The foregoing documents, along with any other documents related thereto, are collectively referred to as the “Loan Documents.” The Auction is taking place in accordance with the provisions of the Texas Uniform Commercial Code, Section 9 101 et seq. (the “UCC”) as a result of certain defaults by the below named Borrower under the Loan Documents.
The Property may include unregistered securities under the Securities Act of 1933, and as such may be subject to certain transfer restrictions and will be sold as a single block. Secured Party reserves the right to establish all bidding procedures and requirements and to have prospective bidders reasonably demonstrate that they are qualified investors and their ability to perform and close on the acquisition of the Property to the satisfaction of Secured Party.
A complete description of the Property can be obtained by contacting the Agent through the contact information provided herein.
The Property shall be sold for cash at such price or prices and on such other commercially reasonable terms as Secured Party may determine in its sole discretion. Higher bids will continue to be entertained until Secured Party has determined that it has received the highest or best bid for the Property in its sole discretion. Secured Party shall be permitted to bid at the sale and, notwithstanding any requirement herein that the sale of the Property be for cash, may credit its bid against all or a portion of its secured claim and become the purchaser of the Property. Secured Party reserves the right to reject all bids and terminate the sale or adjourn the sale to such other time or times as it may deem proper only by announcement on the date of sale or any subsequent adjournment thereof without further publication and impose any other commercially reasonable conditions upon the sale of the Property as it may deem proper. Payment will be accepted only by wire transfer of same day funds, or, in the case of purchase by Secured Party, credit against amounts due under the Loan Documents. Payment must be made in full (net of the Sale Deposit) within two business days of the sale by a wire transfer of same day funds, or on such other terms as agreed by Secured Party in its sole discretion. The sale of the Property shall be effectuated by delivery of a Secured Party Bill of Sale with no representations, no warranties (whether express or implied) and all Property sold, “as-is, where-is, with all faults.”
The Secured Party, if it deems advisable, will designate a second party as back-up bidder in the event that the successful bidder is unable to consummate the anticipated transaction. If, at any point, the successful bidder or backup bidder is unable to fulfill its commitments, its Sale Deposit will be forfeited to the Secured Party. The Secured Party may, in its sole and absolute discretion, waive this forfeiture.
Secured Party makes no representation or warranty as to (i) state or condition of title, (ii) physical, financial, or environmental condition, (iii) existence, validity, or amount of any liens or claims senior to that of Secured Party, or (iv) value of or income produced or that may be produced by the Collateral.
2728 North Harwood
Dallas, Texas 75201
Attorneys for the Secured Party
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