July 1, 2024, Update:
Plaza Mariachi, LLC has filed a Chapter 11 Bankruptcy Case in the Middle District of Tennessee, at Case No. 3:24-bk-02441.
The full Plaza Mariachi Bankruptcy Docket Sheet can be found here.
As a result of this Bankruptcy Filing, the pending and scheduled foreclosure sale will not take place and , instead, the Trustee will make an announcement that continues the matter to September 5, 2024, at 11AM, at which time more information may be available.
June 28, 2024, Update:
Drafts of the Sale Contract and of the Substitute Trustee’s Deed can be reviewed in advance below. These documents are for illustrative purposes and subject to further revision in advance of the sale.
Both documents can be downloaded here: PM – Draft Foreclosure Contract for Sale 4881-1632-5581 v.1 Draft Trustee Deed – Plaza Mariachi 4891-1496-2893 v.1
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This page is designed to provide interested parties and prospective bidders with information regarding the Foreclosure Sale initiated by First Financial Bank, N.A. against the real property owned by Plaza Mariachi, LLC.
Property to be Foreclosed
The Property being foreclosed is more particularly described in that Deed of Trust, Assignment of Rents, and Security Agreement dated September 29, 2015, of record at Instrument 20151002-0100643, Register’s Office for Davidson County, Tennessee, which was later modified by that Modification Agreement dated October 29, 2015, of record at Instrument 20151109-011375, said Register’s Office, that Second Modification Agreement by Plaza Mariachi, LLC, dated January 15, 2016, of record at Instrument 20160128-0008248, said Register’s Office.
Other parties who have held, or do claim, an interest in the property are: Mid-City Community Sub-CDE XVIII, LLC; PM Realty Nashville, LLC; Internal Revenue Service; Liberty HVAC & Energy Services, Inc.; Equipment Finders, Inc. of Tennessee; Interstate AC Service, LLC (Attorney: Brandt McMillan); Charles W. Cook, III, Trustee; Capital One, National Association; State of Tennessee, Department of Revenue; JMM II, LLC; JMM III, LLC; PM Holding Company, LLC; Plaza Mariachi, LLC; Mid-South Maintenance of TN, Inc; PM Holding Company, LLC.
Information Presented Is Subject to Change
Please be advised that the information presented on this website is subject to change in advance of the Foreclosure Sale or by Trustee’s announcement at the Foreclosure Sale, so please review the information on this site in advance of the sale date to confirm that no information has changed or been updated.
The full and final sale terms and conditions will be presented to the parties at the Foreclosure Sale, in advance of the sale process.
Foreclosure Sale Notice Information
The sale is being conducted pursuant to Foreclosure Sale Notice dated June 4, 2024, which has been (and/or will be) published four consecutive weeks prior to the sale in the Nashville Scene.
A full copy of the Foreclosure Sale Notice can be found here: 2024-06-04 – Plaza Mariachi – Foreclosure Sale Notice
Foreclosure Sale Details
The sale will take place on July 2, 2024, at 11:00am Central – Nashville Time. The location is the Davidson County Courthouse, 1 Public Square, Nashville, Tennessee 37201.
The Trustee will be present at the sale site approximately 30 minutes in advance of the scheduled Foreclosure Sale. Subject to availability, the Trustee may be able to answer questions in advance of the sale.
Any parties intending to bid on the Collateral Property are encouraged to appear early and be prepared to provide contact information and photo identification to the Trustee for the party who will be bidding.
Pre-registration encouraged, but not required: Parties bidding on behalf of a corporate entity are encouraged to provide the full name of the corporate entity and contact information for persons who will appear to bid on behalf of the corporate entity to the Substitute Trustee in advance of the Foreclosure Sale (via submission to david@exolegal.com). While this advance contact is not required in order to bid, as is set forth below, an individual associated with a corporate entity bidder will be required to personally sign (and also be obligated for) a sale contract for the high bid. An exception may be made for parties who submit, in advance, the full corporate name, address, and the name and role of the individual who will be bidding and that the Trustee approves in advance.
