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Substitute Trustees' Sale: Commercial Condominium Unit & 4 Parking Spaces in "The Chancellor" Condominium Building of the Foggy Bottom neighborhood, NW Washington, DC
3 Washington Circle, Unit 204 & Parking spaces known as P-70, P-71. P-75, P-76, NW, Washington, DC 20009
Auction to be held at: The offices of Alex Cooper Auctioneers, Inc., 5301 Wisconsin Avenue, N.W., Suite 750, Washington, DC 20015
ALL THAT piece, tract or parcel of land situate, lying and being in the District of Columbia, together with any improvements thereon, more particularly described as follows (collectively, the "Property"):
Unit No. 204 and Parking Space Nos. P-70, P-71, P-75, and P-76 in the Condominium known as "THREE WASHINGTON CIRCLE, A CONDOMINIUM", formerly known of record as "The Chancellor Condominium", according to the Declaration of Condominium dated May 12, 1981 and recorded June 8, 1981 as Instrument No. 18127, and the Bylaws relating thereto dated May 12, 1981 and recorded June 8, 1981 as Instrument No. 18128, among the Land Records of the District of Columbia, and any recorded amendments thereto as of the date hereof, and as per plat recorded in the Office of the Surveyor for the District of Columbia in Condominium Book 28 at page 33, as amended.
Together with an undivided percentage share interest in the Common Elements of said "THREE WASHINGTON CIRCLE, A CONDOMINIUM", as set forth in said Declaration of Condominium and the Exhibits thereto.
Said condominium project is situate on Lot 39 in Square 38 in a subdivision made by Circle Associates, as per plat recorded in Liber 170 at folio 191 in the Office of the Surveyor for the District of Columbia.
NOTE: At the date hereof above-described property is known for
assessment and taxation purposes as lots 2005, 2128, 2129, 2133 and 2134, respectively, in Square 38.
The Property is generally known as 3 WASHINGTON CIRCLE, N.W., WASHINGTON, D.C. 20009, UNIT 204 AND P-70, P-71, P-75, P-76.
Unit No. 204 and Parking Space Nos. P-70, P-71, P-75, and P-76 in the Condominium known as "THREE WASHINGTON CIRCLE, A CONDOMINIUM", formerly known of record as "The Chancellor Condominium", according to the Declaration of Condominium dated May 12, 1981 and recorded June 8, 1981 as Instrument No. 18127, and the Bylaws relating thereto dated May 12, 1981 and recorded June 8, 1981 as Instrument No. 18128, among the Land Records of the District of Columbia, and any recorded amendments thereto as of the date hereof, and as per plat recorded in the Office of the Surveyor for the District of Columbia in Condominium Book 28 at page 33, as amended.
Together with an undivided percentage share interest in the Common Elements of said "THREE WASHINGTON CIRCLE, A CONDOMINIUM", as set forth in said Declaration of Condominium and the Exhibits thereto.
Said condominium project is situate on Lot 39 in Square 38 in a subdivision made by Circle Associates, as per plat recorded in Liber 170 at folio 191 in the Office of the Surveyor for the District of Columbia.
NOTE: At the date hereof above-described property is known for
assessment and taxation purposes as lots 2005, 2128, 2129, 2133 and 2134, respectively, in Square 38.
The Property is generally known as 3 WASHINGTON CIRCLE, N.W., WASHINGTON, D.C. 20009, UNIT 204 AND P-70, P-71, P-75, P-76.
While it is the bidders' responsibility to do their due diligence, see attached bylaws pages demonstrating that the unit can only be used for medical or dental clinics.
Summary terms of sale: A deposit in the amount of Fifty Thousand Dollars ($50,000.00), payable in cash or by certified check, will be required of the purchaser at the time and place of sale. Within seven (7) calendar days after the date of the sale, the purchaser of the Property shall deliver a certified check to the Trustees in order to increase the deposit to an amount equal to ten percent (10%) of the full amount bid by the purchaser for the Property at the sale. The balance of the purchase price, together with interest thereon at the rate of ten percent (10%) per annum from the date of sale to the date of settlement, shall be due from the purchaser in cash or by certified check within thirty (30) days from the date of sale, unless such closing deadline is extended in writing by the Trustees. Time is of the essence. Settlement shall be held at the offices of Gebhardt & Smith LLP, One South Street, Suite 2200, Baltimore, Maryland 21202, or such other place as may be agreed to by the Trustees. In the event the beneficiary under the Deed of Trust, or an affiliate or subsidiary thereof, 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. The Trustees reserve the right to reject any and all bids at the sale, and to extend the time for settlement, at their discretion.
