NOTICE OF SUBSTITUTE TRUSTEE’S SALE
WHEREAS, by Deed of Trust dated June 25, 2013 (the “Deed of Trust”), of record Book 1615, Page 914, as Instrument Number 174434, in the Office of the Register of Deeds of Tipton County, Tennessee (the “Register’s Office”), William A. Glass, aka William Arnon 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 $155,000.00, payable to Regions Bank (the “Lender”). Said Deed of Trust also secures all other obligations (the “Obligations”) that Borrower has with Beneficiary whether due directly or as a guarantor and is incorporated herein by reference;
WHEREAS, Lender is the true and lawful owner and holder of the Obligations aforesaid which are secured by the Deed of Trust (the “Debt”);
WHEREAS, by Appointment of Substitute Trustee recorded on February 18, 2020, in Book 1831, Page 825, 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 Wednesday, March 18, 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)
Tract 1:
Beginning at the Intersection of the West R.O.W. line of Highway 59 (33 feet from centerline) with the centerline of the Middle Beaver Creek Canal being the Northernmost corner of the Doyle Morris property, Deed Book 601, Page 128, which is this partition is a part; thence in a Southeasterly direction along the West R.O.W. line of Highway 59, also being an East line of Morris, South 32 degrees 30 minutes 00 seconds East, 2000.85 feet to a set iron being the Southeast corner of this partition, thence in a Northwesterly direction along the North line of this partition, North 89 degrees 00 minutes 07 seconds West, passing a set iron being 2041.23 feet, but in all 2071.23 feet to the Southwest corner of this partition, also being in the centerline of Middle Beaver Creek Canal; thence in a Northeasterly direction along the centerline of Middle Beaver Creek Canal being the West line of Morris, the following courses: North 29 degrees 17 minutes 44 seconds East, 557.57 feet to an angle point; thence North 22 degrees 01 minutes 20 seconds East, 86.46 feet to an angle point; thence North 37 degrees 59 minutes 05 seconds East, 161.78 feet to an angle point; thence North 31 degrees 42 minutes 07 seconds East, 274.76 feet to an able point; thence North 34 degrees 25 minutes 42 seconds East, 198.17 feet to an angle point; thence North 29 degrees 13 minutes 20 seconds East, 171.68 feet to an angle point; thence North 31 degrees 25 minutes 39 seconds East, 481.01 feet to the point of beginning and containing 40.00 acres, more or less.
However, there exists a Texas Gas Transmission easement crossing said property as recorded at Deed Book 214, Page 388, Deed Book 288, Page 322, and Deed Book 270, Page 213.
Being the same property conveyed to William A. Glass by Deed of record in Book 1590, Page 175, in said Register’s Office. Also being part of the same property conveyed to Deborah Carolyn Law by Quitclaim Deed recorded on June 3, 2019, in Book 1800, Page 528, in said Register’s Office.
Property also known as: 40.00 acres on Highway 59 South
Map 077, Parcel 031.00
Tract 2:
Beginning at a stake in the center of Terry Lane Road at the northwest corner of the 41.16 acre tract of which this is part; thence with the center of the Terry Road South 5 East 2 chains in the same; thence North 84 ½ East 3 chains to a stake; thence North 5 West 2 chains to a stake in the north line of the 41.16 acre tract; thence South 84 ¾ west 3 chains to the beginning, containing 6/10 of an acre.
Being the same property conveyed to William A. Glass by Quit Claim Deed recorded on March 23, 2004, in Book 1128, Page 660, in said Register’s Office. Also being part of the same property conveyed to Deborah Carolyn Law by Quitclaim Deed recorded on June 3, 2019, in Book 1800, Page 528, in said Register’s Office.
Property also known as: 762 Terry Lane Road South
Map 078, Parcel 38.02
Part of said Property is located at 762 South Terry Lane Road Covington, Tennessee 38019, and part of said property is located generally on Hwy 59 (38.94 acres of farmland) in Covington, Tennessee 38019. The Property is also designated as parcel numbers 08-078-038.02 and 077-031.00, 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.
Other interested parties: Deborah Carolyn Law (Book 1800, Page 528).
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 plus 10% buyer’s premium 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 February 20, 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.
Publish: The Covington
Leader Covington, Tennessee Thursday, February 20, 2020, February 27, 2020, and March 5, 2020
