David H. Cohen, Solicitor
Cohen & Forman, LLC
334 St. Paul Place
Baltimore, MD 21202
0.49 Acre± ◆ Zoned B-3-2
Former Fast Food Restaurant
Sale On Premises
5281 REISTERSTOWN ROAD
Corner Hayward Avenue
Baltimore, MD 21215
THURSDAY, JUNE 7, 2012
AT 2:00 P.M.
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Under and by virtue of the power of sale contained in a certain Mortgage from Michael Mfume, dated July 7, 2006, and recorded among the Land Records of Baltimore City, in Liber 8717, folio 338, said Mortgage having been assigned to David H. Cohen and W. Scott Tinney for foreclosure purposes, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Assignees 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 Baltimore City, State of Maryland and being more fully described in the above-referenced mortgage.
The property is located at the southeast corner of Reisterstown Road and Hayward Avenue, fronting approximately 118' along Reisterstown Road by 182' along Hayward Avenue and comprising approximately 0.489 acre. According to public tax records, the property is located in a B-3-2, community business district and improved by a circa 1961 one story restaurant building containing 1,809 square feet of gross building area. All public utilities are at the site. Paved parking lot. Large sign on pylon.
NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.
TERMS OF SALE: A $20,000 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 Baltimore City at the Assignees' office. 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 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 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.
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David H. Cohen, W. Scott Tinney, Assignees
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