Details for NOTICE OF SALE UNDER POWER STATE OF GEORGIA COUNTY OF GLYNN

Updated

NOTICE OF SALE UNDER POWER

STATE OF GEORGIA

COUNTY OF GLYNN

Under and by virtue of the power of sale contained in that certain Commercial Deed to Secure Debt and Security Agreement from South Georgia Real Estate Group, LLC, ("Grantor") to The Coastal Bank of Georgia dated July 12, 2005, recorded on July 18, 2005, in Deed Book 1720, Page 209, Glynn County, Georgia records; as modified by that certain Modification Agreement dated January 28, 2010, recorded on March 1, 2010, in Deed Book 2692, Page 315, aforesaid records; as assigned by Synovus Bank, formerly known as Columbus Bank and Trust Company, as successor in interest through name change and by merger with The Coastal Bank of Georgia to RREF SNV Acquisitions, LLC, a Delaware limited liability company ("RREF") by that certain Assignment of Security Instruments recorded on August 27, 2012, in Deed Book 3039, Page 383, aforesaid records; as further assigned by RREF to RREF SNV 2012 LT2, LLC, a Delaware limited liability company ("Grantee") by that certain Assignment of Security Instrument dated October 18, 2012, recorded October 24, 2012, in Deed Book 3066, Page 466, aforesaid records (hereinafter the Commercial Deed to Secure Debt, together with all modifications and assignments thereto, collectively referred to as the "Security Deed"), Grantee as attorney-in-fact for Grantor, will sell at public outcry to the highest bidder for cash, between the legal hours of sale before the door of the courthouse in Glynn County, Georgia, on December 6, 2016, that being the first (1st) Tuesday in December 2016, the following described land and interests in land, estates, easements, rights, improvements, personal property, fixtures, equipment, furniture, furnishings, appliances and appurtenances (hereinafter the "Property"), to wit:

All that certain lot, tract or parcel of land situate, lying and being in the 26th District G.M. in Glynn County, Georgia, which is described and identified according to that certain plat of survey entitled, "DEMERE HAMMOCK, REVISED" by C. H. Bliss, Georgia Registered Surveyor No. 13, which plat was recorded on June 14, 1956, in the Public Records of Glynn County, Georgia, at Plat Drawer Number 1, Map Number 15, as ALL OF LOT NUMBER 32 OF DEMERE HAMMOCK SUBDIVISION. Said lot is bounded according to said plat as follows, to wit: on the north for a distance of 232 feet by Lot Number 31 of said Subdivision; on the east for a distance of 137 feet by a salt marsh; on the south for a distance of 241.3 feet by undeveloped property; and on the west for a distance of 70.5 feet by the easterly right-of-way line of Trout Street. Being the same lot which was conveyed to Marion Eldridge Morris and Alma Louise Morris by warranty deed dated November 18, 1978, recorded in said Public Records in Deed Book 20-V, Page 421.

Reference is hereby made to said plat, said deed and to the record of each for further purposes of description and identification of said real property and for all other purposes.

AND ALSO

All that certain lot, tract or parcel of land situate, lying and being in G.M.D. 26, City of Brunswick, Glynn County, Georgia, and being more particularly described as follows:

Commencing at a point which marks the intersection of the eastern right-of-way of Trout Street and the northern right-of-way of 4th Street; proceed thence along the said right-of-way of Trout Street north 10 degrees 50 minutes 25 seconds west for a distance of 136.38 feet to the POINT OR PLACE OF BEGINNING; thence along the said right-of-way of Trout Street north 10 degrees 50 minutes 25 seconds west for a distance of 243.86 feet to a point; thence south 85 degrees 43 minutes 00 seconds east for a distance of 241.42 feet to a point; thence south 06 degrees 15 minutes 17 seconds west for a distance 150.20 feet to a point; thence south 48 degrees 21 minutes 47 seconds west for a distance of 32.93 feet to a point; thence south 70 degrees 30 minutes 21 seconds west for a distance of 32.52 feet to a point; thence south 71 degrees 20 minutes 30 seconds west for a distance of 56.55 feet to a point; thence south 75 degrees 32 minutes 54 seconds west for a distance of 39.09 feet to a point; thence south 69 degrees 58 minutes 52 seconds west for a distance of 33.88 feet to the POINT OR PLACE OF BEGINNING. Said lot, tract or parcel contains 42,276 square feet as shown on survey plat by Robert N. Shupe, GA R.L.S. No 2224, dated October 4, 2001, revised October 10, 2001.

