David H. Cohen, Solicitor
Cohen and Forman, LLC
334 St. Paul Place
Baltimore, MD 21202
Station North Arts & Entertainment District
Three Story Commercial
BRICK SHELL BUILDING
Fire Damaged - Opportunity to
Raze or Rehabilitate
Sale On Premises
1817 MARYLAND AVENUE
Off 100 W. North Avenue
Baltimore, MD 21201
THURSDAY, JANUARY 26, 2017
AT 11:00 A.M.
Under and by virtue of the power of sale contained in a certain Purchase Money Mortgage (the "Mortgage") from Class Act Realty LLC, dated April 10, 2013, and recorded among the Land Records of Baltimore City, in Liber 15154, Page 032, said Mortgage having been assigned to the undersigned for foreclosure purposes, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned mortgage assignees will sell at Public Auction, on the premises, the following:
All that leasehold 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 mortgage; lot size 21' x 150', more or less; subject to an annual $90 ground rent.
The property is improved by a three story freestanding brick commercial building, substantially damaged by fire. According to published tax records, the building was constructed in 1900 and contains 3,777 square feet of gross building area. The building, formerly used as a tavern, has vinyl-clad double hung windows, a built-up roof, steel fire escape and two rear balconies. The interior has been gutted to wood floors and exposed brick walls. The property has a rear parking area for approximately six cars. The property is believed to be zoned B-5-1, commercial.
The parking area is subject to a lease as described in Deed Liber 15154, Page 013, among the Land Records aforesaid. Title to the lease will be conveyed at settlement to the auction purchaser at no additional cost, allowing the auction purchaser full use of the property.
TERMS OF SALE: A $7,500 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 Baltimore City at the Assignees' offices. 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 Mortgage, from date of contract to date of settlement. If settlement is delayed for any reason, there will be no abatement of interest. All adjustments as of date of contract. Taxes, ground rent 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 contract 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 easements, agreements, restrictions or covenants of record affecting same, if any; and subject to any building violation notices, 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 contract forward. The purchaser waives and releases the Assignees, 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 Assignees 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 Assignees, the holder of the indebtedness or Auctioneers. Recordation costs, transfer taxes and all other costs incident to settlement to be paid by the purchaser. Time shall be of the essence for the purchaser.
Authority to cancel this sale rests solely with the Assignees and/or the Auctioneer. Prospective buyers should disregard all other statements and comments made by any other person or entity regarding minimum bids, pricing and cancellations of the sale. Additional terms may be announced at the time of sale. The Assignees reserve: (1) the right to accept or reject any or all bids; (2) the right to modify or waive the requirements for bidders' deposits and terms of sale and/or settlement; (3) the right to withdraw the Property from the sale before acceptance of the final bid; and (4) the right to cancel or postpone the sale.
No Buyers Premium
David H. Cohen, W. Scott Tinney,
Geoffrey L. Forman, Assignees