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Substitute Trustees' Sale: Partially Completed Conversion of Historic Office Building to Hotel in "Downtown Baltimore"
2 E. Fayette St. & 101-103 N. Charles St., Baltimore, MD 21201
Auction to be held at: 207 East Redwood St., Baltimore, MD 21202
The Property consists of a vacant office building which was being converted to a hotel. The conversion is about half complete. It was proposed by the Grantor to be a Staybridge Suites Hotel. The building is believed to comprise approximately 67,255 +/- square feet and is situated on a 0.12 acre parcel in the Central Business District. It is designed for approximately 100 rooms. Federal historic tax credits may be available to the purchaser.
ALL OF THAT real property and any improvements thereon being situate in Baltimore City, Maryland (the "Property"), and being described in the Deed of Trust as:
Tax ID Number 04-01-0623-012
All that certain parcel or parcels being, lying and situate in the City of Baltimore, Maryland and more particularly described as follows:
BEGINNING for the same at the northeast corner or intersection of Charles and Fayette Streets and running thence northerly binding on the east side of Charles Street 60 feet, more or less, to the northeast corner of the whole lot of ground conveyed by S. Frank Bennett and wife to Benjamin F. Bennett, by Deed dated February 11, 1891 and recorded among the Land Records of Baltimore City in Liber JB No. 1329, folio 527, etc., thence east parallel with Fayette Street and binding on the northernmost outline of said lot so conveyed 90 feet to an alley 10 feet wide; thence southerly binding on the west side of said alley parallel with Charles Street 60 feet, more or less, to Fayette Street and thence westerly binding on the north side of Fayette Street 90 feet to the place of beginning.
Open house Monday, August 9th from 10:00 am to 4:00 pm, Hard hat required.
The improvements thereon being known as Two East Fayette Street, Baltimore, Maryland 21202 and 101-103 North Charles Street Baltimore, Maryland 21201.
Click Here For The Full Sale Terms In PDF Format
ALL OF THAT real property and any improvements thereon being situate in Baltimore City, Maryland (the "Property"), and being described in the Deed of Trust as:
Tax ID Number 04-01-0623-012
All that certain parcel or parcels being, lying and situate in the City of Baltimore, Maryland and more particularly described as follows:
BEGINNING for the same at the northeast corner or intersection of Charles and Fayette Streets and running thence northerly binding on the east side of Charles Street 60 feet, more or less, to the northeast corner of the whole lot of ground conveyed by S. Frank Bennett and wife to Benjamin F. Bennett, by Deed dated February 11, 1891 and recorded among the Land Records of Baltimore City in Liber JB No. 1329, folio 527, etc., thence east parallel with Fayette Street and binding on the northernmost outline of said lot so conveyed 90 feet to an alley 10 feet wide; thence southerly binding on the west side of said alley parallel with Charles Street 60 feet, more or less, to Fayette Street and thence westerly binding on the north side of Fayette Street 90 feet to the place of beginning.
Open house Monday, August 9th from 10:00 am to 4:00 pm, Hard hat required.
The improvements thereon being known as Two East Fayette Street, Baltimore, Maryland 21202 and 101-103 North Charles Street Baltimore, Maryland 21201.
TERMS OF SALE: A deposit in the amount of Five Hundred Thousand Dollars ($500,000.00), payable in cash, certified check or other form acceptable to the Trustees, will be required of the purchaser at the time and place of sale. The balance of the purchase price shall be due in cash or by certified check with interest on the unpaid balance of the purchase price at the rate of eight percent (8%) per annum from the date of sale to and including the date of settlement. In the event the Holder, an affiliate thereof, or an assignee of either, is the successful bidder at the sale, such party will not be required to make a deposit or to pay interest on the unpaid purchase money. Taxes, water rent and all other municipal charges and liens owed against the Property shall be the responsibility of the purchaser and shall be paid by the purchaser at settlement. In addition, all other charges, expenses and liens owed against the Property, including, but not limited to, all condominium fees, home owners association fees and expenses and public charges and assessments owed and payable on an annual basis, such as sanitary and/or metropolitan district charges, if any, shall also be the responsibility of the purchaser and shall be paid by the purchaser at settlement. In the event that taxes, water, sewer, water rent, ground rent, condominium fees, and/or homeowners association dues, or public charges or assessments payable on an annual basis, including sanitary and/or metropolitan district charges, if applicable, have been prepaid, they shall be adjusted between the Trustees and the purchaser to the date of sale. The cost of all taxes, documentary stamps, recordation taxes, document preparation and transfer taxes is to be paid by the purchaser. The Trustee reserves the right to reject any and all bids, and to extend the time for settlement, if applicable.
