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Go Back ThursdaySeptember 12, 2013 — 10:30am


Substitute Trustees’ Sale: Marina Facility With 110+/- Boat Slips On Middle River Commonly Referred to as "Cutter Marine Yacht Basin" **2012 Gross Revenues of $507,500+/-**

1900 Old Eastern Ave., Baltimore, MD 21221 (Access off of Punte Lane)

Location: On the Premises

Ordinary Business Income after deductions but before rent (to an affiliated party), interest and depreciation of $233,373

For more information, (including but not limited to 1). the 2012 and 2011 tax return 2). summary of income before rent (to an affiliated party), interest and depreciation and 3). slip rental rates) please click here to download confidentiality agreement then email to Paul@alexcooper.com

CLICK HERE TO VIEW INFORMATION PACKET


The waterfront Property is believed to be improved by a 110+/- boat slip marina facility with a mixed-use retail, office and clubhouse building (with rest rooms and showers), a maintenance building, an in-ground commercial swimming pool and an improved storm water management system.  There is land area for dry storage and vehicle parking for slip holders. The lot size is approximately 5.06 acres.

THE FEE SIMPLE INTEREST IN ALL OF THE following described lots or parcels of ground, together with the improvements thereon, situate in Baltimore County, Maryland, and being more particularly described as follows (collectively, the “Property”):

BEGINNING for the same on the east side of Punte Lane, 60 feet wide as shown on Baltimore County Bureau of Land Acquisition Drawing No. 64-070-1 and at the beginning of the fifth or North 26 degrees 38 minutes 01 second West 231.82 foot line of a parcel of land which by a deed dated May 15, 1961 and recorded among the Land Records of Baltimore County in Liber W.J.R. No. 3843 folio 371 was conveyed by Woodcroft Realty Co. Inc. to Joseph H. Punte and wife and running thence with and binding on a part of said fifth line and binding on the east side of Punte Lane, as the courses are referred to the Baltimore County Grid Meridian, North 26 degrees 35 minutes 33 seconds West 34.25 feet, thence leaving said Lane and outline and running for a line of division and binding on or near a fence there situate North 87 degrees 13 minutes 45 seconds East 209.40 feet to a concrete monument heretofore set at the beginning of the fourth line of said parcel of land which was conveyed by Woodcroft Realty Co. Inc. to Punte and to the beginning of the second line of a parcel of land which by a deed dated April 1, 1955 and recorded among the Land Records of Baltimore County in Liber G.L.B. No. 2672, folio 515 was conveyed by Emma V. Taylor to Charles A. Riley and wife, thence running with and binding on the second through fifteenth lines of said parcel of land and binding on or near a fence there situate, the fourteen following courses and distances viz: South 79 degrees 49 minutes East 90.75 feet, South 60 degrees 17 minutes East 33 feet, South 35 degrees 50 minutes East 33 feet, South 29 degrees 18 minutes East 33 feet, South 26 degrees 15 minutes East 41.25 feet, South 17 degrees 43 minutes East 113.69 feet, South 21 degrees 48 minutes East 16.50 feet, South 30 degrees 32 minutes East 16.50 feet, South 57 degrees 47 minutes East 16.50 feet, South 79 degrees 26 minutes East 16.50 feet, South 89 degrees 52 minutes East 78.21 feet, North 67 degrees 20 minutes East 26.40 feet, North 1 degrees 52 minutes West 70.60 feet and South 86 degrees and 02 minutes East 17.50 feet to the waters of Middle River, thence binding on the waters of Middle River, the eight following courses and distances viz: South 46 degrees 24 minutes 30 seconds East 48.38 feet, South 6 degrees 21 minutes 50 seconds East 157.00 feet, South 75 degrees 31 minutes West 221.00 feet, South 84 degrees 29 minutes 40 seconds West 197.80 feet, South 19 degrees 17 minutes 20 seconds East 268.34 feet, South 89 degrees 47 minutes 20 seconds East 245.00 feet, South 85 degrees 56 minutes East 54.14 feet and South 16 degrees 18 minutes East 38.00 feet, thence leaving the waters of Middle River and running for a line of division and binding on or near a fence there situate. North 89 degrees 59 minutes 36 seconds West 392.37 feet to the east side of a Right of Way of variable width, hereinafter described, and running thence and binding on the east side of said right of way and on or near a fence there situate, for a line of division, North 17 degrees 34 minutes 11 seconds West 744.23 feet to intersect the fifth line of a parcel of land which by a deed dated April 13, 1960 and recorded among the Land Records of Baltimore County in Liber W.J.R. No. 3688, folio 589 was conveyed by Middleview Manor, Inc. to Woodcroft Realty Co., Inc. and thence binding reversely on a part of said fifth line and binding on the south end of Punte Lane as shown on said Bureau of Land Acquisition Drawing No. 64-070-1, North 78 degrees 07 minutes 53 seconds East 14.93 feet to the place of beginning.

