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Go Back FridayMarch 31, 2017 — 12:15pm


Substitute Trustees’ Sale: Building Formerly Used As A Church and Residential Home in "Salisbury"

31193 Mt. Hermon Rd., Salisbury, MD 21804

Location: On the Premises

Sale to be held on the premises

ALL OF THAT real property being situate in Wicomico County, Maryland, and the improvements thereon (collectively, the “Property”), and being more particularly described as follows:

Summary terms of sale: A deposit in the amount of Fifty Thousand Dollars ($50,000.00), 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 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. The Trustees reserve the right to reject any and all bids, and to extend the time for settlement, if applicable. In the event 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, state and local transfer taxes, recordation taxes and fees, title examination costs incurred by the purchaser(s)’ settlement agent, the purchaser(s)’ own attorneys’ fees, conveyance fees, document preparation, and all other incidental settlement costs, shall also be the responsibility of the purchaser(s) and shall be paid for by the purchaser(s) at settlement.    

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 Wicomico County, Maryland and conveyance of the Property by the Trustees to the purchaser(s).

The Property will be sold subject to all senior liens and encumbrances that are not extinguished as a matter of law by the foreclosure sale and the Property will be sold subject to all easements, conditions, restrictions, rights of redemption, covenants, 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 settle and comply with the sale terms within twenty (20) days following the final ratification of sale by the Circuit Court for Wicomico 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.