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Public Notice of UCC Article 9 Sale: Nu-World Amaranth, Inc.


1. Summary:

Pursuant to Section 5/9-610 of the Illinois Uniform Commercial Code (ILCS 5/9 § 9-610), and pursuant to a Promissory Note and Security Agreement dated as of October 13, 2015 (as subsequently amended, modified, and supplemented, the “Security Agreement”) among Nu-World Amaranth, Inc. (the “Borrower”) and Steve Sarowitz (the “Lender”), the Lender will sell its interest in substantially all of the Borrower’s personal assets (the “Assets”) listed in Section 2 of the Security Agreement between the Lender and the Borrower, as the debtor, at a public sale to be held on May 1, 2018.

2. Assets to be Sold:

The Assets consist of all of the Borrower’s Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letters of Credit, Letter-of-Credit Rights, Pledged Deposits, Supporting Obligations, and other Collateral, wherever located, together with proceeds thereof. Neither Lender nor the Borrower is purporting to sell any interest in any asset that is (i) not owned by the Borrower; or (ii) not subject to a first-priority lien in favor of the Lender. The Assets secure the repayment of the indebtedness of the Borrower to the Lender under the Promissory Note in the amount of $10,141,006.00 as of March 16, 2018.

3. Time and Place of Sale:

Subject to all the terms of this Notice, the Assets will be sold to the highest bidder at public auction. The auction shall take place May 1, 2018, at 11:00 A.M. CDT, at the offices of Sugar Felsenthal Grais & Helsinger LLP, 30 N. LaSalle Street, Suite 3000, Chicago, Illinois.

4. Procedures:

  1. The terms of this public sale shall be 25% deposit with bid and the balance of bid price to be paid within 24 hours after the acceptance of any bid. All funds must be paid in cash or cashier’s check.
  2. If successful bidder defaults on payments of the full purchase price, the initial deposit shall be forfeited and the Lender shall retain same to be applied against the debt and, at the Lender’s option, the Lender can sell to the next highest bidder without prejudice to or waiver of rights and remedies of the Lender against defaulting highest bidder.
  3. The Lender reserves the right to adjourn the sale by giving notice at the time of sale and in such event said sale shall be continued to such date as the Lender may then announce without further notice other than oral announcement at the sale.
  4. The Lender reserves the right to credit-bid up to the full amount of its debt at the sale without cash or cashier’s check deposit as required for other bidders. The Lender reserves the right within 24 hours of completion of bidding to reject all bids.
  5. Disposition of said personal property, pursuant to said public sale, transfers to a purchaser for value all of the rights of the Borrower therein and discharges the security interest under which it is made and any security interest or lien, if any subordinate thereto, the purchaser taking said personal property free of all such subordinate rights or interests.
  6. The purchaser will receive, upon payment of the balance of the bid price, a Bill of Sale setting forth purchaser’s rights, title and interest in and to said personal property. Lender makes no representations or warranties as to the value or condition of the aforesaid personal property, or as to the superiority of its title thereto.
  7. The Lender intends to seek judgments against the Borrower and any guarantors for any and all deficiency remaining due after said public sale and reserves the right to proceed against any other collateral of the Borrower in the hands of the Lender herein to satisfy such deficiency, if any.
  8. The Assets shall be offered for sale in a single lot or in various lots, at the discretion of the Lender, “as-is, where-is”, with no express or implied warranties, representations, statements or conditions of any kind including but not limited to warranties of merchantability or fitness for a particular purpose.

5. More Information:

Persons wishing to inspect the loan documents or the collateral may call or write Christopher J. Horvay, attorney for the Lender, at Sugar Felsenthal Grais & Helsinger LLP, 30 N. LaSalle Street, Suite 3000, Chicago, Illinois, 60602 (312) 704-9400.

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