Cooperative Apartment
UCC Foreclosure Auction

Details:

• Pledgor’s right, title and interest in and to All of Pledgor’s shares of 525 West Owners Corp., a New York Corporation, allocated to Unit #6A, in the building located at 525 W. 236th Street, Bronx, New York 10463
• Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
• PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain Commercial Promissory Note dated December 8, 2023 made by 525 Nam Enterprise LLC (defined hereinafter as the “Borrower”), unconditionally and absolutely guaranteed by Pledgor (as defined below), which guaranty is secured pursuant to Co-Operative Apartment Loan Security Agreement and Stock Pledge Agreement, both dated December 8, 2023 (collectively defined hereinafter as the “Pledge Agreement”), both which were executed and delivered by Hae Sook Nam (the “Pledgor”), and in accordance with it rights as holder of the security, Fabulous Mo LLC (the “Secured Party”), by virtue of possession of that certain Original Stock/Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by virtue of those certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of Pledgor’s right, title, and interest in and to the following: All of Pledgor’s shares of 525 West Owners Corp., a New York Corporation, allocated to Unit #6A (the “Unit”) in the building located at 525 W. 236^th Street, Bronx, New York 10463 (the “Pledged Entity”), and (ii) certain related rights and property relating thereto, including but not limited to the lease for the Unit, which was assigned by Pledgor to the Secured Party, pursuant to an assignment of lease (The foregoing Paragraphs (i) and (ii) are collectively defined hereinafter as the “Collateral”).
• Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino  (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via virtual bidding, on November 12, 2024 at 1:00pm, in satisfaction of an indebtedness in the approximate amount of $196,000.00 (One Hundred Ninety-Six Thousand Dollars), including principal plus interest, and reasonable fees and costs, plus default interest, as of November 11, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
• This is a Senior Loan