NOTICE OF MORTGAGE FORECLOSURE SALE

NOTICE IS HEREBY GIVEN, that default has occurred in the conditions of that certain Mortgage, Assignment of Leases and Rents and Security Agreement, dated March 28, 2013, executed by KAW Parks, LLC, a Minnesota limited liability company, as mortgagor (“Mortgagor”), to Ladder Capital Finance LLC, as mortgagee, which mortgage was recorded on April 10, 2013 as Document No. 769072 in the Office of the Sherburne County Recorder (the “Mortgage”), and which mortgage was thereafter assigned by Ladder Capital Finance LLC to Tuebor Captive Insurance Company LLC by that certain Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement dated as of April 8, 2013, recorded July 26, 2013 as Document Number 775373 in the Office of the Sherburne County Recorder; and subsequently assigned by Tuebor Captive Insurance Company LLC to Wells Fargo Bank, National Association, as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11, Commercial Mortgage Pass-Through Certificates, Series 2013-LC11 (the “Trust”), by that certain Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement dated August 1, 2013, recorded August 23, 2013 as Document Number 777011 in the Office of the Sherburne County Recorder; and subsequently assigned by the Trust to C-III Mortgage Funding LLC, a Delaware limited liability company, by that certain Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement dated August 6, 2018, recorded October 9, 2018, as Document Number 863230; the original principal amount of the Mortgage was $5,500,000.00; that no action or proceeding has been instituted at law to recover the debt secured by said Mortgage or any part thereof; that any notice required by said Mortgage, or any note secured thereby, or by law, to be given prior to the commencement of these proceedings to foreclose said Mortgage has been given; that there is due and claimed to be due upon said Mortgage, including interest to date hereof, the sum of $5,197,740.71; and that pursuant to the power of sale therein contained, said Mortgage will be foreclosed.

The tracts of land in said Mortgage, lying and being in Sherburne County, State of Minnesota, and legally described as follows, to-wit:

Parcel/Tract 1:

South Half of the Northwest Quarter of the Northeast Quarter (S 1/2 of NW 1/4 of NE 1/4) of Section Thirty (30), Township Thirty-three (33), Range Twenty-seven (27), Sherburne County, Minnesota.

Abstract Property

Parcel/Tract 2:

That part of the North Half of the Northeast Quarter (N 1/2 of NE 1/4) of Section Nine (9), Township Thirty-five (35), Range Twenty-six (26), Sherburne County, Minnesota, described as follows:

Beginning at a point on the North line of said Northeast Quarter of Section 9, Township 35, Range 26, which point is 800.02 feet East of the Northwest corner thereof; thence in a Southerly direction parallel with the West line of said Northeast Quarter to the South line of the North Half of the Northeast Quarter; thence in an Easterly direction along the South line of said North Half of the Northeast Quarter to the Southeast corner of the North Half of the Northeast Quarter of Section 9, Township 35, Range 26; thence in a Northerly direction along the East line of said Northeast Quarter of Section 9, Township 35, Range 26, to the Northeast corner thereof; thence in a Westerly direction along the North line of said Northeast Quarter to the point of beginning, according to the U.S. Government Survey thereof.

