NOTICE OF SHERIFF'S MORTGAGE
FORECLOSURE SALE BY PUBLIC AUCTION
Name of Mortgagor: 212 Development Group, LLC and KS Developers, LLC
Name of Mortgagee: Prosperan Bank, f/k/a Washington County Bank, N.A.
Maximum Original Principle Amount Secured by the Mortgage: $6,877,201.00
Date and Recording Information of Mortgage: September 19, 2005; recorded in the Office of Register of Titles in and for Dakota County, Minnesota, on September 20, 2005, as Document No. 574786 (the "Mortgage"). The Mortgage will be foreclosed pursuant to, among other things, that certain Voluntary Foreclosure Agreement, dated August 4, 2008 and with an effective date of July 30, 2008, executed between 212 Development Group, LLC, a Minnesota limited liability company, KS Developers, LLC, a Minnesota limited liability company, John Klingelhutz, and Denis R. Safe to Prosperan Bank f/k/a Washington County Bank, N.A., and filed of record in the Office of Register of Titles in and for the County of Dakota, State of Minnesota, on August 5, 2008 as Document No. T631499.
Amount Due as of June 22, 2009: $2,364,333.69 (which includes, without limitation, interest, costs, and fees, all of which will continue to accrue)
Legal Description of Mortgaged Premises: The real and personal property as described in the Mortgage, which real property, which is Torrens (i.e. Registered) real property, is legally described as:
Outlot A in Lakeway Park East Campus, Dakota County, Minnesota, Torrens Certificate #131829
(collectively, the "Mortgaged Premises").
Common Address and Tax Parcel Identification Number of Mortgaged Premises: The real property does not have a common address. The tax parcel identification number of the Property is: 22-44455-010-00.
Mortgage Origination And Servicer Information: The residential mortgage servicer of the Mortgage is the Mortgagee; there is no third-party servicer. The Mortgagee is the lender and it originated the loan. There is no transaction agent. All questions regarding this foreclosure should be directed to the Mortgagee or the undersigned.
Time, Place, and Manner of Sale: 10:00 a.m. on July 28, 2009, at the Dakota County Sheriff's Office, Law Enforcement Center, 1580 Highway 55 Hastings, MN 55033-2343. The Mortgaged Premises may be sold separately, in gross, or both.
Non-Merger of Interests: Any purchase by the Mortgagee of the Mortgaged Premises at the foreclosure sale and/or the Mortgagee's obtaining title to the Mortgaged Premises at the end of the redemption period shall not cause the lien of the Mortgage, or any other lien or interest in favor of the Mortgagee against or with respect to the Mortgaged Premises to merge with fee title or any other interest acquired by the Mortgagee, or in any manner otherwise impair the security or priority of such liens or the Mortgagee's rights and remedies under such liens and applicable law. To the contrary, the Mortgagee intends to reserve, and hereby expressly reserves, all of its rights and remedies with respect to such liens and interests.
Redemption: Mortgagor's Redemption Period shall expire 2 months after the date of sale. THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES, SECTION 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.
Deficiency: The Mortgagee preserves the right to pursue any deficiency in the indebtedness in accordance with applicable law.
Dated: June 22, 2009
WINTHROP & WEINSTINE, P.A.
By: /s/ Nina L. Carranco
Nina L. Carranco (#0388933)
225 South Sixth Street
Minneapolis, Minnesota 55402
Attorneys for Prosperan Bank