Ye Olde Town Hall

Ye Olde Town Hall

Mechanics

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$4MM Commercial Mortgage Security Agreement Hanney companies Feb 10, 2010 on Old Town Hall

$4MM Commercial Mortgage Security Agreement, Hanney companies, on Old Town Hall. I have the first 14 pages of this document in hard copy. There is an Exhibit A which is the deed, but the standard bank lending processes are chock full of pitfalls should the bank need to close the $4MM loan for which the Old Town Hall is collateral. Nightmare in waiting. The property is only worth between 300K and 500K while Hanney has at least $4MM in mortgage debt here. This seems to imply that in order for Hanney to sell the property to anyone, he would have to discharge this Agreement and come up with security for the $4MM loan from somewhere else.



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