"Eastport"

Jordan M. Spivok, Solicitor
Protas, Spivok & Collins, LLC
4330 East West Highway, Suite 900
Bethesda, Maryland 20814

SUBSTITUTE TRUSTEES’ AUCTION

Free Standing
COMMERCIAL BUILDING
Zoned B2 – On-Site Parking

Sale On Premises
917 BAY RIDGE AVENUE
Annapolis, Anne Arundel County, MD 21403

WEDNESDAY, OCTOBER 4, 2017
AT 11:00 A.M.

      Under and by virtue of the power of sale contained in a certain Deed of Trust (the “Deed of Trust”) from Beach Years, LLC to the Trustees therein, dated June 22, 2007, and recorded among the Land Records of Anne Arundel County, Maryland, on June 29, 2007, in Liber 19258, Page 007, and re-recorded in Liber 26027, Page 375, 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 lot of ground and the improvements thereon, situate and lying in Anne Arundel County, State of Maryland and being more fully described in the above-referenced Deed of Trust.

      The improvements are believed to comprise a converted two story bungalow with enclosed porchfront, built in 1930 and containing 1,488 square feet of living area, according to public tax records. The building is arranged as a salon and spa. Features include front and rear porches with composite decking, wood flooring, fireplace, vinyl-clad replacement windows, casement windows and wheelchair ramp. Exposure on Bay Ridge and Chesapeake Avenues. Lot size: 0.16 acre, more or less; gravel parking lot. The property is believed to be zoned B2, community shopping district.

      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 $25,000 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 Anne Arundel County at the offices of the undersigned Substitute Trustees. If payment of the balance does not take place within the specified time, the deposit shall be forfeited or 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 (or modification thereof), 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. Adjustment of current year’s real property taxes are adjusted as of the date of contract, and thereafter assumed by the purchaser. All other public and/or private charges or assessments, to the extent such amounts survive foreclosure sale, including water/sewer charges, ground rent, whether incurred prior to or after the sale are to be paid 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 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. The property is sold subject to a one year right of redemption by the United States Small Business Administration. 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
Substitute Trustees