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Go Back WednesdayMarch 15, 2017 — 12:00pm


Lender Orders Immediate Sale

**ABSOLUTE AUCTION TO THE HIGHEST BIDDER** Leasehold Interest in a One-Story Restaurant Building Including Furniture, Fixtures & Equipment Previously Used As A Golden Corral Restaurant in "Easton"

29311 Cecil Dr., Easton, MD 21601

Location: On the Premises

ABSOLUTE AUCTION TO THE HIGHEST BIDDER!
To be sold as an entirety
Furniture, fixtures and equipment

7,700 +/- SF Free Standing Building previously used as a Golden Corral Restaurant.  The property is currently on a ground lease.  The ground lease has an initial 15 year term, which expires on January 31, 2027.  The initial term is followed by four (4) five (5) year options, which if fully exercised, extends the lease until January 31, 2047.

Features include:

  • 142 +/- parking spots
  • 3.44 +/- acre lot
  • Constructed in 2012-2013

CLICK HERE TO VIEW LIST OF FURNITURE, FIXTURES AND EQUIPMENT

Please note you are purchasing a leasehold interest that has a primary term that expires in 2027. There are then, four, five year options remaining. Currently the annual rent is $115,000.   

CLICK HERE TO VIEW COPY OF GROUND LEASE

CLICK HERE TO DOWNLOAD THE RECORDED MEMORANDUM OF LEASE

6% BUYERS PREMIUM ADDED TO THE HAMMER PRICE

 

Summary of Terms of Sale: A deposit in the form of cash, cashier's check or certified check for $25,000 is due at the time and place of sale. The difference to bring the deposit up to 10% is due within 2 business days in the auctioneer's office. If payment of the additional deposit or the balance of the purchase price is not made within the specified periods, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser.  Settlement is 45 days from the sale date. The Purchaser will pay interest on the unpaid portion of the purchase price from date of sale to date of settlement at the rate of 10% per annum. All expenses, including real estate taxes, sanitary and/or metropolitan district charges, special assessment and private utility charges are to be adjusted to date of sale and assumed thereafter by the purchaser. Cost of all documentary stamps, settlement costs and transfer taxes to be paid by the purchaser. The property will be sold in "As is" condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract.


CLICK HERE TO DOWNLOAD THE CONTRACT RIDER REGARDING THE GROUND LEASE

NOTE: Alex Cooper Auctioneers is acting as agent for the Owner in this transaction. Alex Cooper Auctioneers is not acting as agent for the successful bidder. Any buyer-broker is acting as an agent for the successful bidder and is not a sub-agent of Alex Cooper Auctioneers.

** NOTICE TO BUYER: IF YOU ARE CONTEMPLATING FINANCING FOR THIS PURCHASE, APPLICATION MUST BE MADE WITH A LENDER AND TITLE COMPANY NO LATER THAN SEVEN (7) DAYS FROM THE DATE OF THIS SALE.

Click Here For The Full Sale Terms In PDF Format


Matthew Cooper Auction Agent
410-977-4711
PLEASE 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.