PROPERTY INFORMATION PACKAGE – Powers property: Sisson Street, Beckley, Raleigh County West Virginia July 11, 2007 (Continued on page 4) • This auction is subject to seller’s confirmation of all offers. The auction firm reserves the right to advance the bid increment on behalf of the seller. • There is a 11% buyer’s premium to be added to the final bid price of the real estate and shall become part of the total contract price. • The property will be offered as a three parcels as depicted on day of auction drawing. Parcels will be offered individually, in groups and lastly in the entirety of the three parcels. Should the property be sold divided the seller will furnish a survey to establish the new legal descriptions. Please note that parcel corners/property lines as depicted on day of auction drawing are subject to a final survey and could change slightly. • Each successful purchaser will be required to enter into a non contingent purchase contract. Should the purchaser withdraw from the transaction prior to closing, the purchaser shall forfeit all moneys deposit. Closing to occur in 30-45 days of seller’s acceptance, time is of the essence. The seller shall remove debris post auction. • Real estate taxes, and other apportion able items (if any) will be prorated at settlement. The seller shall furnish/pay for the new deed, survey if sold divided, and document recording tax stamps,. All other recording costs, taxes, fees, attorney fees, inspections, and closing expenses shall be paid by Purchaser. • Deposit for the entire property per tract will be 10% of the high bid All deposit money is due in full on the day of the auction by cash, certified funds, or cashiers checks or approved checks • The property is being sold “as is, where is” without any warranty or guarantee, except for a good and marketable title shall be furnished. • All announcements from the auction block will supersede any and all previously published or written material. This auction is being audio recorded. • The auctioneer will accept normal increases in the bid price. The auctioneer reserves the right to reject any bid increment which is not in the best interest of the Seller. The auction firm reserves the right of behalf of the seller to advance the bid increments. In the event of any bidding disputes, the auctioneer has the sole authority to resolve such disputes as they may arise • Riverbend USA LLC and Sellers have gathered this information and believe it to be correct to the best of our knowledge. However, we strongly recommend that you inspect the property prior to bidding to determine the accuracy of statements made in promotional materials. All information is deemed correct but not guaranteed. Announcements made sale day take precedence over written matter. PARCEL 1 Is situated directly behind Wendy’s Restaurant and has been the office/showroom for Beckley Surplus Cabinet. This property is built over top of a storm sewer. Should the building be razed local regulations will limit the future use of this parcel. The building on parcel 1 has need of roof repair. Should Parcel 1 and Parcel 2 sell divided preliminary division information has been utilized and the new legal information will require a survey. The survey if required may change the day of auction preliminary design. An easement for parcel 2 will be established upon a divided sale, the easement will come off Piney Street for a short distance to allow access to the lower level of parcel 2. Parcel 1 is presently shown on the tax map as parcel 33.0 and if sold divided will take in a portion of tax parcel 35.0 No equipment or personal property conveys with the sale of the realty. Parcel 2 Begins on Piney Street and includes the old grey brick building and includes the long rectangular shape cabinet shop. The back side of the property adjoins the former Railway Property. Parcel 2 and 3 will split with parcel 3 extending including the new addition jointed between the two buildings. Tax map information presently depicts the parcel as 34.0 No equipment or personal property conveys with the sale of the realty. Parcel 3 Fronts Sisson Street and is the building that currently has A Touch Of Elegance salon and an apartment on the lower front. The upstairs of the building is being used for storage. The parcel is presently depicted on tax parcels 35.0, 34.0 and 36.0. The back side of the property adjoins the former Railway Property. No equipment or personal property conveys with the sale of the realty. Income information on the apartment per month is $500.00 with utilities included, month to month lease. At the present booth rentals in the salon the WEEKLY income is approx. $410.00 with 2-3 stalls/booths ready to rent. All announcements from the auction