Residential Real Property (528 Almond Avenue, Monrovia, CA 91016)

Sale free and clear of certain liens, claims and interests, with said liens, claims and interests to attach to the sales proceeds in the same manner and priority as under applicable law.  The Property is being sold on an “as is, where is” basis, with no warranties, recourse, contingencies, or representations of any kind. 

(1)        Intent To Bid And Overbid Amount

Any party wishing to bid on the Property (“Overbidder”) shall advise the Trustee of their intent to bid on the Property and the amount of their overbid (which must be at least $5,000.00 more than the current selling price of $517,500.00 (“Initial Overbid”), by no later than 12:00 p.m., PDT, on September 28, 2015 ("Overbid Deadline").  In his absolute and sole discretion, the Trustee shall have the right to accept additional overbids submitted prior to the hearing but after the Overbid Deadline.  Any Overbids subsequent to the Initial Overbid of $522,500.00 will be in additional increments of not less than $2,000.00, commencing with the bid amount of $524,500.00.

(2)        Payment Of Deposit

Any Overbidder shall provide the Trustee with a cashier’s check, payable to “Howard M. Ehrenberg, Chapter 7 Trustee of the Bankruptcy Estate of Mildred Grace Canlas” in an amount of $5,000.00 (“Deposit”).  The Deposit must be delivered so that it is received by the Trustee (whose name and address is set forth on the upper left corner of the first page of this Motion) by no later than the Overbid Deadline.

In the event of any Overbid, the $5,000.00 deposit from the Buyers or the deposit of any successful Overbidder shall serve as the Deposit for the Buyers or any successful Overbidder.  The party that is not deemed the "Winning Bidder," at that phrase is defined below, shall have their deposit refunded to them.

(3)        Evidence Of Financial Ability To Perform

Any Overbidder must provide the Trustee with evidence of the proposed Overbidder's financial ability to pay the full amount of the Overbid so that such evidence is received by the Trustee no later than the Overbid Deadline.

(4)        Auction

All parties who have submitted timely bids and otherwise satisfied the foregoing requirements will be able to participate in an auction to be conducted at the hearing on the Motion as is necessary in order to increase their bid.  As stated previously, the Initial Overbid will be in the amount of $522,500.00 and any subsequent overbids will be in increments of $2,000.00.

The Trustee will request authority to sell the Property to the bidder with the highest Overbid ("Winning Bidder"), and for authority to sell the Property to the next highest bidder if the Winning Bidder fails to perform.  To be considered the "highest overbid," any overbid must be on the same terms and conditions of the Purchase Agreement.

(5)        Tender Of Balance Of Purchase Price

The Winning Bidder’s Deposit shall be applied towards the total purchase price.  The Winning Bidder must tender the balance of the total purchase price to the Trustee via cashier’s check within fourteen (14) calendar days following entry of the order approving the sale of the Property to such buyer.  To the extent the Winning Bidder fails to tender the balance of the purchase price by such date, that bidder’s entire Deposit shall be non-refundable and forfeited to the Trustee.

(6)        Agreement To Terms And Overbid Procedures

Any Overbidder’s tender of the Deposit to the Trustee shall serve as that Overbidder’s agreement with these proposed overbid procedures and the terms of sale of the Property.