NOTICE OF SUBSTITUTE TRUSTEES SALE OF COMMERCIAL PROPERTY LOCATED AT 324 MOORE AVENUE SUFFOLK, VA …

NOTICE OF SUBSTITUTE TRUSTEES SALE OF COMMERCIAL PROPERTY LOCATED AT 324 MOORE AVENUE SUFFOLK, VA 23434 In accordance with the terms of that certain Deed of Trust, Assignment of Leases and Rents, and Security Agreement, dated as of December 11, 2007, recorded on December 12, 2007, as Instrument No. 20071212000217240, in the official records of the City of Suffolk, Commonwealth of Virginia (the "Land Records"), executed by COMMONWEALTH STORAGE CORP., a Virginia corporation (the "Original Borrower") in favor of INDEPENDENT TRUSTEES INC., the prior trustee for indexing purposes ("Original Trustee"), for the benefit of MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., a Delaware stock corporation (the "Original Beneficiary"), assumed by VIRGINIA INDUSTRIAL, LLC, a Virginia limited liability company (the "Borrower"), pursuant to that certain Consent and Assumption Agreement with Release, dated as of March 4, 2008, recorded on March 7, 2008, as Instrument No. 20080307000034170 in the Land Records, assigned by that certain Assignment of Deed of Trust, Assignment of Leases and Rents and Security Agreement and Other Loan Documents, dated as of July 31, 2013 and recorded August 15, 2013, as Instrument No. 20130815000175180 in the Land Records to Wells Fargo Bank, N.A., as Trustee in Trust for the Registered Holders of Banc of America Commercial Mortgage Inc., Commercial Mortgage Pass-Through Certificates, Series 2008-1 ("Wells Fargo"), as further assigned by that certain Assignment of Deed of Trust, Assignment of Leases and Rents and Security Agreement and Other Loan Documents, dated as of August 6, 2013 and recorded August 29, 2013, as Instrument No. 20130829000185610 in the Land Records to 324 Moore Avenue Holdings, LLC, a Maryland limited liability company, as affected by that certain Deed of Removal and Appointment of Substitute Trustees, dated as of August 22, 2013 and recorded August 29, 2013, as Instrument No. 20130829000185620 in the Land Records, appointing William C. Hoops, Esq. and James P. Cooke, Esq., (the "Prior Trustee") as trustees, as further assigned by that certain Assignment of Deed of Trust, Assignment of Leases and Rents and Security Agreement and Other Loan Documents, dated as of February 26, 2014 and recorded February 28, 2014, as Instrument No. 20140228000032830 in the Land Records to Wells Fargo, as amended by that certain First Amendment to Deed of Trust, Assignment of Leases and Rents, and Security Agreement effective as of March 1, 2014 and recorded February 28, 2014, as Instrument No. 20140228000032840 in the Land Records, currently in favor of JOHN J. ENGEL and BRENDAN J. MCCANN, as trustees, pursuant to that certain Deed of Removal and Appointment of Substitute Trustees, dated June 21, 2017, recorded July 10, 2017, as Instrument No. 170007558 in the Land Records and re-recorded December 22, 2017, as Instrument No. 170014555 in the Land Records, either of whom may act (together with their successors and assigns "Trustees"), for the benefit of 225-10 COMMONWEALTH HOLDINGS, LLC, a Maryland limited liability company (the "Lender"), pursuant to that certain Assignment of Deed of Trust, Assignment of Leases and Rents, and Security Agreement and Other Loan Documents, dated as of November 9, 2017, recorded November 21, 2017, as Instrument No. 170013318 in the Land Records and re-recorded December 22, 2017, as Instrument No. 170014556 in the Land Records (together with its successors and assigns, the "Noteholder" and "Beneficiary") (as so amended, affected and/or assigned, and as otherwise amended, affected and/or assigned, the "Deed of Trust"), the Trustees, any one of whom may act (or any Substitute Trustees appointed by Beneficiary), will offer for sale at public auction, at the main public entrance to the Circuit Court for the City of Suffolk, Virginia, located at 150 North Main Street, Suffolk, Virginia on Friday, January 19, 2018, at 12:00 P.M., all of the Borrower's right, title and interest in and to certain real property together with all improvements thereon and appurtenances thereto as more fully described in the Deed of Trust, including, without limitation, that certain real property together with all improvements thereon and appurtenances thereto known as Tax Map ID Nos. 34G12(3)1*2A*(4)B*B1; 35E(A)NC*G*34G13(2)*C; 34G13(2)*5A; 34G12(3)1A*2; 34G13(2)A*B*D; 34G12(4)A2; 34G12(4)A*A1*C*C1; and 34G12(3)2B; and located at 324 Moore Avenue, Suffolk, VA 23434 (the "Property"). TERMS OF SALE: Cash or certified funds. With respect to the