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FIRST INSERTION
NOTICE OF PUBLIC SALE
NOTICE OF PUBLIC SALE OF MEMBERSHIP INTEREST IN 5F, LLC, A FLORIDA LIMITED LIABILITY COMPANY: Pursuant to Florida Statute Section 679.610, et seq. on April 25, 2014 at 10:00 a.m. E.S.T. (the “Sale Date”) at the offices of Adams and Reese LLP, 1515 Ringling Blvd., Ste. 700, Sarasota, FL 34236, legal counsel (“Legal Counsel”) for Ronald Strich (“Secured Party”), intends to sell the following personal property more fully described below (collectively sometimes the “Pledged Collateral”) currently owned by Steven Hazeltine, a/k/a Stephen Hazeltine (the “Debtor”):
15.31% interest in 5F, LLC, a Florida Limited Liability Company, subject to the Operating Agreement of 5F, LLC.
The Pledged Collateral is being sold under a Security Agreement in favor of the Secured Party, which secured an obligation of the Debtor that is in default. The amounts due under the Security Agreement total $451,792.41 with interest from 02/28/2014 (“Secured Amount”). The Secured Party reserves the right to credit bid at the Public Sale up to the Secured Amount.
The Secured Party will sell the Pledged Collateral in public for cash to the highest bidder on the Sale Date (the “Public Sale”) subject to the Secured Party's credit bid rights as hereinafter provided for. The Public Sale of the Pledged Collateral will be AS IS, where is, and with all faults. Specifically, there are no representations or warranties relating to the Pledged Collateral being made by the Secured Party as to title, possession, quiet enjoyment or the like as provided for under Florida Statute 679.610(5).
Any interested party wishing to qualify to bid at the Public Sale will be required to post in escrow the sum of $20,000.00 in cash (the “Good Faith Deposit”) with Legal Counsel by no later than 2:00 p.m. E.S.T. on the date immediately preceding the Sale Date and to execute and deliver an Agreement to be Bound by Public Sale Notice Terms and Bid Procedures as more fully set forth therein in a form acceptable to Secured Party in its sole discretion. Upon tendering the Good Faith Deposit and executing and delivering the Agreement to be bound by Public Sale Notice Terms and Bid Procedures, any interested party will thereby become a qualified bidder (“Qualified Bidder”).
At the conclusion of the Public Sale, the Secured Party shall designate and announce the winning bidder from among the Qualified Bidders submitting bids or the Secured Party, should it elect to credit bid (the “Successful Bidder”). Any third party Qualified Bidder designated by the Secured Party as the Successful Bidder at the conclusion of the Public Sale will be required to immediately tender to Legal Counsel the remainder of its successful bid amount in cash (less the Good Faith Deposit).
In the event any third party Successful Bidder fails to timely tender the remainder of its successful bid, said third party Successful Bidder shall unconditionally and irrevocably be deemed to have forfeited its Good Faith Deposit to Secured Party as liquidated damages. Additionally, in such event, the Secured Party reserves the right, without further notice, to promptly sell the Pledged Collateral to any other third party Qualified Bidder having submitted a bid at the Public Sale upon the same terms and conditions as provided for herein or, at Secured Party's sole election, to sell the Pledged Collateral to itself for a credit bid equal to the last bid made by either a third party Qualified Bidder or the Secured Party prior to the winning bid submitted by the Successful Bidder.
Adams and Reese LLP
1515 Ringling Blvd., Suite 700
Sarasota, Florida 34236
TELEPHONE: (941) 316-7600
FACSIMILE: (941) 316-7903
33390841.2
April 11, 18, 2014 14-01550S