620 S Gramercy Pl APT 135, Los Angeles, CA 90005

• Auction is for 2nd mortgage lien position. To obtain clear title, Buyer will be responsible to pay off senior liens, including a 1st mortgage lien of approximately $502,004.35. Prospective buyers are encouraged to investigate the existence, priority and size of outstanding liens that may exist by contacting county recorder's office or a title insurance company. Seller will not warrant against any defects that existed in the property before property was deeded to Seller. •Quit Claim Deed Disclosure. Buyer is purchasing the Property "as-is, where-is," with all faults and encumbrances, and without warranty or representation of any kind or manner, including, without limitation, clear or marketable title. The Property shall be conveyed by the Seller via quit claim deed, and Buyer shall accept the property subject to all liens, encumbrances, assessments, encroachments, easements, or other liabilities of any manner, known and unknown. Buyer accepts all responsibility for any remediation, fees, or terms required by any authority, which may or may not include demolition, escrow fees, or habitation certificates. •Personal Property Not Included. Only title to the real estate is being conveyed. Personal property may be present, but is not included in the auction. Removal of personal property remaining on site at the time of closing is the responsibility of the Buyer. • Escrow. Buyer acknowledges receipt of the Joint Escrow Instructions - Addendum A that modifies the Contract for Sale to provide for a designated Escrow Agent to hold down payment funds. Buyer and Seller agree that the Escrow funds may be held in a trust/escrow account located outside of the state where the Property is located. • Seller Mandated Financing Disclosure: The seller requires that the high bidder be able to demonstrate proof of funds or financing pre-qualification within 24 hours of the auction. Buyer must obtain a "pre-qualification" letter from a lender of their choice. If buyer intends to pay with cash, a bank letter or other financial account statement showing proof of sufficient funds to cover 100% of the purchase price will be required (account numbers should be removed or redacted). Buyer understands and agrees to submit said documentation to auctioneer within 24 hours of the auction, and submittal of the Buyer's offer is contingent upon receipt of said documents.