bidding of the Property, a bidder's deposit of $428,370.00 will be required in cash or certified funds made payable to Ballard Spahr LLP (which, as to Beneficiary or its assignee, nominee or affiliate, may be in the form of a credit against the unpaid indebtedness secured by the Deed of Trust). Settlement is to occur within twenty-one (21) days of the date of sale, otherwise Trustee(s) may cause the bidder's deposit to be forfeited. If the bidder's deposit is not forfeited, interest shall accrue on the balance of the purchase price from January 19, 2018, at the rate of ten percent (10%) per annum. In the event of default by the successful bidder, the deposit (plus any accrued interest) shall be forfeited and applied to the costs and expenses of the sale and the Trustees' fee, and the Property resold at the defaulting bidder's risk and expense. The defaulting bidder shall not be entitled to any surplus proceeds or profits resulting from any resale of the Property, and shall be liable for the payment of any deficiency in the purchase price resulting from the resale of the Property, all costs and expenses of both sales, attorneys' fees, auctioneer's fees and all other charges incurred by the Trustee(s). In the event settlement is delayed for any reason and the Property is purchased by someone other than the Beneficiary (or its assignee, nominee or affiliate), there shall be no abatement of interest caused by the delay. The sale is subject to post-sale confirmation that the Borrower did not file for protection under the U.S. Bankruptcy Code prior to the sale. In such event, the sale shall be null and void, and the successful bidder's sole remedy, in law or equity, shall be the return of its deposit without interest. All costs of conveyance, including examination of title, auctioneer's fees, if any, shall be borne by the purchaser including any grantor's tax and/or recordation taxes or charges incurred as a result of such sale. Purchaser assumes liability for payment of all taxes, ground rent, water rent, insurance premiums, and all public charges/assessments payable on an annual basis, including sanitary and/or metropolitan district charges, if applicable, from the date of sale. All risk of loss shall be on the successful bidder at the time as such bid is accepted and the Memorandum of Sale evidencing such sale is executed by purchaser and Trustee(s). Neither the Trustee(s), nor any other party, guarantees or covenants to deliver or obtain possession of the Property for any purchaser. The Trustee(s) reserves the right to reject all bids, extend the time to receive bids, withdraw the Property from sale, waive or modify the deposit requirement, and/or extend the period of time for settlement. Should the Trustee(s) be unable, for any reason, in its sole discretion, to convey marketable title, the successful bidder's sole remedy in law or equity shall be the return of its deposit. Upon refund of the deposit, the sale shall be void and of no effect. Any additional terms will be announced at sale. PROPERTY REPRESENTATIONS; MATTERS OF RECORD: Property will be sold in an "AS IS" CONDITION WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, AND SUBJECT TO conditions, restrictions, reservations, easements, rights of way, liens and encumbrances of record affecting the Property or any other matter which would be disclosed by an accurate survey or inspection. TRUSTEE'S CONDUCT OF SALE: Trustee(s) may require a show of bidders' deposits before actual bidding begins. Bidders may be required to sign up in advance, giving name, address, phone number, and if they are bidding for any person and/or company, the name of such person or company. Trustee(s) shall be present to conduct and supervise the sale, but may employ an auctioneer to call the sale. Trustee(s) shall then conclude the sale of the Property by knocking down the Property to the bidder with the highest bid for the Property. Upon the conclusion of the sale and the knocking down of the Property, Trustee(s) shall execute a Memorandum of Sale with the purchaser, incorporating all terms and conditions of the sale. John J. Engel Brendan J. McCann Substitute Trustees INFORMATION: For more information, please contact John J. Engel, Esq. at (410) 528-5520 or via email at engelj@ballardspahr.com. Please direct written inquiries to John J. Engel, Esq., c/o Ballard Spahr LLP, 1909 K Street, NW, 12th Floor, Washington, DC 20006. PUBLICATION DATES: January 5 and January 12, 2018; The Virginian-Pilot VP25587651A

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The Virginian-Pilot
Published - The Virginian-Pilot : 01/05/2018, 01/12/2018