block will supersede any and all previously published or written material. This auction is being audio recorded. Title to real estate will be conveyed by a good and marketable deed. The property will convey free and clear of any and all liens. All 2007 calendar year real estate property taxes will be prorated at the closing table. Easements, Etc. This sale is subject to existing easements, restrictive covenants, restrictions, and limitations as they may apply to the property. All purchasers are strongly recommended to review and understand all terms in the purchase contract prior to bidding. Should the property be sold divided an easement will created between parcel 1 and 2 coming off of Piney Street. Closing to be conducted within 30-45 days of auction, or sooner. Time is of the essence, the purchaser must close the contract on or before August 25th, 2007 DISCLAIMER Riverbend USA LLC and Sellers have gathered this information and believe it to be correct to the best of our knowledge. However, we strongly recommend that you inspect the property prior to bidding to determine the accuracy of statements made in promotional materials. All information is deemed correct but not guaranteed. Announcements made sale day take precedence over written matter. Riverbend USA LLC, P.O. Box 800, 100 N.Monroe Street, Alderson, WV 24910 Phone (304)-445-2897 toll free fax (866)-802-7320 email:sold@riverbendauction.com Randy S. Burdette broker, CAI 927 auctioneer licensed and bonded by the WV Dept. of Agriculture SAMPLE COPY OF CONTRACT SAMPLE COPY OF CONTRACT CONTRACT FOR SALE OF REAL ESTATE (less any out sales) The property information package day of auction terms is an addendum to this contract SAMPLE COPY OF CONTRACT SAMPLE COPY OF CONTRACT This Contract for Sale of Real Estate is made as of ___________________2007 between _______________________________, (“Seller”) and ________________________and/or assigns (“Purchaser”). W I T N E S S E T H: ___________________________________________ In consideration of the deposit of ______________________the “Deposit”) delivered by Purchaser to Riverbend USA LLC (the “Auction Firm”) and the mutual covenants hereinafter provided, Seller agrees to sell, and Purchaser agrees to buy, the following parcel of real estate together with any improvements thereon, commonly known as ____________________________________ (the “Property”). The purchase and sale of the Property shall be on the following terms and conditions: SAMPLE of CONTRACT 1. Auction Terms and Conditions. The Auction Terms and Conditions (the “Auction Terms”) shall be deemed part of this Contract as if set forth in this Contract in their entirety. In the event of a conflict between the terms and conditions of this Contract and those of the Auction Terms, the terms and conditions of the Auction Terms shall govern. SAMPLE of CONTRACT 2. Purchase Price. Purchaser agrees to pay as the full purchase price for the Property the sum of ___________________________ ($ ________________) the “Purchase Price”, as follows: (a) Purchaser shall pay the Deposit to the Auction Firm in certified funds or as may be otherwise agreed by the Auctioneer upon the execution of this Agreement. Auction Firm shall hold the Deposit and shall (I) pay it over to Seller at settlement for application to the payment of the Purchase Price, (II) return it to Purchaser when instructed to do so by Seller upon the conditions set forth herein, or (III) in the event of Purchaser’s default and at Seller’s option, pay it over to Seller for application as set forth in Paragraph 8 below. (b) Purchaser shall pay the remainder of the Purchase Price to Seller at settlement in cash, by wire transfer or by certified or cashier’s check. (c) Purchaser acknowledges that the Purchase Price includes a Buyer’s Premium of ten percent (10%). A summary of the terms of the sale is as follows: High Bid: $ Buyer’s Premium: Plus $ Purchase Price: Equals $SAMPLE of CONTRACT Deposit: $_____ __ Less $ Balance of Purchase Price Due at Closing: $ SAMPLE OF CONTRACT 3. Settlement and Possession. Settlement shall take place on or before (30-45) days from Seller authorization at the offices of Purchaser’s attorney, who shall be the settlement agent in connection with this transaction for tax reporting purposes. Possession of the Property shall be delivered to Purchaser at settlement following payment of the Purchase Price, subject to the rights of tenants, if any. TIME IS OF THE ESSENCE AS TO THE COMPLETION OF SETTLEMENT. 