Bank Seeks To Foreclose On Prairie View
July 28, 2016 at 4:25 p.m.
KeyBank is seeking to foreclosure on the mortgage it holds on Prairie View Nursing Home in Warsaw and to place the business in receivership. More than $1.7 million remains due on a $2 million promissory note taken out in 1988.
A lawsuit filed recently in Kosciusko Circuit Court names Landmark Health Care Associates, L.P., the James R. Bradbury Trust and Landmark Health Care Fixed Income Fund, L.P., as defendants in the case. Landmark Associates is an Indiana limited partnership that owns Prairie View, and the trust and Landmark Fund are made parties to answer as to any interest they may have in the real estate.
According to court documents, the Bankruptcy Court for the Southern District of Indiana confirmed Landmark's plan of reorganization on April 10, 1997. The plan called for Landmark to pay the promissory note in the principal amount of $1,781,879.28 held by KeyBank, and the Prairie View property and inventory were used to secure the debt. The lawsuit claims that Landmark defaulted on the mortgage by failing to make the March 15 and April 15 payments. As of April 18, $1,713,659.32 remains due on the note.
KeyBank is seeking to foreclose on the mortgage as a valid lien prior to any others, with a personal judgment against Landmark Associates for the principal amount due, plus interest, $25,000 in attorney fees, costs incurred and court costs.
During the foreclosure proceedings, KeyBank wants the court to appoint a receiver to take possession of and manage the real estate and personal property involved.
Upon completion of the foreclosure, the bank seeks to have the real estate and property sold to satisfy the judgment.
Dann, Pecar, Newman & Kleiman, P.C., Indianapolis, and Lemon, Armey, Hearn & Leininger, Warsaw, are the attorneys for KeyBank. [[In-content Ad]]
Latest News
E-Editions
KeyBank is seeking to foreclosure on the mortgage it holds on Prairie View Nursing Home in Warsaw and to place the business in receivership. More than $1.7 million remains due on a $2 million promissory note taken out in 1988.
A lawsuit filed recently in Kosciusko Circuit Court names Landmark Health Care Associates, L.P., the James R. Bradbury Trust and Landmark Health Care Fixed Income Fund, L.P., as defendants in the case. Landmark Associates is an Indiana limited partnership that owns Prairie View, and the trust and Landmark Fund are made parties to answer as to any interest they may have in the real estate.
According to court documents, the Bankruptcy Court for the Southern District of Indiana confirmed Landmark's plan of reorganization on April 10, 1997. The plan called for Landmark to pay the promissory note in the principal amount of $1,781,879.28 held by KeyBank, and the Prairie View property and inventory were used to secure the debt. The lawsuit claims that Landmark defaulted on the mortgage by failing to make the March 15 and April 15 payments. As of April 18, $1,713,659.32 remains due on the note.
KeyBank is seeking to foreclose on the mortgage as a valid lien prior to any others, with a personal judgment against Landmark Associates for the principal amount due, plus interest, $25,000 in attorney fees, costs incurred and court costs.
During the foreclosure proceedings, KeyBank wants the court to appoint a receiver to take possession of and manage the real estate and personal property involved.
Upon completion of the foreclosure, the bank seeks to have the real estate and property sold to satisfy the judgment.
Dann, Pecar, Newman & Kleiman, P.C., Indianapolis, and Lemon, Armey, Hearn & Leininger, Warsaw, are the attorneys for KeyBank. [[In-content Ad]]