Real Estate Convenience Store Auction

Law Offices of

Gebhardt & Smith LLP

One South Street, Suite 2200

Baltimore, Maryland 21202

SUBSTITUTE TRUSTEES’ SALE OF REAL PROPERTY AND IMPROVEMENTS

GENERALLY KNOWN AS

12516 FINGERBOARD ROAD, MONROVIA, MARYLAND 21770

(A Country store and gas station)

            Under and by virtue of the power of sale contained in that certain Indemnity Deed of Trust, dated January 17, 2007 (“Deed of Trust”), from Jencan Properties, LLC (“Grantor”) to Terrence P. Lee and Wendy L. Wotring, Trustees, which such Deed of Trust is recorded among the Land Records of Frederick County, Maryland, in Book 6433, page 409, the holder of the indebtedness secured by said Deed of Trust (“Noteholder”) having subsequently appointed Michael D. Nord and Richard A. DuBose III as Substitute Trustees (“Trustees”) in the place of Terrence P. Lee and Wendy L. Wotring by a Deed of Appointment, dated March 23, 2009, and recorded among the aforesaid Land Records prior hereto, default having occurred under the terms of said Deed of Trust and at the request of the party secured thereby, the Trustees will offer for sale to the highest qualified bidder at a public auction to be held on the premises located at 12516 Fingerboard Road, Monrovia, Maryland 21770, on:

TUESDAY, july 21, 2009

At 11:00 A.m.

All that piece, parcel or tract of land situate and being in Frederick County, Maryland, being more particularly described as follows:

Beginning for the same at an iron pipe found set in the ground on the Northeast side of Maryland Route No. 80 and at the Southwest corner of the remaining portion of the first parcel of land conveyed by Raymond F. Day and wife to Leonard E. Brashear and wife by Deed dated July 22, 1953, and recorded among the Land Records of Frederick County, Maryland in Liber 518 at folio 515, thence as now surveyed by D.K. Sutcliffe & Associates, Surveyors and Engineers, and running and binding on the outlines of said remaining lot the following four courses and distances and running and binding on the East side of the lot of land conveyed by Clyde D. Main, Jr. and wife to Upco Development Company by Deed dated October 7, 1961, and recorded among the aforesaid Land Records in Liber 659, folio 73:

North 41º02'05" East 226.96 feet to an iron tee bar with registered Land Surveyor's Cap Number 2046 now set in the ground (hereinafter referred to as a standard marker).

South 51º02'08" East 58.01 feet to an iron pipe found set in the ground, thence running and binding on the West side of the lot of land conveyed by said Brashear to Alice M. Forney by Deed dated June 24, 1955, and recorded among the aforesaid Land Records in Liber 549, folio 1.

South 41º02'05" West 230.94 feet to an iron pipe found set in the ground on said Northeast side of Maryland Route No. 80, thence running and binding on said Northeast side,

North 47º05'58" West 58.00 feet to the place of beginning.

Containing 0.305 acres, more or less.

AND ALSO

All that piece, parcel or tract of land situate, lying and being in the New Market Election District, Kemptown, Frederick County, Maryland, and being more particularly described as follows:

Beginning at a point on the North side of the State Road in Kemptown at the Southwest corner of the property hereby intended to be conveyed and also at the end of the fourth line described in a former Deed from Sara A. Glaze, et al., to Jesse Clay dated December 2, 1882, and recorded among the Land Records of Frederick County, Maryland in Liber AF No. 5 at folio 637, and running thence by and with the North side of the state Road and also by and with said fourth line reversed South 48 1/4º East 50 feet to an iron pipe, thence by line of division North 40º East 226.5 feet to an iron pipe at the end of 50 feet on the first line described in the last mentioned Deed, thence by and with the lines of said Deed reversed, two courses and distances North 50º West 50 feet to a corner fence post, thence South 40º West 225 feet to the place of beginning.

Containing 0.26 acres, more or less.

