"Annapolis Business Plaza"

Industrial Condominium Unit with Office, 4 Service Bays and Overhead Door
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Listing Details

Sold Price
$215,000
Auction Date
Auction Time
11:00 AM
Address
40 Hudson Street - Suite 116 (Legal Address: 116 Hudson Street - Unit K), Annapolis, MD, 21401
County
Anne Arundel County
Neighborhood
Annapolis Business Plaza
Scroll down for Complete Details, including: property description and Terms of Sale.

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

SUBSTITUTE TRUSTEES' SALE

ANNAPOLIS

"Annapolis Business Plaza"

INDUSTRIAL CONDOMINIUM UNIT
Known As Ed Coby's Auto Service
Office ★ 4 Service Bays ★ Overhead Door

Sale To Be Held
40 HUDSON STREET - SUITE 116
(Legal Address - 116 Hudson Street - Unit K)
Off West St. (MD-450), Just E. Of MD-2
Anne Arundel County, MD 21401

TUESDAY, AUGUST 26, 2014
AT 11:00 A.M.

    Under and by virtue of the power of sale contained in a certain Indemnity Deed of Trust from Coby Real Estate, LLC, to Deborah A. Morgan and Frederick F. Brennan, Trustees, dated June 27, 2008 and recorded among the Land Records of Anne Arundel County, in Book 20279, Page 586, the holder of the indebtedness secured thereby having appointed Jordan M. Spivok and Philip J. Collins 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 Indemnity Deed of Trust.

    The property is improved by a one story masonry inside-of-group industrial condominium unit believed to be used for automotive service.   Reportedly this unit comprises 1,618 square feet and is arranged with a small office, front drive-in bay door leading to a 4-bay service center; overhead gas space heaters; central air; sprinkler fire protection system; florescent lighting.  The property is believed to be zoned BCE, Business Corridor Enhancement.

    TERMS OF SALE:  A $15,000 deposit, payable by certified check or cashier's check, will be required of the purchaser at time and place of sale.  The deposit is to be increased to 10% of the purchase price within 24 hours at the office of the Auctioneers.  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 Substitute Trustees.  If payment of the balance of the deposit or purchase price does not take place within the specified time, the deposit given 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 of 6% per annum from date of sale to date of settlement.  All adjustments as of date of sale. Taxes, condominium fees 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 the existing zoning, easements, agreements, restrictions or covenants of record affecting same, if any. All dimensions contained herein are more or less.  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 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.  No Buyer's Premium.

    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.

Jordan M. Spivok and Philip J. Collins,
Substitute Trustees