FORECLOSURE AUCTION – Wednesday, March 29, 2017 at 10:00am - Five (5) Lots approved for Sixty (60) Residential Condominiums

FORECLOSURE AUCTION - Rare opportunity to acquire five (5) lots, zoned R-3, totaling 2.57+/- acres with prior plan approval to build 60 residential condominium units

FORECLOSURE AUCTION – Wednesday, March 29, 2017 at 10:00am at the Front Steps of the Harford County Circuit Courthouse - Rare opportunity to acquire five (5) lots, zoned R-3, totaling 2.57+/- acres with prior plan approval to build 60 residential condominium units.  Located in the Hollywoods subdivision on Mantlewood Way in Aberdeen, Maryland, these parcels are adjacent to three completed residential buildings and in an established neighborhood.  According to a third party report, the property is at record plat and is essentially finished with minimal remaining site costs. The site is serviced by public utilities and accessed by public roads.  According to a third party report, the site lies in Zone X, outside a flood hazard area.   The Tax Id Numbers are 01-381725, 01-381733, 01-381741, 01-381768 and 01-381776.   The auction will be held at the Front Steps of the Harford County Circuit Courthouse, 20 West Courtland Street, Bel Air, Maryland 21014.

 

Date/Time/Location of Auction: Wednesday, March 29, 2017 at 10:00am at the Front Steps of the Harford County Circuit Courthouse, 20 West Courtland Street, Bel Air, Maryland 21014

 

Date and Time of Inspection:  Vacant Land – Inspect at your leisure

 

Phase-in Assessments – As of 7/1/2017

 

Land Unit 1               $300,000

Land Unit 2               $300,000

Land Unit 3               $300,000

Land Unit 4               $300,000

Land Unit 5               $300,000

SUBSTITUTE TRUSTEES’ SALE

 

Five (5) Lots Approved for Sixty (60) Residential Condominium Units

 

Land Units 1-5, Mantlewood Way

ABERDEEN, MARYLAND 21001

 

Sale will be held at the Front Steps of the Circuit Court for Harford County

Pursuant to the power of sale contained in an Indemnity Deed of Trust dated April 7, 2006 and recorded in the Land Records of Harford County, Maryland at Liber 6683, folio 253 (the "Deed of Trust"), the Substitute Trustees will offer for sale at public auction at the front steps of the Circuit Court for Harford County, 20 West Courtland Street, Bel Air, Maryland 21014 on

WEDNESDAY, MARCH 29, 2017
AT 10:00 A.M.

the real property described as follows (hereafter the "Property"):

Being those lots designated as Lots 1-5 in the plat titled “Hollywoods Land Condominium, Inc.”, which plat is recorded among the Harford County Land Records in Condominium Book JJR 16, page 23. Parcel 572, Harford County Tax Map No. 58. Property Address: Land Units 1-5, Mantlewood Way, Aberdeen, Maryland 21001.

Being a portion of the property granted by and described in a Deed dated August 9, 2000, and recorded among the Land Records of Harford County, Maryland in Liber 4945, folio 298, from Victor Posner unto Hollywood One, L.L.C.

Containing 2.57 acres of land, more or less. Tax Identification Nos. 01-381725, 01-381733, 01-381741, 01-381768 and 01-381776.

The Property is comprised of five (5) lots approved for sixty (60) residential condominium units. The lots are adjacent to three completed residential buildings and located in the Hollywoods subdivision. 

TERMS OF SALE: This advertisement, as amended or supplemented by any oral announcements during the sale, constitutes the entire terms upon which the Property shall be offered for sale, sold or purchased. The Property will be sold subject to (i) all conditions, liens, restrictions, rights of redemption, covenants, encumbrances and agreements of record that take priority over the Deed of Trust; and (ii) such state of facts that an accurate survey or physical inspection of the Property might disclose.

