TERM? OF SALE

TERM? OF SALE

■t 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. Bghts, reservations, conveyances, conditions, easements, restrictions, and all recorded and

Korded liens, if any. having priority over the Deed of Trust, as they may lawfully affect the

rty.

; The Substitute Trustees and the Beneficiary disclaim all warranties of any kind, either express or implied for the Property, including without limitation, any warranty relating to the zoning, condition of the soil, extent of construction, materials, habitability, environmental condition, compliance with applicable laws, fitness for a particular purpose and merchantability. The 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 responsibility of the successful bidder (the "Purchaser").

A bidder’s deposit of $10,000.00 (the “Deposit”) by certified or cashier’s 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 Deposit. Immediately after the sale, the successful bidder shall execute a memorandum of sale, copies of which shall be available for inspection immediately prior to the sale, and shall deliver to the 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.

Settlement shall take place at the offices of Williams Mullen, 8270 Greensboro Drive, Suite 700, McLean, Virginia 22102. Purchaser shall pay all past due real estate taxes, rollback taxes. water rents, water permit renewal fees (if any) or other municipal liens, charges and assessments. The Purchaser shall also pay all settlement fees, title examination charges, title charges, and title insurance premiums, all recording costs (including the state grantor's tax and all state and county recordation fees, clerk's filing fees and transfer fees and taxes), auctioneer’s fees and/or bid premiums, and reasonable attorneys' fees and disbursements incurred in the preparation of the deed of conveyance and other settlement documentation.

The Purchaser shall be required to sign an agreement at settlement waiving any cause of action the Purchaser may have against the Substitute Trustees, the Beneficiary and/or the Auctioneer for any condition with respect to the Property that may not be in compliance with any federal, state or local law, regulation or ruling including, without limitation, any laws, regulation and ruling relating to environmental contamination or hazardous wastes. Such agreement shall also provide that if notwithstanding such agreement, a court of competent jurisdiction should permit such a claim to be made, such agreement shall serve as the overwhelming primary factor in any equitable apportionment of response costs or other liability. Nothing herein shall release, waive or preclude any claims the Purchaser may have against any person in possession or control of the Property.

If any Purchaser fails for any reason to complete settlement as provided above, the Deposit shall be forfeited and applied to the costs of the sale, including Trustees’ fees, and the balance, if any, shall be delivered to the Beneficiary to be applied by the Beneficiary against the indebtedness secured by and other amounts due under the Deed of Trust in accordance with the Deed of Trust or applicable law or otherwise as the Beneficiary shall elect. There shall be no refunds. Such forfeiture shall not limit any rights or remedies of the Substitute Trustees or the Beneficiary with respect to any such default. If the Property is resold, such re-sale shall be at the risk and the cost of the failing bidder, and the failing bidder shall be liable for any deficiency between its bid and the successful bid at there-sale as well as the costs of conducting such re-sale. In the event the Substitute Trustees do not execute a deed of conveyance or other necessary settlement documents, the Purchaser's sole remedy shall be the refund of the Deposit. Immediately upon conveyance by the Substitute Trustees of the Property, all duties, liabilities and obligations of the Substitute Trustees, if any, with respect to the Property so conveyed shall be extinguished, except as otherwise provided by applicable law.