Details for STOCKBRIDGE MEMORY CARE

Updated

NOTICE OF SALE UNDER POWER IN DEED TO SECURE DEBT and SECURITY AGREEMENT RE: Secured Party: LBC Stockbridge Properties LLC, assignee of U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, as Trustee of the LBC1 Trust, a Delaware statutory trust as assignee of Southside Bank, successor in interest to OmniAmerican Bank) (assignments on public record currently or prior the foreclosure sale) Debtor: Stockbridge Memory Care, LLC Promissory Note in favor of Secured Party (by assignment) dated August 8, 2013, as amended, in the original principal amount of $7,653,513. 00 (which Promissory Note per modification matured on February 7, 2019) (hereinafter the "Note") Collateral: Promissory Note secured by Future Advance Deed to Secure Debt, Assignment of Rents and Leases and Security Agreement in favor of Secured Party dated August 8, 2013 and recorded August 19, 2013 at Deed Book 13244, Page 22, Henry Co., GA Records (last modified by that certain "Modification and Extension of Loan Documents" dated September 20, 2018 and recorded on October 2, 2018 in Deed Book 16092, Page 32, aforesaid records) (collectively the "Security Deed and Agreement") encumbering and/or related to now improved real property located and personal property related thereto at and known as 100 Monarch Village Way, Stockbridge, Henry Co., Georgia 30281 (the "Encumbered Real Property") (as more fully described in Exhibit "A" attached hereto and incorporated herein by reference) together with, pursuant to O.C.G.A. § 11-9-604(a)(2) and (b)(2), the non-judicial sale of all of Debtor's personal property of every kind or nature whatsoever now or hereafter owned by the Debtor which was acquired to be used and/or is being used or intended to be used in connection with or in the operation of the assisted living facility situated upon the Encumbered Real Property all as defined in the Security Deed and Agreement (incorporated herein by reference), and by that certain instrument entitled "Security Agreement" dated August 8, 2013 (separately executed) and more fully described in Exhibit "B" attached hereto and incorporated herein by reference (the "Encumbered Personal Property") and together with all Improvements situated upon the Encumbered Real Property. Foreclosure Sale Date: Tuesday, September 3, 2019 being the first Tuesday in said calendar month. Place of Foreclosure: Before the courthouse doors of the county seat in Henry County, Georgia Under and by virtue of the Power of Sale contained both in the above described Security Deed and Agreement and the Security Agreement executed by the above referenced named Debtor (hereinafter also sometimes referred to as the "Grantor") to and in favor of the above referenced Secured Party (by assignment) (hereinafter also sometimes referred to as the "Grantee"), the undersigned will sell at public outcry to the highest bidder for cash (or the Secured Party's credit bid) at the Place of Foreclosure during the legal hours of sale on the Foreclosure Sale Date, the Encumbered Real Property together with, pursuant to O.C.G.A. § 11-9-604(a)(2) and (b)(2), the Encumbered Personal Property (collectively hereinafter [except where so noted] the "Encumbered Property"). The Encumbered Property shall be sold together and collectively as a single unit of property. The Secured Party as attorney in fact for the Debtor shall executed and deliver to the high bid purchaser a standard deed under power of sale (as to the Encumbered Real Property) and a standard bill of sale (as to the Encumbered Personal Property) each without warranty or right of recourse. To the best knowledge and belief of the undersigned, the Encumbered Property is presently in the possession and/or under the control of the Grantor (or Debtor) or the Grantor's (or Debtor's) tenant, or tenant(s), (the Encumbered Real Property being an assisted living facility), its successors and/or assigns. The Note having matured by its terms (as modified) but the balance due thereunder being unpaid and having been declared due and payment in full demanded, the Encumbered Property will be sold, pursuant to the Secured Party's interest in and to the Encumbered Property under the Security Deed and Agreement and the Security Agreement and the power of sale granted to the Secured Party thereunder, at the place and during the time set forth above, to the highest bidder for cash (or the Secured Party's credit bid), for the purpose of paying the indebtedness due to the Secured Party under the Note and secured by the Security Deed and Agreement and the Security Agreement, the proceeds of which foreclosure sale to be applied first to the lawful expenses of the foreclosure sale (including attorney's fees as allowed under the Note [the required notice of intent to collect said attorney's fees having been given]); and then to the payment of the Note with accrued and unpaid interest being paid first and thereafter in reduction to principal due; all as provided in the Note, the Security Deed and Agreement and/or the Security Agreement. Any balance of the bid-in foreclosure sale price remaining (if