">h </FONT><FONT STYLE="color: #363636">a</FONT><FONT STYLE="color: #262626">d</FONT><FONT STYLE="color: #4B4B4B">v</FONT><FONT STYLE="color: #363636">er</FONT><FONT STYLE="color: #4B4B4B">s</FONT><FONT STYLE="color: #363636">el</FONT><FONT STYLE="color: #4B4B4B">y
</FONT><FONT STYLE="color: #363636">im</FONT><FONT STYLE="color: #262626">p</FONT><FONT STYLE="color: #363636">act o</FONT><FONT STYLE="color: #262626">r
d</FONT><FONT STYLE="color: #363636">egra</FONT><FONT STYLE="color: #262626">d</FONT><FONT STYLE="color: #363636">e wi</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">d</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">if</FONT><FONT STYLE="color: #4B4B4B">e
</FONT><FONT STYLE="color: #363636">co</FONT><FONT STYLE="color: #4B4B4B">v</FONT><FONT STYLE="color: #363636">er or other </FONT><FONT STYLE="color: #262626">h</FONT><FONT STYLE="color: #363636">a</FONT><FONT STYLE="color: #262626">b</FONT><FONT STYLE="color: #363636">itat
benefi</FONT><FONT STYLE="color: #262626">t</FONT><FONT STYLE="color: #4B4B4B">s, </FONT><FONT STYLE="color: #363636">w</FONT><FONT STYLE="color: #4B4B4B">a</FONT><FONT STYLE="color: #363636">ter
quality benefit</FONT><FONT STYLE="color: #4B4B4B">s</FONT><FONT STYLE="color: #363636">, o</FONT><FONT STYLE="color: #262626">r
</FONT><FONT STYLE="color: #363636">o</FONT><FONT STYLE="color: #262626">th</FONT><FONT STYLE="color: #363636">er wetla</FONT><FONT STYLE="color: #262626">n</FONT><FONT STYLE="color: #363636">d
func</FONT><FONT STYLE="color: #262626">t</FONT><FONT STYLE="color: #363636">ion</FONT><FONT STYLE="color: #4B4B4B">s </FONT><FONT STYLE="color: #363636">and
value</FONT><FONT STYLE="color: #4B4B4B">s </FONT><FONT STYLE="color: #363636">of th</FONT><FONT STYLE="color: #262626">e </FONT><FONT STYLE="color: #363636">ea</FONT><FONT STYLE="color: #4B4B4B">s</FONT><FONT STYLE="color: #262626">e</FONT><FONT STYLE="color: #363636">ment
area</FONT><FONT STYLE="color: #4B4B4B">; </FONT><FONT STYLE="color: #363636">and</FONT></TD>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83pt; text-align: right"><FONT STYLE="color: #363636">13</FONT><FONT STYLE="color: #6E6E6E">.</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #363636">any act</FONT><FONT STYLE="color: #262626">i</FONT><FONT STYLE="color: #363636">vitie</FONT><FONT STYLE="color: #4B4B4B">s
</FONT><FONT STYLE="color: #363636">to be carried out on the La</FONT><FONT STYLE="color: #262626">ndo</FONT><FONT STYLE="color: #363636">wne</FONT><FONT STYLE="color: #262626">r</FONT><FONT STYLE="color: #4B4B4B">'</FONT><FONT STYLE="color: #363636">s
</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">an</FONT><FONT STYLE="color: #262626">d </FONT><FONT STYLE="color: #4B4B4B">t</FONT><FONT STYLE="color: #363636">hat
i</FONT><FONT STYLE="color: #4B4B4B">s </FONT><FONT STYLE="color: #363636">immedi</FONT><FONT STYLE="color: #4B4B4B">a</FONT><FONT STYLE="color: #363636">te</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">y
a</FONT><FONT STYLE="color: #262626">d</FONT><FONT STYLE="color: #363636">ja</FONT><FONT STYLE="color: #262626">c</FONT><FONT STYLE="color: #363636">ent
</FONT><FONT STYLE="color: #262626">t</FONT><FONT STYLE="color: #363636">o</FONT><FONT STYLE="color: #4B4B4B">, </FONT><FONT STYLE="color: #363636">and
functionally re</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">ate</FONT><FONT STYLE="color: #262626">d
</FONT><FONT STYLE="color: #363636">to</FONT><FONT STYLE="color: #4B4B4B">, </FONT><FONT STYLE="color: #363636">t</FONT><FONT STYLE="color: #262626">h</FONT><FONT STYLE="color: #363636">e
</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">an</FONT><FONT STYLE="color: #262626">d </FONT><FONT STYLE="color: #363636">that
is subject to the easement </FONT><FONT STYLE="color: #262626">i</FONT><FONT STYLE="color: #363636">f s</FONT><FONT STYLE="color: #262626">uc</FONT><FONT STYLE="color: #363636">h
a</FONT><FONT STYLE="color: #262626">cti</FONT><FONT STYLE="color: #363636">vi</FONT><FONT STYLE="color: #262626">t</FONT><FONT STYLE="color: #363636">ie</FONT><FONT STYLE="color: #4B4B4B">s
</FONT><FONT STYLE="color: #363636">will alter</FONT><FONT STYLE="color: #4B4B4B">, </FONT><FONT STYLE="color: #363636">degrade,
or </FONT><FONT STYLE="color: #262626">ot</FONT><FONT STYLE="color: #363636">h</FONT><FONT STYLE="color: #262626">e</FONT><FONT STYLE="color: #363636">rwise
</FONT><FONT STYLE="color: #262626">d</FONT><FONT STYLE="color: #363636">iminis</FONT><FONT STYLE="color: #262626">h </FONT><FONT STYLE="color: #363636">the
f</FONT><FONT STYLE="color: #262626">u</FONT><FONT STYLE="color: #363636">ncti</FONT><FONT STYLE="color: #262626">on</FONT><FONT STYLE="color: #363636">a</FONT><FONT STYLE="color: #262626">l
</FONT><FONT STYLE="color: #363636">va</FONT><FONT STYLE="color: #262626">lu</FONT><FONT STYLE="color: #363636">e </FONT><FONT STYLE="color: #262626">of
th</FONT><FONT STYLE="color: #363636">e e</FONT><FONT STYLE="color: #262626">li</FONT><FONT STYLE="color: #363636">g</FONT><FONT STYLE="color: #262626">i</FONT><FONT STYLE="color: #363636">b</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">e
