402 W. LOMBARD STREET BALTIMORE, MARYLAND 21201
On the steps of the Circuit Court for Baltimore City, at the 100 North Calvert Street Entrance, Baltimore, Maryland 21202
: A cash deposit or certified check of Forty Thousand Dollars ($40,000.00), or other form of deposit acceptable in the Substitute Trustees’ sole discretion, shall be required of the successful bidder at the time and place of the sale. The successful bidder shall be required to increase the amount of the deposit to ten percent (10%) of the selling price within one (1) business day of the sale. The Substitute Trustees shall 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 shall be due upon settlement, which shall be thirty (30) days after final ratification of sale by the Circuit Court for Baltimore City, unless said period is extended by the Substitute Trustees, their successors or assigns, for good cause shown, time being of the essence, interest at a rate of ten percent (10%) per annum shall be paid on unpaid purchase money from the date of sale to the date of settlement. There shall be no abatement of interest in the event additional funds are tendered before settlement or if settlement is delayed for any reason. The secured party herein, if a bidder, shall not be obligated to post a deposit, and shall not be obligated to pay interest if it is the purchaser. In the event that the purchaser fails to go to settlement as required, in addition to all other remedies including but not limited to attorneys’ fees, the entire deposit shall be forfeited to the Substitute Trustees, and the Substitute Trustees may resell the Property at the risk and expense of the defaulting purchaser. The defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, attorneys’ fees and all other charges due, and incidental and consequential damages. Taxes, water, rent and all other municipal liens, public charges and assessments payable on an annual basis shall be adjusted to date of sale and assumed thereafter by the purchaser. If applicable, condominium and/or homeowner association dues and assessments that may become due after the time of sale shall be the responsibility of the purchaser. Cost of all documentary stamps, state and county transfer taxes, document preparation, title insurance, and all other closing costs shall be borne by the purchaser.