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Ronald B. Katz, P.A.
11403 Cronridge Drive – Suite 230
Owings Mills, MD 21117
One Story, Masonry
4,000± Square Feet ◆ Zoned BR-AS
Sale On Premises
7420 EASTERN AVENUE
Between I-95 and North Point Boulevard
Baltimore County, MD 21224
TUESDAY, JUNE 19, 2018
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Purchase Money Mortgage from 7420 Eastern Ave., LLC , dated September 10, 2015, and recorded among the Land Records of Baltimore County, Maryland, in Liber JLE No. 36751, folio 275 (the “Mortgage”) said Mortgage having been assigned to Ronald B. Katz and Eric A. Hartlaub, Assignees for foreclosure purposes, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Assignees will sell at Public Auction, on the premises, the following:
All that fee simple lot of ground and the improvements thereon, situate and lying in Baltimore County, State of Maryland and being more fully described in the above-referenced Mortgage.
The property is improved by a one story concrete block building, constructed in 1963 and containing 4,000 square feet of gross building area, according to public tax records. The front facade has a commercial aluminum storefront with two entrances, a rear entrance and a rear drive-in door. The building is suitable for one to three tenants. Asphalt paved front and rear parking for approximately 15 cars. High visibility pole sign. Zoning is believed to be BR-AS, business roadside. Lot size 50′ x 189′.
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.
ATTRACTIVE FINANCING IS AVAILABLE: $40,000 down, 20 year amortization, 10 year maturity, 4.99% initial rate, resets at 3% above WSJ prime rate at the start of years 2, 4, 6 and 8. Purchasers are under no obligation to use the offered financing.
TERMS OF SALE: A $25,000 deposit, payable by certified check or 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 County. 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 foreclosed Mortgage, from date of contract to date of settlement. 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 purchaser waives and releases the Assignees, 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 Assignees 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 Assignees, 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 Assignees 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 Assignees 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 Buyers Premium
Ronald B. Katz and Eric A. Hartlaub,