• NOTICE OF MORTGAGEE'S SALE OF REAL ESTATE

NOTICE OF MORTGAGEE'S SALE OF REAL ESTATE
126 Clark Siding Rd., Ashland, Maine, 10 A.M., March 22, 2018
By virtue of and in execution of the power of sale contained in a certain Mortgage and Security Agreement (the "Mortgage") given by CedarNorth, LLC (the "Mortgagor") to Maine Rural Development Authority (the "MRDA") dated August 30, 2013, and recorded in the Southern Aroostook County Registry of Deeds (the "Registry") in Book 5227, Page 316, of which Mortgage the MRDA continues to be the present holder, for breach of the conditions of the Mortgage and for the purpose of foreclosing the same, the property described in said Mortgage, reference to which mortgage is made for a complete description of the real estate, and further described in that certain deed into Mortgagor recorded in the Registry in Book 5227, Page 312, commonly known as 126 Clark Siding Road, Ashland, Maine, will be sold at public sale at 10:00 A.M., March 22, 2018. The public sale will be held at the mortgaged property at 126 Clark Siding Road, Ashland, Maine. A preview will be held on the premises at 10:30 A.M. to 12:00 P.M., March 5, 2018.
The foregoing premises shall be conveyed subject to the following items: 1. Any and all municipal, state, or federal laws, regulations, and ordinances including, without limitation, permits and approvals heretofore issued by any federal, state, or municipal government authority (compliance with, application for the transfer of any such permits, or approvals shall be the sole responsibility of the purchaser). 2. Any and all encumbrances senior to the mortgage and easements of record and any governmentally imposed or required zoning, subdivision, environmental, and other land use restrictions. 3. Any condition which a physical examination or adequate survey of the premises might reveal. 4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law, and which may or may not be shown by the public records. 5. All outstanding municipal fees and charges, including water and sewer and municipal taxes, including those which constitute liens encumbering the mortgaged premises. 6. Any and all conditions shown on any recorded plans of all or a portion of the property.
TERMS OF SALE: THE PROPERTY HEREINABOVE DESCRIBED IS BEING SOLD ON AN "AS IS" "WHERE IS" BASIS, WITHOUT ANY WARRANTY WHATSOEVER AS TO THE CONDITION, FITNESS, SIZE, HABITABILITY, MERCHANTABILITY, OR LOCATION OF THE PROPERTY OR THE STATE OF TITLE TO THE PROPERTY.
The MRDA expressly reserves the right, in its sole discretion, to bid in amounts due and owing, or portions thereof, under the Mortgage, until the Mortgage is satisfied.
The MRDA is, in addition, the assignee, for the purposes of collateral, of the Mortgagor's interests in leases and rents, pursuant to an Assignment of Leases and Rents dated August 30, 2013 and recorded in the Southern Aroostook County Registry of Deeds in Book 5227, Page 339, all of which shall likewise be included in the sale of the property subject to the above Mortgage.
Interests junior to the Mortgage being foreclosed are, to the best of the mortgagee's knowledge, as follows: Subordination, Non-Disturbance, Attornment, and Estoppel Agreement executed by MRDA, CedarNorth, LLC, and Ecoshel, Inc. referencing a certain Lease between CedarNorth, LLC and Ecoshel, Inc. dated August 30, 2013 and recorded in the Registry in Book 5228, Page 1; Mortgage from CedarNorth, LLC to Coastal Enterprises, Inc. in the original principal amount of $250,000.00 dated October 15, 2013 and recorded in the Registry in Book 5249, Page 6; Commercial Mortgage, Security Agreement and Assignment of Leases and Rents from CedarNorth, LLC to TD Bank, N.A. in the original amount of $750,000.00 dated October 16, 2013 and recorded in the Registry in Book 5250, Page 143; Mortgage Deed, Security Agreement and Financing Statement from CedarNorth, LLC to the Community Development Block Grant funds by the State of Maine, acting by and through the Department of Economic and Community Development in the original amount of $800,000.00 dated December 18, 2013 and recorded in the Registry in Book 5263, Page 23; Commercial Mortgage, Security Agreement and Assignment of Leases and Rents from CedarNorth, LLC to Maine Technology Institute in the original amount of $416,170.00 dated December 18, 2013 and recorded in the Registry in Book 5263, Page 38; and Mortgage, Security Agreement and Financing Statement from CedarNorth, LLC to Finance Authority of Maine in the original amount of $200,000.00 dated February 27, 2015 and recorded in the Registry in Book 5400, Page 155.
Bid deposits of $10,000 must be made by cash or certified check, each deposit made by any successful bidder is to be increased to ten percent (10%) of the purchase price, by cash or certified U.S. funds, not later than five (5) days of the sale date. Purchaser must sign a purchase and sale agreement with the MRDA, which agreement shall provide in part (1) that the purchaser will be responsible for all real estate and/or personal property taxes and other municipal charges attributable to the respective property unpaid and in arrears and for all subsequent tax years, and (2) that a closing of the sale shall be held within thirty (30) days of the public sale where, upon presentation by the MRDA of the duly executed quitclaim deed without covenant, the remaining balance of the purchase price will be due in cash or certified funds.
The MRDA expressly reserves the right to bid without making the required deposits, to modify the terms of the sale set forth above, to add additional terms as it so wishes, to authorize the mortgagor to sell the property or any portion of it prior to the public sale date, or to cancel the public sale.
Other terms and conditions of sale, including any modification or additions to the terms set forth above, will be set forth in the auctioneer's materials and/or announced at the time of the sale. For further information, please contact the auctioneer, Keenan Auction Company, (207) 885-5100, www.keenanauction.com. Maine Rural Development By: Adam J. Shub, Esq., Its Attorney.
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PostedFebruary 14, 2018

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