Gordon Feinblatt LLC
1001 Fleet Street, Suite 700
Baltimore, Maryland 21202

SUBSTITUTE TRUSTEES' SALE OF
2626 PENNSYLVANIA AVENUE N.W.
WASHINGTON, D.C. 20037

SALE AT FRONT ENTRANCE OF
THE PROPERTY

Under a power of sale contained in a Purchase Money Deed of Trust (the “Deed of Trust”) dated January 20, 2023 and recorded on January 23, 2023 as Instrument No. 2023005792, default having occurred under the terms of the Deed of Trust, and following the recording of a Deed of Removal of Trustees and Appointment of Substitute Trustees as Instrument No. 2024086627, an Affidavit of Non-Residential Mortgage Foreclosure as Instrument No. 2024086636, and a Notice of Foreclosure Sale of Real Property or Condominium Unit as Instrument No. 2024086635, at the request of the party secured by the Deed of Trust, the Substitute Trustees will sell at public auction at the front entrance of the Property (as hereinafter defined), on

OCTOBER 16, 2024 AT 12:00 PM

All that fee simple lot of ground, together with any buildings or improvements thereon located in the City of Washington, District of Columbia and more fully described in the Deed of Trust; the improvements being known as 2626 Pennsylvania Avenue N.W., Washington, D.C. 20037, Square 0004N Lot 27 (the “Property”). The Property is believed to be improved by a five-story office building.

TERMS OF SALE: This advertisement, as amended or supplemented by any oral announcements during the sale, constitutes the entire terms upon which the Property shall be offered for sale, sold, or purchased.

The Property will be sold in “AS IS” condition and with no warranty of any kind. The purchaser shall be solely responsible for obtaining 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; (ii) any violations of housing, building, environmental, or other codes, and (iii) such state of facts that an accurate survey or physical inspection of the Property might disclose.

A $500,000 deposit shall be required at the time and place of the auction and shall be in the form of a cashier’s check drawn on a bank acceptable to the Substitute Trustees. The deposit will not earn interest in the hands of the Substitute Trustees. The purchaser shall increase the deposit to ten percent (10%) of the bid price within two (2) business days of the sale, payable by cashier's check or immediate funds wire transfer to the Substitute Trustees. The party secured by the Deed of Trust (the “Secured Party”) or any affiliate thereof, if a bidder, is not 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.

The balance of the purchase price, with interest at the rate set forth in the Promissory Note, shall be paid by cash, cashier’s check, or another acceptable form at settlement, which must occur within thirty (30) days following the sale. Interest will accrue from the date of sale until the date funds are received by NM Commercial Title, LLC, the closing agent for the Substitute Trustees. There shall be no abatement of interest if settlement is delayed.

The purchaser of the Property shall be responsible for all condominium or homeowners’ association fees and unpaid real property taxes due with respect to the Property, and all amounts due in connection therewith and there shall be no adjustment therefor. All water and sewer charges, and all other charges and assessments against the Property shall be the responsibility of the purchaser and there shall be no adjustment therefor. The purchaser shall pay all closing costs of the sale. All obligations of the purchaser hereunder shall survive closing and delivery of the deed. The purchaser (other than the Secured Party) shall sign a contract including this advertisement and other terms. Time is of the essence.

The purchaser shall deliver to the Substitute Trustees, within two (2) business days following the sale, an insurance certificate confirming that the purchaser has obtained casualty and liability insurance coverage on the Property, naming the Substitute Trustees and the Secured Party as additional insured parties on the policy, and otherwise in form and content acceptable to the Substitute Trustees. The failure of the purchaser to provide such evidence of insurance coverage shall constitute grounds for nullifying and voiding the sale. The Substitute Trustees reserve the right to require registration and/or pre-qualification of bidders, to modify or waive the requirements for bidders' deposits, to approve the creditworthiness of any bidder, to withdraw the Property from sale, to cancel the sale, to use an agent or attorney to conduct the sale, to reject any and all bids or to postpone the sale and keep the bidding open for any length of time.

If the purchaser defaults, the Substitute Trustees may retain the deposit as liquidated damages, resell the Property at the risk and cost of the defaulting purchaser, and recover any deficiency in the purchase price, all costs and expenses of both sales, attorneys’ fees, and related expenses, or may avail themselves of any other legal or equitable remedies available to them. The defaulting purchaser is not entitled to any surplus from the resale, even if such surplus is due to improvements made by the defaulting purchaser.

If the Substitute Trustees are unable to convey the Property by reason of any defect in the title or otherwise, the sole remedy of the purchaser of the Property at law or in equity shall be the refund of the deposit. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect. The conveyance by the Substitute Trustees to the purchaser at settlement shall be by Substitute Trustees’ Deed, without covenant or warranty.

NOTE: The information contained herein is offered for informational purposes only and there are no or warranties with respect to the accuracy of such information. For additional information, please contact David S. Musgrave, Substitute Trustee, (410) 576-4194, dmusgrave@gfrlaw.com or Stephen Karbelk, auctioneer, RealMarkets, a CENTURY 21 Commercial New Millennium team, (571) 481-1037 or stephen@realmarkets.com.

David S. Musgrave & Natalie C. Gibson, Substitute Trustees