Foreclosure Sale Process
Starting at 11:00am Central – Nashville time on July 2, 2024, the Trustee will announce the full and final terms and conditions of the Foreclosure Sale to all parties in attendance. The Trustee will then read the Foreclosure Sale Notice in full, and the Trustee may address any other questions about the Foreclosure Sale at that time. Once the Foreclosure Sale Notice is read, the Trustee will offer the collateral for sale via in-person bidding to the parties in attendance.
First Financial Bank, N.A. may, but will not be required to, enter a starting bid, to be presented by the Trustee.
Once an initial bid is presented, the bidding will then proceed in minimum increments of $1,000.00. A record of every bid and bidder will be recorded.
Bidding will close when no other party present is willing to offer a bid that is at least $1,000.00 higher than the then-highest bid.
Once bidding has stopped, the winning bidder will be immediately required to sign a Sale Contract in the amount of their high bid on the property. If that bidder is unwilling to sign the Sale Contract, the Trustee may request the holder of the next-highest bid to sign the Sale Contract, as allowed under the Foreclosure Sale Notice.
As noted above, while any person or entity is encouraged to appear and bid, any LLC or other corporate entity bidders will also need to have an individual associated with the LLC sign (with proof of identification for any persons) and be personally obligated to perform under the Sale Contract.
On or before 5 days prior to the Foreclosure Sale, a copy of the proposed draft Sale Contract will be available on this page.
This Sale Contract will be a legal and binding agreement for the sale of the collateral to the high bidder.
The Sale Contract will require the high bidder to pay 5% of the winning bid amount to the Trustee by 4:00pm CST on the date of the sale (July 2, 2024), which will be held by the Trustee in escrow pending the closing of the sale.
The Sale Contract will contain a provision that Trustee shall be entitled to retain and hold the escrow funds as a credit toward the purchase or as a credit toward any damages for breach.
The Sale Contract will contain a provision that the Trustee shall convey title to the Property described in the Deed of Trust and in the Foreclosure Sale Notice via Substitute Trustee’s Deed. As provided in the Foreclosure Sale Notice, Trustee will make no covenant of seisin, marketability of title or warranty of title, express or implied, and will sell and convey the subject real property by Substitute Trustee’s Deed as Substitute Trustee only.
On or before 5 days prior to the Foreclosure Sale, a copy of the proposed draft Substitute Trustee’s Deed will be available on this page.
Closing on the sale shall occur on or before July 10, 2024, unless that date is extended in writing.
As provided under the Foreclosure Sale Notice, Trustee will be entitled to sell to the next highest bidder in the event that the high bidder breaches and, if that next highest bidder declines, the Trustee may offer the Property to the next highest bidder to that bidder, and so on.
As to all or any part of the Property, the right is reserved to (i) delay, continue or adjourn the sale to another time certain or to another day and time certain, without further publication and in accordance with law, upon announcement of said delay, continuance or adjournment on the day and time and place of sale set forth above or any subsequent delayed, continued or adjourned day and time and place of sale; (ii) sell at the time fixed by this Notice or the date and time of the last delay, continuance or adjournment or to give new notice of sale; (iii) sell in such lots, parcels, segments, or separate estates as Trustee may choose; (iv) sell any part and delay, continue, adjourn, cancel, or postpone the sale of any part of the Property; (v) sell in whole and then sell in parts and consummate the sale in whichever manner produces the highest sale price; (vi) and/or to sell to the next highest bidder in the event any high bidder does not comply with the terms of the sale.
Additional Information
Please bookmark this page and confirm that there are no updates or changes prior to the Foreclosure Sale. In the event of any inconsistency between this page and the Foreclosure Sale Notice or the Trustee’s announcement at the Foreclosure Sale, the terms of the Foreclosure Sale Notice and announcement at the Foreclosure Sale shall control.
Any inquiries, questions, or other requests should be directed to David Anthony, Trustee, at david@exolegal.com