Auction
Information

TERMS AND CONDITIONS OF AUCTION
If you care to be a spectator only, you are more than welcome. If you intend to be an active bidder please note AUCTION DEPOSIT requirements to be eligible to bid. To obtain a bidder number every bidder MUST Present a cashier's check in the amount of One Hundred Thousand Dollars ($100,000.00), Drawn on a California bank, Made payable to The Piatelli Co.Trust Account.

Terms of Sale
A total of ten (10%) percent down payment which will include the $100,000.00 cashier's check plus a company check for the balance of the non refundable ernest money auction deposit. Balance at the closing of a 30 day escrow.

Deposit Receipt and Preliminary Title Report.
At the conclusion of the auction high bidder will be required to immediately sign Auctioneers Deposit Receipt and Preliminary Title report and no further instructions will be necessary to close escrow.

Grant Deed, Title Insurance, Escrow
Seller will convey a Grant Deed to new buyer through a 30 day escrow to be held at: Chicago Title Co. Gilroy, California. Title will be free and clear of all monetary liens and subject to all existing conditions, covenants, restrictions, rights of way, reservations, easements and zoning of record.

Closing Costs
Escrow costs will be shared fifty-fifty (50/50) between buyer and seller. Seller will pay all documentary transfer taxes. Buyer to pay all other charges, including policy of title insurance for the amount of the purchase price.

Inspection
Call auctioneers office to make an appointment to inspect the facility.

Buyers Premium
A Six (6%) Percent Buyer's Premium will be added to the Final Purchase Price. The High Bid plus the (6%) will be the final purchase Price. Example: Only: If the high bid is $5,000,000.00 plus the $300,000.00 makes the final sale price $5,300,000.00 - Example only.

Broker Cooperation
Broker cooperation is encouraged. To qualify for a Two (2%) Percent Co-op commission, The Broker MUST Register by Mail, Fax or hand delivery the Prospects Name, Address and Telephone number on the Brokers letterhead. The registration letter must be signed by the Prospect and the Broker and must be Received at the Piatelli office in Beverly Hills no later than 1/19/2004. Broker must also Attend the Auction with the Buyer and sign the Real Estate Auction Sales Contract if brokers Client is the high Bidder. A Broker cannot act as a principal and a broker on the same transaction.

Map: 7588 Monterey Street, Gilroy, CA (2 Miles from Property)
From San Jose Airport to Auction Site:
Start going toward the airport exit on Airport Parkway, go 0.1 mile. Turn right on Guadalupe Parkway, go 2.6 miles. Continue on CA-87 South, go 5.7 miles. Take the CA-85 South exit, go 5.7 miles. Continue on US-101 South, go 20.3 miles. Take the 10th Street/Pacheco Pass Road/CA-152 East exit, go 0.3 mile. Turn right on East 10th Street, go 0.4 mile. Turn right on Monterey Street to Gilroy’s Historic Strand Theater.

From San Jose Airport to Preview at Indian Motorcycle, Inc.:
Start going towards the Airport Exit on Airport Parkway, go 0.3 mile. Turn right on Old Bayshore Highway, go 0.5 mile. Take US-101 South toward Los Angeles, go 33 miles. Take the 10th Street/Pacheco Pass Road/CA-152 East exit, go 0.3 mile. Turn right on East 10th Street, go 0.4 mile. Arrive at 200 East 10th Street, Gilroy.

For a free estimate of your assets or for more information please
direct your questions and inquiries to any of the auctions staff.
(818) 972-5300 ext. 153
Jimmy LaRicca, Auction Manager - Bonded Auctioneer
Charles Klaus, Bonded Auctioneer