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Jordan M. Spivok, Solicitor
Protas, Spivok & Collins, LLC
4330 East West Highway, Suite 900
Bethesda, Maryland 20814
SUBSTITUTE TRUSTEES’ AUCTION
FLEX OFFICE BUILDING
45,600± Square Feet ◆ Zoned SIBE
Built in 2010
Sale on Premises
401 LOG CANOE CIRCLE
Queen Anne’s County, MD 21666
WEDNESDAY, OCTOBER 17, 2018
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Indemnity Deed of Trust from Reynolds Estates, LLC to the Trustees therein, dated May 31, 2013, and recorded among the Land Records of Queen Anne’s County, Maryland, in Liber S.M. 2197, folio 467 (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 Queen Anne’s County, State of Maryland and being more fully described as follows:
BEING KNOWN AND DESIGNATED as Unit 28, Building C, as shown on a plat entitled “Third Amended Plat of Condominium Regime for Lot 10, Chesapeake Bay Business Park Condominium,” recorded among the Land Records of Queen Anne’s County in Plat Book S.M. 42, folio 60 A-D.
Together with an undivided percentage interest in the common elements and in the common expenses of the Chesapeake Bay Business Park Condominium, as set forth in a Declaration dated October 16, 2006 and recorded among the Land Records of Queen Anne’s County, Maryland in Liber S.M. 1612, folio 476, as amended in Liber S.M. 1728, folio 258, Liber S.M. 1761, folio 734 and Liber S.M. 2012, folio 417.
Address: 401 Log Canoe Circle Stevensville, MD 21666. The property is situated on a condominium lot comprising 26,584 square feet of land, with macadam parking area, exterior lighting, public water, public sewer, electricity, propane gas and internet. The property is believed to be located in a SIBE-Suburban Industrial Business Employment zoning district, intended for office and light industrial land uses.
The improvements are believed to comprise a two story mixed-use office and industrial building, containing 45,600 square feet of gross building area.
Exterior – metal, glass, concrete and synthetic stucco facade with steel and block framing, constructed on a poured concrete slab, with a foam over steel roof.
Interior – light industrial and class A office finishes, florescent lighting, drywall, carpeting and linoleum flooring; electric HVAC in office areas and overhead propane gas heaters in warehouse; one elevator; wet sprinkler system throughout, multi-stall and single-stall restrooms. When constructed, the building contained approximately 75% office space and 25% unfinished warehouse.
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 $100,000 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 Queen Anne’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 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 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,