Tuesday, October 04, 2011

Wood Creek Golf Links Auction October 14th

Friday October 14th @ 1:30PM

Substitute Trustees' Sale: 44.15 +/- Acres of Land Improved as a Golf Course Known As Wood Creek Golf Links in "Delmar" (Wicomico County)

Auction to be held at: The Courthouse of the Circuit Court for Wicomico County, MD, 101 North Division Street, Salisbury


Picked Up From: Alex Cooper Auctioneers

PROPERTY DESCRIPTION (the "Property"): All those 44.15 acres more or less, located in Delmar, Wicomico County, Maryland and described as follows:


BEING KNOWN AND DESIGNATED as (i) Parcel A and Parcel B (the county assessments and tax records refer to Parcel B as Parcel "B-1"), as shown on Subdivision Plat entitled "WOOD CREEK GOLF COMMUNITY" recorded among the Land Records of Wicomico County, Maryland in Plat Cabinet 13, folio 82, and (ii)Parcel C-1 as shown on Subdivision Plat entitled, "LOT 1-18 AND 24-79, PARCELS D AND E, WOOD CREEK GOLF COMMUNITY" which Plat is recorded among the Land Records of Wicomico County, Maryland in Plat Cabinet 14, folio 33 (formerly known as Parcel C as shown on Subdivision Plat entitled "WOOD CREEK GOLF COMMUNITY" recorded among the Land Records of Wicomico County, Maryland in Plat Cabinet 13, folio 82). NOTE: Parcel C-1 is the result of a property line adjustment/removal between Parcel C and Parcel E to form Parcel C-1. Wood Creek, LLC was the record owner of Parcel C and Acorn Land, LLC was the owner of Parcel E at the time of the reconfiguration of lots.

CONDITIONS OF SALE: The Property will be sold in an "AS IS/WHERE IS" condition without any representations or express or implied warranties of any nature whatsoever. In particular, the Substitute Trustees make no representation or warranty with respect to: (1) the existence, nonexistence, or continued existence, validity, scope, nature or applicability of any zoning, land use, development, occupancy or other governmental permits or approvals with respect to the Property; (2) fitness for any particular purpose or use; (3) compliance of the Property with any and all zoning or building laws, regulations and ordinances; and (4) ingress, egress or access to the Property, whether vehicular, pedestrian or other -wise.

Neither the Substitute Trustees nor the Lender shall have any obligation to obtain possession of the Property. It shall be the purchaser's obligation, at the purchaser's sole cost, to obtain possession of the Property.

RISK OF LOSS, INSURABLE OR OTHERWISE, SHALL PASS TO THE PURCHASER IMMEDIATELY AND AUTOMATICALLY AT THE TIME OF SALE. Neither the Substitute Trustees nor the Lender shall have any obligation to obtain or maintain any insurance coverage with respect to the Property.

The Property shall be sold subject to: (1) any easements, restrictions, declarations, and restrictive covenants of record affecting the same, including, but not limited to, any and all condominium restrictions, declarations, bylaws and plats and amendments thereto; (2) any and all disclosures, easements and conditions on any plats of record affecting all or any portion of the Property; (3) any encroachments, overlaps, boundary line disputes and other matters which could be disclosed by an accurate survey of the Property; (4) any matters which would be disclosed by a physical inspection of the Property; (5) any and all environmental conditions, problems and/or violations, if any, that may exist on, affect or relate to the Property; and (6) any and all zoning laws, regulations and ordinances or governmental permits or approvals affecting the Property.

WAIVERS: The purchaser waives and releases the Substitute Trustees and the Lender and each of their respective agents, successors and assigns from any and all claims the purchaser and/or its successors and assigns may now have or may have in the future relating to: (1) any environmental condition, problem or violation affecting all or any portion of the Property; (2) any existing or future zoning code problems or violations, and (3) the accuracy or validity of any estimated information described herein.

