NOTICE OF SUBSTITUTE TRUSTEES’

NOTICE OF SUBSTITUTE TRUSTEES’

SALE OF RESIDENTIAL PROPERTY LOCATED AT ZACHARY TAYLOR HIGHWAY

FLINT HILL, VIRGINIA 22627

SALE TO BE HELD AT 604 ZACHARY TAYLOR HIGHWAY, FLINT HILL, VIRGIHIA 22627

MARCH 21,2002

AT 10:00 A.M.

In execution of the Deed of Trust dated June 28, 1996, and recorded in the Clerk’s Office of the Circuit Court of Rappahannock County, Virginia (the “Clerk's Office’’), in Deed Book; 219, Page 573 (the “Deed of Trust”), securing First Union National Bank, successor-in-interest to First Union National Bank of Washington, D C. (the “Noteholder” or “Beneficiary"), default having occurred upon the payment of the debt secured thereby, and being instructed to do so by the Noteholder, the undersigned Substitute Trustees will offer for sale the property described below at public auction at 604 Zachary Taylor Highway, Flint Hill, Virginia 22627 on, March 21. 2002 beginning at 10:00 a.m. . **«

The real property encumbered by the Deed of Trust that will be offered for sale by the Sotj^ stitute Trustees is generally known as 604 Zachary Taylor Highway, Flint Hill, Virginia 2262X (the "Property") and is described in more detail in the Deed of Trust and as follows:

Lots 28 and 29, containing 0.5870 acres, more or less, as shown on plat made by Land •».

Surveys. Inc., dated September 11, 1978, recorded in Deed Book 129, page 349, among* -

the land records of Rappahannock County, Virginia.

The real property offered for sale includes the land described above and all buildings]! structures, fixtures and other improvements and all leases, rents, issues and profits, and alt contracts of sale and security deposits and all awards, judgments, and settlements made wittt respect to the real property as a result of eminent domain or any other injury or decrease the value of the real property, and other appurtenant rights associated with the ownership of the land and the improvements. . ••*

The personal property encumbered by the Deed of Trust and offered for sale (the “(’•li* sonal Property") with the real estate, pursuant to Section 8.9-501 of the Virginia Code, consist of the tangible and intangible personal property located at or intended to be used with the rgat estate, as described in more detail in the Deed of Trust, including, without limitation, all oftber walks, fences, shrubbery, equipment, fittings, and other goods, chattels, and tangible and ir»v tangible personal property, and all proceeds thereof every kind and description whatsoevefand attached to or contained in or used in connection with any present or future operation gj the real estate, less and except any funds or other monies that have been paid to or claimed by the Noteholder before the sale date. Neither the Noteholder nor the Substitute Trustee make any representations or warranties as to the identity of such f>ersonal property, it bein$ the sole responsibility of the Purchaser to identify such property.

TERMS QF SALE *

ALL CASH. The property will be offered for sale "AS IS, WHERE IS" and will be conveyed by Substitute Trustees' Deed (the “Substitute Trustees' Deed”) subject to all encumbrances', rights, reservations, conveyances, conditions, easements, restrictions, and all recorded awj unrecorded liens, if any, having priority over the Deed of Trust, as they may lawfully affect, the property. .

The Substitute Trustees and the Beneficiary disclaim all warranties of any kind, either1 axv press or implied for the Property, including without limitation, any warranty relating to the Zon* ing, condition of the soil, extent of construction, materials, habitability, environmental cond£ tion, compliance with applicable laws, fitness for a particular purpose and merchantability. Th»risk of loss or damage to the Property shall be borne by the successful bidder from and after the date of the time of the sale. Obtaining possession of the property shall be the sole respon*' sibility of the successful bidder (the “Purchaser”). ^

A bidder s deposit of $10,000.00 (the “Deposit") by certified or cashiers check may be required by the Substitute Trustees for such bid to be accepted. The Substitute Trustees reserve the right to prequalify any bidder prior to the sale and/or waive the requirement of the Depositr Immediately after the sale, the successful bidder shall execute a memorandum of sale, copied of which shall be available for inspection immediately prior to the sale, and shall deliver to th» Substitute Trustees the Deposit and the memorandum of sale. The balance of the purchase price; together with interest at the Noteholder’s Prime Rate plus 4.5% per annum from the' date of sale to the date of settlement, shall be paid by the Purchaser Settlement shall occur within seven (7) days after the sale date, TIME BEING OF THE ESSENCE with regard to the Purchaser's obligation.