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Go Back TuesdayJanuary 31, 2017 — 10:00am


Substitute Trustees’ Sale: 63 +/- Unit Luxury Apartment Building Known As Landbank Lofts in "Old Goucher"

2315 Saint Paul St. A/R/T/A 2317 St. Paul St., AND 2320-2340 N. Calvert St., Baltimore, MD 21218

Location: To be held at The Circuit Court for Baltimore City, at the Clarence M. Mitchell Court House, 100 North Calvert Street, Court House Door, Calvert Street entrance, Baltimore, MD 21202

ALL THOSE FEE-SIMPLE LOTS OF GROUND AND THE IMPROVEMENTS THEREON, IF ANY, situated in Baltimore City, MD and more fully described in the Deed of Trust.  Tax ID Nos. 12-06-3821-003A and 12-06-3821-006.

The property is believed to be improved by a 63± unit luxury apartment building.  The unit mix is believed to include 26 one-bedroom/one bath units, 14 two-bedroom/one bath units, 22 two bedroom/two bath units and a two bedrooms/two bath penthouse unit.  It is believed the building amenities include fitness center, business center, concierge services, secure gated parking, controlled access system and scenic rooftop terrace.

The real property and improvements will be sold in an “AS IS” condition and subject to agreements, easements, covenants, conditions, restrictions, and other matters of record affecting the same, as well as existing building and/or environmental violations, if any, and with no warranty either expressed or implied as to the description of the condition of the real property or improvements. 

Summary terms of sale: A deposit of $500,000 in the form of certified check, cashier’s check or money order, at the time of sale will be required of the purchaser other than the holder of the note secured by the Deed of Trust or its successors or assigns. The deposit must be increased to 10% of the purchase price within 3 business days after the sale at the office of the auctioneer in the same form as the original deposit.  The balance of the purchase price 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 Deed of Trust debt.  If payment of the balance does not take place within ten (10) business days after 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, recordation taxes and transfer taxes shall be borne by the purchaser.

The property will be sold in an "AS IS" condition and without any recourse, representations or warranties, either express or implied, as to its nature, condition or description. 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 at the foreclosure sale shall assume the risk of loss for 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 purchaser is responsible for, and the property is sold subject to, any environmental 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.

The Memorandum of Purchase between the Substitute Trustees, as seller, and the purchaser (the "Memorandum of Purchase") shall include, by reference, all the terms and conditions contained herein, specifically including, but not limited to, the following provisions: "Purchaser agrees and represents that the purchaser is purchasing the property subject to all matters known and unknown, in "AS IS, WHERE IS" condition. In executing and delivering the Memorandum of Purchase, purchaser recognizes purchaser has not relied upon nor been induced by any statements or representations of any person, including the Substitute Trustees, the secured party, the note holder or an affiliate or their respective servicers, heirs, personal and legal representatives, agents, employees, successors and assigns (collectively, "Released Parties"), in respect of the condition of the property, including the environmental condition to the property, unless such representations or statements are specifically set forth in the Memorandum of Purchase. Purchaser has not relied on anything in the foreclosure advertisement, but rather has relied solely on such investigations, examinations or inspections of the property as purchaser has made. Purchaser waives and releases the Released Parties from any and all claims the purchaser or its successors and assigns may have now or in the future may have relating to the condition of the property. Purchaser acknowledges and agrees that this provision was a negotiated part of the Memorandum of Purchase and serves as an essential component of consideration for the same. The parties specifically acknowledge and agree that this clause bars all claims by purchaser against Released Parties, arising from the condition of or releases from the property pursuant to the Comprehensive Environmental Response, Compensations and Liability Act of 1980, as amended, and all other actions pursuant to federal, state or local laws, ordinances or regulations for any environmental condition of or releases from the property. Further, purchaser agrees to indemnify the Substitute Trustees for any liability they may have to any third party for an environmental condition of the property. Notwithstanding the parties' intent that this clause bars all such claims, should a court of competent jurisdiction deem otherwise, purchaser agrees that the presence of this clause should serve as the overwhelming, primary factor in any equitable apportionment of response costs under applicable federal, state or local laws, ordinances, or regulations."

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


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.