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EXHIBIT II TO LIMITED WARRANTY DEED RESERVATION OF CONSERVATION EASEMENT 201403613 This Reservation of Conservation Easement constitutes an integral part of the Limited Warranty Deed with Reservation of Conservation Easement to which it is attached (the "Deed "), by means of which The Nature Conservancy, a District of Columbia non - profit corporation having a local address of 1007 Leavenworth St., Omaha, NE 68102 ( "Conservancy ") is conveying to Jerry J. Studnicka and Suellen Studnicka, husband and wife as joint tenants with rights of survivorship, with an address of 37147 Navaho Road, Ravenna, NE 68869 ( "Grantee "), the property in Hall County, Nebraska, which is more particularly described below. The term "Deed," as used hereafter, shall include all of the provisions of this Reservation of Conservation Easement (hereinafter "Conservation Easement "). The Conservancy and Grantee have agreed upon the terms of the Conservation Easement which are set out in more detail below. RECITALS A. PROPERTY. The property that is the subject of the Deed and this Reservation of Conservation Easement over real property is located in Hall County, Nebraska, legally described in Exhibit A, attached hereto and incorporated by this reference into the Deed (the "Property "). B. MISSION. The mission of The Nature Conservancy is to conserve the lands and waters on which all life depends. C. QUALIFIED ORGANIZATION. The Conservancy is a "qualified organization" as that term is defined in 26 USC 170(h)(3) and applicable regulations. D. AUTHORIZING STATUTE. The State of Nebraska has authorized the creation of conservation easements pursuant to the Conservation and Preservation Easements Act, Nebraska Code Sections 76 -2,111 to 76 -2,118 and the Conservancy and Grantee wish to avail themselves of the provisions of that law without intending that the existence of this Conservation Easement be dependent on the continuing existence of such law. Now, therefore, in connection with the conveyance of the Property by the Conservancy to the Grantee, made in consideration of the foregoing recitals, the respective agreements of the parties that are hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and pursuant to the authorizing statute cited above, the Conservancy hereby reserves and retains unto itself a conservation easement in gross in perpetuity consisting of the rights and restrictions enumerated below, over and across the Property. Grantee agrees, for itself and for any and all successors and assigns of Grantee's interest in the Property, that the Conservation Easement is hereby reserved and retained by the Conservancy, and by any and all successors and assigns of the Conservancy as the holder(s) of the Conservation Easement. Page 6 of 24 Pages