Law Offices of
CIPRIANI & WERNER, P.C.
6411 Ivy Lane, Suite 600
Greenbelt, Maryland 20770
SUBSTITUTE TRUSTEES’ SALE OF VALUABLE REAL PROPERTY
LOCATED IN WORCESTER COUNTY, MARYLAND, GENERALLY
KNOWN AS 2 DORCHESTER STREET, CONDO UNIT 711
BELMONT TOWERS, OCEAN CITY, MARYLAND 21842
Under and by virtue of the power of sale contained in that certain Indemnity Deed of Trust, dated November 24, 2014, executed and delivered by Todd E. Spahr and Tessa M. Spahr (collectively, the “Grantors”) to the trustee named therein and recorded among the Land Records of Worcester County, Maryland, in 6472, folio 114 (the “Deed of Trust”), the holder of the indebtedness secured by said Deed of Trust (the “Noteholder”) having subsequently appointed Jason W. Hardman and Paul J. Cohen as Substitute Trustees under the Deed of Trust, by Deed of Appointment of Substitute Trustees, dated May 5, 2021, and recorded among the Land Records of Worcester County, Maryland in Liber 8221, folio 283, default having occurred under the terms of said Deed of Trust and at the request of the party secured thereby, the undersigned Substitute Trustees (collectively, the “Trustees”) will offer for sale to the highest qualified bidder at a public auction to be held
AT THE COURT HOUSE ENTRANCE OF THE CIRCUIT COURT FOR WORCESTER COUNTY, AT THE COURT HOUSE STEPS, LOCATED AT ONE WEST MARKET STREET, SNOW HILL, MARYLAND 21863, ON:
Monday, July 18, 2022,
at 10:30 a.m.
ALL that property lying and being situate in Worcester County, Maryland, and any improvements thereon, and being more particularly described as follows (the “Property”):
ALL that property situate, lying and being in the Town of Ocean City, in the Tenth Election District of Worcester County, Maryland, described as Condominium Unit No. 711 in Phase Two in the “Belmont Towers Residential Condominium”, together with an undivided percentage interest in the common elements thereof, as established pursuant to a Condominium Declaration (including By-Laws) dated May 24, 2007, and recorded among the Land Records of Worcester County, Maryland, in Liber S.V.H. No. 4933, folio 287, et. seq., as amended; and pursuant to the several plats described in said Declaration and recorded as aforesaid in Plat Book S.V.H. No. 218, folio 7, et seq., as amended.
BEING the same and all the land conveyed by and described in a Deed dated October 17, 2012 from John E. Billheimer and Patricia C. Billheimer to Todd E. Spahr and Tessa M. Spahr and recorded among the Land Records of Worcester County, Maryland, in Liber No. 06000, folio 00474.
The Property is believed to be a 1,474 +/- square foot condominium unit located on the seventh floor of the Belmont Towers Residential Condominium building (the “Building”) in Ocean City, Maryland. The Property is believed to contain 3 bedrooms, 2.1 bathrooms, a living room, a kitchen, central air conditioning, an outdoor balcony, and views of the Atlantic Ocean and Assateague Island. The Property is also believed to have an assigned parking space #711 and to have access to certain common elements of the Building, including an elevator, pool, and fitness room. The Property is also believed to be served by, or to have access to, adequate parking and public water, sewer, telephone and electric. According to public tax records, the Property has been assigned the following address and tax identification number: 2 Dorchester Street, Condo Unit 711, Ocean City, Maryland 21842 (Tax Account Number 10-758017).
