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Law Offices of Scarlett & Croll, P.A.,
201 North Charles Street, Suite 600,
Baltimore, Maryland21201
SUBSTITUTE TRUSTEES SALE OF COMMERCIAL CONDOMINIUM UNITS, known as UNITS 8, 9 AND 10,
OCEAN PINES VILLAGE SQUARE SHOPPING CENTER,
11021 NICHOLAS LANE; and RESTAURANTUNIT, known as the VILLAGE INN, OCEAN PINES VILLAGE SQUARE SHOPPING CENTER, 11031NICHOLAS LANE, All located in OCEAN PINES, MARYLAND 21811
Under and by virtue of the power of sale contained in that certain Refinance Deed of Trust from Ocean Pines Village Square, LLC, to Terence F. Daly and Gregory J. Olinde,Trustees for the Bank, dated February 20, 2004, and recorded among the Land Records of Worcester County, Maryland, at Liber 4035, folio 235 (the “Deed of Trust”), the holder of the indebtedness secured by said Deed of Trust (the “Noteholder”), having subsequently appointed Robert B. Scarlett and Andrew M. Croll as Substitute Trustees in the place and stead of Terence F. Daly and Gregory J. Olinde, original Trustees, by instrument duly executed, acknowledged and recorded among the Land Records of Worcester County, Maryland, default having occurred under the terms of said Deed of Trust and at the request of the parties secured thereby, the undersigned Substitute Trustees (the “Trustees”) will offer for sale at public auction on:
Tuesday, June 29, 2010
the following properties being situate in Worcester County, Maryland, and improvements thereon (collectively, the “Properties”), and being more particularly described as follows, at the following times and locations:
(1)Parcel ONE – 11021 Nicholas Lane, Condo Unit Numbers 8, 9 and 10, Ocean Pines, Maryland 21811@ 10:00 a.m.
Description: All that property and improvements thereon commonly known as 11021 Nicholas Lane, Condo Unit Numbers 8, 9 and 10, Ocean Pines, Maryland 21811, and being that propertyconveyed unto Ocean Pines Village Square, LLC, by Deed dated May 22, 1997, from Robert W. Douglas and recorded among the Land Records of Worcester County, Maryland, in Liber 2195, Folio 482 as corrected and confirmed by Liber R.H.O. No. 2399, Folio 230 and Liber 2257 Folio 357, and referenced at Liber 2541, Folio 576 and Liber 4271, Folio 68 bearing Tax ID Numbers for Unit No. 8 – 03-143597, Unit 9 – 03-143600 and Unit 10 – 03-164020, as more fully described in the Deed of Trust. PARCEL ONE consists of two commercial condominium units, condominium Unit 8 and condominium Unit 9, as listed in the Land Records of Worcester County. Condominium Unit 9 has been divided into what is commonly known as Unit 9 and Unit 10, as listed the tax records of Worcester County. PARCEL ONE is believed to be zoned B-1, which has a designation of Neighborhood Business District.
(2)Parcel TWO -11031 Nicholas Lane, Ocean Pines, Maryland 21811 @ 10:30 a.m.
Description: All that property and improvements thereon commonly known as 11031 Nicholas Lane, Ocean Pines, Maryland21811, and being that property conveyed unto Ocean Pines Village Square, LLC, by Deed dated May 22, 1997, from Robert W.Douglas and recorded among the Land Records of Worcester County, Maryland, in Liber 2195, Folio 482 as corrected and confirmed by Liber R.H.O. No. 2399, Folio 230 and Liber 2257 Folio 357, and bearing Tax ID Number 03-135861, as more fully described in the Deed of Trust. PARCEL TWO is believed to beapproximately 40,511 +/- sq. ft. and improved by a two-story restaurant consisting of approximately 9,768 +/- square feet and currently known as the Village Inn. PARCEL TWO is believed tobe zoned B-1, which has a designation of Neighborhood Business District.
MANNER OF SALE: Each of the aforementioned two (2) Parcels described above will be offered separately. Each of the aforementioned two (2) condominium units described in Parcel One above will be offered both separately and in the aggregate, with separate deposits of $16,500 each condominium unit, if sold individually, or $49,500 if sold in the aggregate. The Trustees expressly reserve the right to remove any Parcel from the sale at any time prior to the sale.
