NOTICE OF SUBSTITUTE TRUSTEE’S SALE
WHEREAS, by Deed of Trust dated December 21, 2017 (the “Deed of Trust”), of record Book 1746, Page 515, in the Office of the Register of Deeds of Tipton County, Tennessee (the “Register’s Office”), William A. Glass, an unmarried man, did convey in trust to FMLS, Inc., as Trustee, certain property described therein to secure payment of a debt in the original principal sum of $150,000.00, payable to Regions Bank (the “Lender”). Said Deed of Trust is incorporated herein by reference;
WHEREAS, Lender is the true and lawful owner and holder of the debt aforesaid which is secured by the Deed of Trust (the “Debt”);
WHEREAS, by Appointment of Substitute Trustee recorded on January 9, 2019, in Book 1827, Page 838, in said Register’s Office, Lender, exercising its authority as such owner and holder of said Deed of Trust, appointed E. Franklin Childress, Jr., as Substitute Trustee (hereinafter, the “Substitute Trustee”), who is empowered to serve with all the title, powers, and duties of the original Trustee named in said Deed of Trust described above; and
WHEREAS, default has been made in the payment of Debt and obligations secured by said Deed of Trust, and Lender, as owner and holder of the obligations secured thereby, has declared the entire balance due and payable and has instructed the undersigned Substitute Trustee to foreclose said Deed of Trust in accordance with its terms and provisions;
NOW, THEREFORE, by the authority vested in me as Substitute Trustee under said instrument, I will on Thursday, February 6, 2020, at 12:00 noon, at the north door of the Tipton County Courthouse, located in Covington, Tennessee, offer for sale and sell at public auction to the highest and best bidder for cash in bar of all rights and equities of redemption, statutory and otherwise, homestead, dower and all other rights or exemptions of every kind, all of which are expressly waived in said Deed of Trust, the property therein conveyed (the “Property”), which is situated in the State of Tennessee, Tipton County, and is described as follows:
EXHIBIT “A”
(Legal Description)
Land situated in Tipton County, Tennessee:
BEGINNING at a found cotton picker spindle in the centerline of the R.E. Johnson Road being on exterior corner of the remaining Robert Edgar Johnson, Jr. property as, being referenced in Deed Book, 202 / Page 293 and referred to in Will Book J / Page 269 -Item 11-C. also being the Northwest corner of Perry M. St. John et ux (731/695), also being the Northernmost Northeast corner of this herein described partition;
THENCE in a Southeastward direction along an East line of Johnson and this partition, also being the West line of St. John, S 06°-12’-38” E 180.00 feet to a set iron rod being an interior corner of Johnson and this partition, also being the Southwest corner of. St John;
THENCE in a Northeastward direction along a North line of Johnson and this partition, also being the South line of St. John, N 83°-28’ 34” E 244.00 feet to a found cross-tie post being the Southeast corner of St. John;
THENCE in a Northeastward direction continuing along a North line of Johnson and this partition also being a South line of Carolyn Smith (WB F/142). N 88°-39’-49” E 856.07 feet to a set iron rod at a rotted tree fence corner being an exterior corner of Johnson, an interior corner of Smith and the Easternmost Northeast corner of this herein described partition;
THENCE in a Southeastward direction along an East line of Johnson and this partition, also being a West line of Smith, S 02°-36’-37” E 491.70 feet to a set iron rod being the Southeast corner of Johnson and this partition, also being the Southwest corner of Smith;
THENCE a Southwestward direction along a South line of Johnson and this partition, also being North line of James A. Watkins et ux (716/491), S 86°-51’-57” W 1123.46 feet to a set iron rod being an interior corner of Johnson and this partition, also being an exterior corner of Watkins;
THENCE in a Southeastward direction along an East line of Johnson and this partition, also being a West line of Watkins, S 03°-30’-00” E 87.78 feet to an exterior corner of Johnson and this partition, also being an interior corner of Watkins;
THENCE in a Southeastward direction along a South line of Johnson and this partition, also being a North line of Watkins, S 86°-30’-00” W 2217.60 feet to a found cotton picker spindle in the centerline of Terry Lane South being the Southwest corner of Johnson and this herein described partition;
THENCE in a Northwestward direction along a West line of Johnson and this partition, following the general alignment of Terry Lane South, N 03°-41’-52” W 413.82 feet to a set cotton picker spindle being the Westernmost Northwest corner of this herein described partition, also being the Southwest corner of Marvin Webb (WB J/269- Item II-A);
THENCE in a Northeastward direction along a north line of this partition, also being the South line of Webb and Betty Webb McGee (WB J/ 269 Item II-B), N 86°-06’-54” E 420.00 feet to a set iron rod being an interior corner of this herein described partition, also being the Southeast corner of McGee;
THENCE in a Northwestward direction along a West line of this partition, also being the East line of McGee, N 03°-41’-52” 235.00 feet to a set cotton picker spindle in the centerline of R.E. Johnson Road being the Northernmost Northwest corner of this herein described partition;
THENCE in a Northeastward direction along the North line of this partition with the general alignment of R.E. Johnson Road the following two (2) courses: N 82°-55’-24” E 283.54 feet to an angle point; thence N 82°-42’-19” E 1543.69 feet to the Point of Beginning.
