THIS SALE IS CANCELLED

SUBSTITUTE TRUSTEE’S SALE

OF VALUABLE COMMERCIAL PROPERTY

33K ± SQ FT RETAIL

BUILDING ON 3½ ± ACRES

(Former Circuit City Building)

820 SOUTHPARK BOULEVARD

COLONIAL HEIGHTS, VA

(SALE TO TAKE PLACE AT THE MAIN FRONT ENTRANCE OF THE CIRCUIT COURT OF THE CITY OF COLONIAL HEIGHTS, 401 TEMPLE AVENUE, COLONIAL HEIGHTS, VIRGINIA)

Under and by virtue of the power and authority contained in a certain Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing dated January 8, 2003, made by Chaffee Investment Properties, LLC  to Ross C. Reeves and Stephen W. Brewer, Trustees, recorded in the Clerk's Office of the Circuit Court of the City of Colonial Heights, Virginia, in Deed Book 274 at page 6707, and assigned by instruments recorded in the aforesaid Clerk's Office in Deed Book 276 at page 4493 (the obligations of the grantor thereunder having been assumed by Colonial Heights Holding, LLC under instrument recorded in the aforesaid Clerk’s Office in Deed Book 278 at page 8126), the current holder of the indebtedness secured by said Deed of Trust having appointed Michael J. Chamowitz, Substitute Trustee, by instrument dated August 21, 2009, and recorded in the aforesaid Clerk's Office in Deed Book 288 at page 1866, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustee will offer for sale at Public Auction, at the main front entrance of the building housing the Circuit Court of the City of Colonial Heights, 401 Temple Avenue, Colonial Heights, Virginia.

All that parcel or parcels of land situate, lying and being in the City of Colonial Heights, Virginia (the "Property"), and particularly described as follows:

All that certain tract or parcel of land lying and being in the City of Colonial Heights, Virginia, containing approximately 3.466 acres as shown and designated as Lot 11, on that plat, entitled "Resubdivision of Lot 7 of the First Revision of Park South, Colonial Heights, Virginia", prepared by Vanasse Hangen Brustlin, Inc. and recorded in Plat Book 5, page 73, in the Office of the Clerk of the Circuit Court for the City of Colonial Heights, Virginia (the "Clerk's Office").

TOGETHER WITH those non-exclusive easements for ingress and egress for vehicular and pedestrian traffic, vehicular parking, utilities and storm drainage upon, over, across and under that portion of the common areas as provided in that certain Amended and Restated Declaration of Easements and Restrictive Covenants dated April 1, 2002, and recorded in the Clerk's Office in Deed Book 273, page 988, and First Amendment recorded in the Clerk's Office in Deed Book 276, page 6205.

ALSO TOGETHER WITH those non-exclusive easements for ingress and egress for vehicular and pedestrian traffic, as provided in that Declaration of Restrictions dated February 25, 1993, and recorded in Deed Book 151, at page 595, in the Clerk's Office, as amended by First Amendment to Declaration of Restrictions dated as of January 29, 2002, and recorded in the Clerk's Office in Deed Book 273, page 963.

ALSO TOGETHER WITH those non-exclusive easements contained in that Multi-Party Operating Agreement for Southpark Mall, dated July 12, 1988, and recorded in Deed Book 115 at page 268 in the Clerk's Office, as amended by First Amendment to Multi-Party Operating Agreement dated as of May 1, 1989, and recorded in Deed Book 124, at page 140, Second Amendment dated October 1, 1992, and recorded October 21, 1993, in Deed Book 159, at page 473, and Opening Date Agreement dated March 1, 1989, and recorded October 31, 1989, in Deed Book 125 at page 289.

Address:        820 Southpark Boulevard, Colonial Heights, Virginia

            Parcel ID No. 68055900011

REAL ESTATE:  The Property consists of a parcel of land with a land area of approximately 3.466 acres (approximately 151,153 square feet) improved with a one-story steel and masonry retail “big box” retail building containing approximately 32,902 square feet of net rentable area.  The Property includes on-site improvements including landscaping and available on-site surface parking.

The Property will be sold (i) together with any and all furniture, fixtures and equipment located on the Property and not owned by any tenant thereof; (ii) subject to and together with all recorded easements, agreements, rights of way, charges, liens, mechanic's and materialmen's liens, reservations, and other encumbrances, covenants, restrictions and conditions affecting the Property and not subordinate to said Deed of Trust, if any, including without limitation, environmental conditions (including wetlands, riparian rights, protected species), all applicable federal, state and local laws, ordinances and regulations affecting the Property, and other matters which would be disclosed by an accurate survey or inspection of the Property; and (iii) subject to rights of tenants not subordinate to said Deed of Trust, if any.  No representation or warranty, expressed or implied, is made as to whether any tenants, subtenants or other parties in possession are actually in possession and/or paying rent. 

The Property will be sold in "AS IS, WHERE IS" condition, without recourse.  The information contained herein as to the nature and description or use of the Property have been obtained from sources deemed reliable and believed to be accurate when given; provided, however, neither the Substitute Trustee nor the noteholder, nor their respective agents, successors and assigns (collectively, the "Beneficiaries") make any representations or warranties, expressed or implied, with respect to the Property, or any tenancies or parties in possession, including without limitation, the descriptions, use, dimensions, quantities, square footage, parking, tenancies, structural integrity, physical condition, construction, extent of construction, workmanship, materials, habitability, zoning, environmental condition, or fitness for a particular use or merchantability of all or any part of the Property or the improvements located thereon.

MANNER OF SALE:  A deposit in the form of certified funds in the amount of $150,000 or 10% of the successful bid, whichever is lower, is required of the purchaser at time and place of sale, balance of purchase money upon settlement, interest to be paid on the unpaid purchase money at eight percent (8%) per annum from date of sale to date of settlement.  All income  and expenses to be adjusted for the month of settlement to date of settlement, and purchaser to assume all expenses thereafter.  All public charges and assessments payable on an annual basis, including sanitary sewer and/or municipal charges, to be adjusted for the current year to date of sale and assumed thereafter by the purchaser.  Conveyance shall be by trustee's deed without covenant or warranty, express or implied.  The Substitute Trustee shall be liable for only those security deposits, if any, and such income, if any, as the Substitute Trustee may have in his actual possession on the date of settlement.  Cost of all documentary stamps, grantor, recordation and transfer taxes, notary and examination of title fees will be borne by the purchaser.  If the Substitute Trustee is unable to convey the Property as described above, the Purchaser's sole remedy at law or in equity shall be limited to a refund of its deposit.  Upon such refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Substitute Trustee, the auctioneer, the lender or the other Beneficiaries.

Settlement to occur within thirty (30) days after sale, time being of the essence; otherwise the deposit shall be forfeited and the Property shall be resold at the risk and cost of the defaulting purchaser or purchasers.  PURCHASER TO ASSUME THE RISK OF LOSS ON AND AFTER THE DATE OF SALE.

For more information, contact JERALD S. COHN, Attorney, GREENBERG TRAURIG, LLP, 2101 L Street, N.W., Suite 1000, Washington, D.C. 20037. Telephone (202) 331-3104.  Auct. Lic. #2906000043 & 2905000188

Michael J. Chamowitz, Substitute Trustee