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Required Deposit $50,000, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s Office. No Buyer’s Premium. For complete Terms Of Sale, see the bottom of this page.
Paul J. Cohen, Solicitor
Cipriani & Werner, P.C.
6411 Ivy Lane, Suite 600
Greenbelt, MD 20770
SUBSTITUTE TRUSTEE’S AUCTION
One Story Brick Freestanding
5,460± Square Feet ◆ Zoned C-2
5722 YORK ROAD
“Rosebank”, Near Belvedere Square
Baltimore, MD 21212
Sale On Premises
WEDNESDAY, NOVEMBER 16, 2022
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement as Fixture Filing from 9 JEWELS, LLC and 5722 YORK ROAD, LLC to the Trustee therein, dated August 22, 2017, and recorded among the Land Records of Baltimore City, Maryland, in Book MB 19491, Page 302 (the “Deed of Trust”), the holder of the indebtedness secured thereby having appointed Paul J. Cohen to act as Substitute Trustee, in place and stead of the aforementioned Trustee, by instrument duly executed, acknowledged and recorded among the Land Records aforesaid (In the Circuit Court for Baltimore City, Case No. 24-O-22-000786), default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustee will sell at Public Auction, on the premises, the following:
All those fee simple lots of ground and the improvements thereon, situate and lying in Baltimore City, State of Maryland and being more fully described in the above-referenced Deed of Trust.
The improvements are believed to comprise a one story brick freestanding building, occupied by Nailah’s restaurant. According to public tax records, the building was constructed in 1950 and contains 5,460 square feet of gross building area; lot size 104’6″ x 75’8″, Plat; zoning C-2, commercial. The property is situated at the southwest corner of York Road (MD-45) and Lortz Lane. According to the Baltimore City CoDeMap web site, the structure was renovated in approximately 2016, with fire sprinkler system, new wiring, plumbing and central air conditioning. Trade fixtures located on the premises and owned by the borrower are included in the sale. There is a six to eight car paved parking lot on the north side of the property. The property is located just south of Belvedere Square.
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 $50,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. 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 Trustee. 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 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 Trustee, 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 Trustee is 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 Trustee, 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 Trustee 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 Trustee reserves: (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
Paul J. Cohen, Substitute Trustee