Trump Towers Atlanta Site to Remain Parking Lot

Updated at 3 p.m. on this snowy Friday to add legal foreclosure notice below.

ATLANTA (Feb. 12, 2010) - Ivanka, say it ain't so! Instead of Trump Towers Atlanta, we're stuck with a beat-up parking lot?

When Ivanka Trump was live on the air with Q100's The Bert Show, she told Atlantans she was really excited about the twin-tower project that would rise on a surface lot across from the Arts Center MARTA station at West Peachtree and 15th streets in Midtown. Construction, Trump said, would start within a year of the October radio interview.

By the time Ivanka Trump, daughter of Donald, offered this update skepticism abounded about whether Trump Towers ever would materialize. Trump's local partner in the deal, Wood Partners, already had been struggling with holding onto a project in Cobb County. The partnership, dubbed 1240 West Peachtree LP, also includes Dezer Properties of New York.

Last week, GE Business Financial Services advertised for foreclosure the 2.5-acre site where Trump Towers were to have risen. There's a possibility the site will be auctioned off at the Fulton County Courthouse March 2, according to the advertisement that first appeared Feb. 5 in the Daily Report.

Atlanta Business Chronicle broke the news of the pending foreclosure in today's edition, and The Atlanta Journal-Constitution quickly followed with a story that attributed the facts to the ABC. According to the ABC, the original loan to acquire the property was for $15.7 million.

Because the project already had been delayed, real estate watches predicted the demise of the much-ballyhooed project. They'd seen grand plans for the same site fall apart in 2000, when real estate mogul Jim Cumming discussed building a music hall on the site.

So, for now, the highest and best use of the famed parking lot is just that - a parking lot. It's too bad. It would have been nice to have Ivanka Trump in town often to promote Trump Towers.

Here's the full legal notice that appears in the Feb. 5 and 12 editions of the Daily Report:

Public Notices

Any match for "1240 west peachtree" is highlighted below in bold red type.

Mortgage Foreclosure

Scheduled to publish in the Daily Report on 02/05/2010, 02/12/2010, 02/19/2010, 02/26/2010

NOTICE OF SALE UNDER POWER IN SECURITY DEED
UNDER AND BY VIRTUE of the power of sale contained in that certain Deed to Secure Debt, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of March 31, 2006, given by 1240 WEST PEACHTREE, L.P., a Georgia limited partnership ("Borrower"), to GE BUSINESS FINANCIAL SERVICES INC., a Delaware corporation, formerly known as Merrill Lynch Business Financial Services, L.P., a Delaware corporation ("Lender"), and recorded in Deed Book 42276, at pages 371 et seq., Fulton County, Georgia Records; as amended by that certain First Amendment to Deed to Secure Debt, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of September 28, 2007, between Borrower and Lender, and recorded in Deed Book 45824, at pages 195 et seq., aforesaid records; as further amended by that certain Second Amendment to Deed to Secure Debt, Assignment of Leases and Rents, Security Agreement and Fixture Filing, between Borrower and Lender, dated as of March 31, 2008, recorded in Deed Book 46585, at pages 117 et seq., aforesaid records; as affected by that certain Release, dated April 22, 2008, by Lender, and recorded in Deed Book 46666, at pages 421, et seq., as re-recorded in Deed Book 46756, at pages 474, et seq., aforesaid records; and as further amended by that certain Third Amendment to Deed to Secure Debt, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of September 30, 2008, between Borrower and Lender, and recorded in Deed Book 47362, at pages 109 et seq., aforesaid records (as amended and affected, the "Security Deed"), and pursuant to the applicable provisions of the Uniform Commercial Code, as enacted in Georgia, including, without limitation, O.C.G.A 164> 11 9 604, the undersigned will sell at public outcry, to the highest bidder for cash, before the courthouse door of Fulton County, Georgia, within the legal hours of sale on the first Tuesday in March, 2010, the following described property being located at or in connection with 1240 Spring Street, Atlanta, Georgia 30309 (collectively, the "Secured Property"):
(a)The real property described below:

ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 108, 17TH DISTRICT, CITY OF ATLANTA, FULTON COUNTY GEORGIA AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTH EASTERLY INTERSECTION OF FOURTEENTH (14TH) STREET (60' RIGHT OF WAY) AND SPRING STREET (60' RIGHT OF WAY); THENCE ALONG THE EASTERLY RIGHT OF WAY IN A NORTHERLY DIRECTION ALONG SPRING STREET A DISTANCE OF 600.00' TO AN IRON PIN SET AND THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG THE EASTERLY RIGHT OF WAY OF SPRING STREET N00°32'44"E A DISTANCE OF 100.22' TO A POINT; THENCE N00°26'27"E A DISTANCE OF 117.30' TO A POINT, THENCE N00°27'28"E A DISTANCE OF 114.25' TO A 1/2" REBAR FOUND; THENCE LEAVING SAID RIGHT OF WAY S88°18'14"E A DISTANCE OF 137.97' TO A 5/8" REBAR FOUND; THENCE S88°12'20"E A DISTANCE OF 9.90' TO A 5/8" REBAR FOUND; THENCE S88°18'02"E A DISTANCE OF 50.48' TO AN IRON PIN SET; THENCE S01°06'50"W A DISTANCE OF 7.06' TO AN IRON PIN SET; THENCE S01°06'50"W A DISTANCE OF 47.99' TO AN IRON PIN SET; THENCE N85°58'26"W A DISTANCE OF 8.05' TO AN IRON PIN SET; THENCE S01°43'59"W A DISTANCE OF 58.02' TO AN "X" SCRIBED IN WALL; THENCE S88°44'58"E A DISTANCE OF 208.02' TO A ½" REBAR FOUND ALONG THE WESTERLY RIGHT OF WAY OF WEST PEACHTREE STREET (APPARENT 60' RIGHT OF WAY); THENCE CONTINUING ALONG THE WESTERLY RIGHT OF WAY OF WEST PEACHTREE STREET S01°46'22"W A DISTANCE OF 219.90' TO AN IRON PIN SET; THENCE LEAVING SAID RIGHT OF WAY N88°39'48"W A DISTANCE OF 147.45' TO A ½" REBAR FOUND; THENCE N87°34'33"W A DISTANCE OF 57.08' TO AN "X" SCRIBED IN WALL; THENCE N88°26'35"W 186.97' TO THE TRUE POINT OF BEGINNING.
SAID TRACT CONTAINING 108,138 SQUARE FEET OR 2.4825 ACRES.

LESS AND EXCEPT the property conveyed in that certain Release by Merrill Lynch Capital, dated April 22, 2008, filed for record April 29, 2008, and recorded in Deed Book 46666, page 421, records of Fulton County, Georgia; as re-recorded May 19, 2008 in Deed Book 46756, page 474, aforesaid records, being described as follows:

BEGINNING at a point 37.5 feet left of and opposite Station 102+17.38 on the construction centerline of 15th Street on Georgia Highway Project No. NHS-0001-00(792); running thence N 89°25'26" W a distance of 186.79 feet to a point 37.50 feet left of and opposite station 100+30.60 on said construction centerline laid out for 15th Street Centerline; thence S 0°46'39" E a distance of 75.28 feet to a point 37.76 feet right of and opposite station 100+32.37 on said construction centerline laid out for 15th Street Centerline; thence S 89°45'59" E a distance of 186.97 feet to a point 36.64 feet right of and opposite station 102+19.34 on said construction centerline laid out for 15th Street Centerline; thence N 0°56'12" W a distance of 74.17 feet back to the point of beginning. Containing 0.321 acres more or less; and

