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This Auction has been CANCELED.
David B. Pierce, Solicitor
25 Hooks Lane – Suite 316
Baltimore, MD 21208
SUBSTITUTE TRUSTEE’S &
Real Estate ◆ Liquor License
Fixtures & Equipment
Sale On Premises
Corner W. Ostend Street
Baltimore, MD 21230
FRIDAY, FEBRUARY 1, 2019
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Deed of Trust from Kevin Joseph Young to the Trustee therein, dated August 2, 2013, and recorded among the Land Records of Baltimore City, Maryland, in Liber 15557, Page 218, pursuant to a Security Agreement secured by a Financing Statement from Touch Down, LLC, Debtor, recorded among the Financing Records of the Maryland Department of Assessments and Taxation as File No. 181479307, and pursuant to an Amended Financing Statement from Touch Down, LLC and Kevin Young, Debtors, recorded among the Financing Records aforesaid as File No. 1000362007186937, the holders of the indebtedness secured thereby having appointed the undersigned to act as Substitute Trustee, in place and stead of the aforementioned Trustee, 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 Trustee and Secured Party will sell at Public Auction, on the premises, the following:
All those fee simple lots of ground and the improvements thereon, situate and lying in Baltimore City, State of Maryland and being more fully described in the above-referenced Deed of Trust.
The property is a rectangular lot, located at the southeast corner of W. Hamburg and W. Ostend Streets and comprising approximately 42′ x 70′, more or less. According to the Baltimore City Zoning Office, the site is located in an R-8, residential zoning district and has a permitted non-conforming use as restaurant and tavern with live entertainment.
The improvements are believed to comprise a two story end-of-group brick building. According to public records, the building was constructed in 1900 and contains 3,796 square feet of building area, plus basement. The building is believed to contain a bar/tavern on the first floor with gas heat and central air conditioning. The property is located within walking distance of M&T Bank (Ravens) Stadium, Oriole Park and Federal Hill.
7-DAY CLASS LBD7 BEER, WINE AND LIQUOR LICENSE – permits liquor sales for on-premises consumption and over the bar package goods sales on the first floor and basement storage. The transfer of this liquor license is subject to the approval of the Board of Liquor License Commissioners of Baltimore as in the case of an original application, and it shall be the sole responsibility of the purchaser to obtain said approval. In addition, in line with Article 2B of the Annotated Code of Maryland, any tangible personal property taxes, retail sales, amusement, admission and/or withholding taxes must be paid to the City of Baltimore and/or State of Maryland.
TAVERN FIXTURES & EQUIPMENT, INVENTORY, GENERAL INTANGIBLES covered by the Financing Statement and Security Agreement, owned by the Debtors and located on the premises are included in the sale.
Manner of Sale
First offering – the building will be offered and the bid reserved. Second offering – the liquor license and other personal property will be offered together and the bid reserved. Third offering – the real estate, liquor license and other personal property will be offered as an entirety. The sale will be made in the manner producing the greater amount.
Terms of Sale
Deposits as stated above or $15,000 if sold as an entirety, payable by certified check or cashier’s check, will be required of the purchaser at time and place of sale.
Real Estate and Entirety Bidder – The deposit shall be increased to 10% of the purchase price by 11:00 A.M., Monday, February 4 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 City at the offices of the Substitute Trustee. 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 sale to date of settlement. If settlement is delayed for any reason, there will be no abatement of interest. All adjustments as of date of sale. Taxes and all other public charges and assessments payable on an annual basis, including sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of sale 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 sale forward. The purchaser waives and releases the Substitute Trustee, 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 Trustee is 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 Trustee, the holder of the indebtedness or Auctioneers. Recordation costs, transfer taxes and all other costs incident to settlement to be paid by the purchaser.
If Liquor License and Personal Property Are Sold Separately from the Real Estate – balance is due by 11:00 A.M., Monday, February 4.
Time shall be of the essence for all purchasers.
No Buyer’s Premium
David B. Pierce, Substitute Trustee
and Attorney for Secured Party