STATE OF ALABAMA
MORTGAGE FORECLOSURE NOTICE
Default having been made in the terms of a mortgage executed to the undersigned by Daniel T. Teel, unmarried, on the 10th day of November, 2009, which said mortgage is recorded in the Office of the Judge of Probate of Lee County, Alabama, in Mortgage Book 3696, Page 781, and said default continuing, the undersigned, CharterBank, will sell at public outcry, for cash, to the highest bidder, in front of the courthouse door of said County between the legal hours of sale, on the 20th day of December, 2017, the following described property, to-wit:
A LEASEHOLD INTEREST IN: All that lot, tract or parcel of land situate, lying and being in the State of Alabama and County of Lee, lying and being in T19N, R29E of Section 14 of Lee County, Alabama and being known and designated as ALL OF LOT NUMBERED THREE HUNDRED FORTY-NINE (349), OF AREA 43 OF GEORGIA POWER BARTLETT’S FERRY RESERVOIR RECREATION DEVELOPMENT (the “Leased Land”), as more particularly described in, and the leasehold interest described herein is evidenced by, that certain Lease Agreement between Georgia Power Company and Daniel T. Teel dated October 23, 2009, a copy of which is attached hereto as Exhibit “B” and by this reference made a part hereof (the “Lease”). Grantor hereby agrees to exercise the option to renew said Lease contained therein so as to keep said Lease in effect for as long as any indebtedness shall remain secured hereunder.
Subject to the terms and provisions of the Lease and all easements and restrictions of record or in existence on the above described property.
This instrument incorporates a conditional assignment of the above-described Lease to the Lender. Said assignment and power of attorney conveyed herein shall be coupled with an interest so as to allow for any remedies herein provided.
In the event of a default in the terms of the above-described Lease or if such Lease should be canceled, terminated, revoked or transferred or should the Grantor execute a Bill of Sale or transfer of the improvements located upon the above-described lease lot, then the Grantee shall have the right and option to declare all sums secured by this instrument to be immediately due and payable, without notice to the Grantor.
Legal run 11/29/17, 12/6/17, & 12/13/17
STATE OF ALABAMA