PLEASE TAKE NOTICE that on June 4, 2021, at 10:00 a.m. (Pacific Standard Time), a public sale (hereinafter the “Public Sale”) shall be conducted of Mohamed Hadid’s 100% membership interest in Coldwater Development LLC, a California limited liability company. The Public Sale is being conducted pursuant to California Commercial Code, sections 9601 et seq. The Collateral, as described below, will be sold to the highest qualified bidder at the Public Sale pursuant to the terms of this notice.
The Public Sale will be conducted via video conference hosted by Zoom:
PLEASE TAKE FURTHER NOTICE that the foreclosure, disposition, and Public Sale are being held by Give Back, LLC, as the secured party (hereinafter “Give Back, LLC” or “Secured Party”), to enforce its rights and remedies as the secured party under the Membership Interest Pledge Agreement (hereinafter the “Pledge Agreement”), dated March 17, 2017, by and between Mohamed Hadid (hereinafter “Mohamed Hadid” or “Pledgor”) and Romspen California Mortgage Limited Partnership (hereinafter “Romspen”). An “Event of Default” has occurred by Pledgor under the Pledge Agreement. A default has also occurred by Pledgor under his Guaranty, dated March 17, 2017, of, inter alia, Coldwater Development LLC and Lydda LUD, LLC’s (Coldwater Development LLC and Lydda LUD, LLC are hereinafter collectively referred to as the “Debtors”) Loan Agreement, dated March 17, 2017, with Romspen (hereinafter the “Loan Agreement”), Promissory Note, dated March 17, 2017, by Debtors for the benefit of Romspen and its assigns (hereinafter the “Note”), and the Loan granted pursuant thereto. Debtors are in default of the Note and Loan Agreement. Give Back, LLC is the assignee of the Pledge Agreement, Loan Agreement, Note, related Loan Documents, the Loan, Guaranty, and of all Romspen’s rights, title, interest, and remedies therein. A copy of the Pledge Agreement may be obtained by contacting counsel for Secured Party in writing at the contact set forth below.
The Public Sale is of the “Collateral” pledged by Mohamed Hadid as Pledgor pursuant to the Pledge Agreement as more specifically described as follows:
Coldwater Development LLC is the owner of certain valuable real property located in Beverly Hills, California, the legal description of which can be obtained by clicking on the following link (Exhibit A Legal Description) or by contacting counsel for the Secured Party by email. Coldwater Development LLC has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code in the action entitled In Re Coldwater Development LLC, United States Bankruptcy Court, Central District of California, Case No. 2:21-bk-10335-BB, which is currently pending.
The Collateral will be sold to the highest qualified bidder for cash, or the credit against outstanding indebtedness held by the Secured Party or for which the Secured Party is entitled by contract to bid. Please be advised that Secured Party, and any assignees of the Secured Party, reserve their right to credit bid, and may credit bid, at the Public Sale of the Collateral.
All bidders must pre-qualify at least (5) business days before the Public Sale date, by no later than May 27, 2021, by depositing $10,000 (by bank to bank wire transfer, certified or cashier’s check payable to “Law Offices of Ronald Richards & Associates, APC, Attorney Client Trust Account,” or another form of payment Secured Party may agree to accept in writing) with legal counsel for Secured Party and all deposits (except that of highest bidder) shall be returned within three (3) business days of the conclusion of the bidding. Cash deposits will not be accepted. The highest bidder’s deposit shall be non-refundable. The balance of the highest bid payable to Secured Party by bank to bank wire transfer, certified or cashier’s check shall be delivered to Secured Party’s legal counsel no later than June 7, 2021, at 1:00 p.m. (Pacific Standard Time), which may be continued, in writing, to a later time and date in Secured Party’s sole discretion. If the highest bidder defaults upon payment of the balance, its deposit and any partial payments are forever forfeited and the Collateral, at Secured Party’s sole option and discretion, may be sold to the next highest qualified bidder. Secured Party, directly or indirectly through nominees or assigns, reserves the right to bid at the Public Sale without tendering deposit, as required for other bidders, to credit bid, and to take title to the Collateral immediately after the Public Sale, or on such other date as Secured Party shall elect in its sole discretion. Interested parties who would like additional information should contact Ronald N. Richards, legal counsel for the Secured Party, at [email protected] and [email protected] or at (310) 556-1001.
The Public Sale may be canceled or continued from time to time, without further notice other than as given at the Public Sale date and place, at the sole and absolute discretion of Secured Party.
There will be no warranty made or provided relating to title, possession, quiet enjoyment or the like in connection with the disposition and sale of the Collateral. The Collateral shall be sold AS IS, WHERE IS, and all warranties of quality, quiet enjoyment, fitness, merchantability and all other warranties, express, implied, arising by statute, common law or otherwise are expressly excluded. 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.
Secured Party: Give Back, LLC, c/o Ronald Richards, 325 N. Maple Drive, #11480, Beverly Hills, California 90213, Tel: (310) 556-1001, email: [email protected]
Counsel for Secured Party: Law Offices of Ronald Richards & Associates, A.P.C., attn. Ronald Richards, P.O. Box 11480, Beverly Hills, California 90213, Tel: (310) 556-1001, email: [email protected] and [email protected]
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