Brief Description of the Lot s1

SPECIAL CONDITIONS

LOT number ……..

Brief description of the LOT 14 Foyle Street Sunderland SR1 1LE

Name and address of the SELLER Redmount Developments Limited CRN 05909308

Name, address and reference of the SELLER’S SOLICITORS Dickinson Dees LLP, One Trinity, Broad Chare, Newcastle upon Tyne, NE1 2HF (ref JCP/RED/72/1)

Title Leasehold - Lease dated 4 February 2002 for 999 years from 1 January 2002, £3 rent per annum and made between (1) Susan Auriol Gray and (2) Ernest Gray and Edna Mary Gray

Registered or unregistered? Registered at Durham Land Registry with Title Absolute under Title Number TY385944

Title guarantee Full title guarantee but

1.the SELLER’S compliance with the covenant for further assurance implied by section 2(1) (b) of the Law of Property (Miscellaneous Provisions) Act 1994 (the “1994 Act”) shall be at the expense of the BUYER; and 2.the operation of subsection 3 (1) of the 1994 Act shall be limited by the deletion of the words “and could not reasonably be expected to “ in that subsection and shall not extend as mentioned in subsection 3 (2)

Deposit 10% of the PRICE to be held as stakeholder

INTEREST RATE 4% over Lloyds TSB Bank plc base rate from time to time

AGREED COMPLETION DATE 20 BUSINESS DAYS after the CONTRACT DATE commencing on and including the CONTRACT DATE

VAT The SELLER has not made a VAT ELECTION

1550 6750 Insurance The SELLER is to insure

Vacant or let? The sale is with vacant possession

Rights sold with the LOT None

Exclusions from the sale None

Reservations to the SELLER None

What the sale is subject to The matters set out in the GENERAL CONDITIONS

Amendments to the GENERAL CONDITIONS The following amendments shall be made to the GENERAL CONDITIONS:

existing GENERAL CONDITION 1.3(g) shall be deleted and replaced with the following words “ any matters which are unregistered interest which override first registration under Schedule 1 to the Land Registration Act 2002 and unregistered interests which override registered dispositions under Schedule 3 to the Land Registration Act 2002”.

Extra SPECIAL CONDITIONS 1.On COMPLETION the BUYER shall reimburse the SELLER’S solicitors for photocopying costs and the costs of producing the auction park and the costs of producing the legal pack in a CD ROM format in the sum of £100 plus VAT and for the cost of the local authority search, drainage and water search, coal search, environmental search, SIM search, Chancelcheck search and other searches carried out against the LOT whereupon the original searches will be handed over to the BUYER. 2. If the BUYER fails to complete on the COMPLETION DATE then the BUYER will be liable to pay and indemnify the SELLER for its legal costs of and incidental to the preparation service of a notice to complete and all additional paperwork consequent upon the BUYER’S default and the SELLER shall be entitled to retain the title deeds until such payment and any interest payable has been paid.

TRANSFER The prescribed form of TRANSFER is annexed at SCHEDULE 1 to these SPECIAL CONDITIONS

1550 6750 Capital allowances None

Maintenance agreements There are no maintenance agreements

TUPE There are no employees to which TUPE applies

Environmental General condition 21 (Environmental) applies. The following reports have been supplied by the SELLER: Sitecheck Access report dated 9 February 2010

Warranties None

1550 6750 SCHEDULE 1

TRANSFER

1550 6750