Curly Butte Ranch — Investment Analysis — Scenario Analysis

Last updated: August 19, 2026

1. Acceptance of Terms; License

AcreReturns (the Rural Real Estate Investment Calculator, referred to in these Terms as the "Tool") is made available by MF McDonnell and Associates, LLC ("Company," "we," "us," or "our"). By accessing, opening, or using the Tool in any way, you ("User," "you") acknowledge that you have read, understood, and agree to be bound by these Terms of Use ("Terms"). If you do not agree to these Terms, do not use the Tool. If you obtained the Tool under a paid license from the Company, these Terms also serve as the End User License Agreement governing that license. That license is a limited, non-exclusive, non-transferable, revocable right to use the Tool for your own real estate brokerage, appraisal, lending, or investment-analysis purposes (or, if purchased as a Company/Team license, for use within your firm as agreed at the time of purchase). It does not include, and you may not exercise, any right to resell, sublicense, rent, lease, share, or otherwise redistribute the Tool itself to any third party outside the scope of your license, regardless of whether you charge a fee for doing so. The Company retains all ownership of the Tool; a paid license grants only the right to use it as described above.

Each license — whether a Single-Use License, an Individual License, or a seat under a Company/Team License — is issued to, and may be used only by, the specific named individual identified at the time of purchase (or, for each seat under a Company/Team License, the specific named individual assigned to that seat by the licensed firm). You may not share your copy of the Tool, any access to it, or your license with any other person, whether or not that person works within your own firm, and whether or not you charge that person for doing so. Every report the Tool generates displays the name of the individual who prepared it ("Prepared by [Name]"). You agree to keep this field truthful and accurate, and you may not enter a name other than your own, or otherwise misrepresent who is using the Tool, in order to disguise sharing of a license. A seat under a Company/Team License is personal to the named individual assigned to it and is non-transferable; it may be reassigned to a different individual only with the Company's prior written consent.

2. License Fees; Billing

If you obtained the Tool under a paid license, the applicable license fee and license type are as presented to you at the time of purchase, or as set out in a separate license agreement for a Company/Team license. A Single-Use License is a one-time fee that does not renew or recur. An Individual License or a Company/Team License is billed and renewed on an annual basis — regardless of whether the fee is presented to you as a monthly-equivalent rate — and renews automatically for successive one-year terms unless you cancel before your next annual billing date. The Company may change its prices, fees, or license terms for new licenses at any time. If you hold an active paid license, any increase to your fee will not take effect earlier than your next renewal, and the Company will make reasonable efforts to give you advance notice before an increased fee applies to that renewal. Your continued use of the Tool, or your renewal of a paid license, after a fee change takes effect for your account constitutes acceptance of the revised fee; if you do not agree to a fee change, you may decline to renew, and your license will lapse in accordance with these Terms.

3. Fees Non-Refundable; No Guarantee of Satisfaction

Except as required by applicable law, all license fees are non-refundable, including any fee for a partial billing period, a period in which you used the Tool less than expected, or any period following your own decision to cancel. The Company does not guarantee that you will be satisfied with the Tool, that it will meet your particular needs or expectations, or that it is suitable for any specific transaction, client, or purpose. You may cancel a paid license at any time; cancellation stops future billing but does not entitle you to a refund of any fee already paid.

4. Nature of the Tool; Estimates Only

The Tool is a financial modeling and illustration aid for rural, agricultural, and recreational real estate. All figures produced by the Tool — including but not limited to cap rate, cash-on-cash return, debt service coverage ratio, internal rate of return, total return on investment, projected income, projected expenses, projected property value, and net sale proceeds — are estimates based on assumptions entered by the User or a third party. They are illustrative only, are not a forecast or guarantee of any kind, and do not constitute an appraisal, broker price opinion, feasibility study, or valuation of any property. You must independently verify all figures, calculations, and other output produced by the Tool — and the assumptions underlying them — before relying on them in connection with any actual purchase, sale, financing, or investment decision.

5. No Professional, Financial, Legal, or Tax Advice

The Tool does not provide financial, investment, legal, tax, accounting, engineering, environmental, or appraisal advice, and nothing produced by the Tool should be relied upon as such. Real estate investment decisions involve significant risk. Before making any purchase, sale, financing, or investment decision, you should obtain independent advice from a licensed attorney, accountant, financial advisor, appraiser, and/or other qualified professional, and you should independently verify all property-specific facts, including but not limited to acreage, boundaries, water rights, mineral rights, zoning, easements, environmental conditions, title, leases, income history, and physical condition.

