- Rescheduled -
New Date & Location

- Sale to Be Held -
Beechtree Golf Club

811 S. Stepney Road
Aberdeen, MD 21001
MAPQUEST DIRECTIONS

WEDNESDAY, JUNE 13, 2007
AT 10:30 A.M.

Coon & Cole, LLC, Solicitors
305 West Chesapeake Avenue, Suite 105
Towson, Maryland 21204
410-244-8800

TRUSTEES' AUCTION

2 - Outstanding Residential
DEVELOPMENT PARCELS
Adjoining Bulle Rock Golf Course

Known As
"GREENWAY FARM"
Parcel 2 - 40.038 Acres± - 166 Density Units
Parcel 3 - 45.703 Acres± - 248 Density Units

U.S. Route 40 to Martha Lewis Boulevard to Site
CITY OF HAVRE DE GRACE
Harford County, Maryland 21078

Photos of auction property
ENTRANCE      ENTRANCE DRIVE      SITE PHOTO #1      SITE PHOTO #2
SITE PHOTO #3      SITE PHOTO #4      CONSTRUCTION (adjacent parcel)

LOCATION MAP

- Sale to Be Held -
Beechtree Golf Club

811 S. Stepney Road
Aberdeen, MD 21001
MAPQUEST DIRECTIONS

WEDNESDAY, JUNE 13, 2007
AT 10:30 A.M.

       Under and by virtue of the power of sale contained in a certain Indemnity Deed of Trust dated January 4, 2006 from Greenway Investments LLC to Curtis C. Coon and David H. Cole, Trustees, which Indemnity Deed of Trust is recorded among the Land Records of Harford County in Liber 6507, Folio 720, default in said deed having occurred, and at the request of the parties secured thereby, Foreclosure Case #12-C-07-633 before the Circuit Court for Harford County, Maryland, the Trustees will offer for sale the property described herein subject to the terms which follow.

       "Greenway Farm" is a new home community, north of U.S. Route 40 along the east side of Bulle Rock Golf Course, annexed by the City of Havre de Grace. The project has been approved by the City of Havre De Grace for a maximum of 690 density units, including cluster homes, townhomes and condominium units, to be served by public water and sewer. Townhomes and apartments are currently being constructed in Parcel 1 (NOT PART OF THIS AUCTION) by a national homebuilder, with starting prices ranging from $271,900 to $389,990.

       The Trustees' Auction includes Parcel 2 and Parcel 3 which are planned for a total of 414 density units and are considered the premium parcels in Greenway Farm. The site is scenic, rolling, bounded by mature woodlands and a creek. Parcel 2, consisting of 40.038 acres, more or less, located in the southwestern portion of Greenway Farm, is planned for 166 density units, currently proposed as 82 lots, containing 74 townhomes, four 8-unit condominium buildings, one 12-unit condominium building and three 16-unit condominium buildings. Parcel 3, consisting of 45.703 acres, more or less, being the northern portion of Greenway Farm, is planned for 248 density units, currently proposed as 96 lots, containing 80 townhomes, eleven 8-unit condominium buildings, and five 16-unit condominium buildings.

For additional information, visit these web sites:
K. Hovnanian Homes (Parcel 1)
Bulle Rock Golf Course

The following due diligence information is available by contacting the Auctioneers. Please sign and return this Confidentiality Waiver (pdf). Upon receipt, the documents will be forwarded by email, fax or mail.
  • Proposed subdivision plan
  • Approved water and sewer plans
  • Color rendering of project
  • Public Works Agreement
  • Annexation Resolution
  • Lender's Title Insurance Policy
Just Received:
  • Phase I Environmental Site Assessment
  • Wetland Delineation Report
  • Preliminary Geotechnical Exploration
  • All reports Geo-Technology Associates, Inc.

       The Trustees, the holders of the indebtedness and the Auctioneers make no representations or warranties with respect to the accuracy or completeness, methodology of preparation or otherwise concerning any of the foregoing due diligence information, or the contents thereof.

       MANNER OF SALE: Parcels 2 and 3 will be offered individually and the bid reserved. Then, both Parcel 2 and Parcel 3 will be offered together as an entirety and sold in the manner producing the greater amount.

       TERMS OF SALE: A $250,000.00 deposit on each parcel or $500,000 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. The deposit shall be increased to 10% of the purchase price by 12 noon on Monday, June 18, 2007, at the Auctioneer's Office. The holders 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 Harford County at the offices of the Trustees. If purchaser defaults under any of these terms, 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 Indemnity Deed of Trust, from date of sale to date of settlement. All adjustments as of date of sale. All state and local ad valorem real estate taxes, regular and special assessments, and all other public charges and assessments, including sanitary and/or metropolitan district charges, if any, to be adjusted to the 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 property as contained herein and subject to all 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 Trustees and the beneficiaries of the Trust, the holders 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 Trustees are unable to convey good and marketable title, or if the sale is not ratified for any reason, the purchaser's sole remedy in law or equity shall be limited to the refund of the deposit, without interest. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claims against the Trustees, the holders of the indebtedness or Auctioneers. Recordation costs, transfer and recordation taxes and all other costs incident to settlement to be paid by the purchaser. Time shall be of the essence for the purchaser.

       NOTE: Prospective buyers may be required to show evidence of deposit for entry to Beechtree Clubhouse.

No Buyers Premium

Curtis C. Coon, David H. Cole, Trustees