Placed on 10/19/2017
Views: 320
Web ID 8171091
NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST On December 23, 2010, S & S General Contractors & Equipment Rental, Inc., by and through Timothy A. Eddy, President, as Trustor, executed a Deed of Trust in favor of Wells Fargo Bank, N.A., as Beneficiary, and to Wells Fargo Financial National Bank, as Trustee, duly recorded December 23, 2010, at Serial No. 2010-004181-0, in the Ketchikan Recording District, First Judicial District, State of Alaska. Fidelity Title Agency of Alaska, LLC, was substituted as the Trustee on May 17, 2016, recorded May 19, 2016, at Serial No. 2016-001283-0, in the Ketchikan Recording District. The Deed of Trust was given to secure a Promissory Note in the principal amount of $640,000.00, plus interest, costs, and fees. The Trustor has breached its obligations under the Deed of Trust and Promissory Note for which the Deed of Trust was given in security, according to the terms of said Promissory Note and Deed of Trust, including but not limited to failure to make payment when due and other defaults including failure to provide insurance and abandonment of the property. As of August 16, 2017, there was owing and unpaid on the Promissory Note the principal amount of $547,013.20, interest in the amount of $83,617.35, late charges of $4,441.33, title costs of $3,456.50, appraisal costs of $2,500.00, legal costs of $5,864.14, engineer boundary locate costs of $350.00, and hazard insurance costs of $360.00, for a total of $646,823.03, plus ongoing interest on the principal balance at the rate of $155.90 per diem, ongoing legal fees and costs and all sums expended by the Beneficiary and Trustee under the Deed of Trust. The legal description of the property encumbered by the Deed of Trust is as follows: Lot 2, Block 4 of the Crowder/Karlson Subdivision, according to Plat No. 2006-31, records of the Ketchikan Recording District, First Judicial District, State of Alaska. The Real Property is commonly known as 5104 N. Tongass Highway, Ketchikan, AK (a/k/a 4401 Don King Road, Ketchikan, AK) 99901-9047. The Real Property tax identification number is 013240026200. The Trustee elects to sell the Real Property, and affixed buildings, improvements, and fixtures, "as is" without representation or warranties as to condition at public auction to the highest and best bidder for cash in lawful money of the United States of America, payable at the time of sale upon closing of the bids to satisfy the obligation on the 12th day of December, 2017, at the hour of 10:00 a.m., inside the main front entrance of the Ketchikan Courthouse located at 416 Main Street, Ketchikan, AK 99901. Cash means U.S. currency or cashier's check drawn on a bank having a branch in Ketchikan. The proceeds of said sale will be used to pay the costs of the foreclosure, including attorney's fees and to satisfy all amounts due under the Note. The Beneficiary will have the right to make an offset bid without cash in an amount up to the full balance due under the Note plus costs of foreclosure and attorney's fees. The Trustee reserves the right to postpone the sale, set a minimum bid, and establish other bidding procedures at the sale. Dated September 11, 2017, Fidelity Title Agency of Alaska, LLC, Nichole Smith, Title Officer. For information about the sale, contact Gerard Diemer, Vice President of Credit Management Group, Wells Fargo Bank, N.A., at (907) 265-2037.
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