Saturday, August 02,2008 10:00 AM  thru  12:00 PM
Saturday, August 16,2008 10:00 AM  thru  12:00 PM

From St. Rd. 9, one-half (1/2) mile north of Rome City or one mile south of Wolcottville, go east on Northport Rd. (must turn southwest off of 9, then turn east) one-half (1/2) mile to 325 East, then south three-quarters (3/4) mile to North Shore Dr., then east approximately one-quarter (1/4) mile to the Tract 2 Lake Shore property.

On site.

Tract 1: 4+/- acre Bishop's Island including the beautiful 2780 sq. ft. stone home with basement (531 A Bishop's Island). Electric lines run from the shore to the island. This home and wooded island, reportedly at one time owned by the Catholic church, provide a most incredibly unique and isolated setting on Sylvan Lake. Come and view the opportunity provided then be prepared to bid your best price. Easement access to the lake shore is included.

Tract 2: .2+/- acre lake shore lot (40x147x75x161) located at 1140 North Shore Drive. A large lot on beautiful Sylvan Lake including the one-story lake cottage with unfinished basement. Consider buying the tract individually or combining with the Tract 1 island. A rare auction opportunity! Auction to be held on the Tract 1 Island! Come to the Tract 2 Lake Shore property for a pontoon ride out to the island during the inspection dates! Broker Participation available if properly registered - contact Auction Company for details! Cashier's check required for earnest money on the day of sale. Bid on an individual tract or combine the two tracts in your bidding!

PROCEDURE: The property will be offered in 2 individual tracts and as a total unit. There will be open bidding on both tracts and the total during the auction as determined by the Auctioneer. Bids on individual tracts and the total property may compete.

BUYER'S PREMIUM: A 3% Buyer's Premium will be added to the bid price for the total contract purchase price.

DOWN PAYMENT: Tract 1 will require a $25,000 cashier's check with any balance of the 10% of contract purchase price due in the form of cash, personal check or corporate check. Tract 2 will require a $10,000 cashier's check with any balance of the 10% of contract purchase price due in the form of cash, personal check or corporate check. Your bidding is not conditional upon financing, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.

ACCEPTANCE OF BID PRICES: All successful bidders will be required to enter into Purchase Agreements at the auction site immediately following the close of the auction. All final bid prices are subject to Trustee and Court Approval.

EVIDENCE OF TITLE: Seller shall provide a preliminary owner's title insurance policy. Cost of Final Title Insurance Policy shall be the Buyer's responsibility if Buyer(s) desires Title Insurance.

DEED: Seller shall provide a Trustee's Deed.

CLOSING: The balance of the purchase price is due at closing, which will take place within 30 days or as soon thereafter as all applicable closing documents are provided. Costs for an administered closing shall be shared 50:50 between Buyer(s) and Seller.

POSSESSION: Possession will be at closing.

REAL ESTATE TAXES: Real estate taxes will be the responsibility of the Buyer(s) beginning with taxes due in May 2009 and thereafter.

PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquires and due diligence concerning the property. Inspection dates have been scheduled and will be staffed with auction personnel. Further, Seller disclaims any and all responsibility for Bidder's safety during any physical inspection of the property. No party shall be deemed an invitee of the property by virtue of the offering of the property for sale.

ACREAGE: All tract acreages, dimensions, and proposed boundaries are approximate and have been estimated based on current legal descriptions and/or aerial photos.

SURVEY: Any need for a new survey shall be determined solely by the Seller and/or Trustee. Buyer shall pay for the cost of any survey. The type of survey performed shall be at the Seller's/Trustee's option and sufficient for providing title insurance.

Broker Participation: A 3% commission for Buyer's Agents will be paid to the appropriately licensed real estate broker whose prospect successfully closes on a tract or tracts. The commission is based upon the bid price at the auction and will be paid at closing. Brokers must follow all guidelines set by Schrader and must be registered by Friday, August 15, 2008.

AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.