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Ginn/Credit Suisse Laurelmor Loan Also Modified
Lenders agree to advance an additional $1.1 million to Bobby Ginn for Laurelmor
By Toby Tobin
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| Ginn and Credit Suisse Modify First Lien Mortgage |
Palm Coast, Florida – October 8, 2008 – Public filings again give us a view into the complex Ginn and Credit Suisse credit facility currently in default. A document dated September 8, 2008 and filed in Watauga County, NC Septembrer 23, 2008 reveals that the group of private investors fronted by Credit Suisse has agreed to advance up to $1.1 million in additional funding to two Ginn affiliated entities, Ginn-LA CS Borrow, LLC and Ginn-LA Conduit Lender, Inc. for the Ginn Laurelmor project (Ginn-LA Laurel Creek LTD, LLLP). A similar loan modification document was filed in Collier County, FL for $979,500 in additional funds for Ginn communities Quail West and Tesoro.
Future Advances
Under section 3 headed "Future Advances" the document also discloses the following:
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The amount of existing obligations secured by the Original Deed of Trust is $525,979,500 (which apparently includes the Tesoro and Quail West modification)
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The maximum principal amount of present and future advances secured by the Original Deed of Trust is $787,500,000, plus all interest and expenses due under Original Deed of Trust
Subsequent Amendments
Section 7 headed "Subsequent Amendments" states that "Any future amendment or modification of the Loan Documents or the Secured Obligations……may not be recorded." It then goes on to place holders of any interest or claim that the "Loan Documents or the Secured Obligations may be amended but any such amendment may or may not be placed of record."
Editorial comment: Apparently, we may not be able to rely on public filings for future news. Bobby Ginn promised to do a better job of communicating with his property owners and club members. His promise has gone unfulfilled. While uplifting, the "glass is perpetually full" Ginn Gazette does nothing to answer their concerns. They have a right to know.
Read the entire modification (tif image): Credit Suisse/Ginn LA credit modification
