Requirements of the High Bidder: The High Bidder on the property will be required to immediately tender the required cashier’s or certified check in the amount of $1,000,000 USD as initial earnest money made payable to First American Title Corporation, as Escrow Agent and sign the Real Estate Purchase Agreement. The initial down payment must be increased by cashier’s check to a total of 8% of the total purchase price, by 12 Noon, Friday, May 22, 2009, delivered to the offices of First American Title.

Auction Procedure: This sale is subject to the approval of the US Bankruptcy Court, Case Number BK-S-09-10418-1br and to Seller’s acceptance.

Closing Date: The sale on this property will close on or before July 1, 2009, at the Offices of First American Title at which time Purchaser shall pay the balance of the purchase price. Please refer to the Real Estate Purchase Agreement in the Bidder’s Packet for details. Purchaser shall have the right to purchase one (1)closing extension for ten (10) days at a cost of $25,000 payment (not to be applied towards purchase price) to Seller which shall be payable at time of extension. Purchaser must notify Seller or Seller’s agent of such extension no later than June 15, 2009. In no case shall closing go beyond July 11, 2009. Time is of the essence.