NOTICE OF SUBSTITUTE TRUSTEE’S SALE
1101 Armory Drive, Franklin, VA 23505
TAX MAP NO. 121-058A, A4

In execution of a certain Credit Line Deed of Trust dated October 6, 2008, duly recorded in the Clerk’s Office of the Circuit Court of the County of Southampton, Virginia (the “Clerk’s Office”) as Instrument No. 080003519, from the Grantor to Jack W. Gibson and Julie R. Anderson, Trustees (the “Deed of Trust”), for whom Pender & Coward, P.C., Substitute Trustee (the “Substitute Trustee”), has been duly substituted pursuant to a Deed of Appointment of Substitute Trustee, dated February 2, 2016, and at the request and direction of the holder of the note evidencing such debt (the “Lender”), the Substitute Trustee will sell the following described property at public auction to the highest bidder for cash at 12:30 p.m. on the 11th day of March, 2016, on the front steps of the premises located at 1101 Armory Drive, Franklin, Virginia 23505, to-wit:

PARCEL A: ALL THAT certain tract or parcel of land, lying, situate and being in the City of Franklin, Virginia and designated as “Parcel A 465,213.14 Sq. Ft.” on survey map entitled “RESUBDIVISION OF PARCEL A PROPERTY OF NANSEMOND COLD STORAGE COMPANY, INC., FRANKLIN DISTRICT FRANKLIN, VIRGINIA” by R. L. Galloway, L.S., Surveyor/Planner, 109 Brittany Lane, Suffolk, Virginia 23435, dated December 18, 1997, (revised May 18, 1998), a copy of said plat being attached hereto, made a part hereof and recorded in the Clerk’s Office of the Circuit Court of Southampton County, Virginia, in Plat Book 22, page 142, reference to which is hereby made for a more particular description of the property herein conveyed.

PARCEL B: ALL THAT certain tract or parcel of land, lying, situate and being in the City of Franklin, Virginia and designated as “Parcel A-4 264786.86 Sq. Ft.” on survey map entitled “RESUBDIVISION OF PARCEL A PROPERTY OF NANSEMOND COLD STORAGE COMPANY, INC., FRANKLIN DISTRICT FRANKLIN, VIRGINIA” by R. L. Galloway, L.S., Surveyor/Planner, 109 Brittany Lane, Suffolk, Virginia 23435, dated December 18, 1997, (revised May 18, 1998), a copy of said plat being attached hereto, made a part hereof and recorded in the Clerk’s Office of the Circuit Court of Southampton County, Virginia, in Plat Book 22, page 142, reference to which is hereby made for a more particular description of the property herein conveyed.

The above described real property is hereinafter collectively referred to as the “Property”.

TERMS OF SALE: CASH OR CASH EQUIVALENT.

A deposit of ten percent (10%) of the successful bid price, payable in cash or by certified or cashier’s check to the undersigned will be required at the time of sale from the successful bidder. The balance shall be paid in cash, certified or cashier’s check at settlement. Settlement shall be held within fifteen (15) days from the date of the sale (or at such other time as may be acceptable to the Substitute Trustee) at the office of the Substitute Trustee, Pender & Coward, P. C., 222 Central Park Avenue, Suite 400, Virginia Beach, VA 23462, TIME BEING OF THE ESSENCE. The Substitute Trustee reserves the right to waive the deposit requirement as to any bidder, withdraw the Property from sale at any time before the termination of bidding, keep the bidding open for any length of time, and reject any and all bids. In the event the successful bidder fails to complete settlement as required, the deposit shall be retained and applied to the costs of the sale, including Substitute Trustee’s fees, with the remaining balance delivered to the Lender to be applied against amounts secured by the Deed of Trust, and the Property shall be re-sold at the risk and expense of the defaulting bidder. Such retention of deposit shall not limit any rights or remedies of the Substitute Trustee or the Lender with respect to such default. All closing costs, including but not limited to the payment for preparation of the Substitute Trustee’s Deed by the Substitute Trustee’s attorney and payment of the grantor’s tax, shall be borne by the successful bidder. Real estate taxes shall be pro-rated as of the date of sale.

 

The risk of loss or damage to the Property by condemnation, fire or other casualty shall be borne by the successful bidder from and after the date and time of the sale. The Substitute Trustee is not obligated to deliver possession of the Property to the successful bidder; obtaining possession of the Property shall be the responsibility of the successful bidder.

The successful bidder shall be required to execute a Memorandum of Sale concerning the purchase of the Property by the successful bidder, a copy of which will be available immediately prior to announcing the sale.

The Property shall be conveyed with no warranties and by special warranty deed. The sale of the Property shall be subject to the right, if any, of parties in possession, and the Property shall be sold “AS IS” and “WITH ALL FAULTS”, without representation or warranty of any kind including, without limitation, warranty relating to the zoning, structural integrity, physical condition, extent of construction, construction, workmanship, materials, habitability or environmental condition, fitness for a particular purpose or merchantability of all or any part of the Property, and SUBJECT TO conditions, restrictions, rights-of-way, easements, reservations, agreements and other conditions contained in the chain of title thereto, and all other matters of record taking priority over the Deed of Trust, if any.

The Memorandum of Sale will contain the following provision: “Purchaser waives and releases the Substitute Trustee, the Lender, and their respective agents, successors, and assigns from any and all claims the Purchaser or its successors and assigns may have now or in the future relating to the “AS IS” condition of the Property, which was a negotiated part of the Memorandum of Sale and serves as an essential component of consideration for the same. The parties specifically acknowledge and agree that this clause bars all claims by the Purchaser arising from the condition of the Property pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and all other actions pursuant to state or local laws, ordinances or regulations of any environmental condition of the Property.”

For information contact: Atlantic Asset Management Group
William G. Summs, Auctioneer
1195 Lance Road
Norfolk, VA 23502
(757) 286-6460