TERMS OF SALE:  A deposit in the amount of Seventy Five Thousand Dollars ($75,000.00), payable in cash, certified check or other form acceptable to the Trustees, will be required of the purchaser(s) at the time and place of sale.  Within seven (7) calendar days after the date of the sale, the purchaser(s) of the Property shall deliver a certified check to the Trustees in order to increase the Purchaser’s deposit to an amount that is equal to ten percent (10%) of the full amount bid by such purchaser for the Property at the sale. The balance of the purchase price, together with interest thereon at the rate of ten percent (10%) per annum from the date of sale to the date of settlement, shall be due from the purchaser(s) in cash or by certified check within twenty (20) days following final ratification of the sale by the Circuit Court for Frederick County, Maryland. Time is of the essence. Settlement shall be held at the offices of Gebhardt & Smith LLP, One South Street, Suite 2200, Baltimore, Maryland 21202, or such other place as may be agreed to by the Trustees. The Trustees reserve the right to extend the time for settlement at their discretion. In the event the Noteholder, or an affiliate or subsidiary thereof, is the successful bidder at the sale, such party will not be required to make a deposit or to pay interest on the unpaid purchase price.

All taxes, assessments, water charges, sewer charges, county or municipality charges, and senior liens that are owed against the Property and that are not otherwise extinguished by operation of law by the foreclosure of the Property shall be the sole responsibility of the purchaser(s) and shall be paid by the purchaser(s) at settlement. In addition, the cost of all documentary stamps, recordation fees and taxes, document preparation costs, transfer taxes, title examination costs, attorneys’ fees and all other costs associated with conveying the Property to the purchaser(s) shall also be the sole responsibility of the purchaser(s) and shall be paid for by the purchaser(s) at settlement.

The Property is being sold in an "AS IS" condition and without any warranties or representations, either express or implied, as to the nature, condition, value, use or description of the Property or the improvements thereon (if any). The Property is being sold subject to all senior liens and encumbrances that are not extinguished by operation of law by the foreclosure sale of the Property. The Property is also being sold subject to all easements, equitable servitudes, conditions, rights of way, restrictions, rights of redemption, covenants, restrictive covenants, declarations, and any agreements, matters or restrictions of record affecting the Property. The Property is also being sold subject to all existing housing, building and zoning code violations, encroachments, critical area and wetland violations, environmental problems, conditions or hazards which may exist on or with respect to the Property, and such state of facts that an accurate survey or physical inspection of the Property might disclose.

The purchaser(s) at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale takes place. It shall be the purchaser(s)' responsibility to obtain possession of the Property following final ratification of the sale by the Circuit Court for Frederick County, Maryland and conveyance of the Property by the Trustees to the purchaser(s).

In the event the purchaser(s) fail(s) to go to settlement as required, in addition to any other legal or equitable remedies available to the Trustees, the Trustees may, without further order of the court, declare the aforementioned deposit forfeited and resell the Property at the purchaser's sole risk and expense. In such event, the defaulting purchaser(s) shall be liable for the payment of any deficiency in the purchase price sustained by the Trustees and/or the Noteholder, all costs and expenses of both sales, reasonable attorneys' fees, and any other damages sustained by the Trustees and/or the Noteholder, including, without limitation, all incidental damages. If the Trustees are unable to convey the Property as described above, the purchaser's sole remedy at law or in equity shall be limited to a refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser(s) as aforesaid, the sale shall be void and of no effect, and the purchaser(s) shall have no further claim against the Trustees, the Noteholder or the Auctioneer conducting the sale of the Property. The parties' respective rights and obligations regarding the terms and conduct of the sale shall be governed by the laws of the State of Maryland.

Michael D. Nord and Richard A. DuBose III,

Substitute Trustees

For further information, please contact:

Michael D. Nord

One South Street, Suite 2200

Baltimore, Maryland 21202

mnord@gebsmith.com

(410) 385-5072

Carl Miceli

American Auction & Appraisal, Inc.

35 W. Main Street

Westminster, MD 21157

410-876-8210

www.americanaai.com