Gerald R. Walsh, P.A., Solicitors
Suite 220, Court Towers
210 W. Pennsylvania Avenue
Towson, MD 21204

ABSOLUTE BANKRUPTCY AUCTION
To The Highest Bidders - Regardless of Price!

SANDTOWN-WINCHESTER

8 - FULLY RENOVATED
SINGLE & TWO-FAMILY
INVESTMENT TOWNHOMES


Self-Contained Units With Separate
Gas Heat, Central Air & Meters

Sale To Be Held
1012, 1014, 1020, 1022, 1024
& 1035 N. CAREY STREET
- And -
1020 & 1023 N.
CARROLLTON AVENUE

Baltimore, MD 21217

THURSDAY, MAY 26, 2005
AT 10:30 A.M.


LOCATION MAP

       Pursuant to an Order of the United States Bankruptcy Court passed in the matter of Moorish-American Development Associates Corp., Debtor, Case No. 03-5-3376-JS (Chapter 11), the Debtor will sell at Public Auction, the properties listed below.

      BUILDINGS WERE RENOVATED IN THE 1990'S WITH GAS FORCED HOT AIR HEAT, CENTRAL AIR CONDITIONING, NEW ELECTRICAL, PLUMBING AND MECHANICAL SYSTEMS, SEPARATE UTILITY METERS, WINDOWS, DRYWALL, FLOOR COVERINGS, KITCHENS AND BATHS.

       The following properties are leasehold with ground rents as noted. Each is improved by a three story inside-group brick townhome, situated on a 15' x 91', more or less lot:



       1012 N. Carey Street - annual $90 ground rent, a single-family home with 4 bedrooms and 2 baths; occupied by property manager

       1014 N. Carey Street - annual $120 ground rent, a single-family home with 4 bedrooms and 2 baths; rented for $600/month.



       1022 N. Carey Street - annual $42 ground rent, contains 2 two-bedroom and bath apartment units; each unit is rented for $450/month.



       1024 N. Carey Street - annual $82.50 ground rent, contains 2 two-bedroom and bath apartment units; each unit is rented for $450/month.

The following properties are in fee simple:



       1020 N. Carey Street - three story inside-group brick townhome, contains 2 two-bedroom apartment units (two baths on first level, one bath for upper level apartment), lot size 15' x 91', more or less; relative of property manager in one unit, second unit used as an office.



       1035 N. Carey Street - three story inside-group brick townhome, contains 2 two-bedroom and bath apartment units; lot size 14' x 90', more or less; Unit A is rented for $450/month, Unit B is rented for $500/month.



       1020 N. Carrollton Avenue - two story end-of-group brick single-family townhome, containing a living room, dining room, kitchen, 2 bedrooms and 2 baths; lot size 13' x 90', more or less; rented for $600/month.



       1023 N. Carrollton Avenue - two story inside-group brick single family townhome, containing a living room, dining room, kitchen, 2 bedrooms and 2 baths; lot size 14' x 70', more or less; rented for $450/month.

       MANNER OF SALE TO BE ANNOUNCED AT TIME OF SALE.

       TERMS OF SALE: A $2,500 DEPOSIT ON EACH PROPERTY, payable by certified check or 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. Balance to be paid in cash within 45 days. 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 of 12% per annum, from date of sale to date of settlement. All adjustments, including taxes, rents, ground rents, all other public charges and assessments payable on an annual basis, and 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 properties will be sold in "AS IS" condition, without warranty as to the nature, description or rental information contained herein, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, as well as existing zoning. Purchaser assumes the risk of loss from the date of sale forward. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. If the Seller 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 Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser. Time is of the essence.

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