6. No Warranty

THE TOOL AND ANY OUTPUT IT GENERATES (INCLUDING ANY REPORT) ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, OR NON-INFRINGEMENT. THIS APPLIES WHETHER YOU RECEIVED THE TOOL FREE OF CHARGE OR PAID A ONE-TIME OR RECURRING FEE TO LICENSE IT. THE COMPANY DOES NOT WARRANT THAT THE TOOL WILL BE ERROR-FREE, THAT ANY CALCULATION WILL BE ACCURATE OR COMPLETE, OR THAT THE TOOL WILL MEET YOUR REQUIREMENTS.

7. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE COMPANY, ITS OWNERS, MEMBERS, MANAGERS, EMPLOYEES, AGENTS, OR AFFILIATES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, DATA, OR BUSINESS OPPORTUNITY, ARISING OUT OF OR RELATING TO YOUR USE OF, OR INABILITY TO USE, THE TOOL OR ANY OUTPUT OR REPORT IT GENERATES, WHETHER BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY'S TOTAL CUMULATIVE LIABILITY ARISING OUT OF OR RELATING TO THE TOOL SHALL NOT EXCEED THE TOTAL AMOUNT, IF ANY, THAT YOU PAID TO THE COMPANY TO LICENSE OR OBTAIN THE TOOL DURING THE TWELVE (12) MONTHS BEFORE THE CLAIM AROSE, OR, IF YOU OBTAINED THE TOOL AT NO CHARGE, ONE HUNDRED U.S. DOLLARS ($100).

8. User Responsibility

You are solely responsible for the assumptions and data you enter into the Tool, for independently verifying and reviewing any report or output it generates before relying on or distributing it, and for any decision made in reliance on the Tool. If you share a report generated by the Tool with a client, investor, lender, or any other third party, you do so at your own discretion and risk, and you are responsible for ensuring that the report is accompanied by appropriate disclaimers and that the recipient understands the estimates are not guaranteed and have not been independently verified by the Company.

9. Indemnification

You agree to indemnify, defend, and hold harmless the Company and its owners, members, managers, employees, agents, and affiliates from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to: (a) your use of the Tool; (b) any report or output you generate, share, or distribute; (c) any decision made in reliance on the Tool; or (d) your violation of these Terms.

10. Intellectual Property

The Tool, including its design, code, calculations, and content, is the proprietary property of the Company and is protected by copyright and other intellectual property laws. Except as expressly authorized by the Company in writing, you may not copy, modify, distribute, sell, sublicense, reverse-engineer, or create derivative works based on the Tool. This prohibition includes using the Tool, its underlying code, or any report or output it generates to train, prompt, or otherwise instruct an artificial intelligence system or other automated means to build, reproduce, or approximate the Tool or a substantially similar product.

11. No Guarantee of Outcomes

Past or projected performance shown by the Tool is not indicative of future results. Actual income, expenses, financing terms, appreciation, and sale proceeds may differ materially from any estimate the Tool produces, due to market conditions, changes in law, acts of nature, and other factors outside the Company's control.

12. Third-Party Content

If you upload photos, logos, documents, or other content into the Tool or into a report it generates, you represent that you have all necessary rights and permissions to use that content, and you are solely responsible for it. The Company is not responsible for any content you upload.

13. Modifications

The Company may update these Terms from time to time. Continued use of the Tool after a change constitutes acceptance of the revised Terms.

14. Governing Law

These Terms are governed by the laws of the State of Montana, without regard to its conflict-of-laws principles, and any dispute arising out of or relating to these Terms or the Tool shall be resolved exclusively in the state or federal courts located in Montana.

15. Severability; Entire Agreement

If any provision of these Terms is found unenforceable, the remaining provisions will remain in full force and effect. These Terms constitute the entire agreement between you and the Company regarding use of the Tool and supersede any prior agreements or understandings.

16. Contact

Questions about these Terms may be directed to MF McDonnell and Associates, LLC.

This document is a general template and is not a substitute for advice from a licensed attorney. Review and adapt it with qualified legal counsel before relying on it for liability protection.

Last updated: August 17, 2026

1. Overview

This Privacy Policy explains what information AcreReturns (the Rural Real Estate Investment Calculator, referred to here as the "Tool") handles and how, for MF McDonnell and Associates, LLC ("Company," "we," "us," or "our"). The short version: the Tool has no server, no login, and no database — everything you type into it stays on your own device, in your own browser. This policy explains what that means in practice.

2. Information You Enter

The Tool lets you enter property, financial, and client information (for example, purchase price, income and expense assumptions, a client's name, property photos, a logo, and supporting documents) in order to generate calculations and an optional client-facing report. You choose what to enter — the Tool does not require or request any information beyond what you voluntarily type in or upload.

