NOTICE OF SALE OF COLLATERAL UNDER
THE UNIFORM COMMERCIAL CODE
Pursuant to Section 9-610 of the Illinois Uniform Commercial Code and pursuant to the terms and provisions contained in certain General Security Agreements executed by Midwest Soil Remediation, Inc. in favor of First Bank, which were subsequently assigned to PNL SV, LLC (the “Secured Creditor”), the Secured Creditor will sell at public sale on at the offices of Carlson Dash, LLC, 216 S. Jefferson St., Suite 504, Chicago, IL 60661, on February 25, 2019 at 3:00 p.m. Central Standard Time the following described collateral (the “Collateral”):
525 D, SRS Thermal Soil Remediation Plant and Parts Trailer:
Generally described as a direct fired portable thermal soil remediation plant with: feed bin, counter flow dryer, baghouse, separate oxidizer, control system and Parts Trailer
Generator Caterpillar Model Xq225, Serial Number 8JJ00835 with approximately 13,304 hours
The terms of the sale will be as follows. Each unit of the Collateral listed above will be sold individually. All bids must be orally given at the time of sale or submitted in writing at least twenty-tour (24) hours in advance of the aforementioned date and time. Assuming all other terms are met and arrangements are made with Secured Creditor prior to the day of sale, bidders may appear telephonically. All bidders (except Secured Creditor) must deposit with Secured Creditor before making bids a Cashier’s Check in the amount of 10% of any amount to be bid drawn on a bank located in Chicago, Illinois. The sale is conducted with reserve and the Secured Creditor shall not be obligated to accept any bid if it, in its sole discretion, deems the highest bid inadequate. The Secured Creditor shall have the right to adjourn the sale before, during or after the commencement of bidding. Upon completion of bids and acceptance of a bid, Secured Creditor shall return all cashier’s checks deposited by unsuccessful bidders and retain the cashier’s check of the successful bidder as an earnest money deposit. Said successful bidder will be required to pay the balance of the bid price by cash, or cashier’s, or certified check drawn on a bank located, in Chicago, Illinois, within forty-eight (48) hours of the time of sale. Failure to pay said balance will result in an automatic forfeiture of the earnest money deposit made by the successful bidder. In such event, Secured Creditor shall have the right to accept the bid of any other bidder at the sale, subject to such bidder’s reaffirmation of his bid, and Secured Creditor shall have no obligation to reconvene the sale, accept additional bids or notify’ any other bidders of its’ acceptance of such bid. The successful bidder will, upon payment of the bid price, receive from Secured Creditor a quit claim bill of sale selling and assigning Secured Creditor’s interest’ in said individual unit of Collateral.
No representations or warranties of any kind are given as to the Collateral. The Collateral is being sold “as is, where is” without limiting the foregoing, all warrants or merchantability, fitness for a particular purpose, title, possession, quiet enjoyment of like in this disposition are expressly disclaimed. As of the date this notice was drafted the Collateral is located in Lihue, Kauai, Hawaii.
To the extent the sale generates proceeds in excess of the indebtedness owed to it, such excess will be remitted in accordance with Section 5/9-615 of the Illinois Uniform Commercial Code. Any obligor of the indebtedness may request an accounting of indebtedness secured by the Collateral by contacting counsel below. PNL reserves its right to seek a deficiency for any indebtedness remaining due to PNL after the sale.
Persons interest in viewing the Collateral may contact Dan Levitan, PNL SV, LLC, Telephone 214-379-2209, dlevitan@pnlcompanies.com
Persons interested in bidding should direct all inquiries or written bids to:Carlson Dash, LLC, 216 S. Jefferson St. Suite 504, Attn: Martin Wasserman, Chicago, IL 60661, 312-382-1600
(TGI1169116 1/30, 2/6, 2/13/19)
