PROPERTY ADDRESS: 357 US ROUTE 7, SOUTH BENNINGTON VT 05201
OWNER NAME(S): KRUSHNAKANT J. PATEL AND RESHMA K. PATEL
AUCTION DATE: JULY 12, 2013
AUCTION TIME: 10:00 A.M.
AUCTION LOCATION: At Property Address
The following is the legal notice or newspaper advertisement for this auction.
If you are interested in purchasing this property, please contact Troy Richardson who can assist you with sources for additional information about the property.
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STATE OF VERMONT SUPERIOR COURT BENNINGTON UNIT CIVIL STATE OF VERMONT SUPERIOR COURT Bennington Unit CIVIL DIVISIONDocket No. 139-4-12 Bncv PEOPLE’S UNITED BANK, SUCCESSOR IN INTEREST BY MERGER TO CHITTENDEN TRUST COMPANY d/b/a CHITTENDEN BANK Plaintiff, V. KRUSHNAKANT J. PATEL, RESHMA K. PATEL, THE FORAM INN CORPORATION d/b/a AMERICA’S BEST VALUE INN and OCCUPANTS, Defendants. NOTICE OF SALE REGARDING PROPERTY KNOWN AS “AMERICA’S BEST VALUE INN” LOCATED AT 357 U.S. ROUTE 7 SOUTH BENNINGTON, VERMONT By virtue and in execution of the Power of Sale Provision contained in the Judgment Order and Decree of Foreclosure by Judicial Sale of the Vermont Superior Court, Civil Division, Bennington Unit, Docket No. 139-4-12 Bncv in the matter of People’s United Bank v. Krushnakant J. Patel, et al dated October 10, 2012, a copy of which is attached, for the purpose of foreclosing the same will be sold at Public Auction at the premises, located at 357 U.S. Route 7 South, South Bennington, Vermont at 10:00 a.m. on Friday, July 12, 2013. The premises being foreclosed upon herein is the lands and premises known as America’s Best Value Inn, and are the same lands and premises conveyed to the Forman Inn Corporation by Warranty Deed of Edward S. Diamond, which deed is dated January 24, 2003 and recorded at Book 391, Page 42 of the Bennington Land Records. The Mortgage Property is more particularly described as follows: Being the same lands and premises described as ‘PARCEL ONE’ in a deed from Chittenden Trust Company to these Grantors dated June 23, 1983 and recorded in Book 0-242, Page 171 of the Bennington Vermont Land Records and which parcel is described as follows: PARCEL ONE: BEGINNING AT AN IRON PIN NEAR THE WEST EDGE OF THE MAIN highway leading Bennington to Pownal, which iron pin is one hundred eighty-two (182) feet southerly from a point on the west side of said highway opposite the center of the side road leading easterly from said highway to the buildings owned or occupied by Willard Rose; thence running westerly two hundred eighty-five (285) feet to an iron pin set in a stone wall; thence turning an included angle of seventy-three (73) degrees twenty (20) minutes and running northerly seven hundred sixty-three and seven-tenths (763.7) feet to an iron pin; thence turning an included angle of one hundred six (106) degrees forty (40) minutes and running easterly and parallel with the first course hereinabove set forth two hundred eighty-five (285) feet to an iron pin set in a stone wall near the west edge of the highway aforesaid; thence in the same course to the center of said highway; thence southerly on said highway to the point begun at. Being the same lands and premises conveyed to Thomas P. and Margaret Kelly by warranty deed of Earl H. and Eva M. Darling dated July 17, 1946 and recorded in Book 0-95, Page 122 of the Bennington Land Records. Being the same lands and premises described as ‘PARCEL TWO’ in a deed from Chittenden Trust Company to these Grantors dated June 23, 1983 and recorded in Book 0-242, Page 171 of the Bennington, Vermont Land Records and which parcel is described as follows: PARCEL TWO: BEGINNING AT AN IRON PIPE IN THE WEST LINE OF ROUTE 7, so-called, in the Town of Bennington, Vermont, said pipe marking the southeast corner of lands of R. J. Taylor and the northeast corner of the herein described property; thence running westerly along the south line of lands of the said Taylor 79.67 feet to an iron pipe; thence in the same course through lands of this grantor 290.84 feet to an iron pipe; thence turning an included angle of 89° 16′ and running southerly through lands of the said grantor 938.16 feet to an iron pipe; thence turning an included angle of 78° 12′ and running easterly through lands of the said grantor 20.00 feet to an iron pipe marking the southwest corner of lands of these grantees; thence turning an included angle of 106° 40′ and running northerly along the west line of lands of the said grantees 769.35 feet to an iron pipe; thence running easterly along the north line of lands of the said grantees about 285 feet to the west line of said Route 7; thence running northerly along the west line of said Route 7 about 105 feet to the place of beginning. Said lands comprise parts of Lots Nos. 46, 6, 7, 8 and 9 of the Mt. Anthony Development, so-called, as indicated and plotted on .a map entitled ‘Development Map, Mount Anthony Development Company, Manchester Center, Vermont’ dated September 7, 1947, filed with the Clerk of the Town of Bennington. It is part of the consideration for this conveyance and this conveyance is made upon the express condition and with the restriction that such portion of the above described lands which comprises parts of Lots Nos. 6, 7, 8, and 9 shall be used and occupied for residential purposes only. Being the same lands and premises conveyed to Thomas P. and Margaret O’Sullivan Kelly by warranty deed of James B. Campbell, Trustee, dated April 25, 1952 and recorded in Book 0-125, Page 107 of the Bennington Land Records. EXCEPTING AND RESERVING NEVERTHELESS from and out of Parcel Two herein the following described lands which were conveyed by Thomas P. and Margaret O’Sullivan Kelly to James B. Campbell, Trustee, by warranty deed dated March 31, 1961 and recorded in Book 0-157, Page 97 of the Bennington Land Records, and described therein as follows: BEGINNING AT AN IRON PIPE DRIVEN IN THE GROUND IN THE WESTERLY LINE OF said main highway, said pipe marking the southeasterly corner, of lands of R.J. Taylor and the northeasterly corner of the parcel herein conveyed; thence westerly along the southerly line, of said Taylor’s lands 79.67 feet to an iron pipe at the southwesterly corner of Taylor’s lands; thence continuing in the same course, along lands of the Grantee designated as Lot No. 5 on a map entitled ‘Mount. Anthony, Development Company, Manchester Center, Vermont, Scale, l” = 100′, Sept. 7, 1947′, filed in the office of the Clerk of the Town of Bennington, a distance of 290.84 feet to an iron pipe; thence turning an included angle of 89° 16′ and running southerly along lands of the Grantee 49.5 feet; thence turning an included angle of 90° 44’ and running easterly through lands of the Grantors about 371 feet to the westerly line of said main highway; and thence northerly or northeasterly along said westerly line about 49.5 feet to the point of beginning. Including all rights of the Grantors in and to the center of the highway abutting said parcel on the easterly side. Said parcel is a part of Lot No. 46 and a part of Lot No. 6 as plotted and described on said map, and is also a part of the lands which were conveyed to the Grantors herein by the said Grantee by deed dated April 25, 1952. EXCEPTING NEVERTHELESS from and out of the operation of the entire tract hereby conveyed, the so-called Howard Johnson’s leased property which is described as follows and which is not hereby conveyed: BEGINNING AT AN IRON PIPE IN THE WESTERLY LINE OF ROUTE 7 in the Town of Bennington, Vermont, said pipe marking the southeast corner of lands deeded by Earl H. and Eva M. Darling to these grantors on July 17, 1946 and recorded in Book 0-95, Page 122 of the Bennington Land Records; thence running southwesterly along the westerly line of said Route 7, 160.00 feet; thence turning an included angle of 90° 00′ and running northwesterly through lands of these grantors 110.00 feet; thence turning an included angle of 90° 00′ and running northeasterly through lands of the said. grantors 85.84 feet; thence turning an excluded angle of 56° 00′ and running westerly through lands of the said grantors 57.33 feet; thence turning an included angle of 69° 28′ 30″ and running northeasterly through lands of the grantors 330.00 feet; thence turning an included angle of 90° 00′ and running 241.00 feet; thence turning an included angle of 76° 32′ 15″ and running southwesterly along the westerly line of said Route 7, 270.83 feet to the place of beginning. IT IS THE MEANING AND INTENT also to include in this conveyance any and all lands located between the easterly line of the described premises and the main highway (U.S. #7) and, TO EXCEPT FROM THIS CONVEYANCE so much of the lands as has been taken by the State of Vermont for highway purposes. REFERENCE IS HEREBY MADE to all of the above mentioned deeds and to the deed from Albert W. and Svea N. Anderson to Alfred S. Lilly, Jr. dated Jul. 17, 1973, their records and to the Bennington Land Records for a further and more particular description of the premises. THERE IS EXCEPTED AND RESERVED from and out of the above conveyance the following: 1. All lands and rights previously conveyed away for highway purposes, particularly those conveyed by Albert W. and Svea N. Anderson by document dated November 15, 1966, recorded in Bennington Land Records, Book 0-177, Page 189, and 2. All lands and rights conveyed away in connection with the Howard Johnson Restaurant premises, so-called, particularly those in connection with right to lay dispersal pipes for septic tank system mentioned in lease dated October 31, 1960, recorded in said Land Records Book 0-156, Page 88. THIS CONVEYANCE IS MADE SUBJECT to all zoning ordinances and to any building