PUBLIC REAL ESTATE AUCTION

BANKRUPTCY

Auction held at:

Cunningham & Associates, Inc.

3138 W. Durango Street

Phoenix, AZ 85009

July 14^th, 2004 10:00 A.M.

NO RESERVE

NO BUYERS PREMIUM

SUBJECT PROPERTY

• 2900 W. Granada Road, Phoenix, AZ 85009 A.K.A. 1836 N. 29^th Ave., Phoenix, AZ 85009

• Maricopa County Assessor’s Number:  108-27-074

• Legal Description:  Franklin Village A AMD LOT 2 N2

• This property was purchased by the debtor on 4/4/88 for $25,000.00

• 2005 Maricopa County Assessed Value:  $45,500.00

• Year Built:  1930

• Lot Size:  3,372 square feet

• Interior Square Footage:  672

TERMS:  $1,000.00 cash/cashier’s check deposit made out to Cunningham & Associates, Inc. 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 July 15, 2004 12:00 P.M.  All bidders are personally encouraged to inspect the property as this property will be sold “as is” and “where is” and will be sold subject to all liens and encumbrances, if any.  Sale is subject to Trustee and U.S. Bankruptcy Court approval.  Bidders must conduct all due diligence to satisfy themselves prior to bidding, including title searches.