NOTICE OF POSTPONED FORECLOSURE SALE
FEE SIMPLE PROPERTY
5-7030 KUHIO HIGHWAY
WAINIHA, KAUAI, HAWAII 96714
KAUAI TAX MAP KEY NO. (4)-5-8-012-007-0000
PROPERTY DESCRIPTION: Beach House located at 5-7030 Kuhio Highway, Wainiha, Kauai, Hawaii, 96714, Kauai Tax Map Key No. (4)-5-8-012-007-0000. The fee simple interest is being sold. The house has a land area of 11,159 square feet and 1,088 square feet of living area with 2 bedrooms and 2-1/2 baths.
FORECLOSURE SALE INFORMATION: This property is being sold pursuant to order entered in an action filed in Fifth Circuit Court, State of Hawaii [U.S. BANK NATIONAL ASSOCIATION vs. NICK A. MICHAELS et al.—Civil No. 11-1-0107]. That order provides that the property be sold at public auction with no upset price to the highest bidder.
COMMISSIONER: Frank D. Rothschild has been appointed Commissioner to sell the property. The Commissioner’s address, telephone and e-mail address are as follows: Frank D. Rothschild
4920 Wailapa Road
Kilauea, Kauai, Hawaii 96754
Telephone (808) 828-1922
AUCTION DATE: The postponed public auction will be held on September 10, 2019 at 12:00 p.m., noon, at the front steps of the Fifth Circuit Court Building, 3970 Ka’ana Street, Lihue, Kauai, Hawaii 96766.
OPEN HOUSE: There will be no further open houses.
GENERAL TERMS OF SALE: The property is being sold “as is, where is”. There is no upset price. The sale of the fee simple interest in the properties is to be at public auction to the highest bidder. The successful bidder must pay ten percent (10%) of the highest bid in cash, money order, certified or cashier’s check, payable to the Commissioner at the close of the auction. Potential bidders shall be required to provide proof of ability to comply with the 10% bid requirement prior to participating in the auction. The balance of the purchase price is due upon the approval and confirmation of the sale by the Court, or as otherwise ordered by the Court. At the Court’s discretion, the 10% down payment may be forfeited in full or in part if the successful bidder shall fail to pay the balance of the purchase price as and when required. In no event shall the successful bidder be liable for damages greater than the forfeiture of the 10% down payment. The Purchaser shall pay all costs of closing, including escrow, conveyancing and recordation fees, conveyance taxes and any and all other costs and fees. The Purchaser shall be responsible for securing possession of the property upon recordation and all costs associated therewith (including eviction, if necessary). Closing is not contingent upon Purchaser being able to obtain title insurance. THE SALE SHALL BE SUBJECT TO FINAL COURT CONFIRMATION AND APPROVAL.
ASSESSED VALUE/TAXES/FEES: The County of Kauai’s assessed value for 2019 for the property is $1,791,300. Taxes are current.
EXISTING ENCUMBRANCES: There is an existing Note on the property in favor of U.S Bank National Association. Pursuant to court order, U.S. Bank National Association was awarded a judgment in the amount of $1,661,259.39, plus interest of $565,013.19, property inspections of $1,391.55, BPO costs of $805.00, late charges of $9,712.62, flood insurance of $60,000.00, hazard insurance of $19,397.00, homeowners insurance of $2,348.00, real property taxes of $116,692.47, together with litigation expenses, protective advances and attorney’s fees. Interest continues to accrue currently at $256.0160 per diem for each day after 11/22/2018. ALL OF THE FOREGOING SHOULD BE INDEPENDENTLY CONFIRMED BY INTERESTED PARTIES.
FURTHER INFORMATION: For further information, contact the