Moore, Carney, Ryan & Lattanzi, LLC
4111 E. Joppa Road, Suite 201
Baltimore, Maryland 21236
SUBSTITUTE TRUSTEES' SALE
Renovated, 2 Story
1605 & 1607 LATROBE ST.
Off 300 Block of E. Lanvale St.
BALTIMORE, MD 21202
For directions from your location, visit: maps.google.com
Sale to Be Held
THURSDAY, JULY 28, 2011
AT 10:30 A.M.
Under and by virtue of the power of sale contained in a certain Deed of Trust from Penn North Two LLC to William M. Loughran and/or David M. Meadows, Trustees, dated May 30, 2007, and recorded among the Land Records of Baltimore City, MD, in Liber FMC 9572, folio 623, the holders of the indebtedness secured thereby having appointed Richard E. Lattanzi and/or Lisa M.L. Eisemann and/or Kristin H. Williams 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 courthouse steps, the following:
All those leasehold lots 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.
1605 Latrobe Street - is being sold subject to an annual $20 ground rent and is improved by a two story brick end-of-group townhome reportedly gutted and completely renovated with drywalled interior, new plumbing, electric, replacement windows, etc. and contains 3 rooms (bedroom and bath); full basement; gas forced hot air heat and central air. Lot size: 11'8" x 68', more or less. The property is currently rented for $850/month (Section 8).
1607 Latrobe Street - is being sold subject to an annual $20 ground rent and is improved by a two story brick townhome reportedly gutted and completely renovated with drywalled interior, new plumbing, electric, replacement windows, etc. and contains 3 rooms (bedroom and bath); full basement; gas forced hot air heat and central air. Lot size: 11'8" x 68', more or less. The property is currently rented for $850/month (Section 8).
TERMS OF SALE: A $2,500 deposit per property, payable by certified check or cashier's check, will be required of the purchaser at time and place of sale. The deposit is to be increased to 10% of the purchase price within 24 hours at the office of the Auctioneers. 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 Trustees. If payment of the balance does not take place within the specified time, the deposit will 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 Deed of Trust Note, from date of sale to date of settlement. All adjustments as of date of sale. Net rents collected from the existing tenants by the Creditor, will be adjusted as of the date of sale and credited to the purchaser at the time of settlement. 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 sale and assumed thereafter by the purchaser. The properties will be sold in "AS IS" condition, without express or implied warranty as to the existing zoning and the nature and description of the improvements as contained herein; subject to the rights of the existing tenants, if any, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser shall be responsible for obtaining physical possession of the properties, subject to the rights of the existing tenants, if any, and assumes the risk of loss or damage to the properties 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, Noteholder or Auctioneer. 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 Buyer's Premium!
Authority to cancel this sale rests solely with the Substitute Trustees 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 Substitute Trustees 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 properties from the sale before acceptance of the final bid; and (4) the right to cancel or postpone the sale.
Richard E. Lattanzi, Lisa M.L. Eisemann,
Kristin H. Williams, Substitute Trustees