All real estate taxes, assessments, water charges and senior liens that are owed against the Property and that are not extinguished by the foreclosure sale of the Property shall be the sole responsibility of the purchaser and shall be paid by the purchaser at settlement. In addition, the cost of all recordation fees and taxes, document preparation costs, transfer taxes, title examination costs, attorneys' fees and other costs associated with conveying the Property to the purchaser shall also be the sole responsibility of the purchaser and shall be paid for by the purchaser at settlement.
The Property is being 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 Property or the improvements thereon. The Property is being sold subject to: (a) all existing building and zoning code violations; (b) all existing zoning restrictions and requirements, (c) all critical area and wetland violations; (d) all environmental problems and violations which may exist on or with respect to the Property; (e) all senior liens, easements, conditions, restrictions and covenants; (f) all rights of redemption, (g) such state of facts that an accurate survey or physical inspection of the Property might disclose; and (h) all agreements and restrictions of record affecting the same, if any.
The purchaser at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale takes place. It shall be the purchaser's responsibility to obtain possession of the Property after the Property is conveyed to the purchaser by the Trustees.
In the event the purchaser fails to go to settlement as required, in addition to any other legal or equitable remedies available to the Trustees, the Trustees may declare the aforementioned deposit forfeited and resell the Property at the purchaser's sole risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price sustained by the Trustees and/or the Noteholder, all costs and expenses of both sales, attorneys' fees, and any other damages sustained by the Trustees and/or the Noteholder, including, without limitation, all incidental damages. 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 a refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser as aforesaid, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Trustees, the Noteholder or the Auctioneer conducting the sale of the Property. The parties' respective rights and obligations regarding the terms and conduct of the sale shall be governed by the laws of the District of Columbia.
For more information contact Attorney David Lampton at Gebhardt & Smith LLP, at 410-385-5061.
All real estate taxes, assessments, water charges and senior liens that are owed against the Property and that are not extinguished by the foreclosure sale of the Property shall be the sole responsibility of the purchaser and shall be paid by the purchaser at settlement. In addition, the cost of all recordation fees and taxes, document preparation costs, transfer taxes, title examination costs, attorneys' fees and other costs associated with conveying the Property to the purchaser shall also be the sole responsibility of the purchaser and shall be paid for by the purchaser at settlement.
The Property is being 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 Property or the improvements thereon. The Property is being sold subject to: (a) all existing building and zoning code violations; (b) all existing zoning restrictions and requirements, (c) all critical area and wetland violations; (d) all environmental problems and violations which may exist on or with respect to the Property; (e) all senior liens, easements, conditions, restrictions and covenants; (f) all rights of redemption, (g) such state of facts that an accurate survey or physical inspection of the Property might disclose; and (h) all agreements and restrictions of record affecting the same, if any.
The purchaser at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale takes place. It shall be the purchaser's responsibility to obtain possession of the Property after the Property is conveyed to the purchaser by the Trustees.
In the event the purchaser fails to go to settlement as required, in addition to any other legal or equitable remedies available to the Trustees, the Trustees may declare the aforementioned deposit forfeited and resell the Property at the purchaser's sole risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price sustained by the Trustees and/or the Noteholder, all costs and expenses of both sales, attorneys' fees, and any other damages sustained by the Trustees and/or the Noteholder, including, without limitation, all incidental damages. 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 a refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser as aforesaid, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Trustees, the Noteholder or the Auctioneer conducting the sale of the Property. The parties' respective rights and obligations regarding the terms and conduct of the sale shall be governed by the laws of the District of Columbia.
For more information contact Attorney David Lampton at Gebhardt & Smith LLP, at 410-385-5061.
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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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