Abstract Property

(the “Land”) together with as to each separate parcel/tract (i) Additional Land. All additional lands, estates and development rights acquired by Mortgagor for use in connection with the Land and the development of the Land and all additional lands and estates therein which by supplemental mortgage or otherwise are expressly made subject to the lien of the Mortgage; (ii) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on the Land (collectively, the “Improvements”); (iii) Easements. All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way belonging, relating or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto; (iv) Equipment. All “equipment,” as such term is defined in Article 9 of the Uniform Commercial Code (as hereinafter defined), owned or acquired by Mortgagor, which is used at or in connection with the Improvements or the Land or is located thereon or therein (including, but not limited to, all machinery, equipment, furnishings, and electronic data-processing and other office equipment owned or acquired by Mortgagor and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto (collectively, the “Equipment”); (v) Fixtures. All Equipment owned, or the ownership of which is acquired, by Mortgagor which is so related to the Land and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all building or construction materials intended for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, plumbing, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Mortgagor’s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof (collectively, the “Fixtures”); (vi) Personal Property. All furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances, general intangibles, inventory, contract rights (including, without limitation, all rights of Mortgagor under all retail installment contracts, security agreements and other agreements pertaining to the sale or financing by Mortgagor of manufactured homes or mobile homes, together with all promissory notes, guarantees, certificates of title and statements of ownership and location relating to any of the foregoing), manufactured homes, mobile homes, accounts, accounts receivable, franchises, licenses, certificates and permits, and all other personal property of any kind or character whatsoever (as defined in and subject to the provisions of the Uniform Commercial Code as hereinafter defined, and including without limitation manufactured or mobile homes and garages), whether tangible or intangible, other than Fixtures, which are owned by Mortgagor and which are located within or about the Land and the Improvements, together with all accessories, replacements and substitutions thereto or therefor and the proceeds thereof (collectively, the “Personal Property”), and the right, title and interest of Mortgagor in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted by the state or states where any of the Property is located, or where Mortgagor is located, as applicable (the “Uniform Commercial Code”), superior in lien to the lien of this Mortgage and all proceeds and products of the above; (vii) Leases and Rents. All leases and other agreements affecting the use, enjoyment or occupancy of the Land and the Improvements entered into, whether before or after the filing by or against Mortgagor of any petition for relief under 11 U.S.C. §101 et seq., as the same may be amended from time to time (the “Bankruptcy Code”) (collectively, the “Leases”) and all right, title and interest of Mortgagor, its successors and assigns therein and thereunder, including, without limitation, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the Improvements whether paid or accruing before or after the filing by or against Mortgagor of any petition for relief under the Bankruptcy Code (collectively, the “Rents”) and all proceeds from the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment and performance of the Obligations, including the payment of the Debt; (viii) Condemnation Awards. All awards or payments, including interest thereon, made with respect to the Property, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of the exercise of such right), or for a change of grade, or for any other injury to or decrease in the value of the Property; (ix) Insurance Proceeds. All proceeds in respect of the Property under any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Property; (x) Tax Certiorari. All refunds, rebates or credits in connection with any reduction in real estate taxes and assessments charged against the Property as a result of tax certiorari proceedings or any other applications or proceedings for reduction of same, in each case, irrespective of the time period to which they relate; (xi) Rights. The right, in the name and on behalf of Mortgagor, to appear in and defend any action or proceeding brought with respect to the Property and to commence any action or proceeding to protect the interest of Lender in the Property; (xii) Agreements. All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted on the Land and any part thereof and all right, title and interest of Mortgagor therein and thereunder, including, without limitation, the right, upon the happening of any default hereunder, to receive and collect any sums payable to Mortgagor thereunder; (xiii) Trademarks. All tradenames, trademarks, servicemarks, logos, copyrights, goodwill, books and records and all other general intangibles relating to or used in connection with the operation of the Property; (xiv) Accounts. All reserves, escrows and deposit accounts maintained by Mortgagor with respect to the Property, including, without limitation, all accounts established or maintained pursuant to the Loan Agreement, the Cash Management Agreement, the Clearing Account Agreement or any other Loan Document (as such terms are defined in the Mortgage), together with all deposits or wire transfers made to such accounts, and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time, and all proceeds, products, distributions, dividends and/or substitutions thereon and thereof; (xv) Uniform Commercial Code Property. All documents, instruments, chattel paper and intangibles, as the foregoing terms are defined in the Uniform Commercial Code, and general intangibles relating to the Property; (xvi) Proceeds. All proceeds of any of the foregoing, including, without limitation, proceeds of insurance and condemnation awards, whether in cash, or in liquidation or other claims or otherwise; and (xvii) Other Rights. Any and all other rights of Mortgagor in and to the items set forth above.

Parcel/Tract 1:

P.I.N.: 650301215 

Address: 126 Office Street, Big Lake, Minnesota 55309

Parcel/Tract 2:

P.I.N.: 010091105, 010091106, 010091110 

Address: 12113 317th Avenue NW, Princeton, Minnesota 55371

(collectively the “Mortgaged Property”) will be sold by the Sheriff of Sherburne County, Minnesota at public auction on December 4, 2019, at 10:00 o’clock A.M., at the Sherburne County Sheriff’s office, 13880 Business Center Drive NW, Suite 100, Elk River, Minnesota in said county, to pay the debt secured by said Mortgage and taxes, if any, on said premises and the costs, attorneys’ fees and disbursements allowed by law. Separate sales will be conducted of Parcel/Tract 1 and Parcel/Tract 2 as described above. The time allowed by law for redemption by the Mortgagor, its personal representatives, successors or assigns, is twelve (12) months from the date of said sales.

Each person holding a junior lien upon the Mortgaged Property or some part thereof may redeem beginning after the expiration of the Mortgagor’s redemption period, but only if one week or more before the end of the Mortgagor’s redemption period the creditor files with the Office of the County Recorder and/or the Office of the County Registrar of Titles in the county where the Mortgaged Property is located a notice of intention to redeem. At the time of first publication of this notice, no mortgagor has been released from financial obligation on the Mortgage.

Dated:  September 24, 2019

C-III MORTGAGE FUNDING LLC

FAEGRE BAKER DANIELS LLP

/s/ D. Charles Macdonald

Attorneys for Mortgagee

2200 Wells Fargo Center

90 South Seventh Street

Minneapolis, MN  55402

(Published in the Citizen-Tribune: 09/28/19; 10/05/19; 10/12/19; 10/19/19; 10/26/19; 11/02/19)