Foreclosure Auction
2000 Duke Street, Alexandria, Virginia 22314
Thursday, May 16, 2024 @ 12pm EST - Auction Held On-Site

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OLD DOMINION TRUSTEES, INC. 

SUBSTITUTE TRUSTEE 

12355 SUNRISE VALLEY DRIVE, SUITE 650

RESTON, VIRGINIA 20191 

​

SUBSTITUTE TRUSTEE’S SALE OF LEASEHOLD INTEREST IN  

​

2000 Duke Street, Alexandria, Virginia 22314

 

SALE AT FRONT ENTRANCE OF THE PROPERTY 

2000 DUKE STREET 

ALEXANDRIA, VIRGINIA 22314

​

Under the power of sale contained in a Leasehold Deed of Trust and Fixture Filing dated February 19, 2019 and recorded among the Land Records of the City of Alexandria as Instrument No. 190002606 and re-recorded as Instrument No. 190002994 (the “Deed of Trust”), default having occurred under the terms of the Deed of Trust and the Leasehold Deed of Trust Note secured thereby (the “Note”), and following the recording of a Deed of Appointment of Substitute Trustee as Instrument No. 240002904, at the request of the party secured by the Deed of Trust (the “Secured Party”), the Substitute Trustee will sell at public auction at 2000 Duke Street, Alexandria, Virginia 22314, at the front entrance that faces Dulany Street, on  

 

THURSDAY, MAY 16, 2024 AT 12:00 NOON 

 

the leasehold interest in certain property located in the City of Alexandria, Virginia, RPC #073.01-02-06, more particularly described as follows (hereafter the “Property”): 

​

ESTATE 1 (FEE SIMPLE DETERMINABLE, AS TO PARCEL “1” DESCRIBED BELOW): 

All those certain buildings and all other improvements constituting real property located on the land as defined in the Amended and Restated Deed of Lease executed by Terra Funding-Duke, LLC, a Delaware limited liability company, as lessor, and 2000 Duke, LLC, a Delaware limited liability company, as lessee, dated as of January 7, 2019 (the “Improvements”) 

 

ESTATE 2 (LEASEHOLD, AS TO PARCEL “1” DESCRIBED BELOW): 

Leasehold, pursuant to that certain Amended and Restated Deed of Lease executed by Terra Funding-Duke, LLC, a Delaware limited liability company, as lessor, and 2000 Duke, LLC, a Delaware limited liability company, as lessee, dated as of January 7, 2019, excepting therefrom all improvements as evidenced by that certain Memorandum of Ground Lease dated January 7, 2019 and recorded on February 28, 2019 as Instrument No. 190002599. 

 

ESTATE 3 (EASEMENT, AS TO PARCELS “2”, “3”, AND “4” DESCRIBED BELOW): As to Parcels 2, 3, and 4 

 

LEGAL DESCRIPTION OF THE LANDS: 

 

PARCEL “1”: 

Lot number 1102, 69,627 sq. ft. or 1.59842 ac as shown on that certain plat entitled "Plat showing Subdivision of lot 1001, Carlyle, City of Alexandria, Virginia scale: 1" = 50'," dated February 17, 1995", prepared by Patton Harris Rust & Associates, Fairfax, Virginia, and recorded with Deed of Subdivision in the Clerk's Office of the Circuit Court of the City of Alexandria, Virginia in Deed Book 1525, at page 1821. 

 

PARCEL “2”: 

Together with those certain non-exclusive real property estates, if any, as set forth in Deed and Declaration of Covenants and Restrictions dated December 11, 2003 and recorded December 12, 2003 as Instrument Number 030050515. 

 

PARCEL “3”: 

Together with those certain non-exclusive easements for ingress and egress over the common areas as set forth in sections 2.5 and 3.4, for potential encroachments as set forth in section 3.6, and for lateral and subjacent support as set forth in section 3.7 of that certain Declaration for Carlyle, recorded in Deed Book 1517 at page 1342, in the aforesaid Clerk's Office; as amended by Amendment Number One to Declaration for Carlyle, and recorded in Deed Book 1570 at Page 1305; Amendment Number Two to Declaration for Carlyle, and recorded in Deed Book 1604 at Page 87; Amendment Number Three to Declaration for Carlyle, and recorded in Deed Book 1626 at Page 306; Amendment Number Four to Declaration for Carlyle, and recorded in Deed Book 1682 at Page 438; Amendment Number Five to Declaration for Carlyle, recorded in Deed Book 1693 at Page 670; Amendment Number Six to Declaration for Carlyle, recorded in Deed Book 1707 at Page 1063; Amendment Number Seven to Declaration for Carlyle, and Recorded in Deed Book 1722 at Page 0032; Amendment Number Eight to Declaration for Carlyle, and recorded as Instrument No. 000023928; Amendment Number Nine to Declaration for Carlyle, and recorded as Instrument No. 010028212; Amendment Number Ten to Declaration for Carlyle, and recorded as Instrument No. 010031867; Amendment Number Eleven to Declaration for Carlyle recorded as Instrument No. 020041747; Amendment Number Twelve to Declaration for Carlyle recorded as Instrument No. 030035555; Amendment Number Thirteen to Declaration for Carlyle recorded as Instrument No. 030050514; Amendment Number Fourteen to Declaration for Carlyle recorded as Instrument No. 040007112; Amendment Number Fifteen to Declaration for Carlyle recorded as Instrument No. 040022462 and Amendment Number Sixteen to Declaration for Carlyle and recorded as Instrument No. 080008794. 