4. Title. Seller shall convey the Property to Purchaser by _____________ Warranty Deed. Purchaser’s and Seller’s obligations hereunder are contingent upon Seller being able to convey good and marketable title to the Property subject, however, to the following (the “Permitted Encumbrances”): (I) matters that do not render title to the Property unmarketable; (II) the rights of tenants, if any; (III) the lien of ad valorem real estate taxes not yet due and payable; (IV) such state of facts as an accurate survey and physical inspection of the Property would reveal; and (v) ordinary and customary easements, encumbrances and other restrictions of record. If, prior to settlement hereunder, Purchaser identifies a title defect other than the Permitted Encumbrances, Seller shall have the opportunity, but not the obligation, to attempt to cure the title defect, and Seller may in its sole discretion extend the settlement date accordingly. If Seller does not elect to attempt to cure the title defect, or if Seller attempts but is not successful in curing the title defect, Purchaser shall have the option to; (1) terminate this Agreement, in which case Seller shall instruct the Auction Firm to return the Deposit (less any accrued interest) to Purchaser and neither party shall have any further obligation or liability to the other; or (2) waive the title defect and proceed to settlement hereunder, without any adjustment or modification of the Purchase Price. If an owner’s title insurance policy can be obtained without extraordinary exception or with affirmative protection over any title defect, Purchaser shall be required to waive its objection to the title defect. 5. Settlement Costs. Purchaser shall pay closing costs involved including the recording costs, fees, inspection, appraisal and closing expenses shall be paid by Purchaser. Each party hereto shall be responsible for paying its own legal fees incurred under this Contract, whether or not closing occurs. The seller shall pay and furnish the new deed and shall pay the property document recording tax stamps, property taxes pro rated on the calendar year between seller and purchaser. The seller shall provide a survey should the property be sold divided. 6. Physical Condition of the Property. Purchaser acknowledges that it has examined and inspected, and is satisfied with, the physical condition of the Property and the improvements thereon. PURCHASER EXPRESSLY AGREES THAT THE PROPERTY IS OR WILL BE SOLD “AS IS, WHERE IS, WITH ALL FAULTS”, WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESS, IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF CONDITION, HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND SUBJECT TO ORDINARY WEAR AND TEAR OCCURRING AFTER THE DATE HEREOF. Purchaser further acknowledges that neither Seller nor Auction Firm have made or extended to Purchaser any representation, warranty or indemnity with regard to the environmental condition of the Property or with regard to its compliance with the Americans with Disabilities Act of 1990, if applicable, and Purchaser hereby assumes sole responsibility therefore, indemnifies and agrees to hold Seller and Auction Firm, and each of their affiliates, agents, directors, employees and attorneys harmless from and waives any right, action, claim or cause of action it or its successors or assigns may have now or in the future against Seller and Auction Firm, and each of their affiliates, agents, directors, employees or attorneys with regard thereto. If the improvements on the Property are damaged after the date hereof but before settlement, Seller may (but shall not be obligated to) attempt to repair the improvements and, at Seller’s sole option, there shall be a reasonable extension of the settlement date in which Seller may attempt to complete the repair. If Seller notifies Purchaser that Seller does not intend to attempt repair, or if Seller attempts but is not successful in effecting repair and so notifies Purchaser, within ten (10) days of either such notification Purchaser shall either (I) terminate this Agreement, in which case Purchaser shall be entitled to the return of the Deposit (less any accrued interest) and neither party shall have any further liability to the other, or (II) waive any objection to the damage and any right to reduce the Purchase Price, in which case Seller shall convey to Purchaser the Property with such damaged improvements as are then thereon and shall assign to Purchaser all of Seller’s right, title and interest to any insurance proceeds, if any, received or to be received in payment of damage to the improvements (but no other insurance proceeds, such as proceeds from damage to personal property). 