The chapel and well are located at the foot of the hill where the village of Markovo is situated. A cross with a plaque is affixed to the well cover, indicating that the spring was consecrated on July 31, 2016, in the village of Markovo.

In 1974, the village of Ochip, also known as Ochep or Ocep and having nearly a 450-year history, was incorporated into the village of Markovo. Currently, Ochip no longer exists as an administrative unit. Near Ochip was a vanished settlement and the preserved burial site of Spas Zhelezny Posokh, the name of which, according to legend, is associated with Ivan the Terrible. There were churches at the burial site: the first was built in the late 16th or early 17th century, then a wooden one appeared, which burned down in 1807, after which a stone church was erected, standing until the mid-1950s. The church was demolished to obtain bricks needed for the construction of a dam in the village of Ankudinovo on the Peksha River. Around the same time, the residential houses around the church also disappeared.

In 2001, members of the Karavaevsky Local History Society installed the first sign at the site of the destroyed church, followed by a 4-meter memorial cross. The initiative to install the cross was taken by historian Vitaly Semyonov, who has lived in Markovo since 1985, and was supported by local residents. The cross features a plaque inscribed with "In 1545-1552, Here Russia Began," paying tribute to the activities of Ivan the Terrible associated with these places.