NOTICE OF POWER OF SALE
CONTAINED IN GEORGIA SECURITY DEED AND SECURITY AGREEMENT
STATE OF GEORGIA
COUNTY OF LUMPKIN
Under and by virtue of the power of sale contained in that certain Georgia Security Deed and Security Agreement from HIDDEN LAKE ACADEMY, INC., a Georgia corporation (the “Grantor”) to BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (the “Original Lender”), dated September 19, 2006 and recorded in Deed Book 1005, Page 652, et seq., Lumpkin County, Georgia Records (the “Security Deed”) as such Security Deed was assigned to VFC PARTNERS 10 LLC, a Delaware limited liabilty company (the “Grantee”) pursuant to that certain Assignment of Security Instrument, recorded in Deed Book 1192, Page 693, aforesaid records, the undersigned, as Attorney-in-Fact for Grantor, will sell at public outcry to the highest and best bidder for cash, between the legal hours of sale before the Courthouse door of Lumpkin County, Georgia, on the first Tuesday in October, 2011 (October 4, 2011) the following described property, to wit:
PARCEL A:
ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002 and 1001, 11th District, 1st Section, Lumpkin County, Georgia, being 16.636 acres and shown as Parcel “A” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows:
TO FIND THE TRUE POINT OF BEGINNING, begin at an iron pin found at the corner common to Land Lots 1002, 1001, 1015 and 1016; thence along the southern boundary line of Land Lot 1002 North 86 04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence North 86 04'02” West 41.22 feet to a point on the western right-of-way of Hidden Lake Road and the TRUE POINT OF BEGINNING; thence continuing along the southern boundary line of Land Lot 1002 North 86 04'03” West 536.81 feet to an iron pin found; thence leaving said Land Lot line North 13 01'46” East 47.26 feet to a point; thence North 13 53'51” East 71.19 feet to a point; thence North 30 57'19” East 45.05 feet to a point; thence North 38 55'11” East 42.55 feet to a point; thence North 30 10'19” East 21.40 feet to a point; thence North 28 56'46” East 47.32 feet to a point; thence North 15 52'20” East 39.14 feet to a point; thence North 01 13'35” West 67.19 feet to a point; thence North 03 22'07” West 72.67 feet to a point; thence North 05 41'49” West 32.65 feet to a point; thence North 05 58'55” East 48.33 feet to a point; thence North 16 02'45” East 87.18 feet to a point; thence North 21 29'13” East 53.58 feet to a point; thence North 28 03'21” East 14.25 feet to a point; thence North 31 19'24” East 92.80 feet to a point; thence North 31 40'00” East 71.80 feet to a point; thence North 21 32'15” East 35.01 feet to a point; thence North 11 08'06” East 77.90 feet to a point; thence North 15 21'54” East 67.70 feet to a point; thence North 16 04'32” East 110.87 feet to a point; thence North 23 10'49” East 54.61 feet to a point; thence North 21 40'14” East 66.51 feet to a point; thence North 26 25'52” East 88.41 feet to a point; thence North 12 08'23” East 98.58 feet to a point on the southern boundary line of Land Lot 943; running thence along said Land Lot line South 86 26'43” East 673.25 feet to a point on the western right-of-way of Hidden Lake Road; thence along said right-of-way the following chord bearings and distances: South 59 44'46” West 70.53 feet; South 49 35'15” West 108.28 feet; South 45 14'19” West 77.80 feet; South 35 44'10” West 77.29 feet; South 24 18'30” West 59.92 feet; South 19 29'20” West 113.58 feet; South 22 18'53” West 53.29 feet; South 29 14'49” West 76.46 feet; South 13 41'21” West 853.06 feet; thence South 17 53'48” West 22.17 feet to the TRUE POINT OF BEGINNING.
