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Rights Under Loan Documents and Real Property for Sale

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Rights Under Loan Documents and Real Property for Sale



Minimum Price: $275,000.00


Other Item Info
Item #: miwbke_319781
Created: 11/18/2014
Category: Business Property > Financial > Other
Sale Date: None Set
Seller Info
Harold E. Nelson
Trustee's Attorney
55 Campau Avenue, N.W., Suite 300
Grand Rapids, MI 49503
(616) 235-3500
Bankruptcy Info
Case #: 1:14-bk-04719
Case Title: Lamar Construction Company
Court: Michigan Western Bankruptcy Court
Chapter: 7
View Case Docket

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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.


Additional Details

The Purchaser will pay an additional amount of Twenty-five Thousand Dollars ($25,000).



Other Information

Terms and Conditions:

See attached.


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