Notice Content
NOTICE OF SALE UNDER POWER IN SECURITY DEED
STATE OF GEORGIA
COUNTY OF GILMER
Under and by virtue of the Power of Sale contained in the Deed to Secure Debt from L. George Yap to New Horizons Bank dated January 22, 2007 and recorded in Deed Book 1346, Page 344, in the offices of the Clerk of the Superior Court of Gilmer County, Georgia, as assigned to Citizens South Bank by assignment dated April 15, 2011 and recorded in Deed Book 1671, Page 10, aforesaid records (as same may have been modified from time to time, collectively the “Security Deedâ€); the undersigned will sell at public outcry to the highest and best bidder for cash before the door of the Courthouse of Gilmer County, Georgia, during the legal hours of sale, on the first Tuesday in December, 2015, the following described real property, to wit:
ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOTS 135 AND 154, 11TH DISTRICT, 2ND SECTION OF GILMER COUNTY, GEORGIA, CONTAINING 1.07 ACRES AND BEING DESIGNATED AS TRACT 1D AS SHOWN ON PLAT OF SURVEY FOR TRACT 1D OF HIGHLANDS CROSSING FOR GEORGE YAP. SAID PLAT, DATED JANUARY 12, 2007, PREPARED BY DAVID W. SHIRLEY, GEORGIA REGISTERED LAND SURVEYOR NO. 2670, IS RECORDED IN PLAT BOOK 48, PAGE 232, GILMER COUNTY, GEORGIA RECORDS WITH REFERENCE MADE THERETO FOR THE PURPOSE OF INOCORPATING THE SAME.
THE ABOVE-DESCRIBED PROPERTY IS A PORTION OF THE SAME PROPERTY WHICH WAS CONVEYED BY GENERAL WARRANTY DEED DATED SEPTEMBER 20, 2000 FROM REECE FAMILY LIMITED PARTNERSHIP TO ELLIJAY PARTNERS, LLC AS RECORDED IN DEED BOOK 737, PAGE 9, GILMER COUNTY, GEORGIA RECORDS.
PROPERTY BEING MORE COMMONLY KNOWN AS: LOT 1D HIGHLANDS CROSSING, EAST ELLIJAY, GEORGIA 30539.
The debt secured by the Security Deed is evidenced by a Renewal Promissory Note, dated January 29, 2013 executed by L. George Yap to Park Sterling Bank, in the original principal amount of $455,930.61 (as same may have been further modified, renewed or amended, the ""ote"", plus interest from date on the unpaid balance until paid, and other indebtedness.
Default has occurred and continues under the terms of the Note and Security Deed by reason of, among other possible events of default, the nonpayment when due of the indebtedness evidenced by the Note and secured by the Security Deed and the failure to comply with the terms and conditions of the Note and Security Deed. By reason of this default, the Security Deed has been declared foreclosable according to its terms.
The above-described real property will be sold to the highest and best bidder for cash as the property of L. George Yap, the proceeds to be applied to the payment of said indebtedness, attorneys' fees, and the lawful expenses of said sale, all as provided in the Note and Security Deed. The sale shall be subject to the following: all outstanding ad valorem taxes and/or assessments, if any; possible redemptive rights of the Internal Revenue Service, if any; and all other prior assessments, easements, restrictions or matters of record.
To the best of the undersigned's knowledge and belief, the real property is presently owned by L. George Yap.
To the best of the undersigned's knowledge and belief, the party in possession of the real property is L. George Yap, and tenants holding under him.
Park Sterling Bank, successor by merger to Citizens South Bank, as successor in interest to New Horizons Bank, as Attorney-in-Fact for L. George Yap.
M. Todd Westfall, Esquire
Howick, Westfall & Kaplan, LLP
Suite 600, One Tower Creek
3101 Towercreek Parkway
Atlanta, Georgia 30339
(678)384-7005
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