REAL ESTATE AUCTION

by

Cunningham & Associates Real Estate, LLC

Auction held at:

Cunningham & Associates, Inc.

3138 W. Durango St.

Phoenix, AZ 85009

January 12, 2005 10:00 A.M.

NO RESERVE

NO BUYERS PREMIUM

SUBJECT PROPERTY:

• Vacant land in Douglas, AZ

• APN: 406-29-267 and 406-28-124

• Legal Description:  Cochise College Park 10, Lot 3633 and Lot 4284      

• Lot size:  Each lot is 12,500 square feet +/- according to Cochise County Assessor

• Zoned:  Residential

• 2003 taxes:  $24.00 for both lots

TERMS:  $1,000.00 cash/cashier’s check deposit made out to TSA Title Agency in order to obtain bidder’s card.  This deposit is refundable to all unsuccessful bidders.  Successful bidder must pay balance in-full no later than 12/9/04 12:00 P.M.  All bidders are encouraged to personally inspect the subject property prior to auction as this property will be sold “as is” and “where is”.  This property is owned free and clear.  Bidders must conduct all due diligence to satisfy themselves prior to bidding, including on-site inspections, land investigations, title searches.   Buyer understands buyer is bidding on above property in “as is” condition and as such waives his/her review and approval of seller property disclosure statement.  Buyer to pay all closing costs.  Close of escrow shall occur on or before 01/31/05.  Above information is believed to be accurate, however it is the responsibility of the bidder to confirm all information prior to bidding.  Buyer agrees to waive seller disclosure statement.