This Auction has been CANCELED.
SUBSTITUTE TRUSTEES’ SALE
OF REAL PROPERTY
SECURED CREDITOR’S SALE
OF HOTEL FURNITURE, FIXTURES, AND EQUIPMENT
61 Heather Lane,
Perryville, MD 21903
(Tax I.D. No. 07-037031)
Pursuant to: (1) a Security Agreement dated August 15, 2012 (the “Security Agreement”) by AOA Properties, Inc. A/K/A AOA Properties Inc. and AOA Hospitality LLC d/b/a Days Inn Perryville (collectively, the “Debtors”) in favor of Noah Bank, as assigned to Perryville Hospitality LLC (the “Secured Creditor”); and (2) the power of sale in that certain Purchase Money Deed of Trust and Security Agreement executed by AOA Properties, Inc. A/K/A AOA Properties Inc., dated August 15, 2012, and recorded among the Land Records of Cecil County, Maryland, in Liber 3261, at folio 476 (the “Deed of Trust”), the Secured Creditor, as beneficiary of the indebtedness secured by the Deed of Trust, having appointed Joshua D. Bradley and Jeffrey S. Greenberg as Substitute Trustees under the Deed of Trust (the “Substitute Trustees”), and default having occurred, notice is hereby given that the Secured Creditor and the Substitute Trustees, respectively, will offer for sale to the highest qualified bidder at public auction: (1) all of the Secured Creditor’s right, title, and interest in and to that certain tangible and intangible business property and equipment of any nature or description of the Debtors, including, without limitation, any and all furniture, fixtures, equipment, inventory, etc. (the “Personal Property”); and (2) the real property commonly known as 61 Heather Lane, Perryville, MD 21903 (Tax I.D. No. 07-037031), all being more particularly described in the Deed of Trust (the “Real Property,” and together with the Personal Property, the “Collateral”), at the front door of Circuit Court for Cecil County located at 129 E. Main Street, Elkton, Maryland 21921 on:
JUNE 22, 2022 AT 11:00 A.M.
Description of Collateral
Real Property: Approximately 79,843+/- square foot (8.71 +/- acre) parcel believed to be improved by an approximately 43,274+/- square foot, two-story hotel with approximately 109 rooms, a breakfast dining area, a fitness room, a lobby workstation, a market pantry, and a guest laundry room. The parking lot has approximately 222+/- surface parking spaces. Plat
Personal Property: All of the Secured Creditor’s right, title, and interest in and to that certain tangible and intangible business property and equipment of any nature or description of the Debtors, including, without limitation, any and all furniture, fixtures, equipment, inventory, etc.
The Secured Creditor and the Substitute Trustees may offer the Personal Property and the Real Property for sale together or separately, and in the manner which the Secured Creditor and the Substitute Trustees, in their discretion, determine will yield the highest return.
The Personal Property will be offered for sale “AS IS”, “WHERE IS” and “WITH ALL FAULTS.” AUCTIONEER AND SECURED CREDITOR MAKE NO WARRANTIES OR GUARANTEES WHATSOEVER WHETHER WRITTEN, ORAL OR IMPLIED AS TO QUALITY, QUANTITY, CONDITION, USABILITY, SALEABILITY, WEIGHT, MEASUREMENT, YEAR, MODEL, MECHANICAL CONDITION, PERFORMANCE, OR OTHER SPECIFICATIONS AS TO THE PERSONAL PROPERTY. Any description of the Personal Property given by the Auctioneer may be derived from records, documents or other information that may be unverified as to accuracy, and is solely for identification, and does not create any warranty, expressed or implied, that the Personal Property actually conform to such description.
The Real Property will be sold in “AS IS” condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. In addition, the Real Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Real Property, and subject to all matters and restrictions of record affecting the same (if any).
The Real Property will be sold subject to all easements, conditions, liens, taxes, restrictions, rights of redemption, covenants, encumbrances, agreements, and unexpired leases of record, and such state of facts that an accurate survey or physical inspection of the Real Property might disclose (if any) that are not otherwise extinguished by operation of law.
REAL PROPERTY TERMS OF SALE: A deposit of $100,000.00 by certified check or cashier’s check will be required at the time of sale from all bidders other than Secured Creditor or an affiliate of Secured Creditor. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office. The deposit shall not earn interest. The balance of the purchase price, together with interest at the rate of 6% per annum from the date of sale to the date funds are received by the Substitute Trustees, shall be paid in cash within ten days after ratification of the sale by the Circuit Court. There will be no abatement of interest due from the purchaser in the event additional funds are tendered before settlement. TIME IS OF THE ESSENCE FOR THE PURCHASER. Adjustment of current real property taxes will be made as of the date of sale and thereafter assumed by the purchaser. All past due property taxes paid by the purchaser. All other public and/or private charges or assessments, including water / sewer charges, ground rent, whether incurred prior to or after the sale to be paid by the purchaser. All transfer and recordation taxes and all other cost and expenses of settlement shall be paid by purchaser. Purchaser shall pay all applicable agricultural tax, if any. Purchaser is responsible for obtaining physical possession of the property and assumes risk of loss or damage to the property from the date of sale. In any such event, this sale shall be null and void, and purchaser’s sole remedy, in law or equity, shall be the return of the deposit without interest. If purchaser fails to settle within 15 days after ratification, the Substitute Trustees may file a motion to resell the property. If purchaser defaults under these terms, the deposit shall be forfeited. The Substitute Trustees may then resell the property at the risk and cost of the defaulting purchaser. The defaulted purchaser shall not be entitled to any surplus proceeds resulting from said resale even if such surplus results from improvements to the property by said defaulted purchaser. If the Substitute Trustees are unable to convey either insurable or marketable title, or if ratification of the sale is denied by the Circuit Court for any reason, the purchaser’s sole remedy, at law and equity, is the return of the deposit without interest. Additional terms and conditions may be announced at the time of sale. (Case No. C-07-CV-22-000185)
PERSONAL PROPERTY TERMS OF SALE: Any party wishing to bid must provide a certified check or cashier’s check in the amount of Ten Thousand Dollars ($10,000.00) prior to the commencement of the sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office. Auctioneer may offer the Personal Property for sale as an entirety or in lots. An announcement as to the manner in which the Personal Property will be offered for sale will be made prior to the commencement of the solicitation of bids. Any announcements made on the day of the auction take precedence over catalog or other previously announced or documented information, but do not alter any way the basic terms and conditions of sale. ALL SALES ARE FINAL. NO REFUNDS, RETURNS OR EXCHANGES.
