Intermodal facility faces foreclosure
Minot’s intermodal facility is in default, and its lender is asking the court in a foreclosure proceeding for the right to sell property to collect on its debt.
The Minot City Council will meet Tuesday at 4 p.m. for attorney consultation. The city owns the property, which is leased to North Dakota Port Services.
The mortgage, held by First Western Bank, was created in March 2013 to secure $10 million in loans. One loan came into default last November because of the failure to pay the balance of $994,952 plus late fees and of $32,053. Per diem penalty is $164.
First Western also has declared the second loan in default for failure to make monthly payments for October, November and December of 2016 and January and February of 2017, for a total of $499,480. The remaining principal owing on the second loan is $7.17 million, with interest and late fee of $203,697. Per diem penalty is $1,179.
Because of the default, the lender is able to declare the full amount due under the terms of the loan agreement. Collateral on the loans includes personal property as well as real estate.