Under and by virtue of a power of sale contained in an Indemnity Deed of Trust and Fixture Filing dated December 15, 2008 from Easton Point Marina, Inc. to E. Thomas Merryweather and F. Levi Ruark, Trustees, recorded among the Land Records of Talbot County in Liber 1655 Folio 625, which was given to secure a Note in the amount of Seven Hundred Ten Thousand Two Hundred Dollars ($710,200.00), payable to The National Bank of Cambridge and subsequently assigned to Port Street Ventures, LLC by that Assignment of Beneficial Interest Under Indemnity Deed of Trust and Fixture Filing dated June 28, 2011 and recorded among the Land Records of Talbot County in Liber 1905, Folio 340; Port Street Ventures, LLC by Deed of Appointment of Trustee appointed Christopher D. Buck, as Substitute Trustee.  Default as defined under the Note having occurred, the undersigned Substitute Trustee will offer for sale at public auction at the front door at the Courthouse for the Circuit Court for Talbot County, 11 N. Washington Street, Easton, Maryland on Thursday, February 9, 2012 at 11:00 a.m. the following: 

ALL that lot or parcel of land situate, lying and being in the First Election District of Talbot County, Maryland and situate on the waters of the Tred Avon River and on the North side of East Point Road, a/k/a Port Street, and being all that lot or parcel of land shown and laid down on that certain plat entitled "LAND OF EASTON POINT MARINA", dated March, 1979, prepared by J. R. McCrone, Jr., Inc., Surveyor, said plat being duly recorded among the Plat Records of Talbot County, Maryland in Plat Liber J.T.B. No. 49, folio 26, said parcel being therein and herein more particularly described as follows:

BEGINNING for the same at a railroad spike set near the southwesterly corner of the subject property and its intersection with Easton Point Road and running thence, 1) South seventy-three degrees forty seconds West (S73°40"W) nine feet (9'), more or less, to the waters of the Tred Avon River; thence, 2) North twenty-three degrees twenty-one minutes twenty-eight seconds West (N23°21'28"W) thirty-eight and ninety-four one hundredths feet (38.94'); thence, 3) North sixty degrees nine minutes thirty-two seconds East (N60°09'32"E) one hundred forty-eight and sixty-one one hundredths feet (148.61'); thence, 4) South sixty-three degrees fifty minutes thirty-eight seconds East (S63°50'38"E) twenty-three and twenty-six one hundredths feet (23.26'); thence, 5) North twenty-seven degrees fifteen minutes twenty-eight seconds East (N27°15'28"E) thirteen and forty-two one hundredths feet (13.42'); thence, 6) North sixty-three degrees fifty minutes thirty-eight seconds West (N63°50'38"W) thirty-one feet (31.00'); thence, 7) North seventeen degrees twenty minutes five seconds West (N17°20'05"W) six and forty-nine one hundredths feet (6.49'); thence, 8) North fifteen degrees twenty-seven minutes nineteen seconds East (N15°27'19"E) seventy-six and fifty-three one hundredths feet (76.53'); thence, 9) generally with the meanderings of the Tred Avon River on a course and distance running generally North fifty degrees thirty-six minutes twenty-six seconds East (N50°36'26"E) sixty-nine and forty-two one hundredths feet (69.42'); thence, 10) with the lands of Dewey H. McMahan South eighty-eight degrees four minutes East (S88°04'E) sixty feet (60.00') to a railroad spike; thence, 11) with the lands of William C. Knight, South fifteen degrees ten minutes East (S 15° 10'E) one hundred sixty-eight and twenty-eight one hundredths feet (168.28') to an iron rod set at the intersection of the southeast corner of the subject property with Easton Point Road; thence, 12) with Easton Point Road South seventy-three degrees forty minutes West (S73°40'W) fifty feet (50.00'); thence with the land of Judson P. Hoffman the following three courses and distances: 13) North seventeen degrees five minutes West (N17°05'W) seventy-one and fifteen one hundredths feet (71.15'), 14) South seventy-one degrees twenty-five minutes forty-five seconds West (S71°25'45"W) thirty-seven feet (37.00'), 15) South sixteen degrees twenty minutes East (S16°20'E) sixty-nine and seventy one hundredths feet (69.70') to Easton Point Road; thence, 16) with the said Easton Point Road South seventy-three degrees forty seconds West (S73°40"W) two hundred and four feet (204.00') to the place of beginning, the said property containing 31,324.23 square feet, more or less.

TOGETHER WITH all bulkheads, piers, pilings and moorings.

REFERENCE to said recorded plat is hereby being made for a more particular description of the land and property hereby intended to be sold and/or conveyed.

ANY discrepancies or ambiguities in the foregoing description are to be resolved by reference to the aforementioned plat which shall take priority over the description contained herein.

The improvements thereon being known as 975 Port Street, Easton, Maryland.

       From sources deemed reliable, but not guaranteed, it is believed that the property is improved by an operating marina. 

      The property will be sold in "as is" condition without warranty, either expressed or implied, with respect to the property or the nature and description of the improvements, any mechanical or other equipment servicing the improvements, or any right or ability to continue any existing business on the property. 

      TERMS OF SALE:    The property will be sold subject to conditions, restrictions and agreements of record affecting the same.  A deposit of One Hundred Thousand Dollars ($100,000.00) will be required of the purchaser or purchasers in the form of certified or cashier's check on the day of sale.  The Beneficiary of the Deed of Trust, if a bidder, shall not be required to make a deposit.  Interest at the rate of 7.25% per annum shall be paid on the unpaid purchase price from the date of sale to the date of settlement in the event the property is purchased by someone other than the Beneficiary.  The balance of the purchase price shall be paid in cash within ten days of final ratification of the sale by the Circuit Court for Talbot County, time being of the essence.  If payment of the balance does not take place within ten business days after ratification, the deposit shall be forfeited and the property resold at the risk and expense of the defaulting purchaser.  Taxes, water, rent, and all other public charges and assessments payable on an annual or periodic basis including sanitary and metropolitan district charges and special paving taxes, and condominium fees, if any, to be adjusted to the date of sale, and paid thereafter by purchase.  The cost of all recordation and transfer taxes, any Agricultural use or transfer tax, and any and all other costs incident to the recording of the deed to the purchase shall be borne by the purchaser.

 The Substitute Trustee reserves the right to reject any and all bids in his sole and absolute discretion and to extend the settlement date.  Purchaser assumes the risk of loss to the property immediately after sale and shall be solely responsible for obtaining possession of the property.   

If for any reason the Substitute Trustee is unable to convey marketable title, the purchaser's sole remedy at law and equity shall be limited to the refund of the deposit to the purchaser.  Upon refund of the deposit, the sale shall be null and void and have no further force and effect, and the purchaser shall have no claim against the Substitute Trustee, Noteholder, or Auctioneers. 

The information contained herein was obtained from sources deemed to be reliable, but is offered for information purposes only.  The Substitute Trustee, Noteholder, and Auctioneer make no representations or warranties with respect to the accuracy of this information, and the purchaser waives and releases the Substitute Trustee, Noteholder, and Auctioneer from any and all claims the purchaser or purchaser's successors or assigns may now have or may have in the future relating to the condition of the property, including, but not limited to, the environmental condition thereof.  

                              Christopher D. Buck, Substitute Trustee
Annapolis:  410-263-8855