"Fells Point"

This Auction has been CANCELED.

Jordan M. Spivok, Solicitor
Protas, Spivok & Collins, LLC
4330 East West Highway, Suite 900
Bethesda, Maryland 20814

SUBSTITUTE TRUSTEES’ AUCTION

LANDMARK RESTAURANT
Known As “Jimmy’s”

Including
BRICK RESTAURANT BUILDING
2,765± Sq. Ft.◆Zoned C-1-E
Furniture, Fixtures & Equipment
And
7-Day Beer, Wine & Liquor License

Sale On Premises
801-803 S. BROADWAY
Corner Lancaster Street
Baltimore, MD 21231

– CANCELED –
TUESDAY, JANUARY 21, 2020
AT 11:00 A.M.

      Under and by virtue of the power of sale contained in a certain Purchase Money Deed of Trust, Security Agreement and Assignment of Contracts, Leases and Rents from FENER, LLC to the Trustees therein, dated December 13, 2016, and recorded among the Land Records of Baltimore City, Maryland, in Book 18717, Page 209 (the “Deed of Trust”), the holder of the indebtedness secured thereby having appointed the undersigned to act as Substitute Trustees, in place and stead of the aforementioned Trustees, by instrument duly executed, acknowledged and recorded among the Land Records aforesaid; Pursuant to a Financing Statement and Security Agreement from FENER, LLC, Debtor, recorded among the Maryland Department of Assessments and Taxation as File No. 170110-1055001; Pursuant to a Financing Statement and Security Agreement from KURU, INC., Debtor, recorded among the Maryland Department of Assessments and Taxation as File No. 170110-1055000; and Pursuant to a Financing Statement and Security Agreement from KURU, INC., Debtor, recorded among the Maryland Department of Assessments and Taxation as File No. 180411-1112001; default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustees and Secured Party will sell at Public Auction, on the premises, the following:

Real Estate

      All that fee simple lot of ground and the improvements thereon, situate and lying in Baltimore City, State of Maryland and being more fully described as follows:

      BEGINNING for the same at the southeast corner of Broadway and Lancaster Street, running then southerly bounding on the east side of Broadway 34 feet, thence easterly parallel with Lancaster Street 60 feet, thence northerly parallel with Broadway 34 feet to Lancaster Street and thence westerly on the south side of Lancaster Street 60 feet to the place of beginning. The improvements thereon being known as 801-803 S. Broadway.

      The property is improved by a two and one-half story brick building, believed to have been constructed in 1750 and most recently renovated in 2017. The building is believed to comprise approximately 2,765 square feet of rentable area, which is operated as a restaurant on the first floor with offices and storage above. There is a partial, unfinished basement of approximately 265 square feet. The first floor is believed to contain a dining room, bar, commercial kitchen and rest rooms, with gas heat and central air conditioning. Zoning C-1-E, commercial.

      Deposit $50,000.

Personal Property

      All furniture, fixtures, equipment and general intangibles, located on the premises and owned by the Debtor, including but not limited to tables, chairs, stools, television sets, Vulcan oven, grill, fryer, stainless steel tables, sandwich lines, refrigeration equipment, beer keg cooler, coffee machines, Globe slicer, Manitowoc and Pure Force ice machines, cookware and utensils, Harford walk-in cooler, stainless steel sinks, shelving, etc. The personal property will be sold as an entirety only – no detail sale.

      Deposit $10,000.

Liquor License

      7-Day Class B, Beer, Wine and Liquor License, permits sales for on-premises consumption. The transfer of this liquor license is subject to the approval of the Board of Liquor License Commissioners of Baltimore as in the case of an original application, and it shall be the sole responsibility of the purchaser to obtain said approval. In addition, in line with Article 2B of the Annotated Code of Maryland, any tangible personal property taxes, retail sales, amusement, admission and/or withholding taxes must be paid to the City of Baltimore and/or State of Maryland.

      Deposit $10,000.

Terms and Manner of Sale

      NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

      MANNER OF SALE: First Offering – real estate and the bid reserved. Second Offering – personal property as an entirety and the bid reserved. Third Offering – liquor license and the bid reserved. Fourth Offering – the real property, personal property and liquor license will be offered as an entirety. The sale will be made in the manner producing the greater amount.

      TERMS OF SALE: Deposits as stated above, or $70,000 if sold as an entirety, payable by cashier’s check, will be required of the purchaser at time and place of sale.

      Real Estate and Entirety Purchaser – The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s Office. The holder of the indebtedness, if a bidder at the sale, shall not be required to post a deposit. Balance to be paid in cash at settlement, which shall take place within ten (10) business days following final ratification of the sale by the Circuit Court for Baltimore City at a location designated by the Substitute Trustees. If payment of the balance does not take place within the specified time, the deposit shall be forfeited or the property may be resold at the risk and expense of the purchaser. Interest to be charged on the unpaid purchase money, at the rate stated in the Note executed in connection with the foreclosed Deed of Trust, from date of contract to date of settlement. If settlement is delayed for any reason, there will be no abatement of interest. All adjustments as of date of contract. Taxes and all other public charges and assessments payable on a monthly or annual basis, including sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of contract and assumed thereafter by the purchaser. The property will be sold in “AS IS” condition, without express or implied warranty as to the nature and description of the improvements as contained herein; and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser shall be responsible for obtaining physical possession of the property and assumes the risk of loss or damage to the property from the date of contract forward. The purchaser waives and releases the Substitute Trustees, the holder of the indebtedness, the Auctioneers, and their respective agents, successors and assigns from any and all claims the purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Substitute Trustees are unable to convey good and marketable title, the purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Substitute Trustees, the holder of the indebtedness or Auctioneers. Recordation costs, transfer taxes and all other costs incident to settlement to be paid by the purchaser.

      If Personal Property or Liquor License is Sold Separately from the Real Estate, the balance of the purchase price shall be paid within 24 hours.

      Time shall be of the essence for all purchasers.

      Authority to cancel this sale rests solely with the Substitute Trustees, Security Party and/or the Auctioneer. Prospective buyers should disregard all other statements and comments made by any other person or entity regarding minimum bids, pricing and cancellations of the sale. Additional terms may be announced at the time of sale. The Substitute Trustees and Secured Party reserve: (1) the right to accept or reject any or all bids; (2) the right to modify or waive the requirements for bidders’ deposits and terms of sale and/or settlement; (3) the right to withdraw the Property from the sale before acceptance of the final bid; and (4) the right to cancel or postpone the sale.

No Buyer’s Premium

Jordan M. Spivok and Philip J. Collins,
Substitute Trustees

Fulton Bank, Secured Party