SUMMARY: Incredible Opportunity! Bowling & Kugler Realty and Myron Bowling Auctioneers have been appointed by the Receiver to sell (21) properties at ABSOLUTE public auction. This multi-million dollar offering of student rental housing in Oxford includes a 33-unit apartment building, three other apartment complexes, duplexes and single family homes. A commercial property with great development potential will also be sold.

TERMS OF SALE:

1. All properties are sold "as is, where is"
2. 6% buyer's premium will be added to the bid price to determine the contract price. Online sales through Bidspotter.com will be subject to a 7% buyer's premium.
3. 10% non-refundable deposit in certified funds (cash, cashier's check, certified check, or wire transfer) is required from successful bidders the day of the auction.
4. Closing will take place on or before June 24, 2011.
5. Successful bidders will be required to sign an offer of agreement the day of the sale.
6. Property taxes and rents will be prorated to the date of closing. Housing deposits will be transferred to the buyer.
7. Tenants' rights apply to all properties.
8. Seller pays for deed preparation, conveyance fee and mortgage release. Buyer pays all other closing costs and Title Insurance.
9. Buyer takes possession at closing subject to tenants' rights.
10. Bowling & Kugler Realty/Myron Bowling Auctioneers, Inc. represent the Receiver only.
11. Title shall be free, clear and unencumbered as of closing.

Broker/Agent Participation: Co-op Brokers and Agents (through their real estate company) will be paid 1% of the high bid price for representing (acting as buyer's agent) a successful real estate bidder closing the the transaction. To qualify for this 1% co-op fee the real estate agent must: 1) have an active real estate license, 2) show the property to the buyer, 3) present a Broker Registration Form signed by both Agent and the Bidder for acceptance by Bowling & Kugler Realty two days before the auction, and 4) attend the auction with the Bidder. Co-op feeds due representing Brokers or Agents will be paid at closing.