PARCEL B:
ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002, 1001, 944, 945, 946, and 1016, 11th District, 1st Section, Lumpkin County, Georgia, being 173.689 acres and shown as Parcel “B” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows:
BEGINNING at the corner common to Land Lots 1001, 1002, 1015 and 1016; running thence along the southern boundary line of Land Lot 1002 North 86 04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence along said right-of-way the following chord bearings and distances: North 17 53'46” East 13.69 feet; North 13 41'21” East 857.05 feet; North 29 14'53” East 73.42 feet; North 22 19'00” East 56.66 feet; North 19 29'18” East 112.92 feet; North 24 18'28” East 54.24 feet; North 35 44'03” East 69.94 feet; North 45 14'24” East 72.99 feet; North 49 35'17” East 103.19 feet; North 59 44'39” East 74.92 feet; North 58 16'40” East 100.40 feet; North 50 00'46” East 86.69 feet; North 43 14'11” East 63.46 feet; North 31 50'58” East 74.27 feet; North 32 52'01” East 38.01 feet; North 50 07'43” East 20.31 feet; North 68 03'05” East 5.97 feet; North 72 31'35” East 250.12 feet to a point; thence leaving the eastern right-of-way of Hidden Lake Road North 17 28'28” West 40.00 feet to a point on the western right-of-way of Hidden Lake Road; thence along the western right-of-way of Hidden Lake Road South 72 31'37” West 137.05 feet to a point; thence leaving the western right-of-way of Hidden Lake Road North 21 17'14” East 251.54 feet to a point; thence North 34 34'32” East 198.44 feet to a point; thence South 55 18'02” East 159.88 feet to a point; thence North 58 04'14” East 75.33 feet to a point; thence North 46 48'10” East 59.14 feet to a point; thence North 73 47'55” East 56.12 feet to a point; thence North 62 35'21” East 51.50 feet to a point; thence North 43 56'38” East 62.23 feet to a point; thence North 03 40'13” West 41.27 feet to a point; thence North 11 10'19” West 34.82 feet to a point; thence North 28 36'05” East 80.69 feet to a point; thence North 24 57'02” East 130.51 feet to a point; thence North 09 22'46” East 165.57 feet to a point; thence North 21 31'54” East 121.26 feet to a square pipe; thence South 84 07'17” East 335.01 feet to a point; thence South 84 13'14” East 2476.74 feet to an iron pin found; thence South 03 09'46” West 1293.38 feet to an iron pin found; thence North 87 22'01” West 1339.51 feet to an iron pin found; thence North 86 45'40” West 1299.58 feet to an iron pin found; thence South 03 42'34” West 1318.92 feet to a point; thence North 87 44'20” West 76.73 feet to a point; thence South 38 59'24” West 191.55 feet to a point; thence South 47 39'23” West 332.13 feet to a point; thence South 51 21'25” West 202.58 feet to a point; thence South 25 33'54” West 246.97 feet to a point; thence South 02 31'16” West 558.20 feet to an iron pin found; thence North 86 45'41” West 667.18 feet to an iron pin found; thence North 02 14'28” East 540.70 feet to an iron pin found; thence North 03 38'00” East 756.36 feet to an iron pin found and the POINT OF BEGINNING.
The above-described PARCEL A and PARCEL B are hereinafter referred to as the “Property”.
The Security Deed was given to secure Grantor's guarantee of a Promissory Note dated September 19, 2006, in the original principal amount of SEVEN MILLION TWO HUNDRED THOUSAND AND NO/HUNDREDTHS DOLLARS ($7,200,000.00) (the “Promissory Note”), pursuant to a Guaranty Agreement dated September 19, 2006 (the “Guaranty”), with interest thereon as provided in the Promissory Note and the Guaranty until paid, which Promissory Note and Guaranty were assigned to Grantee in connection with the assignment of the Security Deed.
On account of defaults in the terms of the Promissory Note, the Guaranty, the Security Deed and other loan documents, including Grantor's failure to pay the indebtedness in full at its accelerated maturity, Grantee, the present holder of the Security Deed, the Promissory Note and the Guaranty, has declared the entire unpaid principal balance of all obligations secured by the Security Deed, including interest to date of sale, to be due and payable immediately.
The debt remaining in default and unpaid, this sale will be for the purpose of satisfying the principal and interest due, amounts, if any, expended by Grantee to protect its interest in the Property, and all expenses of this sale, including, without limitation, attorneys' fees.
The Property will be sold subject to outstanding ad valorem taxes and/or assessments, and superior easements, restrictions and rights-of-way and other superior matters of record, if any. The undersigned will execute a deed to the purchaser at the sale as provided in the Security Deed.
To the best knowledge and belief of Grantee, the equitable title to the Property is vested in Grantor, and the party in possession of the Property is HLA, Inc., pursuant to a Commercial Lease Agreement referenced in Memorandum of Lease recorded in Deed Book X21, Page 118, Lumpkin County, Georgia Records.
VCF Partners 10, LLC, as Attorney-in-Fact for Hidden Lake Academy, Inc.
Kimberly S. Justus, Esq.
Womble, Carlyle, Sandridge & Rice, PLLC
Attorneys at Law
271 17th Street, N.W.
