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 $75,000 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 her 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 Trustee, 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 10.00% 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.

The Property is sold subject to the rights, if any, of parties in possession, if such rights have priority over the Deed of Trust, and to any and all covenants, conditions, restrictions, easements, rights of way, and limitations of record.  The Property will be sold "WHERE IS" and in "AS IS" condition without any warranty as to condition, express or implied, and without any representation or warranty as to the accuracy of the information furnished to prospective bidders by the Substitute Trustee or any other party and without any other representations or warranty of any nature.  Without limiting the generality of the foregoing, the Property will be sold without representation or warranty as to (i) title to the Property, (ii) the nature, condition, structural integrity, or fitness for a particular use of any improvements, fixtures or personal property included within the Property, (iii) the environmental condition of the Property or the compliance of the Property with federal, state and local laws and regulations concerning the presence or disposal of hazardous substances, (iv) compliance of the Property with the Americans with Disabilities Act or any similar law, or (v) compliance of the Property with any zoning laws or ordinances and any and all applicable safety codes, and acceptance of the Deed to the Property by the successful purchaser shall constitute a waiver of any claims against the Substitute Trustee or the Noteholder concerning any of the foregoing matters.  The successful purchaser recognizes that any investigation, examination or inspection of the Property is within the control of the owner or other parties in possession of the Property and not within the control of the Substitute Trustee or the Noteholder.

Conveyance shall be by Substitute Trustee’s Deed, without covenant or warranty, express or implied.  The risk of loss or damage by fire or other casualty to the Property from and after the date of sale will be upon the successful purchaser.  The Property will be sold subject to all taxes, ground rents, public charges, assessments, sewer, water, drainage and other public improvements whether assessments have been levied or not.  The Noteholder and Substitute Trustee assume no liability for fuel, gas, electricity, utilities and other operating charges accrued before or after the sale and all such charges shall be the sole responsibility of the purchaser from the date of sale.  All costs incident to the settlement and conveyancing including, without limitation, examination of title, conveyancing, all recordation taxes and charges, all transfer taxes and charges, title insurance premiums, notary fees, settlement fees and all other costs incident to settlement shall be at the cost of the successful purchaser.  If the Substitute Trustee cannot convey title, the purchaser's sole remedy is a return of deposit.  Further particulars may be announced at the time of sale. 

For further information, please contact Lisa D. Sparks, Esq. at 410-659-1322 lsparks@wcslaw.com.