Notice of Sale Under Power
Georgia, Morgan County
Under and by virtue of the Power of Sale contained in that certain Deed to Secure Debt and Security Agreement given by Madison Project, LLC (the Grantor ) to Flagstar Bank, FSB (the Lender ) dated October 19, 2007, and recorded on October 30, 2007, in Deed Book 439, Pages 617-635, Morgan County, Georgia official records (together with any and all amendments and modifications, hereinafter referred to as the Security Deed ), conveying the property described below to secure repayment of (i) that certain Real Estate Note dated as of October 19, 2007, payable by Grantor to the order of Lender, in the stated principal amount of $3,200,000.00, together with interest thereon as set forth therein, (ii) the payment and performance of all obligations of Grantor under the Security Deed, and (iii) any and all other indebtedness now owing or which may hereafter be owing by Grantor to Lender, however incurred (together with any and all amendments or modifications, collectively hereinafter referred to as the Secured Indebtedness ), there will be sold at public outcry to the highest bidder for cash before the Courthouse door of Morgan County, Georgia, within the legal hours of sale on the first Tuesday in September, 2012 (being September 4, 2012) the following described parcel of real property together with all improvements, fixtures, easements, hereditaments, rights, members, appurtenances, and personalty located thereon and described in the Security Deed:
All of that certain lot or parcel of land, together with any improvements located thereon, situate, lying and being located on the northeastern right-of-way of U.S. Highway 441 a/k/a Eatonton Road and a/k/a Georgia Highway 24, in Land Lot 11 of the 5th Land District, City (276lh) District, G.M., Morgan County, Georgia, containing THREE AND 173/1000THS (3.173) ACRES, more or less, and being more particularly described on that certain plat of survey prepared by Apalachee Land Surveying, Inc., dated March 1, 2007, being described as follows:
Beginning at an iron pin set on the easterly right of way of U.S. Highway 441, aka U.S. Highway 129 aka Georgia S.R. 24 (right of way varies), said iron pin being 700.83 feet as measured along said right of way from its intersection with the southerly right of way of U.S. Highway 441 By-Pass (right of way varies), said iron pin being the True Point of Beginning; thence running N 56 03'32" E 467.88 feet to an iron pin; thence running S 32 57'29" E 200.00 feet to a 1/2" rebar; thence running S 56 59'37" W 37.60 feet to an iron pin; thence running S 43 31'20" W 558.86 feet to an iron pin; thence running along a curve to the right having a radius of 1357.39 feet, an arc length of 358.42 feet, being subtended by a chord bearing of N 14 29'49" W for a chord distance of 357.38 feet to the True Point of Beginning.
Also conveyed herewith is all of Grantors1 interest in and to that certain Reciprocal Easement Agreement dated October 22, 2007, between Grantors and Madison Land Investments, LLC, of record in Deed Book 439, Page 600-613 in the Office of the Superior Court, Morgan County, Georgia.
The Secured Indebtedness has been and is hereby accelerated and declared due because of, among other possible events of default, failure to pay the Secured Indebtedness as and when due and in the manner provided in the instruments evidencing the Secured Indebtedness and Security Deed. The Secured Indebtedness remaining in default, the sale will be made for purposes of paying the same and all expenses of this sale, as provided in the Security Deed and by law, including attorney s fees (written notice of intent to collect attorney s fees having been given).
Said property will be sold subject to any outstanding ad valorem taxes (including 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 property, any assessments, liens, encumbrances, zoning ordinances, restrictions, covenants and matters of record superior to the Security Deed.
To the best knowledge and belief of the undersigned, the party in possession of the property is the Grantor or a tenant or tenants claiming through it.
FLAGSTAR BANK, FSB,
Attorney-in-Fact and Agent for
MADISON PROJECT, LLC
Harry Z. Rippeon III
Burr & Forman LLP
171 Seventeenth Street, N.W.
Atlanta, Georgia 30363
THE LAW FIRM IS ACTING AS A DEBT COLLECTOR ATTEMPTING TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.
Aug. 9, 16, 23, 30