The Property will be sold in an "AS IS" condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. The Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, and subject to all matters and restrictions of record affecting the same, if any. The purchaser at the foreclosure sale shall assume the risk of loss for the above-referenced Property immediately after the sale takes place. It shall be the purchaser's responsibility to obtain possession of the Property following ratification of the sale by the Circuit Court for Baltimore City, Maryland.
The Property shall be sold subject to all easements, conditions, liens, obligations of record, restrictions, rights of redemption, covenants, encumbrances, such state of facts that an accurate survey or physical inspection might disclose, and agreements of record affecting the same, if any, and not otherwise extinguished by operation of law.
The purchaser shall pay all state and local transfer taxes, recordation taxes and fees, title examination costs, attorneys' fees, conveyance fees and all other incidental settlement costs. The purchaser of the Property shall settle and comply with the sale terms within twenty (20) days following the final ratification of sale by the Circuit Court for Baltimore City, Maryland, unless said period is extended by the Trustees for good cause shown. Time is of the essence. Settlement(s) shall be held at the offices of Rosenberg | Martin | Greenberg, LLP, 25 S. Charles Street, Suite 2115, Baltimore, Maryland 21201.
In the event the purchaser fails to proceed to settlement when required, in addition to any other legal or equitable remedies available to them, the Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the Property at the purchaser's risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of resale, reasonable attorneys' fees, all other charges due, and incidental damages. In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties' respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of Maryland.
If the Trustees are unable to convey the Property as described above, the purchaser's sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Trustees or the Holder.
The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Holder, the Trustees and the Auctioneer do not make any representations or warranties with respect to the accuracy of this information.
The Property will be sold in an "AS IS" condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. The Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, and subject to all matters and restrictions of record affecting the same, if any. The purchaser at the foreclosure sale shall assume the risk of loss for the above-referenced Property immediately after the sale takes place. It shall be the purchaser's responsibility to obtain possession of the Property following ratification of the sale by the Circuit Court for Baltimore City, Maryland.
The Property shall be sold subject to all easements, conditions, liens, obligations of record, restrictions, rights of redemption, covenants, encumbrances, such state of facts that an accurate survey or physical inspection might disclose, and agreements of record affecting the same, if any, and not otherwise extinguished by operation of law.
The purchaser shall pay all state and local transfer taxes, recordation taxes and fees, title examination costs, attorneys' fees, conveyance fees and all other incidental settlement costs. The purchaser of the Property shall settle and comply with the sale terms within twenty (20) days following the final ratification of sale by the Circuit Court for Baltimore City, Maryland, unless said period is extended by the Trustees for good cause shown. Time is of the essence. Settlement(s) shall be held at the offices of Rosenberg | Martin | Greenberg, LLP, 25 S. Charles Street, Suite 2115, Baltimore, Maryland 21201.
In the event the purchaser fails to proceed to settlement when required, in addition to any other legal or equitable remedies available to them, the Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the Property at the purchaser's risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of resale, reasonable attorneys' fees, all other charges due, and incidental damages. In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties' respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of Maryland.
If the Trustees are unable to convey the Property as described above, the purchaser's sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Trustees or the Holder.
The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Holder, the Trustees and the Auctioneer do not make any representations or warranties with respect to the accuracy of this information.
Click Here For The Full Sale Terms In PDF Format
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Note: The information contained herein was obtained from sources deemed reliable, but is offered for informational purposes only. The Auctioneer, the Sellers, and their respective agents and representatives do not make any representations or warranties with respect to the accuracy of the information contained herein. Prospective purchasers are urged to make their own inspection.
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