TRUSTEE’S NOTICE OF SALE Reference is made to that certain Line of Credit Trust Deed, Assignment of Rents and Leases and Security Agreement (the Trust Deed) made by Lafayette 7, LLC, an Oregon limited liability company, as borrower (the Grantor), to Ticor Title Company as trustee, in favor of Trueline Capital Fund II, LLC, an Oregon limited liability company, as beneficiary (the Beneficiary), dated September 23, 2016, and recorded September 30, 2016, in the Records of Yamhill County, Oregon, as document No. 201615369, covering the Grantor’s interest in the following described real property situated in the above-mentioned county and state, to-wit: Commonly known as: 2220 NE Lafayette Avenue, McMinnville, Oregon 97128, and more particularly described as Parcel 2 of PARTITION PLAT NO. 2015-04, situated in the Northwest quarter section 15, Township 4 South, Range 4 West of the Willamette Meridian, in the City of McMinnville, County of Yamhill, State of Oregon, recorded March 25, 2015 as Instrument No. 201503783, Yamhill County Records (the Property). Christopher R. Ambrose (the Trustee) was appointed and substituted as successor trustee under the Trust Deed by the Appointment of Successor Trustee dated January 19, 2018, and recorded February 14, 2018, as Instrument No. 201802247, in the Official Records in the Office of the Recorder of Yamhill County, Oregon. Both the Beneficiary and the Trustee have elected to sell the Property to satisfy the obligations secured by said Trust Deed and an Amended Notice of Default was recorded February 22, 2018, pursuant to Oregon Revised Statutes 86.752(3), records of Yamhill County, Oregon, as Instrument No. 201802594; the default for which the foreclosure is made is Grantor’s failure to pay when due the following sums, together with all subsequent sums advanced by Beneficiary pursuant to the terms and conditions of the Trust Deed, or as a result of the following action or inaction: 1. Failing to pay the full amount due and owing on that promissory note dated September 21, 2016, which became due and owing in full on December 31, 2017, including principal, accrued and unpaid interest, and extension fee. By reason of the default, the Beneficiary has declared all sums owing on the obligation secured by the Trust Deed immediately due and payable, those sums being the following estimated amounts, to-wit: 1. Unpaid Principal: $705,000.00 2. Accrued and Unpaid Interest (through and including December 31, 2017): $4,383.53 3. Accrued and Unpaid Interest (13.99%) on $712,050.00 (from and including January 1, 2018 through and including January 24, 2018 and continuing at $276.71/day): $6,641.04 4. Accrued and Unpaid Default Interest (5.00%) on $712,050.00 (from and including January 16, 2018 through and including January 24, 2018 and continuing at $98.89/day): $890.01 5. Trustee’s Sale Guarantee Report (est.) $1,900.00 6. Default Fee: $7,050.00 7. Late Charge (5% of Principal Amount): $35,250.00 8. Performance triggers (June 30, 2017 Extension) (and continuing at approximately $5,075.00/mo.): $10,150.00 9. Subtotal: $771,264.58 10. Plus title expenses, trustee’s fees, recording fees, and attorneys’ fees incurred herein by reason of said default and any further sums advanced by the Beneficiary for the protection of the Property and its interest therein. WHEREFORE, notice hereby is given that the undersigned Trustee will on Friday, July 27, 2018, at the hour of 10:00 o’clock A.M., in accord with the standard of time established by ORS 187.110, at the following place: at the Yamhill County Courthouse steps, 535 NE 5th Street, McMinnville, OR 97128, County of Yamhill, sell at public auction to the highest bidder for cash the interest in the Property which the Grantor had or had power to convey at the time of the execution by Grantor of the said Trust Deed, together with any interest which the Grantor or Grantor’s successors in interest acquired after the execution of said Trust Deed, to satisfy the foregoing obligations thereby secured and the costs and expenses of sale, including a reasonable charge by the Trustee. Notice is further given that any person named in ORS 86.778 has the right, at any time prior to five days before the date last set for the sale, to have this foreclosure proceeding dismissed and the Trust Deed reinstated by payment to the Beneficiary of the entire amount then due (other than such portion of the principal as would not then be due had no default occurred) and by curing any other default complained of herein that is capable of being cured by tendering the performance required under the obligation or Trust Deed, and in addition to paying said sums or tendering the performance necessary to cure the default, by paying all costs and expenses actually incurred in enforcing the obligation and Trust Deed, together with Trustee’s and attorney’s fees not exceeding the amounts provided by said ORS 86.778, if applicable. In construing this notice, the singular includes the plural, the word Grantor includes any successor in interest to the Grantor as well as any other person owing an obligation, the performance of which is secured by the Trust Deed, and the words trustee and beneficiary include their respective successors in interest, if any. ORS Sec. 86.771(9) Notice: Without limiting the trustee’s disclaimer of representations or warranties, Oregon law requires the trustee to state in this notice that some residential property sold at a trustee’s sale may have been used in manufacturing methamphetamines, the chemical components of which are known to be toxic. Prospective purchasers of residential property should be aware of this potential danger before deciding to place a bid for this property at the trustee’s sale. If the Trustee is unable to convey title for any reason, the successful bidder’s sole and exclusive remedy shall be the return of monies paid to the Trustee, and the successful bidder shall have no further recourse. Dated: March 2, 2018. Trustee: /s/ Christopher R. Ambrose. CONTACT INFORMATION FOR TRUSTEE’S COUNSEL: Ambrose Law Group, Attn.: Christopher R. Ambrose, 312 NW 10th Avenue, Suite 200, Portland, OR 97209-3121, Phone: 503.222.0552, Email: Published June 13, 20, 27 & July 4, 2018. NG52690

ad: 52690

Publication: Non-Judicial (Trustee Sales)

Section: Legals

Start Date: 2018/06/13

End Date: 2018/07/04


County: Yamhill