NOTICE OF SECURED PARTY’S PUBLIC SALE OF COLLATERAL UNDER UNIFORM COMMERCIAL CODE
PLEASE TAKE NOTICE that on April 28, 2022, at 10:00 A.M. local New York time, 477 Washington Bridge Loan LLC (“Secured Party”) will offer for sale at a public auction under Section 9-610 of the Uniform Commercial Code as enacted in the State of New York, certain personal property assets in which Secured Party has been granted a security interest by 475 Washington Avenue Owners, LLC and Barry Leon (collectively, the “Assignor”), including certain limited liability company interests, and certain rights and property related and appurtenant thereto (collectively, the “Collateral”) in 477 Washington Ave., LLC. Assignor has represented and warranted that the Collateral includes 100% of the membership interests in 477 Washington Ave., LLC. 477 Washington Ave., LLC is believed to own certain real property located at 477 Washington Avenue, Brooklyn, NY 11238.
The sale will be conducted virtually via online video conference (with a telephonic option for those who wish to dial in by phone only). Subject to applicable Federal, state and local laws and rules related to the COVID-19 pandemic, there may also be the ability of qualified bidders to request to attend the sale in-person. Instructions on how to become a “qualified bidder” and attend the auction via online video conference, telephone, and/or to request to attend in person, are set forth in the Sale Procedures for Secured Party Sale (the “Sale Procedures”) which are available online at https://www.hilcorealestate.com/properties-for-sale/listing and/or by contacting Jonathan Cuticelli of Hilco Real Estate, LLC at (203) 561-8737 or [email protected].
This sale will be held to enforce the rights of Secured Party under (i) that certain Assignment and Security Agreement dated as of December 30, 2016, between the Assignor and Avant Capital 477 Washington Avenue LLC (“Avant”), as assigned to the Secured Party pursuant to that certain Loan Sale Agreement, dated as of July 21, 2020, by and between Avant and the Secured Party, (ii) that certain Amended and Restated Note, dated as of July 28, 2020, by 477 Washington Ave., LLC and 135 St. James Place, LLC (collectively, the “Borrower”) and in favor of the Secured Party and (iii) all other documents, agreements, and instruments executed in connection with, related to, and/or securing the foregoing, (together with all modifications or amendments of the same, shall be collectively referred to as the “Loan Documents”). Pursuant to the Loan Documents, the Secured Party is the holder of security interests in, among other things, the Assignor’s legal and beneficial interest in and to 477 Washington Ave., LLC.
Qualified bidders will be required to post a $75,000 good faith deposit prior to bidding, which deposit will be required to be increased to ten percent (10%) of the successful bid by the successful bidder within three (3) business days of the sale. The sale will be FINAL and on an “AS-IS, WHERE IS, WITH ALL FAULTS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY WHATSOEVER. The Collateral includes unregistered securities under the Securities Act of 1933, and as such is 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 Collateral to the satisfaction of Secured Party. Secured Party reserves the right to credit bid at the sale. Secured Party also reserves the right to adjourn, continue, or cancel the sale without further notice. Other terms and conditions of the sale are set forth in the Sale Procedures.
Additional information regarding the Collateral will be made available via a secure dataroom to prospective bidders who execute a required non-disclosure agreement. Prospective bidders may obtain the required non-disclosure agreement, and other information regarding the sale, by visiting https://www.hilcorealestate.com/properties-for-sale/listing. Any prospective bidder must satisfy the requirements to be a “qualified bidder” by no later than 10:00 A.M. local New York time, on April 26, 2022. The sale will be conducted by Jonathan Cuticelli, Hilco Real Estate, a New York licensed auctioneer, license No. 1387302.
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