TOGETHER with all buildings, structures and other improvements now or hereafter located on the property or on any part or parcel thereof; and

TOGETHER with all rights, title and interest of Grantor in and to the minerals, flowers, shrubs, crops, trees, timber and other emblements now or hereafter on said property or under or above the same or any part or parcel thereof; and

TOGETHER with all and singular the tenements, hereditaments, easements and appurtenances thereunto belonging or in any wise appertaining, and the reversion or reversions, remainder and remainders, rents, issues and profits thereof; and also the estate, right, title, interest, claim and demand whatsoever of Grantor of, in and to the same and of, in and to every part and parcel thereof; and

TOGETHER with all fittings and fixtures, whether actually or constructively attached to said property and including all attached machinery, equipment, apparatus, and all trade, domestic, and ornamental fixtures, appliances, and articles of personal property of every kind and nature whatsoever, now or hereafter located in, upon, or under said property or any part thereof and used or usable in connection with any present or future operation of said property and now owned or hereafter acquired by Grantor (hereinafter collectively called "Equipment") including, but without limiting the generality of the foregoing, all heating, air conditioning, freezing, lighting, laundry, cooking, incinerating, and power equipment; engines; pipes; pumps; tanks; motors; conduits; switchboards; plumbing, lighting, cleaning, fire prevention, fire extinguishing, refrigerating, ventilating, and communications apparatus; boilers, ranges, furnaces, oil burners, or units thereof; appliances; air-cooling and air conditioning apparatus; vacuum cleaning systems; elevators; escalators; shades; awnings; screens; storm doors and windows; stoves; wall beds; refrigerators; dishwashers; attached cabinets; partitions; ducts and compressors; rugs and carpets; mirrors; mantles; draperies; furniture and furnishings; all building materials, supplies and equipment now or hereafter delivered to said property and intended to be installed therein; all additions to and renewals or replacements of all of the foregoing, and all proceeds and profits of all of the foregoing; and

TOGETHER with any and all rents which are now due or may hereafter become due by reason of the renting or leasing of the property, the improvements thereon, and Equipment; and

TOGTHER with any and all awards or payments, including interest thereon, and the right to receive the same, as a result of (a) the exercise of the right of eminent domain, (b) the alteration of the grade of any street, or (c) any other injury to, taking of, or decrease in the value of, the property, to the extent of all amounts which may be secured by this deed at the date of receipt of any such award or payment by Grantee and of the reasonable attorney's fees, costs and disbursements incurred by Grantee in connection with the collection of such award or payment.

The Security Deed being given to secure: (a) a Promissory Note dated July 12, 2005, from Grantor to The Coastal Bank of Georgia in the original principal amount of Five Hundred Ninety-Two Thousand Five Hundred and No/100ths Dollars ($592,500.00) (hereinafter, the "Promissory Note", together with all renewals and modifications thereto collectively referred to as the "Note"); and (b) such other indebtedness of Grantor to Grantee as is described in the Security Deed.

To the best of the undersigned's knowledge and belief, the current owner of the Property is Grantor, and the party in possession of the Property is Grantor.

Due to the occurrence of one or more Events of Default as defined in the Note and Security Deed the payment of the entire indebtedness evidenced by the Note and secured by the Security Deed has been accelerated and has been declared due and payable in full. However, such payment not having been received, the Security Deed became and is now foreclosable, and the Property shall be sold at public outcry pursuant to the terms of the power of sale provided for in the Security Deed for the purposes of satisfying the amount due upon said Note and all sums secured by said Security Deed.

The proceeds of said sale shall be applied to all unpaid secured indebtedness with interest then due thereon, all amounts advanced for taxes, assessments, fire insurance premiums, and other charges, with interest at the rate of interest specified in the Note thereon from the date of payment, together with all costs and charges for advertising, and commissions for selling the premises, and reasonable attorneys' fees actually incurred and pay over any surplus to Grantor.

Said Property will be sold as the property of the Grantor subject to all unpaid property taxes, liens, assessments, restrictions, restrictive covenants, rights of way, and easements of record which have priority over the Security Deed, if any, including, without limitation, the following ("Permitted Encumbrances"):

Real estate ad valorem taxes for the year 2016 and taxes for the year 2017 and subsequent years, not yet due and payable.

Matters shown on plat recorded in Drawer 28 Page 8, Glynn County, Georgia records.

Matters shown on plat recorded in Plat Drawer Number 1, Map Number 15, aforesaid records.

Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Security Deed.

The sale will be conducted subject (1) to confirmation that the sale is not prohibited under the U.S. Bankruptcy Code and (2) to final confirmation and audit of the status of the loan with the holder of the Security Deed.

RREF SNV 2012 LT2, LLC,

as Attorney-in-Fact for SOUTH GEORGIA REAL ESTATE GROUP, LLC

Jon R. Erickson

Schulten Ward Turner & Weiss, LLP

260 Peachtree Street, Suite 2700

Atlanta, Georgia 30303

(404) 688-6800

THIS LAW FIRM IS ATTEMPTING TO COLLECT A DEBT.

ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.

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