Foreclosure Sale, Commerical Farm

Lot Description

Substitute Trustee' s Sale of: 29350 Horsey Road, Oak Hall, VA 23416

Gpin/Tax Map Nos.:000300;000500;B00007;B00008

Under a power of sale contained in a certain Purchase Money Deed of Trust, Assignment of Leases and Rents, Fixture Filing, and Security Agreement (“Deed of Trust”) dated May 11, 2018 and recorded on May 30, 2018 as Instrument No. 180001938 with the Clerk of the Circuit Court of Accomack County, Virginia, from Farm Properties, LLC (“Borrower”), as grantor, to Coastal Title & Closings, LLC (“Original Trustee”), as trustee, for the benefit of IRA Services Trust Company CDN FBO Joseph D. Lung IRA (“Lender”), as beneficiary, with a principal balance of $299,000.00, as amended and supplemented by that certain Supplemental Deed of Trust dated August 1, 2019 and recorded on August 6, 2019 as Instrument No. 190002880 default having occurred under the terms thereof, and pursuant to a Deed of Appointment of Substitute Trustee dated June 24, 2019 and recorded on July 17, 2019 as Instrument No. 190002572 removing Original Trustee and appointing Pardo Drazin Auctioneers LLC (“Trustee”) as substitute trustee, the Trustee will sell at public auction at the front entrance of the Circuit Court of Accomack County, Virginia, located at 23316 Courthouse Avenue, Accomac, VA 23301, on

December 11, 2019 at 12:00 P.M.

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 in 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 Trustee 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. Taxes, ground rent, water and all public charges including electrical, sanitation, and/or metropolitan district charges, if applicable, 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 Trustee is 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.

Trustee reserves the right, in its 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 Trustee a memorandum or contract of the sale at the conclusion of bidding.

Pardo Drazin Auctioneers Llc, Substitute Trustee, Russell S. Drazin, Attorney, 4400 Jenifer Street, NW, Suite 2, Washington, DC 20015