restrictions as to residential use relating to the conveyed premises, particularly those restrictions which relate to the strip of land located westerly of the present Motel buildings and those located southerly of’ the present motel buildings. As to the final bound to Parcel Two above described and reading ‘about 105 feet’, Grantor concedes such description may be corrected to read thence running northerly along the west line of said Route 7 to the place of beginning. THIS DEED IS DELIVERED to the grantee and accepted by it subject to the following covenants which are binding upon the parties hereto, their heirs, successors and assigns, and which covenants are an integral part of this transaction: 1. Grantee agrees that if additional units on the south are added to the motel it will discontinue flowing the effluvia from the septic tank onto the Howard Johnson’s disposal field as now done but will construct a new disposal field to take care of such effluvia on its own land; 2. Grantor agrees he will not compete with the Grantee in a same or similar business as is now conducted on the premises within an area of one hundred miles for a period of twenty-five years. By its acceptance of this deed and the recording thereof, Grantee acknowledges its acceptance of such covenants and binds itself, its successors and assigns, to the strict performance thereof. Additionally, the Plaintiff has a perfected security interest in the personal property and fixtures defined as follows: Goods (including farm products, fixtures, inventory, equipment and any accessions thereto), instruments, (including promissory notes), documents, accounts (including health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, letter of credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, securities and all other investment property, general intangibles (including payment intangibles and software), and supporting obligations, all wherever located; whether any of the foregoing is owned now or acquired later; all accessions, additions, replacements, and substitutions relating to any of the foregoing; all records of any kind relating to any of the foregoing; all proceeds relating to any of the foregoing (including insurance, general intangibles and accounts proceeds). All of the personal property will be sold with the real estate at the auction. The property is being foreclosed pursuant to: Note dated January 24, 2003 from the Foram Inn Corporation to Chittenden Trust Company d/b/a Chittenden Bank; Mortgage from Foram Inn Corporation on property located at 357 U.S. Route 7 South, Bennington, Vermont dated January 24, 2003 and recorded in Book 391, Page 44 of the Bennington, Vermont land records; Security Agreement given by the Foram Inn Corporation dated January 24, 2003. UCC Financing Statement No. 03-161358 recorded with the Vermont Secretary of State on February 5, 2003, as continued from time to time; TERMS OF SALE: At the sale, the successful bidder(s) is required to deposit a minimum of ten thousand dollars ($10,000.00) of the bid amount, with the remainder due either within twenty (20) days after the bid is accepted or within ten (10) days after the confirmation of sale by the Court, whichever is later, or a date mutually acceptable to the Plaintiff and the Buyer(s). The successful bidder(s) will be required to sign a “no contingency” purchase and sale agreement. For more information and details of sale, review the Judgment and Decree of Foreclosure. Said Property shall be sold as a whole with no representations or warranties. The property shall be sold subject to all state and local permits together with any and all other restrictions of record, which include rights of way, easements, covenants, conditions and restrictions. Potential buyers are responsible for understanding all restrictions applicable to the sale of the Property and conducting due diligence. The Property shall be sold “as is” with no representations or warranties including the compliance or validity of state and local permits. REDEMPTION: THE FORAM INN CORPORATION is entitled to redeem the premises at any time prior to the sale by paying the full amount due People’s United Bank, including all costs and expenses of the sale, plus all amounts owed pursuant to the Judgment Order and Decree of Foreclosure. Sale to be conducted by Vermont licensed auctioneer All inquiries please contact: Eric Nathan Nathan Auction & Real Estate, Inc. 370 West Road Manchester Village, Vermont 05254 (802) 362-3194 Attorneys for Seller: Rodney E. McPhee, Esq. Heather Z. Cooper, Esq. Kenlan, Schwiebert, Facey & Goss, P.C. P.O. Box 578 Rutland, Vermont 05702 (802) 773-3300 6/14, 6/21, 6/28 …. More |
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| Appeared in: Bennington Banner on 06/14/2013, 06/21/2013 and 06/28/2013 |
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