Source: June 8, 2015 Read More →

Trustee’s Sale

McNeer Highland McMunn & Varner, L.C. SEQ CHAPTER \h \r 1
400 West Main Street
Clarksburg,
West Virginia 26301
(304) 626-1100
SUBSTITUTE
TRUSTEE’S SALE OF
VALUABLE OFFICE CONDOMINIUM UNITS
Units 1, 2, and 3
Fairmont General Healthplex
Condominium Building
51 Southland Drive
Fairmont, West Virginia 26554
Located in Marion County, West Virginia
Grant District
Under and by virtue of the power of sale contained in that certain Credit Line Deed of Trust, Security Agreement and Fixture Filing made effective as of December 4, 2009 from Petticoat Gap Lane, LLC to Billy Atkins and Robert W. Dinsmore, Trustees for the benefit of Branch Banking and Trust Company and recorded with the Clerk of the County Commission of Marion County, West Virginia in Trust Deed Book 968 at Page 844 as Instrument Number 200900016177 (the “Deed of Trust”), the holder of the indebtedness secured by said Deed of Trust (the “Noteholder”), having subsequently appointed Richard R. Marsh as Substitute Trustee in the place of Billy Atkins and Robert W. Dinsmore by instrument duly executed, acknowledged and recorded with the Clerk of the County Commission of Marion County, West Virginia in Trust Deed Book 1117 at Page 496, default having occurred under the terms of said Deed of Trust and at the request of the Noteholder, the undersigned Substitute Trustee (the “Trustee”) will offer for sale at public auction at the Marion County Courthouse, 219 Adams Street, Fairmont, West Virginia 26554 on:
Monday, June 22, 2015
12:00 noon
ALL OF THAT property and any improvements thereon and appurtenances thereto belonging, situate in Grant District, Marion County, West Virginia (collectively, the “Property”), and described in the Deed of Trust as follows:
Condominium Unit Nos. 1, 2 and 3 of the Fairmont General Healthplex
Condominium Building:
All of Condominium Unit No. 1, consisting of two (2) Sections and containing 5,234 square feet, more or less, in the aggregate; Condominium Unit No. 2, containing 1,349 square feet, more or less; and Condominium Unit No. 3, consisting of two (2) Sections and containing 3,745 square feet, more or less, in the aggregate, each of said Condominium Units being a part of the Fairmont General Healthplex Condominium Building, as the same is shown, illustrated, and designated upon that certain plat of survey entitled “Fairmont General Hospital Healthplex and MOB,” prepared by Ronald A. Talkington P.S. 876 of Triad Engineering, Inc., dated June 29, 2009 and to be recorded in Office of the Clerk of the County Commission in Marion County, West Virginia.
Being a part of the same real property granted and conveyed to Fairmont General Hospital, Inc. by Deed from Southland Properties, LLC, dated June 19, 2006 and recorded in the Office of the Clerk of the County Commission of Marion County, West Virginia (“Clerk’s Office”) in Deed Book 1014, Page 39, and being the same property conveyed by Fairmont General Hospital, Inc. to Petticoat Gap Lane, LLC pursuant to the following instruments: (a) that certain Deed dated November 9, 2007 and recorded in the aforesaid Clerk’s Office in Deed Book 1030, at Page 80, and (b) that certain Confirmatory Deed dated December 1, 2009 and to be recorded in the aforesaid Clerk’s Office contemporaneously with recordation of this instrument.
Together with a non-exclusive easement for the purpose of utility ingress, egress and regress to and from US Route 250 to the property conveyed herein, more particularly described below for the free and uninterrupted access of Grantee, its invitees, licensees, employees, agents, subtenants, patrons, successors and assigns, this Agreement shall be binding upon the Grantor’s successors and assigns:
Right-of-Way “B” 80 feet wide:
BEGINNING at a point in the centerline of Right-of-Way “A”, six calls from the point of beginning of said right-of-way; and thence leaving said right-of-way and running by centerline description, North 56-02-48 East 654.19 feet to a point, said point being located North 51-27-00 East 68.65 feet, South 40-55-06 East 234.85 feet and South 33-57-12 East 25.00 feet from an original corner of Revised Tract No. 2-B of the lands of Southland Properties, LLC.
Right-of-Way “B”, hereinbefore described, shall contain 80 feet in total width for purposes of ingress, egress, regress and the installation and maintenance of existing and future site utility lines and appurtenances; the northwesterly line of said Right-of-Way “B” shall be located parallel to and 25 feet distant from the herein described centerline, and the southeasterly line shall be located parallel to and 55 feet distant from the same described centerline.
The Property is believed to consist of office condominium units, with associated use of common elements. Unit 1, Section 1 is on the main level and is believed to be comprised of approximately 1,351 square feet of space, including allocable share of common elements, and to have a 2.45{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} undivided interest in the common elements. Unit 1, Section 2 is on the upper level and is believed to be comprised of approximately 3,883 square feet of space, including allocable share of common elements, and to have a 7.0{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} undivided interest in the common elements. Unit 2 is on the main level and is believed to be comprised of approximately 1,349 square feet of space, including allocable share of common elements, and to have a 2.45{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} undivided interest in the common elements. Unit 3 is on the upper level and is believed to be comprised of approximately 3,745 square feet of space, including allocable share of common elements, and to have a 6.8{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} undivided interest in the common elements. Unit 1, Section 1 and contiguous Unit 2 were previously used together as a pharmacy.
TERMS OF SALE: Unit 1, Section 1, Unit 1, Section 2, Unit 2, and Unit 3 as described above will each be offered for sale separately. In addition, Unit 1, Section 1 and Unit 2 will be offered for sale together and the Property will be offered for sale as an entirety. An announcement will be made at the time of the auction as to the order in which the individual units (or Sections thereof), Unit 1, Section 2 and Unit 2 together, and the Property as an entirety will be offered for sale. Regardless of the order in which the units or Sections are offered for sale, any bids received will be reserved until all bids have been received and the Property will be sold in such manner as results in the highest aggregate sale price.

