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NOTE AND DEED OF TRUST
AUCTION #4
REGARDING REAL ESTATE
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The approximate amount owed under the Note
is approximately $250,000.00 which includes the following: principal
amount due under the Note is in the amount of $165,150.04, plus accrued
interest in the amount of $49,000.92 from March 19, 2002 to June 2, 2006
at a per diem of $30.54, plus late charges in the amount of $2,211.50,
plus costs and attorneys’ fees through December 30, 2005 in the amount of
$31,214.47 (“Obligation”).
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The Borrower under
the Obligation has filed a Chapter 7 bankruptcy proceeding and the Note is
not performing and is in default.
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The Obligation is secured by (2)
non-operating fuel stations in St. Johns and Springerville, AZ
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Addresses: 1) 124 W. Main Street,
Springerville, AZ, 2) 110 Cleveland St., St. Johns, AZ
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Lot Sizes: Each property is approx.
1-acre according to Apache County.
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Apache County Assessor Parcel Numbers:
105-20-092 and 203-34-019P
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Legal Descriptions: IN W2 SW4 NW4 SEC 33
9 29, and E 150’ x N 200’ OF DESCRIBED PARCEL: BEG W4 COR SEC 29 T13N R28E
NELY 34.91’ TO POB N 679’ E 1272’ S 677’ W 1279’
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Apache County Assessed Full-Cash Value:
$73,352.00 and $21,917.00
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The sale is a mere sale of the Note and
Deeds of Trust and is not a sale of the fee interest.
TERMS: $10,000.00 cash/cashier’s check
deposit made out to Bidder in order to obtain a Bidder’s card. This deposit
is refundable to all unsuccessful Bidders. All Bidders are encouraged to
personally inspect the subject property prior to auction as the Note and
Deeds of Trust will be sold “as is” and “where is”. Sale is subject to Bank
approval. Bidders must conduct all due diligence to satisfy themselves
prior to bidding, including but not limited to, on-site inspections, land
investigations, and title searches. Environmental reports and title reports
are available. Prospective Buyers must sign a non-disclosure statement and
post a $5,000.00 deposit in order to review the Phase 1 reports and title
reports. Seller makes no representations or warranties whatsoever.
Security Title Agency shall be escrow company. Close of escrow to occur on
or before 14 business days after final Bank approval. Above information is
deemed reliable, however it is the responsibility of each Bidder to confirm
above information prior to auction.
The Deeds of Trust have a pending Trustee
Sale for the two properties, however, the Trustee Sales will be cancelled
prior to the closing of the Note and Deeds of Trust and the successful
bidder will be required to commence their own Trustee Sale in order to
foreclose on the real property. Additionally, the current Trustee for the
Deeds of Trust will be changed to the original Trustee, but the successful
bidder may change the Trustee thereafter.
Bidding Rules: Bidding for each property
will begin at $10,000.00. Buyer understands Buyer is bidding on the
existing note and (2) Deeds of Trust and is not bidding on the Fee
interest in the real property.
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: Bidders must read the terms
and conditions for 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.
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