 

PARCEL “4”: 

Together with and subject to the non-exclusive right of access for ingress and egress to the extent real property estates are created, subject to the conditions imposed, by Deeds of Easement recorded in Deed Book 1510 at Page 207. 

 

DESCRIPTION OF PROPERTY: The Property is believed to be improved by a five-story multi-tenant office building with an underground parking garage. 

 

TERMS OF SALE:  This advertisement, as amended or supplemented by any oral announcements during the conduct of the sale, constitutes the entire terms upon which the Property shall be offered for sale, sold or purchased.  All payments to the Substitute Trustee hereunder shall be paid in the form of cash, cashier’s check, or such other form as the Substitute Trustee may determine acceptable, in its sole discretion. A non-interest-bearing deposit of $50,000.00 shall be required and delivered to the Substitute Trustee at the time and place of sale and, within twenty-four (24) hours after the sale, must be increased to 10% of the purchase price. The balance of the purchase price shall be paid at closing, which shall take place on or before June 20, 2024 at the offices of NM Commercial Title, 8229 Boone Boulevard, Suite 610, Vienna, Virginia 22182, unless the Substitute Trustee extends such period at its discretion. The purchaser shall pay interest on the unpaid purchase money at the rate set forth in the Note from the date of sale to the date the funds are received in the office of the Substitute Trustee. If closing is delayed for any reason, there shall be no abatement of interest.  If a bidder, the Secured Party, its affiliates, subsidiaries, or any entity under common control with the Secured Party, shall not be required to post a deposit or to pay interest on the unpaid purchase money.  If the Secured Party purchases the Property at the sale, the amount bid by the Secured Party, after deducting all expenses related to the sale, shall be a credit against the indebtedness secured by the Deed of Trust.  

​

All real estate taxes, charges, and assessments (and all amounts due in connection therewith) affecting the Property (the “Taxes”); all costs necessary to redeem the Property from tax sale; all ground lease payments; all charges for water, electricity, sewer rental, gas, telephone and other utilities, as applicable and to the extent not paid directly by tenants of the Property; and all rent paid by tenants of the Property shall be adjusted as of the date of closing and assumed thereafter by the purchaser. If the Taxes have not been finally assessed for the current fiscal year by the taxing authority at the time of closing, then the Taxes shall be adjusted at closing based upon the most recently issued bills and re-adjusted when final bills are issued. If any utility bills are not available at closing, then those amounts shall be adjusted after closing, within ten (10) days of receipt of such bills. The Substitute Trustee shall be liable for only those security deposits, if any, and such income, if any, as the Substitute Trustee may have in its actual possession on the date of closing.  The purchaser shall pay all closing costs of the sale, including recordation, sales and transfer taxes.  All obligations of purchaser hereunder shall survive closing and delivery of the deed.  The purchaser (other than the Secured Party) shall be required to sign a contract including this advertisement and other terms.  Time is of the essence. 

​

The Substitute Trustee reserves the right to require registration and/or pre-qualification of bidders, to modify or waive the requirements for bidders' deposits and to approve the creditworthiness of any bidder and final purchaser. 

​

The Property will be sold in an “AS IS” condition and without any recourse, representations or warranties, either express or implied, of any kind.  Neither the Substitute Trustee, the auctioneer, nor the Secured Party make any warranty or representation of any kind of nature, express or implied, with respect to: (i) the physical condition of, the description of, or title to the Property; or (ii) the zoning, subdivision, or use of the Property; or (iii) the purchaser’s ability to obtain possession of the Property. The Property will be sold subject to (i) all conditions, liens, restrictions, rights of redemption, covenants, encumbrances, and agreements of record that take priority over the Deed of Trust; and (ii) such state of facts that an accurate survey or physical inspection of the Property might disclose (if any) that are not otherwise extinguished by operation of law. In addition, the Property will also be sold subject to all existing housing, building and zoning code violations (and resulting fines), subject to all environmental problems and violations which may exist on or with respect to the Property, whether or not official notices thereof are issued, and subject to all matters and restrictions of record affecting the same (if any).  The purchaser of the Property at the foreclosure sale shall be responsible for the risk of loss to the Property from and after the time of sale.  

​

The purchaser shall be solely responsible for obtaining possession of the Property. If the purchaser defaults, in addition to any other legal or equitable remedies available to it, the Substitute Trustee may declare the entire deposit forfeited and, in addition, may resell the Property at the risk and cost of the defaulting purchaser.  In such event, the defaulting purchaser shall (i) be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, and all other charges incurred by the Substitute Trustee; and (ii) not be entitled to any surplus proceeds resulting from the resale of the Property even if such surplus resulted from improvements to the Property made by or on behalf of the defaulting purchaser. 

​

If the Substitute Trustee does not convey title to the Property for any reason, the sole remedy of the purchaser of the Property shall be limited to the refund of the deposit.  Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the Substitute Trustee or the Secured Party.  The conveyance by the Substitute Trustee to the purchaser at closing shall be by Substitute Trustee’s Deed, without covenant or warranty.   

​

NOTE:  The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only.  The Auctioneer, the Substitute Trustee and the Secured Party do not make any representations or warranties with respect to the accuracy of such information.  For additional information, please contact Richard Lash, President, Old Dominion Trustees, Inc., 12355 Sunrise Valley Drive, Suite 650, Reston, Virginia 20191, 703-796-1341, extension 144, or Richard.lash@bhlpc.com or Stephen Karbelk, Auctioneer, 571-481-1037 or stephen@realmarkets.com.  

​

​

​