TOGETHER with the right and use thereof in common with others entitled thereto of a right of way of variable width described as follows to wit:

BEGINNING for the same at a concrete monument heretofore set at the beginning of the sixth or South 21 degrees 56 minutes 17 seconds East 1412.66 foot line of the parcel of land which by a deed dated April 13, 1960 and recorded among the Land Records of Baltimore County in Liber W.J.R. No. 3688, folio 589 was conveyed by Middleview Manor, Inc. to Woodcroft Realty Co., Inc. thence running with and binding on a part of said line, South 21 degrees 54 minutes 54 seconds East 450.00 feet to the beginning of the parcel of land which by a deed dated October 13, 1964 and recorded among the Land Records of Baltimore County in Liber R.R.G. No. 4381 folio 488 was conveyed by Woodcroft Realty Co., Inc. to Joseph H. Punte and wife, thence running and binding reversely on the last and part of the third line of said parcel of land, the two following courses and distances viz: South 68 degrees 05 minutes 06 seconds West 30.00 feet and South 21 degrees 54 minutes 54 seconds East 302.95 feet, thence leaving said third line and running and binding on the south end of the herein described right of way. North 68 degrees 05 minutes 06 seconds East 34.91 feet to the beginning of the twenty-sixth or North 17 degrees 34 minutes 11 seconds West 744.23 foot line of the 5.06 Acres parcel of land herein described, thence running with and binding on said line and on or near a fence there situate and binding on the east side of the herein described right of way, North 17 degrees 34 minutes 11 seconds West 744.23 feet to intersect the fifth line of a parcel of land heretofore mentioned that was conveyed by Middleview Manor, Inc. to Woodcroft Realty Co., Inc. and thence running with and binding on a part of said fifth line and binding for a part on the south end of Punte Lane as shown on Baltimore County Bureau of Land Acquisition Drawing No. 64-070-1, South 78 degrees 07 minutes 53 seconds West 62.25 feet to the place of beginning.

BEING that parcel of land which by Confirmatory Deed dated February 28, 2001 and recorded among the Land Records of Baltimore County in Liber 15011, Folio 641 was granted and conveyed by Gary E. Rosenberger and Karen C. Rosenberger unto Cutter Yacht Basin, LLC.

Summary terms of sale: A deposit in the amount of One Hundred Thousand Dollars ($100,000.00), payable in cash, certified check, or other form acceptable to the Trustees, in their sole and absolute discretion, will be required of the purchaser(s) at the time and place of sale.  The deposit must be increased to ten percent (10%) of the purchase price within five (5) days at the office of the Trustees. 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 ten percent (10%) per annum from the date of sale to and including the date of settlement.  If ratification or settlement is delayed for any reason, there shall be no abatement of interest.  In the event that the Noteholder, or an affiliate 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.  Taxes, water rent, ground rent, if any, and all other municipal charges and liens owed against the Property shall be the responsibility of the purchaser(s) and shall be paid by the purchaser(s) at settlement.  In addition, all other charges, expenses and liens owed against the Property including, but not limited to, all condominium fees and expenses and public charges and assessments owed against the Property and payable on an annual basis, such as sanitary and/or metropolitan district charges, if any, shall also be the responsibility of the purchaser(s) and shall be paid by the purchaser(s) at settlement.  The cost of all documentary stamps, recordation taxes, document preparation and transfer taxes is to be paid by the purchaser(s).  The Trustees reserve 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.  In addition, 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(s) 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 County, Maryland and conveyance of the Property by the Trustees to the purchaser.

The Property will be sold subject to all easements, conditions, liens, restrictions, rights of redemption, covenants, encumbrances, ground rents, ground leases, such state of facts that an accurate survey or physical inspection of the Property might disclose, and agreements of record affecting the same, if any.

The purchaser(s) shall pay all state and local transfer taxes, documentary stamps, recordation taxes and fees, title examination costs incurred by the purchaser(s)’ settlement agent, the purchaser(s)’ own attorneys’ fees, conveyance fees and all other incidental settlement costs.  The purchaser(s) shall settle and comply with the sale terms within twenty (20) days following the final ratification of sale by the Circuit Court for Baltimore County, Maryland, unless said period is extended by the Trustees for good cause shown.  Time is of the essence. 

In the event the purchaser(s) fails to go to settlement as 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 sole risk and expense.  In such event, the defaulting purchaser(s) shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, 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(s), the sale shall be void and of no effect, and the purchaser(s) shall have no further claim against the Trustees or the Noteholder.

The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only.  The Auctioneer, the Noteholder and the Trustees 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


Paul Cooper Auction Agent
410-977-4707
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.