A deposit in the amount of One Hundred Thousand Dollars ($100,000.00), payable in cash, certified check, or other form acceptable to the Substitute Trustees, in their sole and absolute discretion, will be required of the purchaser(s) at the time and place of sale. The deposit must be increased to 10% of the purchase price within two (2) business days after the sale, and delivered to the office of the auctioneer in the same form as the initial deposit. For complete terms, see the bottom of this page.
Piel Law Firm, LLC
502 Washington Avenue, Suite 730
Towson, Maryland 21204
SUBSTITUTE TRUSTEES’ SALE
Three Story Brick
Known as “The Marlene”
13 Dwelling Units & 2 Retail Units
15,904 Square Feet GBA
Sale on Premises:
1217 E. PRESTON STREET
BALTIMORE, MARYLAND 21202
Under and by virtue of the power of sale contained in that certain Commercial Deed of Trust, Assignment of Leases and Rents, and Security Agreement, executed by M & M Development, LLC , dated August 20, 2021, and recorded among the Land Records of Baltimore City, Maryland, at Liber 24186, folio 403 (the “Deed of Trust”), the holder of the indebtedness secured by the Deed of Trust (the “Noteholder”) having subsequently appointed Hunter C. Piel and Scott B. Wheat (collectively, the “Substitute Trustees”) as Substitute Trustees by instrument duly executed, acknowledged and recorded among the Land Records of Baltimore City, Maryland for the purposes therein contained, default having occurred under the terms of the Deed of Trust and at the request of the party secured thereby, the Substitute Trustees will offer for sale to the highest qualified bidder at a public auction to be held at the subject property, 1217 E. Preston Street, Baltimore, Maryland 21202, on:
FRIDAY, APRIL 21, 2023
AT 11:00 A.M.
ALL OF THAT real property being situate in Baltimore City, Maryland, and the improvements thereon, in fee simple, being more particularly described in the Deed of Trust, and generally known 1217 E. Preston Street, Baltimore, Maryland 21202 (the “Property”).
The Property is believed to comprise a three story, walk-up, mixed-use building consisting of 13 residential units and 2 commercial units. The building contains approximately 15,904 square feet of gross building area, according to public tax records. It is believed that the ground level is slightly below grade and includes a one-bedroom residential unit, a laundry room, and two street-facing retail units. It is believed that the three above-grade floors each contain 4 residential units, with a mix of one-, two-, and three-bedroom units. Lot size: 83’5” x 99’3”, more or less, Plat. Zoned R-8, residential, approved for 12 dwelling units and commercial space.
TERMS OF SALE: A deposit in the amount of One Hundred Thousand Dollars ($100,000.00), payable in cash, certified check, or other form acceptable to the Substitute Trustees, in their sole and absolute discretion, will be required of the purchaser(s) at the time and place of sale. The deposit must be increased to 10% of the purchase price within two (2) business days after the sale, and delivered to the office of the auctioneer in the same form as the initial deposit. The balance of the purchase price shall be due 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 Noteholder, or an affiliate thereof, is the successful bidder at the sale, such party will not be required to make a deposit or to pay interest on the unpaid purchase money. The Substitute Trustees reserve the right to reject any and all bids and to extend the time for settlement for any reason.
All senior liens, real estate taxes, recordation taxes, assessments, ground rents, water charges and municipal charges owed against the Property, which are not extinguished as a matter of law by the foreclosure sale, shall be the sole responsibility of the purchaser(s) and shall be paid for by the purchaser at settlement. In the event taxes or other municipal charges owing on or with respect to the Property have been prepaid they shall be adjusted at settlement between the Substitute Trustees and the purchaser(s) to the date of the foreclosure sale.
The Property 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 Property or the improvement thereon. The Property will also be sold subject to: (a) all existing housing, building and zoning code violations; (b) all critical area and wetland violations; (c) all environmental problems, conditions and violations which may exist on or with respect to the Property; and (d) all matters and restrictions of record affecting the Property. The purchaser(s) at the foreclosure sale shall assume the risk of loss for the above-referenced Property immediately after the sale takes place. It shall be the purchaser(s)’ responsibility to obtain possession of the Property following ratification of the sale by the Circuit Court for Baltimore City, Maryland.
The Property will be sold subject to all of the following that are not extinguished as a matter of law by the foreclosure sale: easements, conditions, liens, restrictions, rights of redemption, covenants, encumbrances, ground rents, ground leases, such state of facts that an accurate survey or physical inspection of the Property might disclose, and agreements of record.
The purchaser(s) shall pay all state and local transfer taxes, 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 Baltimore City, Maryland, unless said period is extended by the Substitute Trustees in Substitute Trustees’ sole and absolute discretion. Time is of the essence.
In the event the purchaser(s) fails to go to settlement as required, in addition to any other legal or equitable remedies available, the Substitute Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the Property at the purchaser’s sole 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. 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 Substitute Trustees are unable to convey the Property 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 Substitute 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 Substitute Trustees do not make any representations or warranties with respect to the accuracy of this information.
Hunter C. Piel,
Scott B. Wheat
For further information, contact:
Hunter C. Piel, Esquire
Piel Law Firm, LLC
502 Washington Avenue, Suite 730
Towson, Maryland 21204