Rights Under Loan Documents and Real Property for Sale
Listing Information
Rights Under Loan Documents and Real Property for Sale
Minimum Price: $275,000.00
Created: 11/18/2014
Category: Business Property > Financial > Other
Sale Date: None Set
Trustee's Attorney
55 Campau Avenue, N.W., Suite 300
Grand Rapids, MI 49503
(616) 235-3500
Case Title: Lamar Construction Company
Court: Michigan Western Bankruptcy Court
Chapter: 7
View Case Docket
Description
Sale of Seller's Rights under those loan documents are subject to a repurchase option that was granted when the loan documents were assigned to the Seller by Grand Ledge Holdings LLC. The Sale also include Trustee's interest in the Real Property in Grand Ledge, Michigan.
The Original Loan Documents: On May 1, 2008, Grand Ledge Investment Group, L.L.C., a Michigan limited liability company ("Borrower"), executed and delivered to Fifth Third Bank (Western Michigan) ("Fifth Third") certain Loan Documents in connection with a loan made by Fifth Third to the Borrower. The Loan Documents included, among other things, a mortgage granted by the Borrower to Fifth Third on certain real property commonly known as V/L Saginaw Highway, Grand Ledge, Michigan 48337 (the "Subject Property"). The Subject Property consists of approximately 10.458 useable acres (approximately 12.38 gross acres) at the intersection of Saginaw Highway and Nixon Road in Delta Township, Michigan.
Financial Overview
Additional Details
The Purchaser will pay an additional amount of Twenty-five Thousand Dollars ($25,000).