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TRUSTEE’S SALE
OF TWO SEPARATE
PARCELS OF
VALUABLE REAL
PROPERTY
By virtue of a two separate deeds of trust, the first recorded among the land records of Rappahannock County, Virginia in Deed Book 166 at page 295, and amended by instrument recorded in Deed Book 168 at page 82 among the aforesaid land records (said deed of trust as amended referred to herein as the "Schafer Farm Deed of Trust’’); the second recorded in Deed Book 168 at page 88 among the aforesaid land records (the ’Stuart Property Deed of Trust"), at the request of the party secured thereby (the "Noteholder"), the undersigned Trustees will offer for sale at public auction, on the front steps of the Rappahannock County Courthouse, Washington, Virginia, on Friday, February 10, 1989, at 2:00 p.m., the following described two parcels of land and premises, situated in Rappahannock County, Virginia:
THE "SCHAFER FARM": approximately 27.89 acres of mostly open meadow, located south of Ben Venue with right of way from Route 622, tax map 41 (3) F, improved with two residences, the first, estimated to date from the 1700's, being a two-story old log and frame with rock foundation, wood floors, 4 stone fireplaces, two bedrooms, woods stoves, electric heat, restored, with upstairs bath, and the second, a restored log cabin, two-story, two bedrooms, bath, cedar shake roof, log and cedar exterior siding, and deck overlooking pond.
"THE STUART PROPERTY": approximately 9.77 acres of vacant land located on Blue Ridge Ave., Route 622, Town of Washington. tax map 20A-1 -parcels 15, 16, 17 and 21, believed to be zoned for residential use on 1 1/2 acre minimum lots
All of the above-described property (collectively, the "Property”) will be sold and conveyed subject to all senior tenancies and all easements, right- of- way, building restriction lines, covenants, conditions, agreements, restrictions and all senior liens and encumbrances of record, including real estate taxes and special assessments, if any The Schafer Farm will be offered at auction first, followed by an auction of the Stuart Property. A third auction will then be conducted, wherein both properties shall be offered as a single lot. If the highest bid of the third auction exceeds the total of the highest separate bids on the first and second auction, the highest bidder of the third auction, subject to the Noteholder's rights to reject all bids, shall be awarded purchase rights, otherwise, purchase rights to the separate properties shall be awarded to the highest bidders of the first and second auction, respectively.
TERMS OF SALE: ALL CASH AS A CONDITION TO PARTICIPATING IN THE AUCTION, EACH PROSPECTIVE BIDDER MUST HAVE FIRST DELIVERED TO THE TRUSTEES A BIDDING DEPOSIT IN THE AMOUNT OF $25,000.00, in the form of cash, certified check or cashier's check payable to the order of the Trustees, or, in such other form as the Trustees may deem acceptable in their sole discretion. The Noteholder reserves the right to bid and/or reject all bids and may be excempted by the Trustees from submitting such bidding deposit. The deposit of the successful bidder shall be applied as a credit at settlement, provided, however, that in the
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