To be qualified to bid for any individual Unit or Section thereof, prospective purchasers must bring with them to the sale and display to the Trustee upon request a certified or cashier’s check payable to “cash,” the prospective purchaser, or the Trustee in the following amounts: (a) not less than Twenty-Five Thousand Dollars ($25,000.00) to bid on an individual Unit or Section; (b) Fifty Thousand Dollars ($50,000.00) to bid on Unit 1, Section 1 and Unit 2 together; and (c) One Hundred Thousand Dollars ($100,000.00) to bid on the Property as an entirety. Successful bidders will be required to pay one-third (1/3) of the amount of their bids to the Trustee on the date of the auction. The balance of the purchase price plus interest thereon shall be paid in installments in accordance with West Virginia Code Section 38-1-5, with the bidder executing a promissory note in form acceptable to the Trustee for the unpaid balance and providing good security therefor which shall include, but may not be limited to, a lien on the Property or applicable portion thereof to secure the unpaid balance of the purchase price. Successful bidders may, but shall not be required to, avoid the obligation to pay interest on the unpaid balance of their bids, execute a promissory note, and provide security therefor by paying (1/3) of the amount of their bids to the Trustee on the date of the auction, executing a memorandum of purchase on the date of sale, and paying the full amount of their bid within thirty (30) days following the date of the auction. In the event the Noteholder, or an affiliate thereof, is the successful bidder at the auction, such party or its assignee will not be required to pay any part of the amount of its bid on the date of the auction.
Taxes, water rent and all other municipal charges and liens owed against the Property or applicable portion thereof shall be the responsibility of the purchaser(s) and shall be paid by the applicable purchaser(s) at settlement. In addition, all other charges, expenses and liens owed against the Property or applicable portion thereof and not extinguished by foreclosure of the Deed of Trust including, but not limited to, all public charges and assessments owed against the Property and payable on an annual basis, such as sanitary and/or metropolitan district charges, if any, shall also be the responsibility of the applicable purchaser(s) and shall be paid by the applicable purchaser(s) at settlement. The cost of all applicable documentary stamps, recordation taxes, document preparation and transfer taxes is to be paid by the applicable purchaser(s). The Trustee reserves the right to reject any and all bids, and to extend the time for settlement, if applicable.
The Property will be sold in an “AS IS” condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. In addition, the Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, and subject to all matters and restrictions of record affecting the same, if any. The purchaser(s) at the foreclosure sale shall assume the risk of loss for the above-referenced Property or applicable portion thereof immediately after the auction takes place. It shall be the purchaser(s)’ responsibility to obtain possession of the Property or applicable portion thereof following execution and delivery of the deed from the Trustee conveying the Property or applicable portion thereof to the purchaser(s).
The Property will be sold subject to all easements, conditions, liens, restrictions, rights of redemption, covenants, encumbrances, such state of facts that an accurate survey or physical inspection of the Property might disclose, and agreements of record affecting the same, if any, not extinguished by foreclosure of the Deed of Trust, including, without limitation, the Declaration Establishing a Plan for Condominium Ownership for Fairmont General Healthplex Condominium Building dated November 7, 2007 and recorded with the Clerk of the County Commission of Marion County, West Virginia in Deed Book 1030 at Page 85 as Instrument Number 200700015827, as amended by a First Amendment recorded with the Clerk of the County Commission of Marion County, West Virginia in Deed Book 1056 at Page 511.
The purchaser(s) shall pay all state and local transfer taxes, recordation taxes and fees, title examination costs, attorneys’ fees, conveyance fees and all other incidental settlement costs. Except for purchaser(s) who elect to execute a memorandum of purchase on the date of the auction, purchaser(s) shall comply with the sale terms on the date of the public auction. Purchaser(s) who elect to execute memoranda of purchase in lieu of executing promissory notes for the unpaid balance of their bids and providing security therefor shall settle and comply with the sale terms within thirty (30) days following the date of the auction. Time is of the essence. All settlements shall be held at the offices of McNeer Highland McMunn & Varner, L.C., 400 West Main Street, Clarksburg, West Virginia 26301.
In the event there are federal tax liens against the Property, the United States would have the right to redeem the property within a period of 120 days from the date of such sale or the period allowable for redemption under local law, whichever is longer.
In the event any purchaser(s) fails to go to settlement as required, in addition to any other legal or equitable remedies available to him, the Trustee may, without further order of any court, declare the portion of the purchase price paid on the date of the auction by the applicable purchaser(s) forfeited and resell the Property or applicable portion thereof at the defaulting purchaser(s)’ risk and expense. In such event, the defaulting purchaser(s) shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, all other charges due, and incidental damages. In the event a resale of the Property or applicable portion thereof results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties’ respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of West Virginia.
If the Trustee is unable to convey the Property as described above, the purchaser(s)’ sole remedy at law or in equity shall be limited to the refund of the portion of the purchase price paid by the applicable purchaser, without interest thereon. Upon refund of the portion of the purchase price paid by the applicable purchaser to the purchaser(s), the sale shall be void and of no effect, and the purchaser(s) shall have no further claim against the Trustee or the Noteholder.
The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Noteholder and the Trustee do not make any representations or warranties with respect to the accuracy of this information.
Richard R. Marsh,
Substitute Trustee
Times: June 8, 15, 2015