"Canton Industrial Area" Industrial Property Formerly Operated As "Lava Lounge" Real Estate, 7-Day Beer Wine & Liquor License, Restaurant Fixtures & Equipment

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Listing Details

Sold Price
$420,000
Auction Date
Auction Time
11:00 AM
Address
1301 Ponca Street, Baltimore, MD, 21224
County
Baltimore City
Neighborhood
Canton Industrial Area
Scroll down for Complete Details, including: property description and Terms of Sale.

Ronald B. Katz, P.A., Solicitors
11403 Cronridge Drive, Suite 230
Owings Mills, MD 21117-2219

SUBSTITUTE TRUSTEE'S &
SECURED CREDITOR'S AUCTION

                                               
CANTON INDUSTRIAL AREA

INDUSTRIAL PROPERTY
Formerly Operated As
"Lava Lounge"


- Including -
ONE STORY BUILDING
Zoned M-3, Industrial
Paved Parking Lot

7-DAY BEER, WINE &
LIQUOR LICENSE


RESTAURANT FIXTURES,
EQUIPMENT AND INTANGIBLES

Sale On Premises
1301 PONCA STREET
Off 4900 Boston Street, Near I-95
Baltimore, MD 21224

TUESDAY, SEPTEMBER 14, 2010
AT 11:00 A.M.

For directions from your location, visit: maps.google.com


         Under and by virtue of the power of sale contained in a certain Deed of Trust from James Micklos to Howard B. Goren, Trustee, dated March 30, 2006, and recorded among the Land Records of Baltimore City, in Liber 7728, Page 182, the holder of the indebtedness secured thereby having appointed Ronald B. Katz to act as Substitute Trustee, in place and stead of the aforementioned Trustee, by instrument duly executed, acknowledged and recorded among the Land Records aforesaid;  and pursuant to a Security Agreement from Club Malibu, LLC and James Micklos to the Secured Party therein, dated February 27, 2007 and recorded among the Financing Records of the Maryland State Department of Assessments and Taxation in Film U00503, Folio 0867, File No. 0000000181298285;  default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustee and Secured Party will sell at Public Auction, on the premises, the following:


Real Estate


         All that fee simple lot of ground and the improvements thereon, situate and lying in Baltimore City, State of Maryland and being more fully described in the above-referenced Deed of Trust.


         The property is situated on the east side of Ponca Street, north of Boston Street.  The lot is rectangular, fronting 80'2" by a depth of 175'5", comprising 0.32-acre, more or less.  The majority of the site is paved or improved.  The property adjoins an unused portion of Toone Street, which is paved and has been used for overflow parking. 


         Public records indicate that the property is located in an M-3, Heavy Industrial Zoning District and that the building therein comprises 4,405 square feet of gross building area.  The improvements consist of a one story stucco and masonry building, with built-up roof, front and side entrances and surrounding parking lot.  The building is believed to contain bar and dining areas, a commercial kitchen and rest rooms.


         DEPOSIT: $25,000, payable by certified or cashier’s check at time and place of sale.


Personal Property & Intangibles


         7-DAY (TYPE LBD-7) BEER, WINE AND LIQUOR LICENSE, permits use of the entire premises as a tavern with live entertainment and dancing, including entire outdoor property, per BMZA 221-02.  No one under 21 years of age is permitted on the premises 9:00 p.m. to 2:00 a.m.  Stephen Rehak and John Rallo are barred from premises in any capacity.


         The transfer of this liquor license is subject to the approval of the Board of Liquor License Commissioners of Baltimore as in the case of an original application, and it shall be the sole responsibility of the purchaser to obtain said approval.  In addition, in line with Article 2B of the Annotated Code of Maryland, any tangible personal property taxes, retail sales, amusement, admission and/or withholding taxes must be paid to the City of Baltimore and/or State of Maryland.


         OTHER GENERAL INTANGIBLES, including the Debtor's right, title and interest in any permits, licenses, contracts, software, telephone numbers, client lists, going concern value, goodwill and advertising, if any, are included in the auction.


        FURNITURE, FIXTURES & EQUIPMENT, located on the premises and used in connection with Club Malibu are included in the auction.


         DEPOSIT: $10,000, payable by certified or cashier’s check at time and place of sale.


Manner and Terms of Sale


         Manner of sale to be announced at the time of sale.  If sold as an entirety, the deposit shall be $35,000.


         REAL ESTATE:  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 Baltimore City at the offices of 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 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 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 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 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 Substitute Trustee, the Secured Party, 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 and Secured Party 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 Trustee, Secured Party 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.


         PERSONAL PROPERTY: If sold separately, the balance is to be paid in cash by Thursday, September 16, 2010, at  the office of the Auctioneer.

 

No Buyers Premium


Ronald B. Katz, Substitute Trustee and
Attorney for Secured Party