Go Back ThursdayMarch 30, 2017 — 2:00pm
Substitute Trustees’ & Secured Creditor’s Sale: 182 Room Hotel Property And Hotel Furniture, Fixtures & Equipment Known As Hampton Inn BWI Airport in "Linthicum"
829 Elkridge Landing Rd., Linthicum, MD 21090
Location: To be held at The Circuit Court for Anne Arundel County, at the Court House Door, 8 Church Circle, Annapolis, MD 21401
DESCRIPTION OF REAL PROPERTY AND IMPROVEMENTS THEREON: ALL THOSE fee-simple LOTS OF GROUND AND THE IMPROVEMENTS THEREON, if any, situated in Anne Arundel County, MD and more fully described in the aforesaid Deed of Trust. Tax ID Nos. 05-000-10642800 and 05-000-07983000.
The real property is believed to be improved by an 5-story property. The hotel has 182± rooms, lobby, breakfast area, conference room, meeting room, fitness room and sales office. Total lot size 2.91± acres. The property is believed to be zoned W-1 (Industrial Park District).
HOTEL FURNITURE, FIXTURES & EQUIPMENT: Pursuant to a security interest created by the Deed of Trust in the property described therein and in a Financing Statement from Debtor, recorded among the Financing Statement Records of the Maryland State Department of Assessments and Taxation in Liber U00520, folio 1284, ID No. 0001977881, File Number 181309423, Work Order #1420419, thereafter assigned to the undersigned Secured Creditor, default occurred thereunder, the undersigned Secured Creditor will sell at public auction all of the tangible and intangible personal property assets of Debtor.
The real property and improvements, if any, will be sold in an “AS IS, WHERE IS” condition and subject to all conditions, restrictions, existing building and/or environmental violations, covenants, agreements, whether or not of record, affecting or benefitting the same, if any, and with no warranty either expressed or implied as to the description of the condition of the real property or improvements.
The real property will be sold subject to any violation notices and subject to all conditions, restrictions, covenants, encumbrances, easements, rights-of-way, agreements and other matters, whether or not of record, affecting or benefitting the same, if any.
The manner of offering will be announced at the time of sale.
Terms of Sale: As to Real Estate: A deposit of $750,000 in the form of certified check, cashier’s check or money order, at the time of sale will be required of all purchasers other than the holder of the Deed of Trust or its affiliate. The deposit(s) must be increased to 10% of the purchase price within 2 business days, and delivered to the office of the auctioneer in the same form as the initial 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 Anne Arundel County. 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 holder of the Deed of Trust or its affiliate, interest shall be paid on the unpaid purchase money at the applicable rate set forth in the note secured by the Deed of Trust from date of sale to the date funds are received at 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 holder of the Deed of Trust or its affiliate, 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, will be adjusted to the date of sale and assumed thereafter by the purchaser(s). All other public charges and assessments payable on an annual basis, including sanitary and/or metropolitan district charges will be adjusted for the current year to date of sale and assumed thereafter by the purchaser(s). Cost of all documentary stamps, recordation taxes and transfer taxes shall be borne by the purchaser(s).
The real property will be sold in an "AS IS, WHERE IS" condition and without any recourse, representations or warranties, either express or implied, as to its nature, condition or description. Neither of the Substitute Trustees, nor the holder of the Deed of Trust 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(s) at the foreclosure sale shall assume the risk of loss for the real property immediately after the date of sale.
If the Substitute Trustees are unable to convey the real 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(s), the sale(s) shall be void and of no effect, and the purchaser shall have no further claims against the Substitute Trustees or the holder of the Deed of Trust. The conveyance of the real property by the Substitute Trustees to the purchaser(s) at settlement shall be by Substitute Trustees' Deed without covenant or warranty.
The purchaser is responsible for, and the real 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 real property and to any governmental requirements affecting the same.
The Memorandum of Purchase between the Substitute Trustees, as sellers, and the purchaser(s) (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 holder of the Deed of Trust or any of its affiliates or their respective servicers, heirs, personal and legal representatives, agents, employees, successors and/or 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 any 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."
Terms of Sale: As to the Hotel Furniture, Fixtures and Equipment: If sold independent of the Real Property, Certified check or cashier’s check required at time of sale. Purchaser(s) immediate removal required. A 10% buyer’s premium will be added to the hammer price. If sold as an entirety with the Real Property, in addition to the terms of sale for the Real Property, including but not limited to the initial $750,000 deposit required thereby, an additional deposit of $50,000 will be required at the time of sale, such deposit to be in certified check or cashier’s check, or other form acceptable to the Secured Party in their sole discretion. Balance of the purchase price is to be paid in cash at the time of settlement on the Real Property.
All items sold as part of the public auction by the Secured Creditor to any purchaser(s) shall be in an “as is” “where is” condition and with all faults, and without any warranties or representations, either express or implied, from the Secured Creditor, including, but not limited to, warranties of merchantability or fitness for a particular purpose or warranties of title, possession, quiet enjoyment or the like. All items sold as part of the public sale will be sold to the purchaser(s) subject to all conditions, liens, encumbrances, charges, restrictions and rights of redemption affecting the same, if any. The personal property will be sold in an "as is" condition and with no warranty as to the description of the assets. The purchaser(s) will assume the risk of loss for the personal property, if any, from date of sale. All sales are final.
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 holder of the Deed of Trust and its affiliates 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.
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.