NOTICE OF VOLUNTARY MORTGAGE FORECLOSURE SALEDate: May 30, 2012
Date: May 30, 2012
YOU ARE NOTIFIED THAT:
1.Default has occurred in the conditions of that certain Mortgage, Security Agreement and Fixture Financing Statement dated as of October 25, 2007, executed by 676 Hotel, LLC, a Delaware limited liability company ("Borrower") in favor of Dougherty Funding LLC, a Delaware limited liability company ("Dougherty"), recorded in the office of the County Recorder, Washington County, Minnesota, on October 26, 2007, as Document No. 3667498, as amended by that certain Modification of Loan Documents dated February 10, 2010 (the "First Modification") by and among Borrower, West-Biel 68, LLC, a Minnesota limited liability company ("West-Biel 68"), West-Biel 15.5, LLC, a Minnesota limited liability company ("West-Biel 15-5"; West-Biel 68 and West-Biel 15.5 are collectively "West-Biel"), Gerald L. Trooien ("Trooien") and Dougherty, recorded in the office of the County Recorder, Washington County, Minnesota, on February 19, 2010, as Document No. 3780738 and that Second Modification of Loan Documents dated June 9, 2010, but agreed to be effective as of March 31, 2010 (the "Second Modification") by and among Borrower, West-Biel, Trooien and Dougherty (as so amended, and as such agreement may be further amended, supplemented, modified or replaced from time to time, the "Mortgage").
The property that is the subject of this foreclosure, as described in the Mortgage and below, is not registered land.
2.The Mortgage has been assigned as follows: The Mortgage was assigned from Dougherty, as assignor, to Woodbury Hotel Associates LLC, a Delaware limited liability company ("Woodbury Hotel Associates"), as assignee, pursuant to that certain Assignment of Mortgage and Assignment of Leases and Rents dated April 19, 2012, recorded in the office of the County Recorder, Washington County, Minnesota, on April 20, 2012, as Document No. 3884667. Woodbury Hotel Associates is the lawful holder of the Mortgage and other related loan documents.
3. The original principal amount secured by the Mortgage was: $17,000,000.00.
4. No action or proceeding at law is now pending to recover the debt secured by the Mortgage, or any part thereof.
5.The holder of the Mortgage has complied with all conditions precedent to acceleration of the debt secured by the Mortgage and foreclosure of the Mortgage, and all notice and other requirements of applicable statutes.
6.At the date of this notice the amount due on the Mortgage, and taxes, if any, paid by the holder of the Mortgage is: $18,286,065.62.
7.Pursuant to the power of sale in the Mortgage and the Voluntary Foreclosure Agreement between the parties, the Mortgage will be voluntarily foreclosed, and the land described as follows:
Lot 12, Block 1, Tamarack Hills 2nd Addition, according to the recorded plat thereof, Washington County, Minnesota.
Non-exclusive easements as contained in Declaration of Reciprocal Easements and Operating Covenants dated March 28, 2008, recorded March 31, 2008 as Document No. 3686115 in the office of the County Recorder, Washington County, Minnesota, supplemented by First Supplement to Declaration of Reciprocal Easements and Operating Covenants dated March 28, 2008, recorded March 31, 2008 as Document No. 3686117.
Non-exclusive easement for vehicular and pedestrian ingress and egress purposes over Gateway Drive, now vacated, as shown on the recorded plat of Gateway East, as contained in Grant of Easements dated October 25, 2007, recorded October 26, 2007 as Document No. 3667492 in the office of the County Recorder, Washington County, Minnesota.
Tax parcel identification number: 05-028-21-34-0004. Commonly known as: 748 Bielenberg Drive, Woodbury, MN 55125;
will be sold by the County Sheriff of Washington County, Minnesota, at public auction on Thursday, June 28, 2012, at 10:00 a.m., at the Washington County Sheriff's Office, Law Enforcement Center, Main Lobby, 15015 62nd Street North, Stillwater, Minnesota 55082 to pay the debt then secured by said Mortgage, and taxes, if any, on said premises, and the costs and disbursements, including attorneys' fees allowed by law.
8.The date of the Voluntary Foreclosure Agreement is April 19, 2012.
9.The time allowed by law for redemption by Mortgagor or Mortgagor's personal representatives or assigns is two months after the date of sale.
10.Each holder of a junior lien may redeem in the order and manner provided in Minnesota Statutes Section 582.32, subdivision 9, beginning after the expiration of the Mortgagor's redemption period, such subdivision providing that a person holding a junior lien upon the real estate or some part of the real estate may redeem in the order and manner specified in Minnesota Statutes Sections 580.24 and 580.25, but only if before the end of the Mortgagor's redemption period under Section 582.32 the creditor files with the county recorder or registrar of titles of each county where the real estate is located, a notice of intention to redeem. If a junior creditor fails to timely file a notice of intention to redeem as provided in Section 582.32, subd. 9, or fails to redeem, its lien on the real estate is extinguished.
11.THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES, SECTION 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.
12.The mortgagor(s) released from financial obligation on the Mortgage is/are: none.
13.The name of the transaction agent, residential mortgage servicer, and the lender or broker, as defined in Section 58.02, if the person holding the mortgage is a transaction agent as defined in Section 58.02, subdivision 30, are as follows: transaction agent-not applicable, residential mortgage servicer-not applicable, lender or broker-not applicable; or the name of the residential mortgage servicer and the lender or broker, as defined in Section 58.02, if the person holding the mortgage is not a transaction agent as defined in Section 58.02, subdivision 30, are as follows: residential mortgage servicer-not applicable, lender or broker-not applicable.
14.If stated on the mortgage, the transaction agent's mortgage identification number is: not applicable.
15.If stated on the mortgage, the name of the mortgage originator as defined in section 58.02 is: not applicable.
WOODBURY HOTEL ASSOCIATES LLC, MORTGAGEE OR ASSIGNEE OF MORTGAGEE
Attorney(s) for Mortgagee
or Assignee of Mortgagee:
Fabyanske, Westra, Hart & Thomson, P.A.
By: Rory O. Duggan, Esq., Jeffrey W. Jones, Esq. and Rachel J. Elvester, Esq.
800 LaSalle Ave., Suite 1900, Minneapolis, MN 55402