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Mortgage Foreclosure

Owatonna Hospitality LLC

NOTICE OF 
MORTGAGE 
FORECLOSURE SALE

DATE: November 1,  2022

YOU ARE NOTIFIED THAT:

1. Default has occurred in the conditions of that certain Mortgage and Security Agreement and Fixture Financing Statement dated June 26, 2007, executed by Owatonna Hospitality LLC, a Minnesota limited liability company, to Minnwest Bank, M.V., a Minnesota banking corporation, now known as Minnwest Bank, and filed for record on July 12, 2007, as Document No. A000350967, in the Office of the County Recorder of Steele County, Minnesota, and as thereafter modified.

2. The original principal amount secured by the Mortgage was $6,000,000.00.

3.  No action or proceeding at law is now pending to recover the debt secured by the Mortgage, or any part thereof.

4. The holder of the Mortgage has complied with all conditions precedent to acceleration of the debt secured by the Mortgage and foreclosure of the Mortgage, and all notice and other requirements of applicable statutes.

5.  At the date of this notice the amount due on the Mortgage, and taxes, if any, paid by the holder of the Mortgage is the following sum: $3,319,532.00.

6.  Pursuant to the power of sale in the Mortgage, the Mortgage will be foreclosed on the land described as follows:

Lot 2, Block 1, Three Corners Addition No. 2, Steele County, Minnesota.

Street Address:  2365 Northwest 43rd Street, Owatonna, MN  55060
PIN 17-509-0102

together with all fixtures, equipment, machinery, and personal property of any kind which is located at or necessary to the use of the foregoing real estate; 

all of which real estate and personal property will be sold by the Sheriff of Steele County, Minnesota, at public auction on Wednesday, December 7, 2022, at 10:00 o’clock a.m. at the Steele County Sheriff’s Office, 204 Pearl Street, Owatonna, Minnesota 55060.

7. The foreclosure sale is being conducted as a voluntary foreclosure sale in accordance with that certain Voluntary Foreclosure Agreement by and between the Mortgagor, Owatonna Hospitality LLC, a Minnesota limited liability company, and the Mortgagee, Minnwest Bank, a Minnesota banking corporation f/k/a Minnwest Bank, M.V., dated effective May 26, 2022, recorded on May 31, 2022, in the Office of the County Recorder of Steele County, Minnesota, as document number A000442963, and in accordance with the provisions of Minnesota Statutes Section 582.32.

8. The time allowed by law for redemption of Mortgagor or Mortgagor’s personal representatives or assigns is two (2) months after the date of sale.
     
9. Each holder of a junior lien may redeem in the order and manner provided in Minnesota Statutes Section 582.32, subdivision 9, to wit, beginning after the expiration of the Mortgagor’s redemption period as set forth above:  

“Creditor redemption.  A person holding a junior lien upon the real estate or some part of the real estate may redeem in the order and manner specified in sections 580.24 and 580.25, but only if before the end of the mortgagor’s redemption period under this section the creditor files with the county recorder or registrar of titles of each county where the real estate is located, a notice of intention to redeem. If a junior creditor fails to timely file a notice of intention to redeem as provided in this subdivision, or fails to redeem, its lien on the real estate is extinguished.”
    
Mortgagee: 
By /s/ Scott Larison     
Scott T. Larison
Attorney for Mortgagee
Lathrop GPM LLP
1010 West St. Germain, Suite 500
St. Cloud, MN  56301
(320) 252-4414

11.2-23

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