TRUSTEE’S SALE

Of valuable
IMPROVED CONDOMINIUM REAL ESTATE
known as:

501 Runabout Loop - Unit E-1
Solomons,  MD 20688
 

          Under and by virtue of a Decree for Sale of Premises by the Circuit Court for Calvert County, MD dated November 8, 2006, in a case captioned Council of Unit Owners of Solomons Landing Condominium v. William Smith and Royce D. Smith (Civil Action No. C-06-1230) with John M. Oliveri, Esq., being appointed as Trustee in said order to sell said property, the undersigned will offer for sale at Public Auction at the premises of 501 Runabout Loop, Solomons, MD 20688, on
 

FRIDAY, NOVEMBER 16,  2007
AT 11:30 O'CLOCK A.M.
 

          All that lot or parcel of ground, situate, lying and being in the First Election District, Calvert County, Maryland and described as follows.
 

Residential Unit No. E-1 and the percentage interest in the general and limited common elements of Solomons Landing Condominium, as provided in the Declaration for Solomons Landing Condominium recorded among the land records of Calvert County, Maryland at Liber ABC 485, folio 385 and the Amended Declaration Covenants for Solomons Landing Condominium recorded at Liber ABE 3 at Plat No 17 et seq., among the Land Records of Calvert County, Maryland. Improvements being known as 501 Runabout Loop.
 

The improvements thereon being known and designated as 501 Runabout Loop, Unit E-1, Solomons Island, Maryland 20688.
 

The subject property is being sold subject to a Deed of Trust in favor of First Annapolis Savings Bank, FSB, dated April 24, 1990, and recorded among the Land Records of Calvert County, MD in Book 515, Page 107, in the original amount of $187,450.00. The exact balance of which shall be announced at the time and place of auction.
 

The property may be subject to sale with Internal Revenue Service Right of Redemption.
 

TERMS OF SALE: The property will be sold in "as is" condition, subject to any and all covenants, conditions, restrictions, easements, rights of way and limitations of record, and with no warranties. The property will be sold subject to any building or housing violations, easements, agreements, restrictions, terms, rights of way, covenants, conditions, rights of redemption, and other encumbrances, if any, affecting the subject property, whether or not of record.
 

A deposit of Ten Thousand Dollars ($10,000.00) will be required of the purchaser in the form of certified or cashier's check on the day of sale. The Beneficiary, or any subsidiary of beneficiary, named in the Decree of Sale, if a bidder, shall not be required to make a deposit. Interest at the rate of 1.5% per month shall be paid on the unpaid purchase price from the date of sale to the date of settlement if the property is purchased by someone other than the Beneficiary. The balance of the purchase price shall be paid in cash within ten (10) days of final ratification of the sale by the Circuit Court for Calvert County, time being of the essence. If compliance with the terms of sale does not take place within ten (10) days after final ratification, the deposit shall be forfeited and the property resold at the risk and expense of the defaulting purchaser. Taxes, water rent, and all other public charges and assessments payable on an annual or periodic basis, including sanitary and metropolitan district charges and special paving taxes, and condominium fees, if any, will be adjusted as of the date of sale and thereafter shall be paid by the purchaser. The cost of all recordation and transfer taxes, any agricultural use or transfer tax, and any and all other costs incident to the recording of the deed to the purchaser shall be borne by the purchaser. Purchaser also agrees to pay $295.00 at settlement to the Seller's attorney for review of all settlement documents.
 

The Trustee reserves the right to reject any and all bids in his sole and absolute discretion and to extend the settlement date. Purchaser assumes the risk of loss to the property immediately after sale and shall be solely responsible for obtaining possession of the property.
 

Conveyance of the property shall be by trustee's deed, without covenant or warranty, expressed or implied, unless otherwise required by statute, court rule or the Deed of Trust. If for any reason the Trustee is unable to convey title, the purchaser's sole remedy at law and equity shall be limited to the refund of the deposit to the purchaser. Upon refund of the deposit, the sale shall be null and void and have no further force or effect, and the purchaser shall have no claim against the Trustee, Beneficiary, or Auctioneers.
 

The information contained herein was obtained from sources deemed to be reliable, but is offered for information purposes only. The Trustee, Beneficiary, and Auctioneers make no representations or warranties with respect to the accuracy of this information, and the purchaser waives and releases the Trustee, Beneficiary, and Auctioneers from any and all claims the purchaser or purchaser's successors or assigns may now have or may have in the future relating to the condition of the property, including, but not limited to, the environmental condition thereof. This advertisement, as amended or supplemented by any oral announcements during the conduct of the sale, constitutes the entire terms upon which the property shall be offered for sale.

John M. Oliveri
Trustee

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