REAL ESTATE AUCTION

Cunningham & Associates Real Estate, LLC

Auction held at:

Cunningham & Associates, Inc.

3138 W. Durango St.

Phoenix, AZ 85009

May 11th, 2005 10:00 A.M.

NO BUYERS PREMIUM

NO RESERVE

SUBJECT PROPERTY:

• Vacant Lot in St. Johns, AZ (Apache County)

• Assessor Parcel Number:  107-03-421

• Lot Size:  1 acre +/-

• Legal description:  Show Low Pines Unit 3 Lot 421

• Assessed Full Cash Value:  $3,642.00

TERMS:  $1,000.00 cash/cashier’s check deposit made out to Cunningham & Associates Real Estate, LLC 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 5/12/05 12:00 P.M. or forfeit deposit.  All bidders are encouraged to personally inspect the subject property prior to auction as this property will be sold “as is” and “where is”.  Seller guarantees 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 disclosure.  Title Security Agency shall be the escrow/title company.  Buyer to pay all escrow fees/closing costs.  Close of escrow to occur on or before 5/18/05 5PM.  Above information is deemed reliable, however it is the responsibility of each bidder to confirm above information prior to auction.