7. Default. If Purchaser defaults hereunder, Seller may retain the Deposit and may also pursue such remedies as are available to Seller at law or in equity, including, without limitation, an action for specific performance. If Seller defaults hereunder, Purchaser’s sole remedy shall be the return of the Deposit and the Purchaser expressly and unconditionally waives and releases any other claim, demand injury, or cause of action, whether at law or in equity. A termination of this Contract pursuant to the termination provisions set forth in paragraph 4, 6, and 7, shall not be deemed to be a default of either party hereunder. SAMPLE OF CONTRACT 8. Notice. Any notice, request, or demand required or permitted hereunder will be in writing and will be delivered by hand, sent by express courier service, or sent by U. S. certified mail, return receipt requested, postage prepaid, if to Seller, to c/o Riverbend USA LLC, 100 N. Monroe Street, Suite A, P.O. Box 800, Alderson, WV 24910 and if to Purchaser, to the address set forth below under the Purchaser’s signature, or to such other address as the party to receive such notice may hereafter specify by written notice to the other. Any such notice will be deemed given on the date of actual hand delivery, one (1) day after being sent by express courier service or two (2) days after deposit in the U. S. mail, certified. 9. Agency Disclosure. Seller and Purchaser acknowledge and agree that the Auction Firm and any selling broker(s) have acted on Seller’s behalf as Seller’s agent in connection with this transaction. Seller and Purchaser also confirm that this disclosure of agency relationship has been made in writing. SAMPLE OF CONTRACT 10. Miscellaneous. Except as set forth above, each party hereto represents that it has not involved any agent, broker, or finder in this transaction and agrees to indemnify, defend, and hold the other party and the Auction Firm harmless from any claim in connection therewith. The provisions of this Contract shall survive settlement. The parties hereto acknowledge that neither has relied upon any oral representation of the other or of the Auction Firm, that no such oral representation will affect in any way the terms of this Contract and that this Contract represents the final and complete understanding between the parties. This Contract can not be modified or amended, and no waiver or any provision hereof shall be effective, unless in writing executed by the parties hereto. This Contract shall be construed, performed and enforced in accordance with the laws of the State of West Virginia without regard to the conflicts of laws provisions of West Virginia law. Except as provided in Paragraphs 6 and 7, the risk of loss or taking shall remain with Seller until settlement. This Contract shall inure to the benefit of and will bind the parties hereto and their respective heirs, personal representatives, successors and assigns. Purchaser may assign its rights under this Contract without the prior written consent of Seller and Auction Firm. Any such assignment to which Seller and Auction Firm consent shall not release Purchaser from any liability hereunder. This Contract may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Contract. Notwithstanding any other provision of this Agreement, or any agreements, contracts or obligations that may derive here from, nothing herein shall be construed to make the parties hereto partners or joint ventures or to render either party liable for any of the debts or obligations of the other party, it being the intention of this Contract merely to create the relationship of seller and purchaser with regard to the Property. All parties to this Contract have been represented by counsel or have had the opportunity to be so represented. Accordingly, the rule of construction of contract language against the drafting party is hereby waived by both parties. If any provision of this Contract or the application thereof is deemed unenforceable for any reason, the remainder of this Contract shall not be affected thereby and shall remain in full force and effect. Notwithstanding any mention of specific acreage in any description of the Property, the parties hereby agree that the Property is being sold in gross and not by the acre. SAMPLE OF CONTRACT The parties’ rights and obligations hereunder shall not be affected if a subsequent survey of the Property reveals a different acreage. TIME IS OF THE ESSENCE IN CONNECTION WITH THIS CONTRACT and this transaction must be closed on or before _______________________________________, 2007 WITNESS the following signatures and seals: SELLER: PURCHASERS: By______________________________(SEAL)By______________________________(SEAL) ______________________________(SEAL) ______________________________(SEAL) ADDRESS/TELEPHONE: ____________________________________ ____________________________________ ____________________________________ ATTORNEY NAME/TELEPHONE: ____________________________________ ____________________________________