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Foreclosure Perryville, MD

1.63+/- ACRES OF UNIMPROVED LAND ON RIVER ROAD KNOWN AS LOT 6, MAP 801, GRID 19, PARCEL 834  (TAX ID# 07-044224)

AND

5.815+/- ACRES OF UNIMPROVED LAND  ON BROAD STREET

(TAX ID# 07-043813)

PERRYVILLE, MD 21903

–Sale To Be Held–

At the entrance to the Circuit Court for Cecil County,

129 E. Main Street, Elkton, Maryland  21921, on

Thursday, February 20, 2014

At 11:00 a.m.

Under a power of sale contained in a certain Indemnity Deed of Trust and Security Agreement from McMullens Landing Construction, LLC and Linkous Land, LLC dated October 27, 2005 and recorded in Liber 2028, folio 599 (the “Deed of Trust”) among the Land Records of Cecil County, default having occurred under the terms thereof, and at the request of the party secured thereby (the “Secured Party”), Foreclosure Case No. 07-C-12000450, before the Circuit Court for Cecil County, Maryland, the Substitute Trustees will sell at public auction the property described herein (collectively referred to herein as the “Property”) subject to the terms which follow. 

ALL THAT FEE-SIMPLE LOT OF GROUND, property and the improvements, if any, situate and lying in the Seventh Election District of Cecil County, Maryland described below and more fully described in the aforesaid Deed of Trust, specifically including the following:

Property One (Bearing Tax ID# 07-044224): Property One is an unimproved tract of land that contains 1.63+/- acres on River Road, Perryville, Maryland known as Lot 36, Map 801, Grid 19, Parcel 834; and

Property Two (Bearing Tax ID# 07-043813): Property Two is an unimproved tract of land that contains 5.815+/- acres on Broad Street, Perryville, Maryland, Map 801, Parcel 833.

A more detailed legal description of Property One and Property Two is available by following this link:  Metes and Bounds_Props 1 and 2

Alternatively, such information will be made available upon written request to the Substitute Trustees.

The Property is being sold in an “AS IS” condition and without warranties or representations, either express or implied, as to the nature, condition, value, use, zoning, habitability or description of the Property or the improvements thereon (if any). The Property is also being sold subject to: (a) all senior liens and encumbrances that are not extinguished by operation of law by the foreclosure sale of the Property and all agreements, declarations, covenants, conditions, easements and restrictions of record having priority over the Deed of Trust; (b) all existing building and zoning code violations, and all conditions or hazards which may exist on or with respect to the Property; (c) all critical area and wetland violations; (d) all environmental problems, conditions or violations which may exist on or with respect to the Property; and (e) such state of facts that an accurate survey or physical inspection of the Property might disclose.

PLEASE NOTE:  Pursuant to a Consent Order agreed between Linkous Land, LLC and Secured Party and entered in the United States Bankruptcy Court for the District of Maryland (Case No.: 12-20303), certain licensees who are currently permitted to store their boats on Property One and/or Property Two have been permitted to continue the storage of their boats on the Property until the earlier of (i) May 4, 2014, or (ii) thirty (30) days from Secured Party’s notice to Linkous Land, LLC that a proposed date of final settlement has been set for a sale to a purchaser other than Secured Party or an affiliate of Secured Party.  A copy of said Consent Order will be made available upon written request to the Substitute Trustees.

Manner of Sale:  Property One will be offered separately first and the bid reserved, Deposit $25,000.00.  Property Two will be offered separately second and the bid reserved, Deposit $25,000.00.  Property One and Property Two will be offered as an entirety, Deposit $50,000.  The sale will be made in the manner producing the most advantageous result.