BEGINNING at a point 37.5 feet left of and opposite Station 104+26.26 on the construction centerline of 15th Street on Georgia Highway Project No. NHS-0001-00(792); running thence N 89° 22' 53" W a distance of 26.68 feet to a point 37.52 feet left of and opposite station 104+00.20 on said construction centerline laid out for 15th Street Centerline; thence southwesterly 27.466 feet along the arc of a curve (said curve having a radius of 115.500 feet and a chord distance of 27.401 feet on a bearing of S 83° 48' 26" W) to the point 37.07 feet left of and opposite station 103+79.20 on said construction centerline laid out for 15th Street Centerline; thence S 76° 59' 41" W a distance of 75.45 feet to a point 36.88 feet left of and opposite station 103+05.57 on said construction centerline laid out for 15th Street Centerline; thence southwesterly 20.030 feet along the arc of a curve (said curve having a radius of 84.500 feet and a chord distance of 19.983 feet on a bearing of S 83° 47' 08" W) to the point 37.50 feet left of and opposite station 102+76.71 on said construction centerline laid out for 15th Street Centerline; thence N 89° 25' 27" W a distance of 59.31 feet to a point 37.50 feet left of and opposite station 102+17.38 on said construction centerline laid out for 15th Street Centerline; thence S 0° 56' 12" E a distance of 74.17 feet to a point 36.64 feet right of and opposite station 102+19.34 on said construction centerline laid out for 15th Street Centerline; thence S 88° 53' 52" E a distance of 57.08 feet to a point 37.17 feet right of and opposite station 102+76.42 on said construction centerline laid out for 15th Street Centerline; thence S 89° 59' 12" E a distance of 147.45 feet to a point 59.01 feet right of and opposite station 104+26.43 on said construction centerline laid out for 15th Street Centerline; thence N 0° 31' 02" E a distance of 96.51 feet back to the point of beginning. Containing 0.397 acres more or less;
together with all existing and future easements and rights affording access to it, (the "Premises")
TOGETHER WITH:

(b)All buildings, structures, improvements and fixtures now or in the future located or to be constructed on the Premises (the "Improvements"); together with

(c)All existing and future appurtenances, privileges, rights-of-way, franchises and tenements of the Premises, including all minerals rights, oil, gas, and associated substances, and other commercially valuable substances which may be in, under or produced from any part of the Premises, all development rights and credits, air rights, water, water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant) and water stock, and any Premises lying in the streets, roads or avenues, open or proposed, in front of or adjoining the Premises and Improvements; together with
(d)All existing and future leases, subleases, subtenancies, licenses, occupancy agreements and concessions ("Leases") relating to the use and enjoyment of all or any part of the Premises and Improvements, and any and all guaranties and other agreements relating to or made in connection with any of such Leases and all rents, income, revenues, prepayments, security deposits, tax, insurance and replacement reserve deposits, receipts, termination, cancellation, and option payments, royalties, profits, issues, service reimbursements, fees, accounts receivables, and revenues from the Premises and/or Improvements from time to time accruing under the Leases (the "Rents"); together with

(e)All materials, supplies, work in process, chattels, furniture, fixtures, appliances, machinery and other personal property of any kind, now or later to be attached to, incorporated into, placed in, on or about, or used in connection with the use, enjoyment, occupancy or operation of all or any part of the Premises and Improvements, whether stored on the Premises or elsewhere, including all pumping plants, engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling, air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all of which shall be considered to the fullest extent of the law to be real property for purposes of this Security Deed; together with

(f)All of Borrower's interest in and to all operating and escrow accounts, the loan funds, whether disbursed or not, all reserves set forth in the pre-development budget, tenant security deposit accounts, capital improvement reserves and any other monies on deposit with or for the benefit of Lender, including deposit for the payment of real estate taxes and insurance and any cash collateral account, bank accounts of Borrower; together with

(g)All claims, demands, judgments, insurance policies, insurance proceeds, refunds, reserves, accounts receivable, cost savings, deposits, rights of action, awards of damages, compensation, settlements and other rights to the payment of money hereafter made resulting from or relating to (i) the taking of the Premises or the Improvements or any part thereof under the power of eminent domain, (ii) any damage (whether caused by such taking, by casualty or otherwise) to the Premises, Improvements or appurtenances thereto or any part thereof, or (iii) the ownership or operation of the Secured Property; together with

