Court finalizes sale of High Ridge Plaza

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The sale of the property for $1.85 million to IPTV-B-C55, L.L.C., an asset management company based in Dalllas, Texas, has been finalized, according to a confirmation order from Bennington Superior Court.

According to the document, the property "is conveyed as a whole with no representations or warranties" and "is 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."

In June of this year, U.S. Bank National Association - who was the sucessor in interest before the note was sold to IPTV-B-C55, L.L.C. - requested a partial summary judgement because payments on a promissory note, originally for $7,425,000, had not been made since February 2009, according to court documents. Judge John Wesley granted the request allowing U.S. Bank National Association to collect debts under the promissory note and foreclose on the mortage.

The complaint was filed against a number of entities including Nesher L.P. - formerly known as M and M Holdings, L.P. - Phobos L.L.P, Highridge Plaza Associates L.P., Highridge Plaza Corp, Jesse and Herbert Krasnow, Malka and Shimon Shalit, and Marilyn and Stanley Katz.

While IPTV-B-C55, LLC will be subject to any property taxes and muncipal assessment, the title will be transfered to them free and clear of any interests of the aforementioned entities and any other parties that "have recorded interests in the property which arose after the filing of the Complaint for Foreclosure in the land records and who did not intervene in this action," according to the document.

The Court appointed receiver, Neville Companies, Inc. will control the property until Order of Confirmation has been recorded in the land records. After that occurs, Neville Companies, Inc. will transfer control of the property and any account balances in the receivership accounts to IPTV-B-C55, LLC. However, the court will retain jurisdiction over Neville Companies, Inc. and any issues that may arise from their duties until a Notice of Consummation of Sale and Request for Release of the Receiver is filed and approved by the court, according to Confirmation Order.

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