Pursuant to the provisions of the Uniform Commercial Code, as enacted in Delaware (6 Del. Code §9-610), and pursuant to the terms and provisions set forth below and as are contained in that certain Pledge and Security Agreement (the “Pledge Agreement”) dated as of February 14, 2017 and executed by Riverfront Crossing Hospitality Mezz, LLC (“Debtor”) and Bradford Allen Funding Company LLC (“Bradford Allen” or “Secured Party”), Bradford Allen will sell the following described property via auction at public sale (the “Auction”) on June 19, 2020 at 10:00 a.m. (the “Auction Date”), at the offices of Robbins, Salomon & Patt, Ltd., 180 N. LaSalle Street, Suite 3300, Chicago, Illinois: 100% of the legal and beneficial limited liability company interests in RIVERFRONT CROSSING HOSPITALITY OWNER, LLC, a Delaware limited liability company (the “Collateral”). This sale is being held to enforce Bradford Allen’s rights in the Collateral to satisfy the indebtedness of the Debtor to Bradford Allen in an amount in excess of $5,500,000.00 (the “Indebtedness”). In addition to the Auction being conducted in person, the Auction will be held virtually on Zoom and recorded.
The terms of the sale will be as follows: All bids must be given orally or in writing at or before the time of sale. In conjunction with such bid, a bidder (except Bradford Allen) must tender to Secured Party a deposit equal to five percent (5%) of the proposed purchase price for the Collateral. Bradford Allen shall not be obligated to accept any bid if it deems the bid inadequate and reserves its right to credit bid for the Collateral under any circumstance. The successful bidder, if any, upon payment of the bid price, will receive from Bradford Allen an assignment of 100% of the legal and beneficial limited liability company interests in the Debtor, Riverfront Crossing Hospitality Owner, LLC. Other than a warranty of Bradford Allen’s security interest in the Collateral, no representations or warranties of any kind are or will be given by Bradford Allen at the time of such assignment.
Persons interested in bidding should direct all written bids, all requests for information, all requests for Zoom invitation to the Auction, and all other questions or comments to: Emily C. Kaminski, Robbins, Salomon & Patt, Ltd., 180 N. LaSalle St., Suite 3300, Chicago, IL 60601, tel: 312-456-0284, fax, 312-782-6690, email: [email protected] Additional terms and conditions of the Auction, which are incorporated herein by reference, may be found at www.bradfordallen.com.
/s/ Steve Jakubowski, Attorney for Secured Party, Bradford Allen Funding Company LLC
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