any) will be distributed as provided by law. In accordance with O.C.G.A. § 44-14-162.2(a), the individual or entity that has full authority to negotiate, amend and modify all terms of the Security Deed and Agreement with the Debtor is: Brad Hrebenar whose telephone number is (651) 571-3443 and whose address is c/o Willow River, LLC, P. O. Box 2301, Stillwater, MN 55082. The Encumbered Property will be sold as the property of the Debtor above named, or its successors in title, on an "AS IS WHERE IS" basis and without representation, warranty or recourse, express or implied, of the undersigned, and subject to all matters of record affecting said Encumbered Property subject to all unpaid ad valorem real property and/or personal property taxes or assessments due (including any such taxes which are a lien, but not yet due and payable); any matters which might be disclosed by an accurate survey and inspection of the Encumbered Real Property; and any liens, encumbrances, zoning ordinances, restrictions, covenants, and matters of record which are superior in title to the Security Deed and Agreement and/or the Security Agreement. The foreclosure sale will also be conducted subject to confirmation that the foreclosure sale is not prohibited under the U.S. Bankruptcy Code and a final confirmation and audit of the status of the indebtedness due under the Note with the Secured Party above including the provisions of O.C.G.A. § 9-13-172.1. LBC Stockbridge Properties LLC Attorney-in-Fact for Stockbridge Memory Care, LLC John R. Grimes, Esq. Attorney for LBC Stockbridge Properties LLC LEFKOFF, DUNCAN, GRIMES, MCSWAIN & HASS, P.C. 3520 Piedmont Road, N.E., Suite 200 Atlanta, GA 30305 Telephone: (404) 262-2000 Email: jgrimes@lefkoff-duncan.com To the extent that the above referenced law firm is deemed to be a debt collector, this law firm is attempting to collect a debt, any information obtained will be used for such purpose. Exhibit "A" (The "Encumbered Real Property") All that tract or parcel of Encumbered Real Property lying and being in Encumbered Real Property Lots 8 & 25, 12th District, City of Stockbridge, Henry County, Georgia, and being more particularly described as follows: BEGINNING at an iron pin set at the intersection of the easterly Right-of-Way of Manderly Drive (80' Right of Way) and the southerly Right-of-Way of Walt Stephens Road (130' Right-of-Way) - NOTE: iron pin set indicates a ½ inch rebar set with a yellow plastic cp stamped "ROCHESTER-LSF00484" unless otherwise noted; thence along the southerly Right-of-Way of Walt Stephens Road (130' Right-of-way) South 73°16'49" East a distance of 445.40 feet to an iron pin set at the intersection of the westerly Right-of-Way of Monarch Village Way (Right-of-Way Varies); thence along said westerly Right-of-Way the following calls: South 16°43'11" West, a distance of 154.85 feet to a point; thence 463.87 feet along a curve to the left, said curve having a chord of South 12°02'38" East 444.63 feet and a radius of 462.00 feet to a point; thence South 40°48'27" East, a distance of 26.60 feet to a point; thence 12.53 feet along a curve to the right, said curve having a chord of South 04°54'45" East 11.73 feet and a radius of 10.00 feet to a point; thence 62.69 feet along a curve to the left, said curve having a chord of South 13°22'28" West 61.71 feet and a radius of 102.00 feet to a point on the northerly Right-of-Way of Manderly Drive (50' Right of Way); thence along said Right-of-Way the following calls: 12.53 feet along a curve to the right, said curve having a chord of South 31°39'41" West 11.73 feet and a radius of 10.00 feet to a point; thence South 67°33'23" West, a distance of 55.24 feet to a point; thence 471.85 feet along a curve to the right, said curve having a chord of North 80°38'16" West 447.98 feet and a radius of 425.00 feet to a point; thence North 48°49'55" West, a distance of 89.86 feet to a point; thence 36.02 feet along a curve to the right, said curve having a chord of North 41°57'08" West 35.94 feet and a radius of 150.00 feet to an iron pin set; thence North 56°58'32" East, a distance of 29.83 feet to an iron pin set; thence North 31°21'55" West, a distance of 41.18 feet to a point; thence 76.12 feet along a curve to the right, said curve having a chord of North 19°38'47" West 75.67 feet and a radius of 201.36 feet to a point; thence 114.18 feet along a curve to the right, said curve having a chord of North 02°00'13" East 112.97 feet and a radius of 226.40 feet to a point; thence North 16°27'04" East, a distance of 458.64 feet to an iron pin set, being the POINT OF BEGINNING. Said tract contains 8.807 acres (the "Property") and is assigned Tax Parcel No. 031-02015000. Subject to all easements, covenants, and restrictions of record, including but not limited to leases, tenant and such tenants in possession of the above referenced properties. Exhibit "B" (The "Encumbered Personal Property") All fixtures, fittings, building materials, machinery, equipment, furniture and furnishings and personal property of every nature whatsoever now or hereafter owned by the Debtor and used or intended to be used