Terms of Sale:   IF PROPERTIES ONE AND TWO ARE SOLD SEPARATELY, THE FOLLOWING TERMS SHALL APPLY SEPARATELY FOR EACH OF PROPERTY ONE AND PROPERTY TWO. Deposits, as stated above, payable in the form of certified check, cashier’s check or money order, will be required of all purchasers other than the Secured Party or its affiliate at time and place of sale. The deposit must be increased to 10% of the purchase price within 2 business days following the sale at the office of the Auctioneer. The balance of the purchase price is to be paid in immediately available funds, within ten (10) business days after the final ratification of sale by the Circuit Court for CecilCounty. If payment of the balance does not take place within ten (10) business days after ratification, the deposit will be forfeited and the Property will be resold at the risk and expense of the defaulting purchaser. The defaulting purchaser shall not be entitled to any surplus proceeds or profits resulting from any resale of the Property. In the event any of the Property is purchased by someone other than the Secured Party or its affiliate, interest shall be paid on the unpaid purchase money at the rate pursuant to the Promissory Note secured by the Deed of Trust from the date of sale to the date of settlement. In the event the settlement is delayed for any reason and the Property is purchased by someone other than the Secured Party or its affiliate, there shall be no abatement of interest caused by the delay. All state and local real estate taxes, water, sewer, and other municipal or public charges on the Property, along with any regular and special assessments on the Property, ground rent, and/or condominium association dues, if applicable, are to be adjusted to the date of sale and assumed thereafter by the purchaser. Cost of all documentary stamps, recordation taxes and transfer taxes, including agricultural land transfer taxes, shall be borne by the purchaser.

The Substitute Trustees reserve the right (i) to waive or modify the deposit requirement; (ii) to extend the time for settlement; (iii) to approve the creditworthiness of any bidder or final purchaser; (iv) to withdraw all or part of the Property from sale at any time prior to the termination of bidding; (v) to keep the bidding open for any length of time; (vi) to reject any or all bids; and, (vii) postpone the sale and conduct such other sales as the Substitute Trustees may determine in their sole and absolute discretion.

Neither the Substitute Trustees, the Secured Party, nor any other party makes any warranty or representation of any kind or nature regarding the physical condition of, the description of, the development rights to, or title to the Property. The purchaser at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale.  The Substitute Trustees do not guarantee or covenant to deliver or in any way obtain possession of the Property for any purchaser; rather, purchaser shall be responsible for obtaining physical possession of the Property.

If the Substitute Trustees are unable to convey insurable or marketable title to the Property as described above, or if the sale is not ratified for any reason, the purchaser’s sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest.  Upon refund of the deposit to purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the Property, Substitute Trustees or the Secured Party.  The conveyance of the Property by the Substitute Trustees to the purchaser at settlement shall be by a Trustees’ Deed without any covenant or warranty.

The purchaser is responsible for, and the Property is sold subject to, any environmental matter or condition, whether latent or observable, if any, that may exist at or affect or relate to the Property and to any governmental requirements affecting the same.  TIME IS OF THE ESSENCE FOR THE PURCHASER.

Each purchaser acknowledges that it has not relied upon nor been induced by any statements or representations of any person, including the Substitute Trustees, the Secured Party, the Auctioneer, or an affiliate or their respective servicers, heirs, personal and legal representatives, agents, employees, successors and assigns (collectively, “Released Parties”), in respect of the condition of the Property. Purchaser has not relied on anything in the foreclosure advertisement, but rather has relied solely on such investigations, examinations or inspections of the Property as purchaser has made. Purchaser waives and releases the Released Parties from any and all claims the purchaser or its successors and assigns may have now or in the future may have relating to the condition of the Property.

Note:  The information contained herein and any subsequent or supplemental information or documentation was obtained from sources deemed to be reliable, but is offered for information purposes only. The Auctioneer, the Substitute Trustees and the Secured Party do not make any representations or warranties with respect to the accuracy of the information contained herein and any subsequent or supplemental information. Prospective purchasers are urged to make their own inspection.

 Curtis C. Coon, David H. Cole, Substitute Trustees

Coon & Cole, LLC

401 Washington Avenue, Suite 501, Towson, Maryland21204

Telephone 410-244-8800

Auctioneer:

Marshall Auctions

2815 N. Salisbury Boulevard

Salisbury, Maryland21801

T 410.749.8092 / F 410.742.1935

Email – info@marshallauctions.com