3. No Collection by Us

The Tool is a single, self-contained file that runs entirely in your web browser. It does not transmit, upload, or send anything you enter to MF McDonnell and Associates, LLC or to any server, cloud service, or third party. We do not receive, view, store, or have any access to the data you enter, the reports you generate, or the photos or documents you attach. There is nothing for us to collect, because nothing leaves your device.

4. No Cookies, Tracking, or Analytics

The Tool does not use cookies, does not include analytics or advertising scripts, and does not track your usage in any way.

5. How Photos and Documents Are Handled

Any logo, photo, or document you attach is embedded directly into the calculator or the generated report file itself (as in-browser data), not uploaded to any server. It travels only as far as the file you save, print, or share.

6. Saved Project Files

The Tool lets you save your work as a project file so you can pick up where you left off later, and load a project file back in. A saved project file contains everything you entered — including any client name or other client information, financial assumptions, narrative text, photos, logo, and attached documents — in a single file that is written directly to your own device when you click "Save project." Nothing is transmitted to us or to any server in the process. Because a saved project file can contain sensitive client information, it is your responsibility to store, name, and share those files the same way you would any other confidential document, and to delete files you no longer need using your device's own file management tools — we have no access to them and no way to delete them for you.

7. Data You Choose to Share

If you generate a report, or a saved project file, and share it — by email, download, print, or any other means — with a client, lender, or other third party, that sharing is your action and your responsibility. Once shared, that copy of the data is outside our control and this Policy no longer governs it. You are responsible for complying with any privacy laws or professional obligations that apply to information (including client personal or financial information) you choose to include in a report or project file you distribute.

8. Third Parties and Your Own Device or Network

Because the Tool runs locally, no third party receives data through it. However, if you use the Tool on an employer-managed device, a shared computer, or a monitored network, that device or network owner's own policies may independently apply to your activity — that is outside our control.

9. Children's Privacy

The Tool is intended for use by real estate professionals and investors and is not directed at, or intended for use by, children.

10. Changes to This Policy

We may update this Privacy Policy from time to time. The "Last updated" date above reflects the most recent revision.

11. Contact

Questions about this Privacy Policy may be directed to MF McDonnell and Associates, LLC.

This document is a general template and is not a substitute for advice from a licensed attorney, particularly if this Tool is ever licensed or distributed beyond internal use, where additional privacy-law obligations may apply.

Last updated: August 17, 2026

1. How This Tool Is Built

AcreReturns (the Rural Real Estate Investment Calculator, referred to here as the "Tool") is a single, self-contained file. It has no server, no database, no user accounts, and no login. All calculations run locally, inside your own web browser, using only the information you type in during that session.

2. Where Your Data Lives

Nothing you enter — property figures, client names, narrative text, photos, a logo, or attached documents — is transmitted anywhere. It exists only in your browser's memory while the Tool is open, and in whatever copy of the file or generated report you save, print, or share yourself. MF McDonnell and Associates, LLC has no server that stores or receives it.

3. No Accounts, No Third-Party Scripts

The Tool does not require a login, does not use cookies, and does not load analytics, advertising, or other third-party tracking scripts. There is no external service in the loop that could be compromised on our end, because there is no external service.

4. What "Security" Means for a Tool Like This

Most software security concerns — server breaches, database leaks, compromised accounts — depend on there being a server, database, or account system to attack. This Tool does not have one. The practical security question instead becomes: how you handle the file and any reports you generate on your own device.

5. Your Responsibility as the User

Because a filled-in copy of the Tool, a saved project file, or a generated report can contain sensitive client financial information, treat it like any other confidential document: keep it on a device with appropriate access controls (password/passcode, disk encryption, up-to-date software), avoid sending it over unsecured or public channels, and dispose of copies you no longer need using your device's own file management tools. Distribution and storage of the file, any saved project files, and any reports you generate is entirely within your control and your responsibility.

6. Report and Project File Sharing

Once you generate a report or a saved project file and share it with a client, lender, or other third party — by email, download link, print, or any other means — its security in transit and at rest is governed by whatever method you used to share it (e.g., your email provider), not by this Tool.

7. No Guarantee

While the Tool's architecture avoids many risks associated with hosted software, we cannot guarantee the security of your own device, browser, email, or file storage practices, or of any third-party service you use to store or transmit the file or a generated report.

8. Reporting a Concern

If you believe you have found a security issue with the Tool itself, please contact MF McDonnell and Associates, LLC.

This document is a general template and is not a substitute for advice from a licensed attorney or security professional, particularly if this Tool is ever licensed, hosted, or distributed in a way that adds servers, accounts, or data storage beyond its current single-file design.