As of October 17, 2003, there is due and owing by Panelgraphic to G&D the following: (1) on the Lehmbeck Note the principal sum of $131,964.35, plus interest; (2) on the August 2003 Demand Note the principal sum of $100,000.00, plus interest; and (3) on the September 2003 Demand Note the principal sum of $50,000.00, plus interest.
Almost all if not all of the G&D Collateral is located at 10 Henderson Drive, West Caldwell, New Jersey. G&D reserves all rights, including, but not limited to, the right to bid at the public auction sale. Panelgraphic is in the business of manufacturing plastic coatings. The G&D Collateral shall be sold only as one lot and no bids will be entertained for less than all of the G&D Collateral. Any person or entity bidding at the sale must deliver to G&D by bank or certified check a deposit in the amount of 25% of the total bid and further provide G&D with evidence of its ability to close and pay the full amount of the purchase price within five (5) days of the sale. The deposit posted by the successful bidder shall be forfeited to G&D in the event the successful bidder fails to close. The closing on the public auction sale shall take place on November 3, 2003 at 11:00 a.m. at the aforementioned offices of Becker Meisel LLC or at such place and time as G&D and the buyer shall agree. G&D reserves that right to accept or reject any bid and to withdraw the G&D Collateral from sale.
The purchaser of the G&D Collateral shall acquire the G&D Collateral free and clear of the rights of Panelgraphic therein and free and clear of the rights of G&D therein. Other than the above, G&D makes no representatives or warranties, express or implied, relating to the title, possession, quiet enjoyment, or the like in making the public sale of the G&D Collateral, including, but not limited to NO IMPLIED WARRANTY OF MERCHANTABLILITY AND NO IMPLIED WARRANTY OF FITNESS FOR PURPOSE. The G&D Collateral is being sold "as is" and "where is". The sale may be adjourned without notice. Parties having questions regarding the sale or parties intending to make a bid at the sale may contact Douglas A. Kent at (973) 422-1100.