TERMS OF SALE: The following deposits payable in cash, certified check or other form acceptable to the Trustees, are required from purchaser(s) at the time and place of sale: (a) for PARCEL ONE, Forty-nine Thousand Five Hundred Dollars ($49,500.00); and (b) for PARCEL TWO, Fifty Thousand Dollars ($50,000.00). The successful bidder(s) will be requiredto increase the deposit to ten percent (10%) of the bid amount within five (5) business days of the date of sale by delivering certified funds to the Trustees. The balance of the purchase price shall be due at settlement in cash or by certified check with interest on the unpaid balance of the purchase price at the rate of ten percent (10%) per annum from the date of sale to and including the date of settlement. In the event the beneficiary under the Deed of Trust, or an affiliate thereof, is the successful bidder at the sale, such party will not be required to make a deposit orto pay interest on the unpaid purchase money. Taxes, water rent and all other municipal charges and liens owed against the Properties shall be the responsibility of the purchaser(s) and shall be 3 paid by the purchaser(s) at settlement. In addition, all other charges, expenses and liens owed against the Properties including, but not limited to, all condominium fees and expenses and public charges and assessments owed against the Properties and payable on an annual basis, such as sanitary and/or metropolitan district charges, if any, shall also be the responsibility of the purchaser(s) and shall be paid by the purchaser(s) at settlement. The Trustees reserve the right to reject any and all bids, and to extend the time for settlement, at their discretion
The Properties will be sold in an “AS IS” condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. In addition, the Properties will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Properties, and subject to all matters and restrictions of record affecting the same, if any. The purchaser(s)at the foreclosure sale shall assume the risk of loss for the above-referenced Properties immediately after the sale takes place. It shall be the purchaser(s)’ responsibility to obtainpossession of the Properties following ratification of the sale by the Circuit Court for WorcesterCounty, Maryland and conveyance of the Properties by the Trustees to the purchaser(s).
The Properties will be sold subject to all senior liens and encumbrances that are not extinguished by operation of law or by the foreclosure sale of the Properties and subject to all easements, conditions, restrictions, rights of redemption, covenants, such state of facts that an accurate survey or physical inspection of the Properties might disclose, and agreements of record affecting the Properties.
The purchaser(s) shall pay at settlement all state and local transfer taxes, documentary stamps, recordation taxes and fees, title examination costs, attorneys’ fees, conveyance fees and all other incidental settlement costs. The purchaser(s) shall settle and comply with the sale terms within twenty (20) days following the final ratification of sale by the Circuit Court for Worcester County, Maryland, unless said period is extended by the Trustees for good cause shown. Time is of the essence. Settlement shall be held at the offices of Scarlett & Croll, P.A., 201 North Charles Street, Suite 600, Baltimore, Maryland 21201.
In the event the purchaser(s) fails to go to settlement as required, in addition to any other legal or equitable remedies available to them, the Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the Properties at the purchaser(s)’ risk and expense. In such event, the defaulting purchaser(s) shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, all other charges due, and incidental damages. In the event a resale of the Properties results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties’ respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of Maryland.
If the Trustees are unable to convey the Properties as described above, the purchaser(s)’ sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser(s), the sale shall be void and of no effect, and the purchaser(s) shall have no further claim against the Trustees or the Noteholder.
The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Auctioneer, the Noteholder and the Trustees do not make any representations or warranties with respect to the accuracy of this information.
Robert B. Scarlett, Andrew M. Croll, Substitute Trustees
For additional information, contact: Robert B. Scarlett, Esquire, Scarlett & Croll, P.A., 201 North Charles Street,Suite 600, Baltimore, Maryland 21201, Phone: 410-468-3100, rscarlett@scarlettcroll.com
And
Doug Marshall, Jr., CAI, President and Chief Auctioneer, Marshall Real Estate Auctions, 2815 North SalisburyBoulevard, Suite B, Salisbury, Maryland 21801 Office: (410) 749-8092, Fax: (410) 742-1936 info@marshallauctions.com
Marshall Real Estate Auctions
Ph. 410-749-8092 | info@marshallauctions.com
www.MarshallAuctions.com
Contact
Auction Company for Additional
Details. 410-749-8092
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