The Substitute Trustees will offer the Property as an entirety. A deposit of Twenty Five Thousand Dollars ($25,000.00) shall be required at the time and place of sale, payable by cashier's check drawn on a bank acceptable to the Substitute Trustees, in their discretion.  The deposit will not earn interest in the hands of the Substitute Trustees. The deposit must be increased to 10% of the purchase price within two (2) business days following the sale, in the form of a certified check or cashier's check, by delivery to the Substitute Trustees. The purchaser shall pay the balance due in cash, certified check or cashier's check within twenty (20) days following entry of an order ratifying the sale by the Circuit Court for Harford County, Maryland, unless the Substitute Trustees, their successors and assigns, extend such period, at their discretion. The purchaser shall pay interest on the unpaid purchase money at 6.75% per annum from date of sale to date of settlement. The party secured by the Deed of Trust (the "Secured Party") or any affiliate or subsidiary thereof, or an entity under common control with the Secured Party, if a bidder, shall not be required to post a deposit or to pay interest on the unpaid purchase money. The purchaser of the Property shall be responsible for all unpaid real property taxes due with respect to the Property, and all amounts due in connection therewith, including without limitation, all arrearages, interest and penalties, and all costs and expenses necessary to redeem the Property from tax sale, if applicable. There shall be no adjustment for taxes assessed with respect to the Property. All water and sewer charges, and all other public charges and assessments against the Property payable on an annual basis, including sanitary and/or metropolitan district charges, if any, shall be the responsibility of the purchaser, and there shall be no adjustment therefor. The purchaser shall pay all closing costs of the sale, including recordation, sales, transfer and agricultural land transfer taxes. All obligations of the purchaser hereunder shall survive closing and delivery of the deed. The purchaser (other than the Secured Party) shall sign a contract including this advertisement and other terms. Time is of the essence.

 

The purchaser shall deliver to the Substitute Trustees, within two (2) business days following the sale, an insurance certificate confirming that the purchaser has obtained liability insurance coverage on the Property, naming the Substitute Trustees and the Secured Party as additional insured parties on the policy, and otherwise in form and content acceptable to the Substitute Trustees. The failure of the purchaser to provide such evidence of insurance coverage shall constitute grounds for nullifying and voiding the sale. The Substitute Trustees reserve the right to require registration and/or pre-qualification of bidders, to modify or waive the requirements for bidders' deposits, to approve the creditworthiness of any bidder and final purchaser, to withdraw the Property from sale before acceptance of a final bid, to cancel the sale, to use an agent or attorney to conduct the sale, to reject any and all bids or to postpone the sale and keep the bidding open for any length of time.

The Property will be sold in "AS IS" condition and without any recourse, representations or warranties, either express or implied, as to its nature, condition or description. Neither the Substitute Trustees, the Auctioneer nor the Secured Party make any warranty or representation of any kind or nature, express or implied with respect to: (i) the physical condition of, the description of, or title to the Property; or (ii) the zoning, subdivision or use of the Property. The purchaser of the Property at the foreclosure sale shall be responsible for any code violations (and resulting fines) occurring on or about the Property, whether or not official notices thereof are issued, and for the risk of loss to the Property from and after the time of sale. Neither the Substitute Trustees, the Auctioneer nor the Secured Party make any representation or assurance of any kind or nature, express or implied, with respect to the purchaser's ability to obtain possession of the Property, and the purchaser shall be solely responsible for obtaining possession of the Property. If the purchaser defaults, the Substitute Trustees shall be entitled to retain the deposit as liquidated damages.  If the Property is resold following a default by the purchaser, the purchaser shall not be entitled to any surplus proceeds resulting from the resale of the Property, even if such surplus resulted from improvements to the Property made by or on behalf of the defaulting purchaser.

If the Substitute Trustees are unable to convey the Property by reason of any defect in the title or otherwise, the sole remedy of the purchaser of the Property at law or in equity shall be the refund of the deposit. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the Substitute Trustees, the Auctioneer or the Secured Party. The conveyance by the Substitute Trustees to the purchaser at settlement shall be by Substitute Trustees’ Deed, without covenant or warranty. 

The purchaser is responsible for, and the Property is sold subject to, any environmental matter or condition, whether latent or observable, that may exist at or affect or relate to the Property and to any governmental requirements affecting same. The purchaser of the Property waives, on its behalf and on behalf of its heirs, personal representatives, successors and assigns, any claims under all present and future environmental laws including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

NOTE: The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Substitute Trustees, the Auctioneer and the Secured Party do not make any representations or warranties with respect to the accuracy of such information. For additional information, please contact David S. Musgrave, Esquire, 233 East Redwood Street, Baltimore Maryland 21202, 410-576-4194 or Stephen Karbelk, Auction Markets, LLC, 571-481-1037 or stephen@auctionmarkets.com.