in connection with or in the operation of the Encumbered Real Property and other Improvements as defined in the Security Deed and Agreement and the Security Agreement (each incorporated herein by reference) including but not limited to: a. All personal and fixture property of every kind and nature including without limitation all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents accounts and account receivables (including health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, security and all other investment property, supporting obligations, any other contracts, contract right or rights to the payment of money, insurance claims and proceeds, books, records, and all general intangibles (including all payment intangibles); b. All buildings, structures, and improvements of every nature whatsoever now or hereafter situated on the Encumbered Property and all fixtures, fittings, building materials, machinery, equipment, furniture and furnishings and personal property of every nature whatsoever now or hereafter owned by the Debtor and used or intended to be used in connection with or with the operation of the Encumbered Real Property and its buildings, structures or other improvements, including all extensions, additions, improvements, betterments, renewals, substitutions, replacements and accessions to any of the foregoing, whether such fixtures, fittings, building materials, machinery, equipment, furniture, furnishings and personal property actually are located on or adjacent to the Encumbered Real Property described hereinabove or not, and whether in storage or otherwise, and wheresoever the same may be located (the "Improvements') (provided, however, the personal property of any residents of the Encumbered Property shall not be considered part of the Improvements); c. All accounts, general intangibles, contracts and contract rights relating to the Encumbered Real Property and Improvements, whether now owned or existing or hereafter created, acquired or arising, including without limitation, all construction contracts, architectural services contracts, management contracts, leasing agent contracts, purchase and sales contracts, put or other option contracts, and all other contracts and agreements relating to. the construction of improvements on, or the operation, management and sale of all or any part of the Encumbered Real Property and Improvements described hereinabove; d. Together with all easements, rights of way, gores of land, streets, ways, alleys, passages, sewer rights, waters, water rights of way, gores of land, streets, ways, alleys, passages, sewer courses, water rights and powers, and all estates, leases, subleases, licenses, rights, titles, interests, privileges, liberties, tenements, hereditaments, and appurtenances whatsoever, in any way belonging, relating or appertaining to any of the property hereinabove described, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether described, or which hereafter acquired by the Debtor, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, property, possession, claim and demand whatsoever at law; as well as in equity, of the Debtor of, in and to the same, including but not limited to: (i) All rents, royalties, profits, issues and revenues of the Encumbered Property from time to time accruing, whether under leases or tenancies now existing or hereafter created; and (ii) All judgments, awards of damages and settlements hereafter made resulting from condemnation proceedings or the taking of the Encumbered Property or any part thereof under the power of eminent domain, or for any damage (whether caused by such taking or otherwise) to the Encumbered Property or any part thereof, or to any rights appurtenant thereto, including any award for change of grade or streets, Secured Party hereby is authorized on behalf of and in the name of the Debtor to execute and deliver valid acquittances for, and appeal from, any such judgments or awards. Secured Party may apply all such sums or any part thereof so received, after the payment of all its expenses. including costs and attorneys' fees, on any of the indebtedness secured hereby in such manner as it elects or, at its option, the entire amount or any part thereof so received may be released; d. To the extent assignable, any and all licenses, development permits, building permits, utility supply agreements, sewer and water discharge permits and agreements, and other licenses, permits and agreements relating to the use, development, construction, occupancy and operation of the Encumber Property, whether now or hereafter issued or executed, and all modifications, amendments, replacements or re-issuances of the foregoing; e. All cash and non-cash proceeds and all products of any of the foregoing items or types of property described in (a), (b), (c), (d) or (e) above, including all inventory, accounts, chattel paper, documents, instruments, equipment, fixtures, consumer goods and general intangibles acquired with cash proceeds of any of the foregoing items or types of property described in (a), (b), (c), (d) or (e) above. 950-609482, 8/7,14,21,28

Categories