Sale Type
Receiver Sale
Sale Date
November 18, 2015
Sale Time
10:00 A.M. (Start Time)
Sold Price
$1,350,000
Property Address
532 Baltimore Boulevard, Westminster, Maryland 21157
Auction Location

SOLD – $1,350,000

Sale to be held at the Law Office of Ballard Spahr LLP, 300 East Lombard Street, 18th Floor, Baltimore, Maryland 21202

Description
No Buyer's Premium!
Sale Terms

No advance bids will be accepted. Any potential bidder who wishes to participate at the auction and/or obtain further information about any or all of the Sale Properties must (a) agree to use the form of Receivership Estate Assets Purchase and Sale Agreement (the “Purchase Agreement”) made available by the Receiver and approved by the Plaintiff, (b) by no later than the auction date, provide a certified check payable to Trigild Incorporated, as Receiver, in the amount of $25,000, which will be refunded if the bidder is not selected as a winning bidder, and (c) provide other satisfactory evidence to the Receiver demonstrating the potential bidder’s financial and legal ability to consummate the purchase of any or all of the Sale Properties, such as available funds, a firm commitment letter for funding, recent tax returns, financial statements, certificates of good standing for corporate bidders, limited partnership bidders, any general partner of a limited partnership bidder, and limited liability company bidders, as well as any other documentation the Receiver may require, including, but not limited to, a confidentiality agreement.

 

Any potential bidder must contact Bill Hudson at Atlantic Auctions, Inc., 802 Belair Road, Bel Air, MD 21014, telephone (410) 803-4161 and email bhudson@BSCAMERICA.com, by no later than three (3) business days before the date of the auction in order to be approved as a qualified bidder (“Qualified Bidder”) for purposes of participating at the auction and/or obtaining further information about any or all of the Sale Properties.  Only a Qualified Bidder is eligible to participate at the auction.  The Plaintiff is deemed a Qualified Bidder and may credit bid for any or all the Sale Properties. Certified deposits will be required from the person or entity submitting a successful bid.

 

THE SALE PROPERTIES WILL BE AUCTIONED IN TWO ROUNDS. IN ROUND ONE, EACH OF THE SALE PROPERTIES WILL BE AUCTIONED SEPARATELY IN THE ORDER LISTED ABOVE, STARTING WITH AN OPENING BID ANNOUNCED BY THE RECEIVER.  AT THE CONCLUSION OF ROUND ONE, THE HIGHEST BID FOR EACH SALE PROPERTY WILL BE HELD IN RESERVE PENDING THE RESULTS OF ROUND TWO.  IN ROUND TWO, THE SALE PROPERTIES WILL BE AUCTIONED COLLECTIVELY AS AN ENTIRETY, STARTING WITH AN OPENING BID ANNOUNCED BY THE RECEIVER EQUAL TO THE AGGREGATE HIGHEST BIDS IN ROUND ONE FOR THE SALE PROPERTIES SOLD SEPARATELY, PLUS AN ADDITIONAL $10,000.  IF THE HIGHEST BID IN ROUND TWO FOR ALL SALE PROPERTIES EQUALS OR EXCEEDS THE AGGREGATE HIGHEST BIDS IN ROUND ONE FOR THE SALE PROPERTIES SOLD SEPARATELY, PLUS AN ADDITIONAL $10,000, THEN THE HIGHEST BIDDER FROM ROUND TWO SHALL BE THE WINNING BIDDER AT THE AUCTION.  EXCEPT IN THE CASE OF THE PLAINTIFF OR ITS DESIGNEE, THE WINNING BIDDER(S) MUST DELIVER TO THE RECEIVER A GOOD FAITH DEPOSIT OF CERTIFIED FUNDS EQUAL TO THE GREATER OF 10% OF THE SUCCESSFUL BID AMOUNT OR $250,000 PRIOR TO THE CONCLUSION OF THE AUCTION, WHICH AMOUNT, PLUS ANY OTHER CERTIFIED FUNDS ON DEPOSIT, SHALL BE APPLIED, WITHOUT INTEREST, TO THE PURCHASE PRICE AT CLOSING; PROVIDED, HOWEVER, THAT IN THE EVENT THE WINNING BIDDER(S) FAILS TO CONSUMMATE THE SALE(S) IN ACCORDANCE WITH THE TERMS HEREIN AND IN THE RELATED PURCHASE AGREEMENT, SUCH DEPOSIT(S), AT THE OPTION OF THE RECEIVER, WILL BE FORFEITED, AND THE RECEIVER, IN ITS DISCRETION AND WITH THE APPROVAL OF THE PLAINTIFF, MAY CONSUMMATE THE PROPOSED SALE(S) WITH THE NEXT HIGHEST BIDDER(S) OF ANY OR ALL OF THE SALE PROPERTIES.  ANY SALE(S) IS SUBJECT TO THE APPROVAL OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND.  ANY DEPOSIT(S) WILL BE FULLY REFUNDABLE IN THE EVENT THE COURT DOES NOT CONFIRM THE PROPOSED SALE(S).

 

The Sale Properties will be sold in “AS IS, WHERE IS” condition and basis and without any warranty, express or implied, and without any representation or warranty as to the accuracy of information furnished to prospective bidders by the Receiver or the Plaintiff and without any other representation or warranty of any nature, except as may be expressly set forth in the Purchase Agreement. The Sale Properties will be sold FREE AND CLEAR OF ALL LIENS.  Any liens in or on the Sale Properties will attach to the net sale proceeds with the same validity, priority, force and effect that such liens had on the Sale Properties prior to the auction.  Should the Receiver be unable to convey title to any Sale Property, the Receiver and purchaser(s) agree that the sole remedy in law or equity of the purchaser(s) shall be limited to the refund of any deposit(s).  Upon such refund of a deposit(s), the sale shall be void and of no effect and the purchaser(s) shall have no further claim against the Receiver or the Plaintiff.

Contact Information
Call Jack Levi at (410) 803-4161 or email him using the form below.
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