NOTICE OF SECURED PARTY SALE PURSUANT TO N.J.S.A. 12A:9-610
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.