Date: February 4, 2010
YOU ARE HEREBY NOTIFIED THAT:
1. A default has occurred in the conditions of that certain mortgage executed by McDonald Construction, Inc., a Minnesota corporation, as mortgagor, in favor of American Bank of St. Paul, a Minnesota banking corporation, successor-in-interest to The Midway National Bank of St. Paul, as mortgagee, dated August 15, 2002, and recorded on November 15, 2002, as Document No. 1960194, as modified by that certain mortgage modification agreement dated March 24, 2009, and recorded on April 8, 2009, as Document No. 2648674, all in the Office of the County Recorder in and for Dakota County, Minnesota (collectively, "Mortgage").
The land described in the Mortgage is not registered land.
2. The original principal amount secured by the Mortgage was: $485,000.00.
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. As of the date of this notice, the amount due on the Mortgage is: $388,418.05.
6. Pursuant to the power of sale in the Mortgage, the Mortgage shall be foreclosed, and the land located at 1085 Wescott Road, Eagan, Minnesota 55123, Property Tax ID No. 10-01400-030-53, and legally described as follows:
The East 20 rods of the West 40 rods of the South 40 rods of the West Half of the Southwest Quarter of Section 14, Township 27, Range 23, Dakota County, Minnesota ("Property"), shall be sold by the Sheriff of Dakota County, Minnesota, at public auction on March 25, 2010, at 10:00 a.m., at the Dakota County Sheriff's Office: 1580 Highway 55, Hastings, MN.
7. The time allowed by law for redemption by mortgagor or mortgagor's personal representatives or assigns is six (6) months after the date of sale.
8. THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINN. STAT. § 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.
9. The mortgagor released from financial obligation on the Mortgage is: None.
American Bank of St. Paul
(a Minnesota banking corporation)
By its attorneys:
Joshua D. Christensen, (#332616)
Nicholas C. Jellum, (#328856)
Anastasi & Associates, P.A.
Attorneys for Mortgagee
14985 60th Street North
Stillwater, MN 55082