A $15,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. If necessitated by price, the deposit shall be increased to 10% of the purchase price by Monday, January 30, 2023 at 12:00 p.m., at the Auctioneer’s Office (personal checks will be accepted for the increased deposit at the auction, or wiring instructions will be provided). No buyer’s premium. For complete Terms Of Sale, see the bottom of this page.
This Auction has been CANCELED.
Cohen & Forman, LLC
30 E. Padonia Road – Suite 500
Timonium, MD 21093
SUBSTITUTE TRUSTEES’ AUCTION
Retail Space ◆ 8 Apartments ◆ Garage
Sale On Premises
323 BALTIMORE AVENUE
Allegany County, MD 21502
– CANCELED –
FRIDAY, JANUARY 27, 2023
AT 12:00 P.M.
Under and by virtue of the power of sale contained in a certain Commercial Loan Balloon Deed of Trust from Patamatt LLC to the Trustee therein, dated March 1, 2021, and recorded among the Land Records of Allegany County, MD, in Book 2665, Page 301 (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 Trustee, by instrument duly executed, acknowledged and recorded among the Land Records aforesaid, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustees will sell at Public Auction (Circuit Court for Allegany County, Case No. C-01-CV-22-000383), on the premises, the following:
All that fee simple lot of ground and the improvements thereon, situate and lying in Allegany County, State of Maryland and being more fully described in the above-referenced Deed of Trust.
The property is approximately 52′ x 65′. According to public tax records, the improvements consist of a Three Story Brick Building, constructed in 1915 and containing 9,012 square feet of gross building area. The building is believed to comprise a storefront and garage on the first level and 8 two-bedroom and bath apartment units above. Zoning is believed to be R-O, residential office.
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.
TERMS OF SALE: A $15,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. If necessitated by price, the deposit shall be increased to 10% of the purchase price by Monday, January 30, 2023 at 12:00 p.m., at the Auctioneer’s Office (personal checks will be accepted for the increased deposit at the auction, or wiring instructions will be provided). 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 Allegany County 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 and 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, rents 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 property is sold subject to the rights of the tenants in possession of all or part of the property, if any. 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. Time shall be of the essence for the purchaser.
Authority to cancel this sale rests solely with the Substitute Trustees 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 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
Geoffrey L. Forman
W. Scott Tinney, Substitute Trustees