"Ocean City - Caine Woods" Popular

Waterfront Townhouse Condominium Unit
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Listing Details

Auction Date
Auction Time
11:00 AM
Address
717 139th Street, Unit 3, Ocean City, MD, 21842
County
Worcester County
Neighborhood
Ocean City, Caine Woods
Category
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Auction Registration
Inspection
The property will be open 1 hour prior to the auction, on the day of the sale only.
Additional Documents
Condominium Plat
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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Paul J. Cohen, Solicitor
CIPRIANI & WERNER PC
Executive Plaza III, Suite 302
11350 McCormick Road
Hunt Valley, MD 21031

SUBSTITUTE TRUSTEE'S AUCTION

OCEAN CITY

"Caine Woods"

WATERFRONT TOWNHOUSE
CONDOMINIUM UNIT

Sale On Premises
717 139TH STREET
UNIT 3
Worcester County, MD 21842

THURSDAY, DECEMBER 28, 2017
AT 11:00 A.M.

      Under and by virtue of the power of sale contained in a certain Money Loaned Deed of Trust, Security Agreement, and Assignment of Contracts, Leases and Rents (the "Deed of Trust") from Hopewell Promotions, Inc. to the Trustee therein, dated July 24, 2009, and recorded among the Land Records of Worcester County, Maryland, in Liber 5329, folio 013, the holder of the indebtedness secured thereby having appointed the undersigned to act as Substitute Trustee, in the 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 will sell at Public Auction, on the premises, the following:

      All that property lying and being situate in the Town of Ocean City, in the Tenth Election District of Worcester County, Maryland, designated and distinguished as Unit No. 3 in the "STARLIGHT BAY CONDOMINIUM," together with an undivided percentage interest in the common elements thereof, as established pursuant to the Condominium Declaration and Bylaws, dated March 29, 1985 and recorded among the Land Records of Worcester County, Maryland in Liber No. 1188, folio 187, et seq., as amended; and pursuant to the Plats thereto recorded among the aforesaid Land Records in Plat Book No. 106, folio 20, et seq., as amended. The improvements thereon being known as No. 717 139th Street, Condominium Unit 3, Ocean City, Maryland 21842. Condominium Plat.

      The improvements are believed to comprise a raised, two story frame end-of-group townhome, built in 1985 and containing 1,600 square feet of living area, according to public tax records. The townhouse is one of three units comprising the Starlight Bay Condominium. The home has two waterfront decks facing Assawoman Bay and two parking spaces below the building. The home is believed to contain a living room, dining room, kitchen, 3 bedrooms, 2.5 baths, electric heat pump and central air conditioning.

      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 $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 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 Worcester County at a location designated by 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 defaulting 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 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. Time shall be of the essence for the purchaser.

      Authority to cancel this sale rests solely with the Substitute Trustee 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 Trustee reserves: (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

Paul J. Cohen, Substitute Trustee