Notice Of Secured Party Sale At Public Auction

Posted on January 25, 2013, 10:58 pm
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Notice Of Secured Party Sale At Public Auction Of 100% Of The Stock In Individual Realty, Inc.

Lender (“Secured Party”) will offer for sale at public auction the following property: all right, title and interest of Ekindra Gurcharran and Gewan Cripriana a/k/a Gewan Cipriani a/k/a Mike Cipriani (collectively, “Debtor”) in and to their stock in Individual Realty Inc., a New York corporation (“Property Owner”), believed to constitute one hundred percent (100%) of the issued and outstanding shares in Property Owner (the “Stock”), together with all of the other “Collateral,” as such term is defined in that certain Pledge Agreement between Debtor and 100 Mile Fund, LLC, dated as of November 18, 2011, which Pledge Agreement was subsequently assigned by 100 Mile Fund LLC to Secured Party.

Based upon information provided by Debtor and Property Owner, and certain other persons and entities affiliated therewith, it is the understanding of Secured Party (but without any warranty or representation by Secured Party as to the accuracy or completeness of the following matters) that (i) Debtor owns 100% of the stock in Property Owner and (ii) Property Owner owns certain real property (the “Property”) located at 30-38 Atlantic Avenue, Brooklyn, New York, together with all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs and replacements located thereon.

The sale will take place beginning at 10:00 a.m. on February 28, 2013, at the offices of Seyfarth Shaw, 620 Eighth Avenue New York, NY  10018.  At such sale, the Stock will be offered as a single asset and not in parts. All interested prospective purchasers are invited to attend and bid at the sale. The terms of sale may be obtained by contacting the person named above.  Secured Party reserves the right to adjourn the sale from time to time, reject all bids, terminate the sale or to effectuate a private sale instead of a public sale, without written notice or further publication, and further reserves the right to bid for the Collateral at the sale and to credit bid by applying some or all of its secured debt to the purchase price.  If Secured Party adjourns or cancels the sale it shall be announced at the time and place appointed for such sale or at any adjournment thereof.  Other terms and conditions may be announced at the time of sale.  Information relating to the Stock, the Debtor, the Property and certain other information are available for review by a qualified prospective bidder by contacting the person named below, Potential bidders are encouraged to perform such due diligence as they deem necessary. All prospective bidders and others receiving or examining non-public information may be required to enter into nondisclosure agreements and keep the information strictly confidential.  No information provided to a prospective bidder in response to any such request shall constitute a representation or warranty of any kind with respect to such information, the Stock or the public sale.

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