Notice Content
NOTICE OF POWER OF SALE CONTAINED IN
DEED TO SECURE DEBT, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT
STATE OF GEORGIA
GWINNETT COUNTY
Under and by virtue of the power of sale contained in that certain Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement dated May 23, 2013, and recorded in Deed Book 52268, Page 0184, Gwinnett County, Georgia records (the Security Deed), said Security Deed being executed by Rovema Packaging Machines, L.P., a Georgia limited partnership (Rovema), to Fifth Third Bank, an Ohio banking corporation (Fifth Third), the undersigned, as Attorney-in-Fact for Rovema, will sell at public outcry to the highest and best bidder for cash, between the legal hours of sale before the Courthouse door in Gwinnett County, Georgia, on the first Tuesday in August, 2017 (August 1, 2017), the following described property (the Property), to-wit:
ALL THAT TRACT OR PARCEL OP LAND lying and being in Land Lot 113 of the 5th District of Gwinnett County, Georgia, and being more particularly described as follows:
TO FIND THE TRUE POINT OF BEGINNING commence at the point of intersection of the easterly right-of-way line of Old Norcross Place (60-foot right-of-way) (if said right-of-way line was extended and was not mitered) with the northerly right-of-way line of Old Norcross Road (80-foot right-of-way); running thence in a northeasterly direction along the northerly right-of-way line of Old Norcross Road and following the curvature thereof, an arc distance of 30.75 feet to the point of intersection of said northerly right-of-way of old Norcross Road with the mitered right-of-way line of Old Norcross Place (said arc being subtended by a chord bearing north 87 degrees 04 minutes 24 seconds east a distance of 30.75 feet); thence in a northeasterly direction along said northerly right-of-way line of Old Norcross.Road and following the curvature.thereof, an arc distance of 69.77 feet to an iron pin found and the TRUE POINT OF BEGINNING (said arc being subtended by a chord bearing north 89 degrees 05 minutes 33 seconds east a distance of 69.77 feet); FROM THE TRUE POINT OF BEGINNING thus established, and leaving said northerly right-of-way line of Old Norcross Road, run thence north 17 degrees 26 minutes 48 seconds west, a distance of 240.00 feet to an iron pin found; thence north 04 degrees 33 minutes 12 seconds east, a distance of 66.23 feet to an iron pin found; thence north 17 degrees 26 minutes 48 seconds west, a distance of 115.40 feet to an iron pin found; thence north 72 degrees 33 minutes 12 seconds east, a distance of 335.19 feet to an iron pin set on the centerline of a railroad lead track; thence south 17 degrees 26 minutes 48 seconds east along the centerline of said railroad lead track, a distance of 592.23 feet to a painted x on railroad crossing matt at the point of intersection of the centerline of said railroad lead track with said northerly right-of-way line of Old Norcross Road; thence in a northwesterly direction along said northerly right-of-way line of Old Norcross Road and following the curvature thereof, an arc distance of 401.79 feet to an iron pin found and the TRUE POINT OF BEGINNING (said arc being subtended by a chord bearing north 81 detrees 28 minutes 00 seconds west, a distance of 400.47 feet).
The above courses and.distances being taken from As-Built Survey for Rovema Packaging Macines L.P., prepared by Hayes, James & Associates, dated July 19, 1990, last revised July 31, 1990. The above-described property being denoted as Tract No. 5 and containing 4.00 acres according to said survey.
TOGETHER WITH all easements, rights and benefits, appurtenant to the above-described property as set forth in that certain Limited Warranty Deed from Gwinnett 316 Associates to John H. Bailey, dated October 23, 1985, and recorded in Deed Book 3214, Page 30, Gwinnett County, Georgia Records.
The Security Deed was given to secure that certain Promissory Note dated as of May 23, 2013, in the original principal amount of EIGHT MILLION AND NO/100 DOLLARS ($8,000,000.00) (the Revolver Note) made by Rovema and Bossar USA, Inc. (collectively, the Borrower) to Fifth Third, as well as that certain Promissory Note dated as of May 23, 2013 in the original principal amount of ONE MILLION FIVE HUNDRED SEVENTY-FIVE THOUSAND AND NO/100 DOLLARS ($1,575,000.00) (the Term Note) from the Borrower to Fifth Third, as well as balances owed under a credit card agreement together with all interest, costs, fees and expenses, including attorneys fees, as set forth in the Final Judgment and Order Granting Plaintiff Fifth Third Banks Motion for Summary Judgment entered by the Fulton County Superior Court on May 24, 2017 (Judgment) in the matter entitled Fifth Third Bank, Plaintiff, v. Bossar USA, Inc., Rovema Packaging Machines, LP, PKG Holdings, LLC and Klaus Kraemer, civil action file No. 2016CV 278448 (the Litigation). In connection with the Litigation, ABTV was appointed as Receiver for the Borrower (the Receiver).
On account of defaults in the terms of the Revolver Note, Term Note, Security Deed and other loan documents, including the Borrowers failure to pay the indebtedness evidenced by the Revolver Note and the Term Note upon maturity, and the Borrowers failure to satisfy the Judgment, Fifth Third, the present holder of said Security Deed, the Term Note, the Revolver Note and the Judgment, has declared the entire unpaid balance of the Judgment and secured by said Security Deed, including interest to date of sale, to be due and payable immediately.
The indebtedness remaining in default and unpaid, this sale will be for the purpose of satisfying indebtedness owed pursuant to the Loan Documents, as set forth in the Judgment.
Notice has been given, in writing and by certified mail or statutory overnight delivery return receipt requested, to the Borrower, the Receiver and everyone obligated under the indebtedness of the name, address, and telephone number of the individual or entity who shall have full authority to negotiate, amend, and modify all terms of the Loan Documents in accordance with O.C.G.A. Section 44-14-162.2(a), together with a copy of this Notice of Power of Sale in accordance with O.C.G.A. Section 44-14-162.2(b).
The Property will be sold subject to outstanding ad valorem taxes and/or assessments, all zoning ordinances, matters of which would be disclosed by an accurate survey or inspection of the Property, outstanding bills for utilities, easements, restrictions and rights-of-way and any other matters of record superior to the Security Deed, 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 Fifth Third, the equitable title to the Property is vested in Rovema and/or the Receiver, and the party in possession of the Property is the Receiver.
-s- Constance L. Young
FIFTH THRID BANK,
as Attorney-in-Fact for
Rovema Packaging Machins, L.P. a Georgia Limited Partnership
Constance L. Young, Attorney at Law
Womble, Carlyle, Sandridge & Rice, LLP
310 South College Street, Suite 3500 Charlotte, NC
(704) 331-4972
950-495631, 7/5,12,19,26
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