PUBLIC REAL ESTATE AUCTION

Friday, June 24^th, 2005 10:00 A.M.

Phoenix Airport Marriott Hotel

1101 North 44^th Street

Phoenix, AZ 85008

BANKRUPTCIES and non-bankruptcies

map to auction location

NO RESERVE

NO BUYERS PREMIUM

BANKRUPTCY

• Vacant Lot in Apache County, AZ

• Apache County Assessor Parcel Number:  207-46-264

• Lot Size:  1+/- acre (43,560 +/- square feet)

• Legal description:  Bell Brand Ranches #1 Lot 264

TERMS:  $1,000.00 cash/cashier’s check deposit made out 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 6/24/05 3 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”.  Sale Subject to Bankruptcy Trustee approval.  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 statement.  Bankruptcy Trustee will make available a Trustee’s Deed to the buyer within 2 weeks of the auction.  Above information is deemed reliable, however it is the responsibility of each bidder to confirm above information prior to auction.

By signing below, the successful bidder agrees to the above terms and conditions, waives all inspections/surveys after auctioneer says “sold”, and agrees to agency disclosure that Cunningham & Associates Real Estate, LLC represents the seller exclusively.

*Please Note:  Buyers must read the terms and conditions of each property they are interested in prior to auction as the deposit amounts and/or who the cashier’s check is made out to may be different for each property to be sold in auction.

**Proxy Bidders:  In order to bid, you are required to place the required deposit with Cunningham & Associates, sign the terms and conditions, and contact Cunningham & Associates with the lot number(s) and the amount(s) you are willing to bid up to.