Go Back MondayMarch 6, 2017 — 10:00am
Substitute Trustees' Sale: 18,076 +/- SF Four-Story Office Building Near Two Metro Stations in the "Deanwood" Neighborhood of NE Washington, DC
5140 Nannie Helen Burroughs Ave., NE. Washington, DC 20019
Location: To be held at The office of Alex Cooper Auctioneers, 5301 Wisconsin Avenue, N.W., Suite 750, Washington, D.C
THE AUCTIONEER HAS NOT BEEN PROVIDED WITH ANY DUE DILIGENCE INFORMATION OR ACCESS TO THE PROPERTY.
Property Address: 5140 Nannie Helen Burroughs Avenue, NE, Washington, DC, Lot 73, square 5197
Property Description: The property is believed to be improved by a four-story office building located in the Deanwood neighborhood and consisting of approximately 18,076 +/- square feet. The property is believed to have on site parking for approximately 11 cars.
Zoning: The property is believed to be zoned MU-3.
Real Estate Taxes: The annual taxes for the property are believed to be $49,189.54 per year (for 2016).
Tenant: Three floors of the property are leased by National Center for Children & Families pursuant to a Commercial Lease Agreement dated November 1, 2015 (“NCC Lease”). The property is being sold subject to the NCC Lease. Monthly rent under the NCC Lease is approximately $22,388.60 and is due on the first day of each month.
Bidders may contact David V. Fontana, the Substitute Trustee conducting the foreclosure sale, at 410-385-5053 for information regarding the NCC Lease.
The property is being sold in an "AS IS" condition and without any warranties or representations of any kind, either express or implied. Neither the Noteholder, the Substitute Trustees or the Auctioneer are making any representations or warranties regarding the value, nature, condition, zoning, use or description of the property or the improvements or building located on the property. Bidders are responsible for conducting all of their own due diligence regarding the property.
Terms of Sale: The terms of sale are set forth on the attached legal ad.
Under and by virtue of the power of sale contained in the Amended and Restated Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated June 27, 2011 from Worsley Enterprises, Incorporated (also known of record as Worsley Enterprises, Inc. ) (the “Grantor”) to the trustees named therein and recorded on July 12, 2011 as Instrument No. 2011072052 at the Recorder of Deeds for the District of Columbia (the "Deed of Trust"), the holder of the indebtedness secured by said Deed of Trust (the “Noteholder”) having subsequently appointed David V. Fontana and Richard A. DuBose, III, as Substitute Trustees (the “Trustees”) in the place of the trustees under the Deed of Trust by a Deed of Appointment recorded on January 25, 2017 at the Recorder of Deeds for the District of Columbia at Instrument #2017009536, default having occurred under the terms of the Deed of Trust and at the request of the party secured thereby, and pursuant to a Notice of Foreclosure Sale of Real Property or Condominium Unit filed on February 3, 2017 at the Recorder of Deeds for the District of Columbia in accordance with D.C. Code § 42-815 and the applicable laws of the District of Columbia, the Trustees will offer for sale to the highest qualified bidder at a public auction to be held at the offices of Alex Cooper Auctioneers, Inc., 5301 Wisconsin Avenue, N.W., Suite 750, Washington, DC 20015, on Monday, March 6, 2017 at 10:00 a.m.
ALL THAT piece, tract or parcel of land situate, lying and being in the District of Columbia, together with any buildings, structures, improvements and appurtenances thereon, more particularly described as follows (referred to herein as the “Property”):
Lot numbered 73 in a combination of Lots numbered 2, 3 and 4 in Square numbered 5197 in a subdivision made by Worsley Enterprises, Inc., as per plat recorded among the Records of the Office of the Surveyor for the District of Columbia in Liber 180, folio 124.
Being all that real property described in a Deed from Kenneth A. Robinson and Homer L. Thurston, Sr. to Worsley Enterprises, Inc. and recorded on December 1, 1986 as Instrument No. 50488 at the Recorder of Deeds for the District of Columbia.
The Property is known as 5140 Nannie Helen Burroughs Avenue, NE, Washington, DC (Lot 73, square 5197).
TERMS OF SALE: A deposit in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00), payable by certified or cashier’s check, will be required of the purchaser at the time and place of sale. Within three (3) 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 purchaser’s deposit to an amount that is equal to ten percent (10%) of the full amount bid by such purchaser at the sale. The balance of the purchase price, together with interest thereon at the rate of six percent (6%) per annum from the date of sale to the date of settlement, shall be due from the purchaser by wire transfer 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. If settlement is delayed for any reason, there shall be no abatement of interest on the unpaid purchase price. Settlement shall be held at such 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 withdraw the Property from sale, to reject any and all bids at the sale, and to extend the time for settlement, at their discretion.
The Property is being sold in an "AS IS" condition and without any warranties or representations of any kind, either express or implied, as to the value, nature, condition, use 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 critical area and wetland violations; (c) all environmental problems and conditions, lead paint conditions, encroachments and violations which may exist on or with respect to the Property; (d) all senior liens, encumbrances, easements, conditions, restrictions, agreements, declarations and covenants of record which are not extinguished as a matter of law by the foreclosure sale; (e) any rights of redemption; and (f) such state of facts that an accurate survey or physical inspection of the Property might disclose, if any. The purchaser is responsible for conducting all of its own due diligence regarding the Property.
The Property is also being sold subject to the Commercial Lease Agreement dated November 1, 2015 (“NCC Lease”) previously entered into by and between the National Center for Children and Families (“Tenant”), as tenant, and Worsley Enterprises, Inc., as landlord, with respect to the Property. The Property is not being sold subject to any other lease other than the NCC Lease. The Noteholder shall be entitled to retain all rents that are collected by the Noteholder from the Tenant prior to the purchaser closing on its purchase of the Property and paying the entire purchase price. The purchaser shall not be entitled to receive any rent relating to the Property until the Purchaser pays the entire purchase price and closes on its purchase of the Property.
All senior liens, real estate taxes, water charges and municipal charges and assessments owed against the Property which are not extinguished as a matter of law by the foreclosure sale shall be the sole responsibility of the purchaser and shall be paid for by the purchaser at settlement. The cost of all documentary stamps, recordation taxes, transfer taxes, document preparation costs, title examination costs 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 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 closing.
In the event the purchaser fails to go to settlement and pay the entire purchase price as required herein, in addition to any other legal or equitable remedies available to the Trustees and the Noteholder, the Trustees may declare the aforementioned deposit forfeited by the purchaser 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. 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 or a return of any portion of the purchaser’s forfeited deposit.
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.
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.