PROPERTY: The Property is believed to be composed of 44.15 acres more or less, of land improved as a golf course, known as Wood Creek Golf Links, a portion of which winds through the Wood Creek residential community. The Property contains a portion of an 18-hole golf course. Improvements include: (a) fairways, greens and bunkers; and (b) a 5,170-square foot building comprising 4,000 square feet of masonry construction on a through the Wood Creek residential community. The Property contains a portion of an 18-hole golf course. Improvements include: (a) fairways, greens and bunkers; and (b) a 5,170-square foot building comprising 4,000 square feet of masonry construction on a slab and 1,170 square feet of metal-frame construction. The Substitute Trustees have been advised, but do not represent or warrant, that the Property is zoned R-2 (Residential District).




Summary terms of sale: This advertisement, as amended or supplemented by any oral announcements during the conduct of the sale, constitutes the Substitute Trustees' entire terms upon which the Property shall be offered for sale, sold or purchased. The Substitute Trustees reserve the unqualified right to withdraw the Property, in whole or in part, at any time before sale or to release the Property, in whole or in part, from the Deed of Trust lien at any time before the sale. If the Substitute Trustees determine that the opening bid is not commensurate with the value of the Property, they may reject the bid and withdraw the Property from sale. If any dispute arises among the bidders, the Substitute Trustees shall have the sole and final discretion either to determine the successful bidder or to reoffer and resell the Property. A cash deposit or certified check made payable to the Substitute Trustees in the amount of $50,000 will be required of the purchaser at the time and place of sale. The purchaser is required to increase its deposit to ten percent (10%) of the bid price within ten (10) business days of the sale by delivering to the Substitute Trustees at c/o Miles & Stockbridge P.C., 10 Light Street, Baltimore, Maryland 21202, a certified check payable to the Substitute Trustees. All deposits shall be held by the Substitute Trustees in a non-interest bearing escrow account to be applied to the purchase price at the time of settlement. The Lender, or its nominee, if the successful bidder, shall not be required to post a deposit. The balance of such purchase price, together with interest at the rate of ten percent (10%) per annum on the unpaid purchase money from the date of sale to date of settlement (as hereinafter specified) must be paid in cash or by certified check at the date of settlement. The Substitute Trustees reserve the right, but have no obligation to waive or reduce the amount of interest payable on the unpaid balance of the purchase price.

All taxes (except outstanding real property taxes, which shall be the sole responsibility of the Purchaser) and assessments, including, but not limited to, agricultural transfer taxes, rents, ground rents, condominium fees and assessments, other public charges, sewer charges, water rents, regular and special assessments, utilities or similar items, if any, payable on an annual or any other basis shall be adjusted as of the date of the foreclosure sale and thereafter assumed and paid by the purchaser at settlement. The purchaser shall pay all expenses and costs required for or incident to its settlement, including, without limitation, all state and local transfer taxes, documentary taxes, recording taxes and fees, title examination costs, title insurance premiums, and attorneys' fees.

The purchaser shall settle and comply with the sale terms within ten (10) days after the Circuit Court for Wicomico County, Maryland, finally ratifies the sale, unless said periods extended by the Substitute Trustees, their successors or assigns, for good cause shown. TIME IS OF THE ESSENCE.

If the purchaser defaults, in addition to any other legal or equitable remedies available to them, the Substitute Trustees may declare the entire deposit forfeited and resell the roperty at the risk and cost of the defaulting purchaser. The purchaser shall not be entitled to any surplus proceeds or profit resulting from any resale of all or any portion of the Property.

Neither the Substitute Trustees nor the Lender are liable individually or otherwise for any matter relating to the sale or to the Property, except that if title to the Property cannot be transferred in accordance with the terms hereof for any reason, such liability is limited to the return of the purchaser's deposit. There shall be no other rights or remedies against the Substitute Trustees and/or the Lender, either in law or equity.

NOTE: The material contained herein describing the Property has been obtained from sources believed to be reliable; however, no express or implied warranty is made as to he accuracy of any description. All dimensions or areas referred to herein are approximate

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