Online Only Bidding Auction, 2195 & 2231 Matunuck Schoolhouse Road

TERMS AND CONDITIONS

1. All right, title and interest conveyed by the Commissioner will be sold subject to the terms and
conditions in the published notice of sale and those hereinafter set.

2. A deposit of $10,000.00 (bank or certified check) is required in order to bid on this
property. An additional deposit to total 5% (by bank or certified check) of sale price
required by the highest bidder is required within 48 hours of the conclusion of the
bidding. If the required deposit is not so made, the property may, at the discretion of
the auctioneer, be immediately resold, upon the same terms and conditions, without
further notice, but such resale shall not release the defaulting purchaser from liability
for breach of contract.

3. The balance of the purchase price shall be paid by bank or certified check or wire
transfer payable to the Commissioner within thirty (30) days from the �Effective Date� of the Purchase and Sale Contract or on a date that is mutually agreed upon by the successful bidder and the Commissioner.

4. At the time of closing, a Quit Claim deed, in usual form, without covenants of
warranty, will be delivered to the successful bidder on receipt of the full balance of the
purchase price. If the purchaser shall fail to tender the balance of said purchase price
on the closing date, the Commissioner, at its option, may resell the property to
the next highest bidder at the original sale who shall be able to comply with the terms
of the sale without notice to the purchaser and without previously tendering a deed to
the purchaser. Such resale shall not, however, release the defaulting purchaser from
liability for breach of contract, and in case of such default the Commissioner
shall retain said deposit, whether or not the property is resold, without prejudice to any
right to recover further damages or to pursue any legal or equitable remedy accruing
by reason of such default.

5. The subject property will be sold �as is� by quit claim deed in accordance with
statutory requirements. No warranty deed will be offered by the Commissioner.

6. The successful bidder shall be responsible for all costs associated with the
documentary deed stamps and recording of the deed.

7. In addition to the Purchase Price, the Buyer shall pay a 5% buyer�s premium which
sum shall be disbursed to �SJ Corio Company� at the time of closing.

8. The Commissioner will pay no broker�s fee, finder�s fee, commission, or other compensation to
any party claiming to counsel or represent any proposer regarding the sale of the
subject property or consummation of the lease hereinafter described.

9. Interested parties may conduct a non-invasive inspection of the subject property prior
to the auction date. Inspections are by appointment only and can be arranged by
contacting SJ Corio Company at 401-738-0400 or Eric Schultheis at 401-331-9300.

10. No representations will or have been made by the Commissioner that the subject property
meets local, State or Federal ordinances, regulations or laws governing development
of property commercially, industrially, or otherwise. All permits, empowerments,
permissions and grants necessary for the Property�s sale and development are at the
selected proposer�s cost and responsibility. Any variances, permission or grants
necessary to meet these requirements are likewise at the selected proposer�s risk,
cost and expense.

11. The sale is made without representations, warranties, or guaranties in regard to the
title or any liens, encumbrances, attachments, levies, mortgages, easements, rights
of way, occupancies, lease or other defects concerning said title.

12. Any public utilities or municipalities having facilities under, over, or through the subject
property as of the date of its conveyance to the selected bidder shall have the right
and easement to continue to maintain, operate, and renew their facilities within the
subject property.

13. No environmental analyses of the property have been conducted. The Commissioner makes
no assertions or warranties regarding the presence, if any, or absence of asbestos,
chemicals, hydrocarbons or other hazardous materials on the Property.

14. This sale shall be subject to final approval by the Washington County Superior Court.

By Order of the Commissioner, John O. Mancini, Esq., Charlestown, RI Commercial Real Estate Opportunity 1.86 Acres C-2 Land, 2195 & 2231 Matunuck Schoolhouse Road, Charlestown, RI