</FONT><FONT STYLE="color: #262626">l</FONT><FONT STYLE="color: #363636">and</FONT><FONT STYLE="color: #4B4B4B">.</FONT></TD>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company retains title to the Property and
the right to various recreational uses including hunting and fishing and leasing of such rights as long as these uses are consistent
with the long-term protection and enhancement of the easement area. Additionally, the Company reserves the right to subsurface
resources including oil, gas, minerals and geothermal resources underlying the easement area provided that any drilling or mining
activities are to be located outside the boundaries of the easement area and the right to water uses and water rights identified
as reserved to the Company<FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company utilized and relied upon the guidance
provided by <I>ASC 360-20 Real Estate Sales.</I> The Company believes this guidance for real estate sales is most appropriate due
to the fact the easement granted is a real property interest even though legal title to the underlying land is retained by the
Company. Specifically, paragraph <I>40-3</I> of <I>ASC 360-20</I> lists the criteria for recognizing full profit on a real estate
sale when the following conditions are met:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; color: #252525">1.&nbsp; <I>The profit is determinable,
that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated.</I>
The Company collected the full sales price of $20,678,000 in cash in July 2013 and therefore profit was determinable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; color: #252525">2. <I>The earnings process is virtually
complete, that is, the seller is not obliged to perform significant activities after the sale to earn the profit.</I> The obligations
of the Company as a result of the sale include noxious weed control, maintenance of fences, and payment of real property taxes.
All of the obligations noted are deemed to be insignificant in nature and amount and therefore the earnings process is complete.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525">The Company also reviewed paragraphs <I>ASC 360-20-40-37</I>
through <I>40-63</I> for additional forms of involvement that could result in retention of substantial risks or rewards and evaluated
each below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD>Seller Option or Obligation to Repurchase? No option included.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD>Seller is General Partner in Acquiring Limited Partnership? Not applicable.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD>Seller Guarantee? No guarantee provided.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD>Seller Supports Operations? The Company is required to provide minimal maintenance
support as identified above, however this would not preclude full accrual method.</TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD>Buyer Option to Purchase Property? No option included.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD>Partial Sale by Seller? Not applicable</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">7.</TD><TD STYLE="width: 5pt"></TD><TD>Sale of Condominium Units? Not applicable</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">8.</TD><TD STYLE="width: 5pt"></TD><TD>Seller Sells Property Improvements and Leases Underlying Land to the Buyer of the
Improvements? Not applicable</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">9.</TD><TD STYLE="width: 5pt"></TD><TD>Sale of Property with Leaseback to Seller of All or Part of Its Remaining Economic
Life? Not applicable</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">10.</TD><TD STYLE="width: 5pt"></TD><TD>Future Development Required by Seller? No. Specifically prohibited in agreement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #252525; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right">11.</TD><TD STYLE="width: 5pt"></TD><TD>Seller Participation in Future Profit from the Property Without Risk of Loss? Not
applicable</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #252525">Based on the criteria provided under
</FONT><I>ASC 360-20-40-3,</I> the Company met the criteria for recognizing full profit on a real estate sale and appropriately
recognized a gain on sale in the fourth quarter of fiscal year 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company hereby
acknowledges that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission
from taking any action with respect to the filing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission
or any person under the federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company further
acknowledges that the Division of Enforcement has access to all information that it provides to the staff of the Division of Corporation
Finance in your review of its filings or in response to your comments on its filings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Please contact the
undersigned if you have any additional comments or questions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><U>/s/ W. Mark Humphrey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Chief Financial Officer</P>




<P STYLE="margin: 0"></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
