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Substitute Trustees' Sale: Commercial Condominium Unit in the "U Street Corridor" of NW Washington, DC
1939 12th Street, NW, Unit C-1, 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"):
Part of lot numbered Seventy-five (75) in Square numbered Three Hundred Five (305) in a subdivision made by Lot 74, LLC, as per plat recorded in Book 201 at folio 99, in the Office of the Surveyor for the District of Columbia.
The part of land being more particularly designated as Unit No. C-1 of "1939 12th Street Condominium", according to Declaration of Condominium recorded February 4th, 2009 as Instrument Number 2009010579, as amended, and the By-laws relating thereto, recorded February 4th, 2009 as Instrument Number 2009010580, as amended, among the Land Records of the District of Columbia, and as per Plats and Plans of Condominium Subdivision recorded in the Office of the Surveyor for the District of Columbia in Condominium Book 70 at Page 5.
NOTE: At the date hereof the above described Unit is designated on the records of the Assessor of the District of Columbia for assessment and taxation purposes as Lot 2004 in Square 305.
TOGETHER with all of the appurtenances incident to said Unit, as contained in said Declaration of Condominium, as amended.
SUBJECT, HOWEVER, to all the provisions, restrictions, easements and conditions as contained in said Declaration of Condominium.
The Condominium Declaration allocates to the Condominium Unit as undivided interest (stated as a percentage) allocated in the Common Elements of the Condominium (hereinafter called the "Percentage Interest"). The Percentage Interest of the Condominium Unit is set forth in the Condominium Declaration.
The Property is generally known as 1939 12th Street, N.W., Unit C-1, Washington, D.C. 20009.
CLICK HERE TO VIEW BROCHURE FOR CONDOMINIUM BUILDING
Part of lot numbered Seventy-five (75) in Square numbered Three Hundred Five (305) in a subdivision made by Lot 74, LLC, as per plat recorded in Book 201 at folio 99, in the Office of the Surveyor for the District of Columbia.
The part of land being more particularly designated as Unit No. C-1 of "1939 12th Street Condominium", according to Declaration of Condominium recorded February 4th, 2009 as Instrument Number 2009010579, as amended, and the By-laws relating thereto, recorded February 4th, 2009 as Instrument Number 2009010580, as amended, among the Land Records of the District of Columbia, and as per Plats and Plans of Condominium Subdivision recorded in the Office of the Surveyor for the District of Columbia in Condominium Book 70 at Page 5.
NOTE: At the date hereof the above described Unit is designated on the records of the Assessor of the District of Columbia for assessment and taxation purposes as Lot 2004 in Square 305.
TOGETHER with all of the appurtenances incident to said Unit, as contained in said Declaration of Condominium, as amended.
SUBJECT, HOWEVER, to all the provisions, restrictions, easements and conditions as contained in said Declaration of Condominium.
The Condominium Declaration allocates to the Condominium Unit as undivided interest (stated as a percentage) allocated in the Common Elements of the Condominium (hereinafter called the "Percentage Interest"). The Percentage Interest of the Condominium Unit is set forth in the Condominium Declaration.
The Property is generally known as 1939 12th Street, N.W., Unit C-1, Washington, D.C. 20009.
CLICK HERE TO VIEW BROCHURE FOR CONDOMINIUM BUILDING
Summary terms of sale: A deposit in the amount of One Hundred Thousand Dollars ($100,000.00), 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 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 Michael Nord, Attorney at Gebhardt & Smith LLP, 410-385-5072.
All real estate taxes, assessments, water charges and 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 Michael Nord, Attorney at Gebhardt & Smith LLP, 410-385-5072.
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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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