Substitute Trustees' Sale: 45 +/- Unit Garden Style Apartment Complex in "Central Park Heights"

ALL THAT FEE-SIMPLE LOT OF GROUND AND THE IMPROVEMENTS THEREON situated in Baltimore City, MD and more fully described in the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing. Tax ID No. 27-20-4581-009A.

The property is believed to be improved by a 45± unit garden style apartment complex. The unit mix is believed to be 39± two bedroom and 6± one-bedroom units.

The property will be sold subject to existing leases, if any.

TO RECEIVE A COPIES OF THE RENT ROLL, LEASES AND OPERATING STATEMENTS PLEASE FILL OUT THE BELOW CONFIDENTIALITY AGREEMENT AND RETURN TO BCAPLAN@ALEXCOOPER.COM OR FAX TO 443-470-1459

**NOTE** The Auctioneer, the Substitute Trustee, the note holder and the secured party do not make any representations or warranties with respect to the accuracy of this information.

CLICK HERE FOR A COPY OF THE CONFIDENTIALITY AGREEMENT

Summary terms of sale: A deposit of $50,000 in the form of certified check, cashier’s check or money order, at the time and place of sale will be required of all purchasers other than the holder of the note secured by the Deed of Trust or its successors, assigns, or affiliates. The deposit must be increased to 10% of the purchase price by October 8, 2012 at 2:00 pm and delivered to the office of the auctioneer in the same form as the initial deposit. The balance, along with additional costs set forth herein, is to be paid in immediately available funds, within ten (10) business days after the final ratification of sale by the Circuit Court for Baltimore City, except that if the note holder, or its successors, assigns, or affiliates is the purchaser, a credit will be allowed for the mortgage debt.  If payment of the balance and settlement do not take place within ten (10) business days after the date of ratification, the deposit will be forfeited and the property will be resold at the risk and expense of the defaulting purchaser. The defaulting purchaser shall not be entitled to any surplus proceeds or profits resulting from any resale of the property. In the event the property is purchased by someone other than the note holder or its successors, assigns, or affiliates, interest shall be paid on the unpaid purchase money at the rate pursuant to the note secured by the Deed of Trust from date of sale to the date funds are received in the office of the Substitute Trustees. In the event the settlement is delayed for any reason and the property is purchased by someone other than the note holder or its successors, assigns, or affiliates, there shall be no abatement of interest caused by the delay. Taxes, water, sewer, ground rent, condominium fees, and/or homeowners association dues, if applicable, to be adjusted to the date of sale and assumed thereafter by the purchaser. All other public charges and assessments payable on an annual basis, including sanitary and/or metropolitan district charges, are to be adjusted for the current year to date of sale and assumed thereafter by the purchaser. Cost of all documentary stamps, title insurance, recordation taxes and transfer taxes shall be borne by the purchaser. TIME IS OF THE ESSENCE.

The property will be sold in an “AS IS” condition, without any express or implied warranty or representation as to the nature, condition or description of the property, and subject to any agreements, conditions, covenants, easements, encumbrances, governmental requirements, restrictions, and other matters of record affecting the property, including any existing building, housing, zoning code and/or environmental violations, and subject to any tax liens or other similar liens and charges of record affecting the property and predating the Deed of Trust. The purchaser is responsible for, and the property is sold subject to, any environmental, building or zoning matter or condition, whether latent or observable, if any, that may exist at or affect or relate to the property and to any governmental requirements affecting the same.

Neither the Substitute Trustees, the secured party, the note holder nor any other party makes any warranty or representation of any kind or nature regarding the physical condition of, the description of, or title to the property. The purchaser shall be responsible for obtaining possession of the property and shall assume the risk of loss or damage to the property immediately after the sale.

If the Substitute Trustees are unable to convey the property as described above, by reason of any defect in the title or otherwise, the purchaser's sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit. Upon refund of the deposit to purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the property, the Substitute Trustees, the secured party or the note holder. The conveyance of the property by the Substitute Trustees to the purchaser at settlement shall be by Trustees' Deed without covenant, warranty or representation.

The Substitute Trustees reserve the right to: (i) to receive, accept or reject bids, place bids in reserve, and sell the property in such manner as the Substitute Trustees determine, in their sole discretion, may provide the highest yield to the beneficiary or holder of the Deed of Trust; (ii) to modify or waive the requirements for deposits from bidders and other terms of sale or settlement; and (iii) to withdraw, cancel or postpone all or any part of the property from the sale prior to acceptance of the final bid(s).

Note: The information contained herein was obtained from sources deemed to be reliable, but is offered for information purposes only. The Auctioneer, the Substitute Trustees, the note holder and the secured party 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.

Click Here For The Full Sale Terms In PDF Format