Details for TRUSTEES’ SALE OF Lot 25, Nomini Bay Farms

TRUSTEES’ SALE OF
Lot 25, Nomini Bay Farms
2.21 acres, Matthews Cove Drive
Montross (Westmoreland County), Virginia
22520
Tax Map ID 36F-25
Account No. 11148-1
District 02 Montross
Under a power of sale contained in a certain Deed of
Trust (“Deed of Trust”) dated July 28, 2020 and recorded
on July 28, 2020 in Book 933 at Page 1896 as Instrument No. 200002289 in the Circuit Court of Westmoreland County, Virginia, from M and P Investments
LLC, a Virginia limited liability company, as grantor, to
John D. Eubank and Timothy E. Lewis (“Trustees”), as
trustees, for the benefit of Commercial Lending, L.L.C.,
a Virginia limited liability company, as beneficiary, to
secure repayment of a Commercial Deed of Trust Note
dated July 28, 2020 in the original principal amount of
$155,000.00, default having occurred under the terms
thereof, the Trustees (or either one acting alone) will
sell at public auction at Lot 25, Nomini Bay Farms, 2.21
acres, Matthews Cove Drive, Montross (Westmoreland
County), Virginia 22520, on
APRIL 15, 2021 AT 12:00 PM
ALL REAL PROPERTY AND THE IMPROVEMENTS
THEREON, as well as ALL PERSONAL PROPERTY, encumbered by the Deed of Trust (collectively, “Property”).
TERMS OF SALE: A deposit of ten (10) per centum
of the sale price will be required of the purchaser at
the time and place of sale. The deposit must be paid
by cash or certified funds. The balance of the purchase
price to be paid in cash or certified funds within twenty
(20) days of the date of sale. Interest to be paid on the
unpaid purchase money at the rate then applicable to
the indebtedness secured by the Deed of Trust from the
date of sale to the date of settlement. The party secured
herein, if a bidder, shall not be required to post a deposit
or to pay interest. Purchaser shall settle within twenty
(20) days of the date of sale. TIME SHALL BE OF THE
ESSENCE WITH RESPECT TO SETTLEMENT BY THE
PURCHASER. In the event that the purchaser does not
settle as required for any reason, the purchaser shall be
in default. The defaulting purchaser shall not be entitled
to any surplus proceeds or profits resulting from any
resale of the Property, and the deposit shall be forfeited
to the Trustees and all of the expenses of this sale (including attorneys’ fees and full commission on the gross
sale price) shall be charged against and paid out of the
forfeited deposit, with any remaining balance of the forfeited deposit applied to the indebtedness secured by
the Deed of Trust. In the event settlement is delayed for
any reason, including, but not limited to, exceptions to
the sale, bankruptcy filings by interested parties, court
administration of the foreclosure, or unknown title defects, there shall be no abatement of interest. Real estate
taxes are to be adjusted for the current year to the date
of sale and assumed thereafter by the purchaser. Cost
of all documentary stamps, recordation taxes, transfer
taxes and settlement expenses shall be borne by the
purchaser.
The Property will be sold in an “AS IS” condition and
subject to recorded covenants, conditions, restrictions,
agreements, and senior liens, if any, and with no warranty of any kind (except as required by the Deed of Trust).
In the event that the Trustees are unable to convey title
as aforesaid, the purchaser’s sole remedy at law and in
equity shall be limited to a refund of the deposit and the
sale shall be considered null and void and of no effect.
Purchaser shall be responsible for obtaining physical
possession of the Property. Purchaser assumes the risk
of loss or damage to the Property from the date of sale
forward.
Trustees reserve the right, in their sole discretion, to reject any and all bids, to withdraw the Property from sale
at any time before or at the auction, to extend the time
to receive bids, to waive or modify the deposit requirement, to waive or modify the requirement that interest be
paid on the unpaid purchase money, and/or to extend
the period of time for settlement.
Additional terms may be announced at the sale. Purchaser will be required to execute and deliver to the
Trustees a memorandum or contract of the sale at the
conclusion of bidding.
John D. Eubank and Timothy E. Lewis, Trustees
FOR INFORMATION, CONTACT:
PARDO & DRAZIN, LLC
Russell S. Drazin, Attorney
4400 Jenifer Street, NW, Suite 2
Washington, DC 20015
(202) 223-7900
www.pardodrazin.com

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