NOTICE OF MORTGAGE FORECLOSURE SALE
Date: October 3, 2013
YOU ARE HEREBY NOTIFIED THAT:
1. A default has occurred in the conditions of that certain leasehold mortgage, security agreement and fixture financing statement executed by THE FOREST LAKE ATHLETIC ASSOCIATION, a Minnesota nonprofit corporation, as mortgagor, in favor of Village Bank, a Minnesota banking corporation, as mortgagee, dated June 26, 2008, and recorded on June 26, 2008, as Document No. 3698189, in the Office of the County Recorder in and for Washington County, Minnesota (Mortgage). The land described in the Mortgage is not registered land.
2. The original principal amount secured by the Mortgage was: $4,500,000.00.
3. No action or proceeding at law is now pending to recover the debt secured by the Mortgage or any part thereof.
4. The holder of the Mortgage has complied with all conditions precedent to acceleration of the debt secured by the Mortgage and foreclosure of the Mortgage and all notice and other requirements of applicable statutes.
5. As of the date of this notice, the amount due on the Mortgage is: $4,302,817.92.
6. Pursuant to the power of sale in the Mortgage, the Mortgage shall be foreclosed, and the land located at 5530 206th Street North, Forest Lake, Minnesota 55025, Property Tax ID No. 20.032.21.32.0009, and legally described as follows:
Lot 3, Block 2, Deponti Third Addition, Washington County, Minnesota
shall be sold by the Sheriff of Washington County, Minnesota, at public auction on November 21, 2013 at 10:00 a.m., at the Washington County Sheriffs Office: 15015 62nd Street North, Stillwater, Minnesota 55082.
7. The time allowed by law for redemption by mortgagor or mortgagors personal representatives or assigns is six (6) months after the date of sale.
8. THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGORS PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINN. STAT. 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.
9. The mortgagor released from financial obligation on the Mortgage is: None.
(a Minnesota banking corporation)
By its attorneys:
Joshua D. Christensen, (#332616)
Lindsay W. Cremona, (#393599)
Anastasi Jellum, P.A.
Attorneys for Mortgagee
14985 60th Street North
Stillwater, MN 55082
10/3-11/7/13, Stillwater, Forest Lake AA Foreclosure, 34380