"Ocean City" Freestanding Duplex Building 2 Self-Contained Townhomes with On-Site Parking

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Listing Details

Sold Price
$350,000
Auction Date
Auction Time
12:00 PM
Address
101 Philadelphia Avenue, Worcester County, MD, 21842
County
Worcester County
Neighborhood
Ocean City
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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

SUBSTITUTE TRUSTEES' AUCTION
                       
OCEAN CITY

FREESTANDING
DUPLEX BUILDING
2 Self-Contained Townhomes
With On-Site Parking

Sale On Premises

"Nowalk On First"
101 PHILADELPHIA AVENUE
Units A & B, Corner N. First Street
Worcester County, MD 21842

FRIDAY, NOVEMBER 11, 2011
AT 12:00 NOON

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


      Under and by virtue of the power of sale contained in a certain Indemnity Purchase Money Construction Deed of Trust ("Deed of Trust") from Nowalk Properties, LLC to the Trustees therein, dated July 24, 2003, and recorded among the Land Records of Worcester County, Maryland, in Liber 3797, Page 077, the holder of the indebtedness secured thereby having appointed Ronald B. Katz and Eric A. Hartlaub 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 Worcester County, State of Maryland and being more fully described in the above-referenced Deed of Trust.


      Situated on the northwest corner of Philadelphia Avenue and N. First Street in Downtown Ocean City, the lot fronts 50' along Philadelphia Avenue by 60' along N. First Street.  Driveway access is from N. First Street.  Dimensions and square footage mentioned in this advertisement are approximate and more or less.


      The property is improved by a three story vinyl sided building, constructed on concrete pylons, with composition shingle roof, vinyl double hung windows and parking below for 4 to 6 cars.  The building contains two side-by-side townhomes, each with separate entrance. 


      Each unit is believed to contain 1,500 to 1,600 square feet of living area, plus a large first floor deck and second and third floor balconies with partial ocean or bay views.  Each unit is believed to comprise a living room, dining area, kitchen, 3 bedrooms, 2.5 baths, electric heat pump and central air conditioning.  Although a condominium regime may be in place, the property will be offered as an entirety only.


      SITE PLAN (pdf)


      TERMS OF SALE:  A $30,000 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 by 12 Noon on Monday, November 14, 2011 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 the offices of the Substitute Trustees.  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, condominium 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;  and subject to easements, agreements, restrictions or covenants of record affecting same, if any, including the Declaration and Bylaws of the Nowalk to First Condominium regime, 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

Ronald B. Katz, Eric A. Hartlaub,
Substitute Trustees