Less and except the following tracts:
Tract I: Lot 3, Robert Johnson Road Subdivision, Section B, as shown on plat of record at Plat Cabinet F, Slide 152-A, in the Register’s Office of Tipton County, Tennessee, to which plat reference is hereby made for a more particular description of said property.
Tract 2: Lot 2, Robert Johnson Road Subdivision, as shown on plat of record at Plat Cabinet F, Slide 151-B, in the Register’s Office of Tipton County, Tennessee, to which plat reference is hereby made for a more particular description of said property.
Being the same property conveyed to William A. Glass by Warranty Deed of record in Book 1724, Page 876, in said Register’s Office.
Said Property is located generally on Robert Johnson Road in Tipton County, Tennessee, with a portion of the property commonly known as 1323 Robert Johnson Road, Tipton County, Tennessee and is also designated as parcel numbers 078-013.03 and 078-013.08, but such address or designation is not a part of the legal description of the Property sold herein and in the event of any discrepancy, the legal description herein shall control.
This sale shall proceed first by public outcry at the north door of the Tipton County Courthouse for a period of thirty (30) minutes. Bidding shall then continue online at the following online auction site: www.tranzon.com. Bidders may register and place presale bids in advance of the public outcry, and the opening bid at the public outcry will be the highest presale bid, if any, entered online. The highest bid at public outcry will then be entered online, and online bidding will continue until 4:00 p.m. Central Standard Time, or until the final bidding has ended via the “automatic extend feature on www.tranzon.com, on the day of the sale. Additional terms regarding online bidding and bid acceptance are more fully described at the online auction site listed above. The winning bidder will be required to post a non-refundable 10% deposit immediately following the auction and the winning bidder must close within 30 days of the auction date.
Said sale shall be made for cash in bar of all right and equity of redemption, homestead, dower, and all other rights or exemptions of every kind, all of which are expressly waived in said Deed of Trust, but subject to the following:
1. Any unpaid taxes against the Property; and
2. Any recorded easements, conditions, covenants, rights-of-way or subdivision plats affecting the Property; and
3. Any dedication of roads affecting the property and any governmental zoning and subdivision ordinances or regulations in effect; and
4. Any prior or superior liens, judgment, deeds of trust or other interests of record.
A ten percent (10%) buyer’s premium (the “Buyer’s Premium”) will be due from the successful highest and best bidder at the foreclosure sale which said amount will be due from the purchaser and high bidder in addition to the bid amount accepted by the Substitute Trustee.
Lender has complied with the notice provisions of 26 U.S.C. § 7425(c) and Reg. §§ 301.7425-1, T.C.A. §§ 50-7-404(i)(2)(B) and 67-1-1433(b)(2), and Tennessee Department of Revenue Rule 1320-2-1-.35 to the extent applicable.
Lender reserves the right to retain any escrows, reserves, security deposits, or other funds or rights to payment of funds and to apply the same in accordance with the terms and provisions of the Deed of Trust and related documents.
The right is reserved to adjourn the day of sale to another day and time certain, without further publication and in accordance with law, upon announcement of said adjournment on the day and time and place of sale set forth above.
The failure of any high bidder to pay the purchase price and close this sale shall, at the option of Lender, be cause for rejection of the bid, and if the bid is rejected, Lender shall have the option of making the sale to the next highest bidder who is able, capable, and willing to comply with the terms thereof. The proceeds derived from the sale of the Property will be applied as provided for in said Deed of Trust and are made a part hereof as if set forth verbatim herein.
All announcements at the sale on the date of the sale will take priority over this notice. Additional announcements, terms, and conditions may also be posted on the online auction site. THE ONLY GUARANTEE THAT YOU HAVE A CHANCE TO BID IS TO ATTEND THE PUBLIC OUTCRY OF THE FORECLOSURE SALE. BY ENTERING BIDS ONLINE, A BIDDER WILL AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH ON THE AUCTION SITE. THE AUCTION SITE IS OWNED AND OPERATED BY TRANZON ASSET ADVISORS OF TENNESSEE, LLC.
This Notice of Sale has been posted and published in accordance with T.C.A. § 35-5-101 et seq. and any provisions of the Deed of Trust affecting same beginning January 16, 2020.
E. Franklin Childress, Jr., Substitute Trustee
BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C.
165 Madison Avenue
Suite 2000
Memphis, TN 38103
Attention:
E. Franklin Childress, Jr.
16jan3w