(h)To the extent assignable, all management contracts, permits, licenses, applications, approvals, plans, specifications and drawings, contracts, purchase and sale agreements, purchase options, entitlements, soil test reports, other reports of examination or analysis of the Premises or the Improvements, development rights and authorizations, however characterized, issued or in any way furnished for the acquisition, construction, development, operation and use of the Premises, Improvements and/or Leases, including building permits, environmental certificates, certificates of operation, warranties and guaranties; together with

(i)All of the following types of collateral, as defined in the Uniform Commercial Code as in effect from time to time in the State of Georgia (the "Code"): accounts, contract rights, general intangibles, chattel paper, documents, instruments, inventory, goods, equipment, investment property, deposit accounts, letter of credit rights, commercial tort claims, health care receivables and all books and records relating to the foregoing, provided that Borrower will cooperate with Lender in obtaining "control" as defined in the Code with respect to collateral consisting of deposit accounts, investment property, letter of credit rights and electronic chattel paper; together with

(j)All books and records pertaining to any and all of the property described above, including computer-readable memory and any computer hardware or software necessary to access and process such memory ("Books and Records"); together with

(k)All proceeds and products and renewals of, additions and accretions to, substitutions and replacements for, and changes in any of the property described above; and together with

(l)Any and all after-acquired right, title or interest of Borrower in and to any property of the types described in the preceding granting clauses.
To the best of the knowledge of Lender, the Secured Property is in the possession of the Borrower or other persons holding by, under or through Borrower.
The undersigned may sell that portion of the Secured Property as may, under the laws of the State of Georgia, constitute an estate or interest in real estate (the "Real Property") separately from that portion of the Secured Property as constitutes under the laws of the State of Georgia personalty and not an interest in real estate (the "Personal Property"), in which case separate bids will be taken therefor, or collectively in a single sale and lot, in which case a single bid will be taken therefor. Notice of the undersigned's intent shall be given by announcement made at the commencement of the public sale.

The Real Property will be sold on an "as is, where is" basis without recourse against Lender and without representation or warranty of any kind or nature whatsoever with respect thereto. The Real Property will be sold subject to (1) all unpaid taxes and assessments which are liens against the Real Property and which are prior in right to the Security Deed; (2) rights of tenants in possession, as tenants only, under unrecorded leases; (3) rights of the tenant, as tenant only, under letter agreement between Borrower and Clear Channel Outdoor dated July 14, 2005; (4) Sewer Easement from United Insurance Company of America to the City of Atlanta, a municipal corporation of the State of Georgia, dated August 29, 1967, recorded in Deed Book 4789, page 363, Fulton County, Georgia records; (5) Right-of-Way Easement from United Insurance Company of America to Georgia Power Company, dated December 11, 1972, recorded in Deed Book 5739, page 415, aforesaid records; (6) Easement from James B. Cumming to Georgia Power Company, dated November 29, 2989, recorded in Deed Book 13260, page 223, aforesaid records; (7) Flume Agreement between Phoenix Investment Co. and the City of Atlanta, dated February 1, 1961, recorded in Deed Book 3682, page 55, aforesaid records; (8) Easement reserved in Warranty Deed from 1230 Building, Inc. to Phoenix Investment Co., dated June 26, 1961, recorded in Deed Book 3739, page 35, aforesaid records; (9) Sewer Easement from American Agency Life Insurance Company to the City of Atlanta, a municipal corporation of the State of Georgia, dated November 7, 1967, recorded in Deed Book 4824, page 376, aforesaid records; (10) Sidewalk Easement Agreement from City of Atlanta to Center Point Realty Partners, LP, dated January 10, 2005, recorded in Deed Book 39205, page 391, aforesaid records; (11) Right of Way Deed from 1240 WEST PEACHTREE, L.P. to the Department of Transportation, dated April 24, 2008, recorded in Deed Book 46666, page 416, aforesaid records; (12) all matters shown on that certain survey entitled "ALTA/ACSM Land Title Survey for: 1240 WEST PEACHTREE, L.P. & Chicago Title Insurance Company," prepared by Grant Shepherd & Associates, Inc., dated February 7, 2006, last revised March 9, 2006; and (13) any and all other easements, limitations, restrictions, reservations, covenants and encumbrances of record to which the Security Deed is subordinate in terms of priority.