If the Personal Property is sold separately from the Real Property the purchaser of the Personal Property shall settle and comply with the sale terms within ten (10) days following the day of sale, unless said period is extended by the Secured Creditor for good cause shown. In the event the Personal Property and the Real Property are sold together, the Secured Creditor’s obligation to sell the Personal Property to the purchaser and the purchaser’s obligation to buy the Personal Property from the Secured Creditor shall be contingent upon ratification of the sale of the Real Property by the Circuit Court for Cecil County. In such event, the purchaser shall have ten (10) days following ratification to settle and comply with the terms. Time is of the essence.
No checkout will be permitted until all bidding has concluded. All purchases must be paid for in full before the Personal Property will be released from the premises. Payments will be accepted in the form of cash or cashiers’ check, wire transfer, or business check accompanied by a bank letter of guarantee. Any Personal Property not paid for by the date of settlement will be deemed abandoned by the applicable buyer, the buyer will lose any right, title or interest buyer may have acquired, the applicable Personal Property shall revert to Secured Creditor without further notice to buyer, the transaction shall be null and void as to such buyer, and such buyer shall not be entitled to the return of the deposit made to qualify as a bidder.
Purchasers are solely responsible to provide all personnel, equipment or material needed to pick up purchases and shall assume all responsibility for the removal of any Personal Property purchased at the sale and any and all risks associated with such removal including, without limitation, full financial responsibility for any damage or liability to persons or property resulting from any negligent act for omission of buyer or any of buyer’s employees, agents and/or representatives during pick-up and removal. Upon request of Auctioneer, buyers shall provide proof of satisfactory insurance coverage before being allowed to remove any Personal Property from the premises. In the event any purchased Personal Property contains any environmental hazards, toxic waste or other type of hazardous material in any form whatsoever, the applicable buyer shall provide evidence that it or its representatives are licensed for such removal and shall comply with all applicable local, state and/or federal rules, laws and regulations. Auctioneer, Secured Party and their respective agents and representatives shall not be responsible for containment, storage, or removal of any environmental hazards, toxic waste or other type of hazardous material. Persons in attendance during inspection, sale or removal of the Personal Property assume all risks of damage or loss to persons or property and shall exercise proper precautions at all times for the protection of persons and property and shall comply with all safety and health requirements as provided by local, state and federal regulations, and as directed by Auctioneer. Neither Auctioneer, Secured Party, nor their respective their agents, employees and representatives shall be liable by reason of any defect in or about the condition of the premises upon which any Personal Property is located. In no event will Auctioneer’s or Secured Party’s liability to any buyer exceed the purchase price actually paid by such buyer. A buyer’s claim shall be limited to the amount paid for the applicable Personal Property, and shall not extend to any obligation; risk; liability; right; claim; remedy for loss of use, revenue or profit; liability of buyer to any third party; personal injury; or any other direct; indirect, incidental or consequential damages. If any term of sale or applicable condition is not complied with by any buyer, then, in addition to other remedies available to Auctioneer and Secured Party, including and without limitation, the right to hold such buyer liable for the amount bid by such buyer for the applicable Personal Property, Auctioneer may, at its option, (a) cancel the sale, retaining all payments made by such buyer, and/or (b) resell the applicable Personal Property and hold the buyer liable for: (i) any deficiency between the amount bid by such buyer and subsequent resale price; (ii) Auctioneer’s commission for the resale; and (iii) all other expenses related to the resale of the applicable Personal Property, including costs of storing and insuring such Personal Property pending resale.
Unless otherwise agreed by the Secured Creditor, settlement shall be held at the offices of offices of Rosenberg Martin Greenberg, LLP, 25 S. Charles Street, Suite 2115, Baltimore, Maryland 21201.
The information contained herein was obtained from sources deemed to be reliable but is offered for informational purposes only. The Auctioneer, the Secured Creditor, and the Substitute Trustees do not make any representations or warranties with respect to the accuracy of this information.
Joshua D. Bradley and/or Jeffrey S. Greenberg, Substitute Trustees
Hotel Web Page:
Days Inn by Wyndham Perryville – www.wyndhamhotels.com