|Online Only Auction of 176± Acre Tract Mortgage Note in Spencer, NC (Rowan County)|
|2555 N US 29 Highway Spencer North Carolina|
|08/16/2017 1:00 PM|
Online Only Note Auction
176 Acre Tract Mortgage
2555 N US 29 Highway
Spencer, NC 28144 (Rowan County)
Bidding Opens: Wednesday, August 16 at 1:00 PM ET
Bid Deadline: Wednesday, August 23 at 1:00 PM ET
Sale Manager: Jeb Howell
THIS IS A LOAN AUCTION. We are selling the Promissory Note, mortgage (Deed of Trust), and related loan documents secured by a 176+/-- acre tract, not the property itself.
ABOUT THE LOAN: On August 31, 2007, a Special Purpose Entity loaned $1,650,000 on an interest-only basis with an 11 month balloon to a Florida based developer who intended to create a world-class auto race course on the property.. In 2008 Borrower defaulted, unable to make the balloon payment at the maturity date. The non-performing loan is now available to purchase at an online-only auction. All pertinent documents are posted on our website.
ABOUT THE PROPERTY SECURING THE MORTGAGE: The property, on both sides of US 29, is bounded on the north and west by the Yadkin River, and by the I-85 right of way on the east, just north of the Spencer city limits. A January 16, 1998 Phase 1 ESA identified environmental concerns on the site arising out the propertys historic use as a textile mill, . A December 2, 2002 Phase 2 Remedial Investigation identified specific environmental concerns. Both reports are available for review at our website.
In 2007, High Rock Properties LLC purchased the site with the intent of developing it as a world class racetrack, with condos and other amenities also planned. They leased a portion of the property to a third party who continues to maintain a cellphone tower on the site. After the borrower defaulted, a subordination agreement was put in place such that the lender receives the ongoing lease payments.
The real property was purchased at a tax sale in April of 2010 by a party who has been paying the property taxes through 2016; 2017 taxes of $24,875.86 are due on January 5, 2018. It is Rowan County tax parcel 048 006.
Terms: Bank Proof of Funds Required to Bid, Twenty (20%) percent cash down on sale day as a non-refundable down payment deposit binder to be held in escrow by Auction Management Corporation, balance of purchase price in fifteen (15) days, payable in cash.
The bid deadline for the asset is Wednesday, August 23, 2017 at 1:00 PM ET. Any bids placed within 5 minutes of the deadline will extend the deadline for 5 minutes. The bidding continues until 5 minutes pass with no additional bidding. Auctioneer is not responsible for bidding errors caused by internet outages, bid platform failures, or power failures.
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NOTE: The information contained herein is provided as general information only and has been obtained from sources deemed reliable. It is provided without any guaranty, warranty or representation, expressed or implied, made by Lands of America, or any related entity, as to the accuracy or completeness of the information. The information is presented subject to errors, omissions, change of price or conditions, prior sale or withdrawal without notice. Prospective purchasers should make their own investigations, projections and conclusions concerning the information.