"Savage"

This Auction has been CANCELED.

Shapiro, Sher, Guinot & Sandler
250 W. Pratt Street, 20th Floor
Baltimore, Maryland 21201
410-385-0202

SUBSTITUTE TRUSTEES’ AUCTION

ONE STORY MASONRY
INDUSTRIAL BUILDING
57,000± SF On 2.78± Acres
Zoned CE-CLI ◆ 6 Tenant Spaces

Approximately $410,000 Gross Annual Rent Roll
At Approximately 84% Occupancy

Sale On Premises
9385 U.S. ROUTE 1
a/k/a 9385 Washington Boulevard
Opposite Freestate Drive & CarMax
Laurel, Howard County, MD 20723

This Auction has been CANCELED.

WEDNESDAY, OCTOBER 11, 2017
AT 2:00 P.M.

      Under and by virtue of the powers of sale contained in (i) that certain Indemnity Deed of Trust and Assignment of Leases and Rents, dated November 22, 2011 (the “$2.88MM IDOT”), from CFM, L.L.C. (the “CFM”), to the trustees named therein, and recorded among the Land Records of Howard County, Maryland (the “Land Records”) at Liber 13616, Folio 139; and (ii) that certain Indemnity Deed of Trust and Assignment of Leases and Rents, dated July 17, 2014 (together with the $2.88MM IDOT, the “IDOTs”), from CFM to the trustees named therein, and recorded among the Land Records at Liber 15696, Folio 428, the holder of the indebtedness secured thereby (the “Secured Party”) having appointed Scott W. Foley, Esq. and/or J. Patrick Gill, Esq. to act as Substitute Trustees, in place and stead of the trustees originally named in the IDOTs, separate Deeds of Appointment of Substitute Trustees each dated June 30, 2017 and recorded among the Land Records at Liber 17683, Folio 373, and Liber 17683, Folio 377, default having occurred under the terms of the IDOTs and at the request of the Secured Party, the 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 Howard County, State of Maryland, and being more fully described in the above-referenced IDOTs.

      The improvements are believed to comprise a one story brick and concrete block warehouse building, constructed in 1988, containing 57,000+/- square feet of leasable area, divided into six tenant spaces (configured from eight original suites), ranging from 8,990+/- to 10,800+/- square feet.  The building is constructed on a poured, reinforced concrete slab, has 18′ clear ceiling heights, five or more loading docks, wet sprinkler system, three-phase electrical system and tar/gravel single membrane roof. Interior industrial spaces have gas fired heaters.  Finished office areas typically have drywall, carpeted or vinyl flooring and acoustical tile ceilings with florescent lighting.  The property has a macadam paved parking area with approximately 70 on-site spaces.

ZONING:
CE (Corridor Employment) – CLI (Continuing Light Industrial) District.

ADDITIONAL INFORMATION:
Please fill out a Waiver and Confidentiality Agreement, sign it, and return it to the office of the Auctioneer by fax to 410-296-4420 or email dan@ajbillig.com. Once the completed form has been received, you will receive the confidential information via email. Requests are normally answered Monday-Friday 9 am-4 pm.

      NOTE: The information contained herein and available on the Auctioneer’s web site has been obtained from sources deemed reliable and is believed to be substantially accurate, but is offered for informational purposes only.  However, the Auctioneers, the Substitute Trustees, and the Secured Party do not make any representations or warranties with respect to the accuracy of the information contained herein or in any of the information and materials made available to prospective purchasers and no express or implied warranties or representations may be inferred.  All dimensions, square footage, acreage and other measurements, if any, are approximate.  Building area shown is gross building area and approximate.  Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the property, zoning, existing structures and improvements thereon and the permitted uses thereof.

      TERMS OF SALE: A $150,000 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 48 hours at the offices of the Substitute Trustees.  The Secured Party, if a bidder at the sale, shall not be required to post a deposit. Balance to be paid in immediately available funds at settlement, which shall take place within ten (10) business days following final ratification of the sale by the Circuit Court for Howard County at the offices of the Substitute Trustees.  If payment of the balance does not take place within the specified time, in addition to any other legal or equitable remedies available to the Substitute Trustees and Secured Party, the deposit shall be forfeited and the property may be resold at the risk and expense of the purchaser.  The defaulting purchaser shall not be entitled to any surplus proceeds or profits resulting from any resale of the property. In the event the property is purchased by someone other than the Secured Party, interest to be charged on the unpaid purchase money, at the default rate stated in the Note executed in connection with the $2.88MM IDOT (7.375%), from date of sale to date of settlement.  If settlement is delayed for any reason, there will be no abatement of interest.  The property will be sold in “AS IS” condition with “ALL FAULTS”, and without any recourse, representation, or warranties, express or implied, as to the nature, condition, value, use or description of the property or improvements thereon. The purchaser is responsible for, and the property is sold subject to, any and all environmental violations, matters, problems, conditions or hazards, whether latent or observable, if any, that may exist at or affect or relate to the property and to any governmental requirements affecting the same, nuisances, violation notices, building code violations, zoning code violations, critical area and wetland violations, encumbrances, easements, equitable servitudes, conditions, rights of way, restrictions, rights of redemption, covenants, declarations, agreements, and restrictions of record affecting the property that are not extinguished by operation of law by the sale. In addition, the property is being sold subject to such state of facts that an accurate survey or physical inspection of the property might disclose.  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 sale forward.  The purchaser waives and releases the Substitute Trustees, the Secured Party, 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.  All taxes, ground rent, water and sewer, homeowner association charges, and all other public and private charges and assessments including, without limitation, paving, sanitary and/or metropolitan district charges due or payable at the time of settlement shall be borne by the purchaser and paid for by the purchaser at settlement.  In addition, all recordation costs, transfer taxes and all other costs incident to settlement to be paid by the purchaser at settlement.  Notwithstanding anything contained herein to the contrary, the Substitute Trustees are not imposing a requirement on the purchaser to pay additional legal fees incurred by the Substitute Trustees associated with the settlement (including, fees for any attorney who reviews settlement documents on behalf of the Substitute Trustees). The cost of any supplemental foreclosure bond, if required, following the sale shall be borne by the purchaser. The conveyance of the property by the Substitute Trustees shall be by Substitute Trustees’ Deed without covenant or warranty. 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.

Scott W. Foley and/or J. Patrick Gill,
Substitute Trustees

No Buyer’s Premium