"Capitol Heights"

Warehouse Condominium Unit
4,307+/- Sq. Ft.
Zoned I-2, Heavy Industrial
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Listing Details

Sold Price
$275,000
Auction Date
Auction Time
11:00 AM
Address
1789 Olive Street, Capitol Heights, MD, 20743
County
Prince George's County
Neighborhood
Capitol Heights
Financing
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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

CAPITOL HEIGHTS

One-Half Mile From
I-295/US-50 Interchange

WAREHOUSE CONDOMINIUM UNIT
4,307+/- Sq. Ft. ✦ Zoned I-2, Heavy Industrial

1789 OLIVE STREET
Prince George’s County, MD 20743

Sale to be Held
Main Entrance - Courthouse Steps
CIRCUIT COURT FOR PRINCE GEORGE'S COUNTY
14735 MAIN STREET
UPPER MARLBORO, MARYLAND 20772
Get directions from Google Maps

FRIDAY, DECEMBER 4, 2015
AT 11:00 A.M.

     Under and by virtue of the power of sale contained in a certain Commercial Deed of Trust from DCKC, LLC to the Trustees therein, dated August 30, 2007, and recorded among the Land Records of Prince George's County, Maryland on November 6, 2007 at Liber 28881, Folio 361, 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, at the Prince George's County Courthouse, the following:

    All that fee simple lot of ground and the improvements thereon, situate and lying in Prince George's County, State of Maryland, and being more fully described in the above referenced Commercial Deed of Trust; condominium area 4,307 square feet, more or less.  

    The property is improved by a one story warehouse condominium believed to be used for warehouse and office space. According to public tax records the building was constructed in 1951, and contains 4,307 square feet of gross building area. Features include brick masonry construction, flat rubber membrane roof and overhead door. The interior is believed to be arranged for approximately 1,000 square feet of warehouse space, and 3,000 square feet of finished office space containing 8 offices, kitchenette, work room, clean room and storage area. The property is believed to be zoned I-2, heavy industrial.

    TERMS OF SALE:  A $20,000 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 by 12:00 Noon, Monday, December 7 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 Prince George's County at the offices of the Substitute Trustees.  If payment of the balance does not take place within the specified time, the deposit shall be forfeited, or 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 conjunction with the foreclosed Deed of Trust, from date of sale to date of settlement.  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 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