Jordan M. Spivok, Solicitor
Protas, Spivok & Collins, LLC
4330 East West Highway, Suite 900
Bethesda, Maryland 20814
SUBSTITUTE TRUSTEES’ AUCTION
4,018± Square Feet ◆ Zoned CO/I1
Sale on Premises
14300 GALLANT FOX LANE
Units 116, 117 & 118
Bowie Office Park Condominium
Prince George’s County, MD 20715
FRIDAY, SEPTEMBER 11, 2020
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Purchase Money Deed of Trust from Carroll Realty, LLC to the Trustees therein, dated December 9, 2009, and recorded among the Land Records of Prince George’s County, Maryland, in Liber 31338, folio 065 (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, 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, on the premises, the following:
All that fee simple condominium property, situate and lying in Prince George’s County, State of Maryland and being more fully described as follows:
BEING KNOWN AND DESIGNATED AS Unit Numbers 116, 117 & 118 in building letter E in a condominium regime known as “Bowie Office Park Condominium,” as shown on a plat of condominium subdivision entitled “Condominium Subdivision of the Bowie Office Park Condominium, City of Bowie,” recorded among the land records of Prince George’s County, in plat book NLP 106 at Plats 32 through 39, inclusive, together with all appurtenances to said units, which units and appurtenances have been more specifically defined in the Declaration, dated June 23, 1980 and recorded among the land records of Prince George’s County, Maryland in Liber 5275, folio 51 and including an undivided interest in the common elements of said condominium regime appurtenant to said units as such interest may be lawfully revised and amended from time to time pursuant to the declaration.
Commercial Condo Tax ID’s:
Unit #116 – ID #:14-1649060;
Unit #117 – ID #:14-1649086; and
Unit #118 – ID #:14-1649102
14300 Gallant Fox Lane, Units #116, #117 and #118 of Building E, Bowie, Maryland 20715.
The property is located on the first floor of a two story brick and concrete block office building, constructed in 1980, and are believed to be used as medical offices. The units are contiguous, interconnected and will be sold as an entirety. The space is believed to comprise 4,018 square feet of building area, consisting of reception area, offices, exam rooms, electric heat pump and central air conditioning. Zoning is believed to be CO-commercial office and I1-industrial light.
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 $30,000 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 by 11:00 A.M., Monday, September 14 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 Prince George’s 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, condominium fees, 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; subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the Declaration, By-Laws, Rules and Regulations of the Bowie Office Park Condominium. 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. 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
Jordan M. Spivok and Philip J. Collins,