Suite 2400
Atlanta, Georgia 30363
(404) 879-2493
(9/7, 9/14, 9/21, 9/28)
CONTAINED IN GEORGIA SECURITY DEED AND SECURITY AGREEMENT
STATE OF GEORGIA
COUNTY OF LUMPKIN
Under and by virtue of the power of sale contained in that certain Georgia Security Deed and Security Agreement from HIDDEN LAKE ACADEMY, INC., a Georgia corporation (the “Grantor”) to BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (the “Original Lender”), dated September 19, 2006 and recorded in Deed Book 1005, Page 652, et seq., Lumpkin County, Georgia Records (the “Security Deed”) as such Security Deed was assigned to VFC PARTNERS 10 LLC, a Delaware limited liabilty company (the “Grantee”) pursuant to that certain Assignment of Security Instrument, recorded in Deed Book 1192, Page 693, aforesaid records, the undersigned, as Attorney-in-Fact for Grantor, will sell at public outcry to the highest and best bidder for cash, between the legal hours of sale before the Courthouse door of Lumpkin County, Georgia, on the first Tuesday in October, 2011 (October 4, 2011) the following described property, to wit:
PARCEL A:
ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002 and 1001, 11th District, 1st Section, Lumpkin County, Georgia, being 16.636 acres and shown as Parcel “A” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows:
TO FIND THE TRUE POINT OF BEGINNING, begin at an iron pin found at the corner common to Land Lots 1002, 1001, 1015 and 1016; thence along the southern boundary line of Land Lot 1002 North 86 04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence North 86 04'02” West 41.22 feet to a point on the western right-of-way of Hidden Lake Road and the TRUE POINT OF BEGINNING; thence continuing along the southern boundary line of Land Lot 1002 North 86 04'03” West 536.81 feet to an iron pin found; thence leaving said Land Lot line North 13 01'46” East 47.26 feet to a point; thence North 13 53'51” East 71.19 feet to a point; thence North 30 57'19” East 45.05 feet to a point; thence North 38 55'11” East 42.55 feet to a point; thence North 30 10'19” East 21.40 feet to a point; thence North 28 56'46” East 47.32 feet to a point; thence North 15 52'20” East 39.14 feet to a point; thence North 01 13'35” West 67.19 feet to a point; thence North 03 22'07” West 72.67 feet to a point; thence North 05 41'49” West 32.65 feet to a point; thence North 05 58'55” East 48.33 feet to a point; thence North 16 02'45” East 87.18 feet to a point; thence North 21 29'13” East 53.58 feet to a point; thence North 28 03'21” East 14.25 feet to a point; thence North 31 19'24” East 92.80 feet to a point; thence North 31 40'00” East 71.80 feet to a point; thence North 21 32'15” East 35.01 feet to a point; thence North 11 08'06” East 77.90 feet to a point; thence North 15 21'54” East 67.70 feet to a point; thence North 16 04'32” East 110.87 feet to a point; thence North 23 10'49” East 54.61 feet to a point; thence North 21 40'14” East 66.51 feet to a point; thence North 26 25'52” East 88.41 feet to a point; thence North 12 08'23” East 98.58 feet to a point on the southern boundary line of Land Lot 943; running thence along said Land Lot line South 86 26'43” East 673.25 feet to a point on the western right-of-way of Hidden Lake Road; thence along said right-of-way the following chord bearings and distances: South 59 44'46” West 70.53 feet; South 49 35'15” West 108.28 feet; South 45 14'19” West 77.80 feet; South 35 44'10” West 77.29 feet; South 24 18'30” West 59.92 feet; South 19 29'20” West 113.58 feet; South 22 18'53” West 53.29 feet; South 29 14'49” West 76.46 feet; South 13 41'21” West 853.06 feet; thence South 17 53'48” West 22.17 feet to the TRUE POINT OF BEGINNING.
