Sale On Premises
LOT 86
LAKE FOREST DRIVE
Lake Forest Drive at Wood Chip Road
Cecil County, Maryland 21921

WEDNESDAY, AUGUST 4, 2010
AT 11:00 A.M.

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        Under and by virtue of the power of sale contained in a certain Deed of Trust from Denali Homes, Inc. to the Trustees therein, specifically a Deed of Trust, dated September 19, 2007 and recorded among the Land Records of Cecil County, Maryland, in Book 2420, Page 591, the holder of the indebtedness secured thereby having appointed the undersigned 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 Cecil County, State of Maryland and being more fully described as follows:

        BEING KNOWN AND DESIGNATED AS LOT NO. 86, as shown on the subdivision plat known as "The Villages of Elk Neck (Section IV, Woodholme Four) (Lots 82, 84-105)", recorded among the Plat Records of Cecil County, Maryland in Plat Book 1101, Page 82.

        Well and septic are required.  According to MRIS, homes in the neighborhood have sold from $335,000 to $420,000 since January 2009.

SUBDIVISION PLAT #1 (pdf)          SUBDIVISION PLAT #2 (pdf)

        TERMS OF SALE:  A $5,000 deposit, 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.  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 Cecil County at the offices of Tydings & Rosenberg, LLP.  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 stated in the foreclosed Deeds of Trust Notes, from date of sale to date of settlement.  If settlement is delayed for any reason, there will be no abatement of interest.  All adjustments as of date of sale.  Taxes, homeowners association 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; subject to any environmental condition or matter, if any, whether latent or otherwise, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, including the Declaration and Bylaws of The Villages of Elk Neck, 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 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, including a $300 document review fee by the Seller's attorney, to be paid by the purchaser.  Time shall be of the essence for the purchaser.

No Buyers Premium

Stephen B. Bradley and Stephen M. Goldberg
Substitute Trustees