SUBSTITUTE TRUSTEE'S AUCTION
OF
"WATERFRONT"
3 BEDROOM 2-1/2 BATH RANCHER
"Mouth of South River & The Bay"
SALE TO BE HELD ON THE PREMISES
3742 RAMSGATE DRIVE
ANNAPOLIS, MD 21403
DIRECTIONS TO THE PROPERTY: From Route 50 at Annapolis, take Exit 22 onto MD-665 South. Go straight on MD-665 South, which becomes Forest Dr., which becomes Bay Ridge Rd. Turn Right off Bay Ridge Rd. onto Arundel on the Bay Rd., which becomes Thomas Point Rd. Turn right off Thomas Point Rd onto Gateshead Dr., then slightly left onto Ramsgate Dr., to cul-de-sac at end. Property in on right at end of cul-de-sac.
UNDER AND BY VIRTUE of the power of sale contained in a certain Refinance Deed of Trust from Hector K. Collison and Connie Katrina Collison to Margaret Theiss Faison and Robert E. Kendrick, III, Original Trustees, dated July 19, 2005, and recorded among the Land Records of Anne Arundel County, Maryland in Liber 16629, folio 605 (“Deed of Trust”), and, to amend and supplement the Deed of Trust, (i) a Second Home Rider dated July 19, 2005, and recorded among the aforesaid Land Records in Liber 16629, folio 621 (“Home Rider”) and (ii) a Fixed/Adjustable Rate Rider dated July 19, 2005, and recorded among the aforesaid Land Records in Liber 16629, folio 623 (“Rate Rider”) (the Deed of Trust, Home Rider and Rate Rider being referred to, hereinafter, as the “Deed of Trust”); and default having occurred and the holder of the indebtedness secured by said Deed of Trust (the “Noteholder”) having subsequently appointed Chad King as Substitute Trustee (“Substitute Trustee”) in the place and stead of the Original Trustees, by instrument duly executed, acknowledged and recorded among the aforesaid Land Records in Liber 21477, folio 404; and the Noteholder having commenced a foreclosure of the Deed of Trust in the Circuit Court for Anne Arundel County, Maryland styled Chad King, Substitute Trustee v. Hector K. Collison, et al., Case No. C-09-144119; the undersigned Substitute Trustee will sell at Public Auction, on the premises, the following:
ALL THAT FEE SIMPLE INTEREST IN AND TO the lot of ground and the improvements located thereon, situate, lying and being in Anne Arundel County, Maryland and being more particularly described as follows (the “Property”):
BEING KNOWN AND DESIGNATED as Lot 22, in a subdivision known as Plat of Section 1, “Watergate,” as per plat thereof recorded in Plat Book 32 at folio 84 among the Land Records of Anne Arundel County, Maryland (hereinafter, the “Property”). The improvements thereon being known as 3742 Ramsgate Drive, Annapolis, Maryland 21403. Property also being known as Tax Account Identifier No. 2-909-11708325.
The Property is believed to be approximately 25,610 square feet, more or less, with waterfront on the South River, an inland navigable waterway, at or near the place where South River flows into Chesapeake Bay. The Property has a panoramic waterfront view and is improved with a one-story rancher-style dwelling with a one (1) car attached garage; interior of dwelling is believed to have a living room, separate dining room, kitchen, family room, one (1) fireplace, three (3) bedrooms, two and one-half (2.5) bathrooms, and gross living area of approx. 2,283 sq. ft., more or less. Property is believed to be in FEMA Flood ZONE C per FEMA Map #2400080044D, Map Date 7/18/1985. Property is believed to be on public sewer and well water. Property is located in a water-privileged community having a community pier and harbor and is subject to covenants and restrictions of record and certain other policies and regulations, including but not necessarily limited to those found on website of Watergate Improvement Association, Inc. at http://www.watergatecommunity.org. All of the foregoing information about the Property has been obtained from sources deemed to be reliable, but NO WARRANTY IS BEING MADE either express or implied as to the accuracy of this information either in whole or in any part. Interested parties should perform their own due diligence.
TERMS OF SALE:
BIDDER QUALIFICATION: All persons who wish to bid on the Property at the sale must pre-qualify as a Bidder before sale commences, by filling out a contact form and showing the requisite deposit monies in a form specified below. Bidders who will be bidding on behalf of someone other than themselves must present documentation reflecting their power of appointment or their authority to act for another party. The Substitute Trustee reserves the right to reject any prospective Bidder.
DOWN PAYMENT AND OTHER TERMS OF SALE: No bids will be accepted “contingent on financing.” All Bidders are responsible for making financing arrangements prior to the sale and the Purchaser shall bear the RISK OF LOSS OF DEPOSIT if unable to abide by all of the terms of the sale including closing by the closing date due to lack of financing approval or for any other reason.