PARCEL B:
ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 1002, 1001, 944, 945, 946, and 1016, 11th District, 1st Section, Lumpkin County, Georgia, being 173.689 acres and shown as Parcel “B” on a survey for Hidden Lake Academy, dated August 11, 2006, prepared by Michael Stewart Kelley, Georgia Registered Land Surveyor, and being more particularly described as follows:
BEGINNING at the corner common to Land Lots 1001, 1002, 1015 and 1016; running thence along the southern boundary line of Land Lot 1002 North 86 04'02” West 349.39 feet to a point on the eastern right-of-way of Hidden Lake Road (40' right-of-way); thence along said right-of-way the following chord bearings and distances: North 17 53'46” East 13.69 feet; North 13 41'21” East 857.05 feet; North 29 14'53” East 73.42 feet; North 22 19'00” East 56.66 feet; North 19 29'18” East 112.92 feet; North 24 18'28” East 54.24 feet; North 35 44'03” East 69.94 feet; North 45 14'24” East 72.99 feet; North 49 35'17” East 103.19 feet; North 59 44'39” East 74.92 feet; North 58 16'40” East 100.40 feet; North 50 00'46” East 86.69 feet; North 43 14'11” East 63.46 feet; North 31 50'58” East 74.27 feet; North 32 52'01” East 38.01 feet; North 50 07'43” East 20.31 feet; North 68 03'05” East 5.97 feet; North 72 31'35” East 250.12 feet to a point; thence leaving the eastern right-of-way of Hidden Lake Road North 17 28'28” West 40.00 feet to a point on the western right-of-way of Hidden Lake Road; thence along the western right-of-way of Hidden Lake Road South 72 31'37” West 137.05 feet to a point; thence leaving the western right-of-way of Hidden Lake Road North 21 17'14” East 251.54 feet to a point; thence North 34 34'32” East 198.44 feet to a point; thence South 55 18'02” East 159.88 feet to a point; thence North 58 04'14” East 75.33 feet to a point; thence North 46 48'10” East 59.14 feet to a point; thence North 73 47'55” East 56.12 feet to a point; thence North 62 35'21” East 51.50 feet to a point; thence North 43 56'38” East 62.23 feet to a point; thence North 03 40'13” West 41.27 feet to a point; thence North 11 10'19” West 34.82 feet to a point; thence North 28 36'05” East 80.69 feet to a point; thence North 24 57'02” East 130.51 feet to a point; thence North 09 22'46” East 165.57 feet to a point; thence North 21 31'54” East 121.26 feet to a square pipe; thence South 84 07'17” East 335.01 feet to a point; thence South 84 13'14” East 2476.74 feet to an iron pin found; thence South 03 09'46” West 1293.38 feet to an iron pin found; thence North 87 22'01” West 1339.51 feet to an iron pin found; thence North 86 45'40” West 1299.58 feet to an iron pin found; thence South 03 42'34” West 1318.92 feet to a point; thence North 87 44'20” West 76.73 feet to a point; thence South 38 59'24” West 191.55 feet to a point; thence South 47 39'23” West 332.13 feet to a point; thence South 51 21'25” West 202.58 feet to a point; thence South 25 33'54” West 246.97 feet to a point; thence South 02 31'16” West 558.20 feet to an iron pin found; thence North 86 45'41” West 667.18 feet to an iron pin found; thence North 02 14'28” East 540.70 feet to an iron pin found; thence North 03 38'00” East 756.36 feet to an iron pin found and the POINT OF BEGINNING.
The above-described PARCEL A and PARCEL B are hereinafter referred to as the “Property”.
The Security Deed was given to secure Grantor's guarantee of a Promissory Note dated September 19, 2006, in the original principal amount of SEVEN MILLION TWO HUNDRED THOUSAND AND NO/HUNDREDTHS DOLLARS ($7,200,000.00) (the “Promissory Note”), pursuant to a Guaranty Agreement dated September 19, 2006 (the “Guaranty”), with interest thereon as provided in the Promissory Note and the Guaranty until paid, which Promissory Note and Guaranty were assigned to Grantee in connection with the assignment of the Security Deed.
On account of defaults in the terms of the Promissory Note, the Guaranty, the Security Deed and other loan documents, including Grantor's failure to pay the indebtedness in full at its accelerated maturity, Grantee, the present holder of the Security Deed, the Promissory Note and the Guaranty, has declared the entire unpaid principal balance of all obligations secured by the Security Deed, including interest to date of sale, to be due and payable immediately.
The debt remaining in default and unpaid, this sale will be for the purpose of satisfying the principal and interest due, amounts, if any, expended by Grantee to protect its interest in the Property, and all expenses of this sale, including, without limitation, attorneys' fees.
The Property will be sold subject to outstanding ad valorem taxes and/or assessments, and superior easements, restrictions and rights-of-way and other superior matters of record, if any. The undersigned will execute a deed to the purchaser at the sale as provided in the Security Deed.
To the best knowledge and belief of Grantee, the equitable title to the Property is vested in Grantor, and the party in possession of the Property is HLA, Inc., pursuant to a Commercial Lease Agreement referenced in Memorandum of Lease recorded in Deed Book X21, Page 118, Lumpkin County, Georgia Records.
VCF Partners 10, LLC, as Attorney-in-Fact for Hidden Lake Academy, Inc.
Kimberly S. Justus, Esq.
Womble, Carlyle, Sandridge & Rice, PLLC
Attorneys at Law
271 17th Street, N.W.
Suite 2400
Atlanta, Georgia 30363
(404) 879-2493
(9/7, 9/14, 9/21, 9/28)
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