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REAL ESTATE AUCTION

Auction held at:

Cunningham & Associates, Inc.

3138 W. Durango St.

Phoenix, AZ 85009

August 11, 2004 10:00 A.M.

NO RESERVE

NO BUYERS PREMIUM

SUBJECT PROPERTY:

• (2) residential vacant lots in upcoming west valley subdivision.  Each individual lot borders each other.

• Maricopa County Parcel Numbers:  401-57-557 and 401-57-559

• Legal Description:  Harquahala Ranches 2, Lots 180 and 182

• Maricopa County Assessed Full Cash Value:  $3,000.00 per lot

• Market comparison land value:  $8,000.00 - $11,000.00                per lot

• Lot size:  96,030 +/- square feet (2.205 +/- acres)

• Zoning:  R-34 (Construction of a house or new double-wide mobile home is permitted.  No single-wide mobile homes allowed.

• County maintained gravel roads

• Several houses within a block.  One new home.  One under construction.

• Utilities readily available.  APS, Eagle Tail Water Co., TDS Telecom.  Due to proximity of neighboring houses, hook-up fees should be very reasonable.

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 8/12/04 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.   Close of escrow shall occur on or before 8/30/04.  Buyer to pay all closing costs.  No reserve.