Upcoming Auctions

SUMMARY TERMS OF SALE: ALL CASH. The bid which yields the highest price for the Property will be accepted by the Substitute Trustee (unless the sale is postponed or cancelled) and all bids will be provisional until acceptance. Notwithstanding the foregoing, the Substitute Trustee absolutely reserves the right to postpone the sale and/or cancel the sale at any time until the auctioneer announces that the Property is "sold" and the deposit in the required amount and form is received by the Substitute Trustee. A deposit in the amount of $250,000 will be required at the time of sale. Such deposit must be by cashier's check or certified check or in such other form as the Substitute Trustee may determine in their sole discretion. The Noteholder secured by the Deed of Trust (or any related party) shall be exempted by the Substitute Trustee from submitting any bidding deposit. The Substitute Trustee will, as a condition of the sale, require all potential bidders except the Noteholder to show their deposit before any bidding begins. The retained deposit of the successful purchaser shall be applied, without interest, to the successful purchaser's credit at settlement, provided, however, that in the event the successful purchaser fails to consummate the purchase in accordance with the terms of sale as herein provided, such deposit, at the option of the Substitute Trustees, will be forfeited. The terms of sale must be complied with and settlement consummated thereon within 30 days from day of sale unless extended at the sole discretion of the Substitute Trustee. TIME IS OF THE ESSENCE. The balance of the purchase price over and above the retained deposit, with interest thereon at a rate of 11.5% per annum from the date of sale through the date of receipt of the balance of the purchase price, will be due at settlement in cash or certified funds; and if not so paid, the Substitute Trustee reserves the right to retain the deposit and resell the Property at the risk and cost of the defaulting purchaser, after such advertisement and on such terms as the Substitute Trustee may deem proper, and to avail themselves and the Noteholder of any legal or equitable rights against the defaulting purchaser.