TERMS OF SALE: A deposit in the amount of Twenty Thousand Dollars ($20,000.00), payable in cash, certified check (made payable to “Cipriani & Werner, P.C.”) or other form acceptable to the Trustees, will be required from the successful bidder (the “Purchaser”) at the time and place of sale. The Purchaser shall be required to increase the amount of the deposit to ten percent (10%) of the successful bid amount within seven (7) calendar days of the date of the sale by delivering to the Trustees certified funds in the amount necessary to increase the deposit amount as required above, unless said period is extended by the Trustees for good cause shown. The Trustees will require all potential bidders to qualify prior to the commencement of bidding by showing evidence of their ability to deliver the required deposit at the time of the sale. The balance of the purchase price, together with interest on the unpaid balance of the purchase price from the date of sale to and including the date of settlement, shall be due at settlement in cash or by cashier’s check. Interest shall accrue 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 settlement is delayed for any reason, there will be no abatement of interest. In the event the Noteholder, or an affiliate or subsidiary of the Noteholder, is the successful bidder at the sale, such party will not be required to tender a deposit to the Trustees or to pay interest on the unpaid purchase money. Taxes, water and all other municipal charges and liens owed against the Property that are not otherwise extinguished as a matter of law as a result of the foreclosure sale shall be the responsibility of the Purchaser and shall be paid by the Purchaser at settlement. The Trustees reserve the right to reject any and all bids, to extend the time for settlement, and to withdraw the Property from the sale for any reason and at their sole discretion.
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 thereon. In addition, the Property will be sold subject to all existing housing, building and zoning code violations which may exist on or with respect to the Property, subject to all conditions or hazards which may exist on or with respect to the Property, subject to all critical area and wetland violations which may exist on or with respect to the Property, subject to all environmental problems or violations which may exist on or with respect to the Property, and subject to all matters, recorded documents and restrictions of record affecting the Property to the extent such matters, recorded documents or restrictions of record are senior to the Deed of Trust. The Property will be sold subject to all senior liens and encumbrances that are not extinguished by operation of law or by the foreclosure sale of the Property and subject to all easements, conditions, restrictions, rights of redemption, covenants, agreements, such state of facts that an accurate survey or physical inspection of the Property might disclose, and all other agreements and documents of record affecting the Property, but only to the extent that such agreements or documents are senior to the Deed of Trust. The Property will not be sold subject to any written or oral lease or rental agreements that may exist in favor of any tenants or occupants of the Property.
The Purchaser shall assume the risk of loss for the Property immediately after the sale takes place. It shall be the responsibility of the Purchaser to obtain possession of the Property following final ratification of the sale by the Circuit Court for Worcester County, Maryland and conveyance of the Property by the Trustees to the Purchaser.
The Purchaser shall pay, at settlement, all state and local transfer taxes, documentary stamps, recordation taxes and fees, title examination costs, attorneys’ fees, conveyance fees, real estate taxes, water charges, other municipal liens and charges, and all other settlement costs and other costs associated with conveying the Property to the Purchaser. The Purchaser shall settle and comply with all sale terms contained herein within twenty (20) days following final ratification of the sale by the Circuit Court for Worcester County, Maryland, unless said period is extended by the Trustees for good cause shown. Time is of the essence. Settlement shall be held at the offices of Cipriani & Werner, P.C., 6411 Ivy Lane, Suite 600, Greenbelt, Maryland 20770, or such other place as may be agreed to by the Trustees.
In the event the Purchaser fails to go to settlement as required herein, in addition to any other legal or equitable remedies available to the Trustees, the Trustees may, without further order of the court: (i) declare the aforementioned deposit forfeited, (ii) resell the Property at the Purchaser’s sole risk and expense, and (iii) retain and apply the aforementioned deposit to any deficiency in the purchase price sustained by the Trustees and/or the Noteholder, all costs and expenses of both sales, reasonable attorneys’ fees, and any other damages sustained by the Trustees and/or the Noteholder as a result of the Purchaser’s default, including, without limitation, all incidental damages. In the event a resale of the Property results in a purchase price in excess of the amount originally bid by the defaulting Purchaser, the defaulting Purchaser shall not be entitled to receive payment of any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds.
If the Trustees are unable to convey any of the Property as described above, the Purchaser’s sole remedy at law or in equity shall be limited to the refund of the Purchaser’s deposit without any interest thereon. Upon refund of the deposit to the Purchaser as aforesaid, the sale of the Property shall be void and of no force or effect, and the Purchaser shall have no claims against the Trustees, the Noteholder or the Auctioneer. 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.
The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Trustees, the Noteholder and the Auctioneer do not make any representations or warranties with respect to the accuracy of this information.
Jason W. Hardman and Paul J. Cohen,
For further information, contact:
Marshall Auction Company
P.O. Box 3682
Salisbury, Maryland 21802
Tel: (443) 614-4340