Over for Terms and Conditions (to be read in-full)

AUCTION INFO: (602) 647-4900

This auction is conducted by Carl Cunningham, Cunningham & Associates, Inc. Auctioneers (The Auctioneer) in cooperation with Realty Executives as agent for the Trustee and U.S. Bankruptcy Court. The auction shall take place on-site at 2900 W. Cactus, 2904 W. Cactus and 2910 W. Cactus Rd., Phoenix, AZ 85029, Tuesday, April 30, 2002 10:00 A.M.

PROPERTY INPECTION: Bidders are encouraged to physically inspect the property to be sold prior to auction. All three properties will be on lock box. Public inspection will take place Tuesday, April 30, 2002 8:00-10:00 A.M..

This property is being sold "AS IS/WHERE IS" and it is the responsibility of each Bidder to inspect the property prior to sale and to satisfy themselves as to the physical condition. Trustee, U.S. Bankruptcy Court and Auctioneer assume the Bidders have inspected the property prior to the auction. This property is offered for sale, unrepaired and without any expressed or implied warrantees. Auctioneer, Trustee and U.S. Bankruptcy Court assume no liability for errors of omissions in the property listing advertisements of promotional statements and material. Although information has been gathered from sources deemed reliable, the Auctioneer makes no guarantees as to the accuracy of the information herein contained. The Buyer affirms he/she has read and understands the terms and conditions of the auction and that if there are any risks he/she accepts them wholly as his/her own and holds the Trustee, U.S. Bankruptcy Court, Auctioneer, Auction Company, and Real Estate Broker and Brokerage Firm without blame.

ESCROW AND TITLE INSURANCE COSTS: Buyer to pay all closing costs on the property. Buyer must be prepared to close escrow within thirty (30) days.

BIDDERS PADDLE AND REGISTRATION: To obtain a Bidder’s paddle and participate in the auction, bidders must register and provide the Auctioneer with cash, cashier’s check or certified funds in the amount of $7,500.00 made payable to the Bidder. The property is being sold with NO BUYER’S PREMIUM.

DOWN PAYMENT: The Successful Bidder must provide 10% of the high bid immediately after being deemed "Successful Bidder" as a down payment and as a non-refundable deposit. The deposit will be deposited directly to the title company and must be in the form of cash or cashier’s check only. Payment-in-full is required on or before Friday, May 31st, 2002 5:00 P.M

BACK-UP BIDDER: The Auctioneer may take a back-up offer from the second highest bidder. The back-up Bidder must purchase the property at its bid price by 5:00 P.M. of the next business day after being offered the property. In the event the highest bidder fails to perform as required, the property will be offered to the back-up Bidder. At the time all original terms of sale will become the responsibility of the back-up Bidder including the deposit requirements.

BROKER PARTICIPATION: a 2% of purchase price (high bid) co-broke will be paid to any properly licensed real estate agent/broker whose client performs and closes as per auction terms and condition guidelines. IT IS MANDATORY that all broker/agents register themselves and their clients a minimum of 24 hours prior to the auction in order to qualify for the 2% co-broke – NO EXCEPTIONS.

OTHER CONDITIONS: No Bidder shall offer an advance upon the previous bid of less than such amount as the Auctioneer may in his sole discretion direct. In the event of a dispute between Bidders, the Auctioneer shall make the sole and final decision to either accept a final bid or to re-offer and re-sell the property in dispute. THE AUCTION WILL BE RECORED AND THE AUCTIONEER’S SALES RECORDS SHALL BE CONCLUSIVE IN ALL RESPECTS.

CUNNINGHAM & ASSOCIATES, INC.

Realty Executives