The Personal Property will be sold on an "as is, where is" basis without recourse against Lender and without representation or warranty of any kind or nature whatsoever with respect thereto, including, without limitation, the warranties of merchantability or fitness for any particular purpose. The Personal Property will be sold subject to all unpaid taxes and assessments, if any, which are liens against the Personal Property and which are prior in right to the Security Deed.

The Security Deed was given to secure (1) the indebtedness evidenced by that certain Loan Agreement, dated as of March 31, 2006, by and between Borrower and Lender, and joined by Mark Randall, Leonard W. Wood Family Limited Partnership, L.L.L.P., The Warren J. Durkin, Jr. Family Limited Partnership, L.L.L.P., Richard R. Mercer, and James L. Baugnon (collectively, together with SPUS05 Wood Partners, LP, the "Joinder Parties"), as amended by that certain First Modification to Loan Agreement, dated as of March 30, 2007, by and between Borrower and Lender and joined by the Joinder Parties (except for James L. Baugnon and SPUS05 Wood Partners, LP), as further amended by that certain Second Modification to Loan Agreement, dated as of April, 2007, by and between Borrower and Lender and joined by the Joinder Parties (except for James L. Baugnon and SPUS05 Wood Partners, LP), as further amended by that certain Third Modification to Loan Agreement, dated as of September 28, 2007, by and between Borrower and Lender and joined by the Joinder Parties (except for James L. Baugnon and SPUS05 Wood Partners, LP), as further amended by that certain Fourth Modification to Loan Agreement, dated as of March 31, 2008, by and between Borrower and Lender and joined by the Joinder Parties (except for James L. Baugnon and SPUS05 Wood Partners, LP), as further amended by that certain Fifth Modification to Loan Agreement, dated as of October, 2008, by and between Borrower and Lender and joined by the Joinder Parties (collectively, the "Loan Agreement"); and (2) all other obligations of Borrower to Lender arising under any and all other documents and instruments evidencing, securing, governing or otherwise pertaining to said indebtedness (said documents, together with the Loan Agreement and the Security Deed are herein collectively referred to as the "Loan Documents").

The indebtedness evidenced and secured by the Loan Agreement, the Security Deed and the other Loan Documents (the "Indebtedness") has been and is hereby declared due and immediately payable because of default by Borrower in payment of the Indebtedness in accordance with the terms of the Loan Agreement, the Security Deed and the other Loan Documents and the failure of Borrower to perform its obligations under the Loan Documents.

The proceeds of the sale of the Secured Property shall be applied in accordance with the Security Deed to (i) the payment of the costs and expenses of this sale and of all proceedings in connection therewith, including attorneys' fees (notice of intent to collect attorneys' fees having been given pursuant to O.C.G.A. 164> 13-1-11), (ii) payment of the Indebtedness, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
1240 WEST PEACHTREE, L.P., a Georgia corporation, acting by and through its attorney-in-fact, GE BUSINESS FINANCIAL SERVICES INC., a Delaware corporation, formely known as Merrill Lynch Business Financial Services Inc. Brent S. Gilfedder, Esq.
King & Spalding LLP
1180 Peachtree Street
Atlanta, Georgia 30309
#1400440:2/5-4mb

Scheduled to publish in the Daily Report on 02/05/2010, 02/12/2010, 02/19/2010, 02/26/2010