BANK FORECLOSURE

19,377± SQ FT OFFICE BUILDING

9301 ANNAPOLIS ROAD

LANHAM, MD

DIRECTIONS:  From I-495 take Exit 20 (Rt. 450/Annapolis Rd.).  Go East on Annapolis Rd. to 9301, just before Washington Blvd.

Under and by virtue of the power of sale contained in a Purchase Money Deed of Trust and Security Agreement, (the “Deed of Trust”) from Covenant Church of Christ, Inc. to Kim D. Saunders and Clifton G. Kellogg, Trustees, dated November 17, 2003 and recorded December 23, 2003 among the Land Records of Prince George’s County, Maryland in Liber 18555, folio 541, default having occurred under the terms thereof and at the request of the party secured thereby, the undersigned Substitute Trustees will offer for sale at public auction at the premises the following described property:

Parcels numbered one (1), two (2) and three (3) in the subdivision known as “Bald Hill”, as per plat recorded in Plat Book WWW 54, at Plat No. 84, among the land records of Prince George’s County, Maryland.  Being located in the 20th Election District.

Saving and excepting all the land conveyed to the State of Maryland (SHA) by that certain deed dated April 2, 2001 and recorded April 11, 2001 in Liber 14522 at folio 719.

NOTES:  All information contained herein as to the nature and description of the Property has been obtained from sources deemed reliable and believed to be accurate.  The Substitute Trustees, the Noteholder and their respective agents make no representations or warranties with respect to such information and each bidder is responsible for independently determining the validity and accuracy of any information provided herein or any other information or materials upon which each bidder relies in submitting a bid.

DESCRIPTION OF THE PROPERTY:  The property is believed to be improved by a 3 story office building.  The site is believed to contain 129,810/± sq. ft. of land.  The building improvements are believed to contain 19,377± sq. ft. of gross building area.  The property is believed to be Zoned C-O (Commercial/Office).  Configuration is believed to be:  Lower level is below-grade on the western side of the building and at-grade on the eastern side.  The ground and 1st floors consist of typical office space.  The 3rd level contains open meeting rooms, office space and kitchen area.  Each floor includes common areas and two restrooms.

TERMS OF SALE:  A deposit in the form of a cashier’s or certified check in the amount of One Hundred Thousand Dollars ($100,000.00) will be required from the purchaser at the time and place of sale.  The deposit will not earn interest in the hands of the Substitute Trustees.  The Noteholder, if a bidder, shall not be required to post a deposit.  Immediately after the sale, the successful bidder shall execute and deliver a contract of sale with the Substitute Trustees, copies of which shall be available for inspection immediately before the sale.  The balance of the purchase price shall be paid by a cashier’s or certified check, or such other form as the Substitute Trustees may determine acceptable, in their sole discretion, at settlement, which must occur within twenty (20) days following final ratification of the sale by the Circuit Court for Prince George’s County, Maryland unless such period is extended by the Substitute Trustees, time being of the essence.  If payment of the balance of the purchase price does not take place within such period of time aforesaid, in addition to any other legal or equitable remedies available to them, the Substitute Trustees may declare the entire deposit forfeited and resell the Property at the risk and expense of the defaulting purchaser.  In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, attorney’s fees and all other charges incurred by the Substitute Trustees.  If the Property is purchased by someone other than the Noteholder, interest shall be paid on the unpaid purchase price at the rate of 12.91% from date of sale to the date of settlement, or such date that funds are received by the Substitute Trustees.  Taxes, water rents, and all other municipal liens and charges and all other public charges and assessments payable on an annual basis, if any, shall be adjusted to date of sale and assumed thereafter by the purchaser.  The purchaser shall pay all settlement costs, including title examination charges, title insurance premiums, county and state recordation and transfer taxes and recording costs.  The purchaser shall pay all costs incidental to the conveyance of the Property.  The purchaser shall be responsible for obtaining physical possession of the Property.  Additional terms may be announced at the time of sale.  If the Noteholder is the purchaser of the Property at the sale, the amount bid at the sale by the Noteholder shall be a credit against the indebtedness secured by the Deed of Trust.  The Property will be sold and conveyed subject to all matters known and unknown, in “AS IS, WHERE IS” condition, without representation or warranty, subject to all matters of record which take priority over the Deed of Trust, including without limitation, easements, rights-of-way, covenants, conditions and restrictions, and environmental and other conditions, and all federal, state, and local laws, ordinances, and regulations affecting the Property.  The Substitute Trustees reserve:  (1) the right to accept or reject any or all bids, (2) the right to modify or waive the requirements for bidders’ deposits and terms of sale and/or settlement; (3) the right to withdraw the Property from the sale prior to acceptance of the final bid(s); and (4) the right to cancel or postpone the sale.  Neither the Substitute Trustees nor any other party make any warranty or representation, either express or implied, of any kind or nature regarding the Property, including, without limitation, the description, use, physical condition, subdivision, zoning, environmental condition, compliance with applicable laws, ordinances, or regulations, or fitness for a particular purpose.  The purchaser will be responsible for paying $295.00 for review of the closing documents and $295.00 for review of pleadings to substitute the purchaser.  The purchaser 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 sole remedy of the purchaser at law or in equity shall be limited to the refund of the aforementioned deposit.  Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the Substitute Trustees.  The conveyance of the Property by the Substitute Trustees to the purchaser at settlement shall be by deed without covenant or warranty of any kind whatsoever.  

William F. Lindlaw and Alan S. Macdonald, Substitute Trustees