A deposit in the amount of Twenty-Five Thousand Dollars ($25,000.00), payable in cash, certified check or other form acceptable to the Substitute Trustee, will be required of the high bidder (“Purchaser”) at the time and place of sale. The Substitute Trustee reserves the right to reject any and all bids at the sale, and to extend the time for settlement, at his sole discretion. The Substitute Trustee also reserves the right to modify the requirements for the Purchaser’s deposit(s), to withdraw the Property from the sale prior to the termination of bidding, and to postpone the sale.
The balance of the purchase price, together with interest thereon at the rate of Four and one-half percent (4.5%) per annum from the date of sale to the date of settlement, shall be due from the Purchaser to the Substitute Trustee in immediately available funds within ten (10) business days following the final ratification of sale by the Circuit Court for Anne Arundel County, Maryland, unless such closing deadline is extended in writing by the Substitute Trustee, in his sole discretion. TIME IS OF THE ESSENCE AS TO THE PURCHASER’S OBLIGATIONS. In the event the settlement is delayed for any reason, and the Property is purchased by someone other than the Noteholder, or an affiliate or subsidiary thereof, there shall be no abatement of interest caused by the delay. Purchaser must pay document review fee of $395.00 to Simcox and Barclay, LLP at settlement; and an additional fee of $250 for the review of any motion which may be filed with the Court to substitute a purchaser herein. In the event that the Noteholder, or an affiliate or subsidiary thereof, is the successful bidder at the sale, such party will not be required to make any deposit(s) required hereunder or to pay interest on the unpaid purchase money.
A BROKER CO-OP FEE equal to one percent (1%) of Sale price shall be paid as a cost of Sale to the Purchaser’s real estate agent (“Broker”) at settlement if Broker meets qualifications for co-op fee. Full details are found on Auctioneer’s website listed below, and include the following: Broker must be a Md. licensed real estate agent; must pre-register prospective purchaser with Auctioneer before Sale; and must attend any pre-sale property inspection, and the Auction, with prospective purchaser. Broker co-op fee will not be paid if Purchaser defaults in any of Purchaser’s obligations. Any Broker bidding to purchase for him/herself or for any affiliated entity or employer SHALL NOT qualify for Broker co-op fee.
The Property is being sold in “AS IS” condition and without any recourse, warranties or representations, either express or implied, by the Substitute Trustee, the Noteholder, the Auctioneer, anyone working on their behalf, or any other person, as to the nature of the Property, its physical or operational condition, quality, workmanship, value, use, fitness for a particular purpose, description of the Property or any improvements thereon, title to the Property, or anything else of whatever kind or nature about or concerning the Property.
The Property will also be sold subject to: (i) all senior liens and encumbrances that are not extinguished by operation of law by the foreclosure sale of the Property; (ii) all easements, equitable servitudes, conditions, rights of way, restrictions, rights of redemption, covenants, restrictive covenants, declarations, documents establishing homeowner’s association(s) and any other agreements, matters or restrictions of record affecting the Property; (iii) all existing housing, building and zoning code violations, encroachments, and critical area and wetland violations; (iv) all environmental problems, conditions or hazards, 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; and (v) such state of facts that an accurate survey or physical inspection of the Property might disclose.
The conveyance of the Property by the Substitute Trustee to the purchaser at settlement shall be by Trustee’s Deed without covenant or warranty.
All real estate taxes, assessments, water/sewer charges, county or municipal charges, homeowners’ association charges or assessments, and senior liens that are owed against the Property and that are not extinguished by the foreclosure sale of the Property, and the cost of all recordation fees and taxes, document preparation costs, transfer taxes, title examination costs, attorneys’ fees and other costs associated with conveying the Property to the Purchaser, shall 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.
The Property is believed to be vacant; however, if the Property is not vacant, it shall be the Purchaser’s responsibility to obtain possession of the Property after the closing.
IN THE EVENT THAT THE PURCHASER FAILS TO GO TO AND CONCLUDE SETTLEMENT AS REQUIRED, then, in addition to any other legal or equitable remedies available to the Substitute Trustee, the Substitute Trustee may, without further order of the Court, DECLARE THE DEFAULTING PURCHASER’S DEPOSIT(S) FORFEITED AND RESELL THE PROPERTY AT THE DEFAULTING 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 Substitute Trustee and/or the Noteholder, all costs and expenses of both sales, attorneys’ fees, and any other damages sustained by the Substitute Trustee and/or the Noteholder, including, without limitation, all incidental damages. The defaulting Purchaser shall not be entitled to any surplus proceeds or profits resulting from any resale of the Property.
If the Substitute Trustee is unable to convey the Property, the Purchaser’s sole remedy at law or in equity shall be limited to a refund of the Purchaser’s deposits, without interest thereon. Upon refund of the deposits to the Purchaser as aforesaid, the sale shall be void and of no effect, and the Purchaser shall have no further claim against the Substitute Trustee, 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 State of Maryland. For info call PAT (410) 366-5555. Lic. No. A-124
Chad King, Substitute Trustee
BROKER CO-OP INVITED
