Secured Party: Landrace Financial, LLC, c/o Much Shelist, P.C., 660 Newport Center Drive, Suite 900, Newport Beach, CA 92660, (“Secured Party”)
Debtor: No. 23 Operations, Inc., a California corporation (“Debtor”)
Collateral Being Sold: All of the personal property of the Debtor, including certain Cannabis extraction and filling equipment.
Secured Party is the secured party with respect to certain indebtedness owed by Debtor pursuant to the terms of those (a) that certain Equipment Lease Agreement dated November 20, 2019 (as amended, the “Equipment Lease”) by and between Debtor and Secured Party and (b) that certain Secured Loan and Debenture Agreement dated November 21, 2019 (as amended, the “Debenture Agreement”) in the original principal amount of $1,500,000 by and between Debtor and Secured Party (collectively, the “Loan Documents”).
Debtor’s obligations under the Loan Documents are secured by the Collateral. Debtor has defaulted in its obligations to the Secured Party under the Loan Documents. The balance of the obligations owed to Secured Party under the Equipment Lease as of August 31, 2023, is in excess of $2,095,000.00, and the balance of the obligations owed to Secured Party under the Debenture Agreement as of August 31, 2023, is in excess of $1,570,000.00.
The Secured Party will sell the Collateral at a public sale to be conducted pursuant to the terms of Section 9601 et seq. of the UCC, via public auction conducted at the offices of Secured Party’s counsel, Much Shelist, P.C., 660 Newport Center Drive, Suite 900, Newport Beach, CA 92660, on Thursday, August 31, 2023, commencing at 11:00 am (Pacific Time).
Attendance at this public sale may also be by video conference or telephone.
Please contact Robert W. Glantz, on or before 5:00 pm (Pacific Time), August 29, 2023, at (312) 521-2625, or via email at [email protected] to obtain video conference or dial-in information prior to the sale or any additional information with respect to the sale and if you desire to participate in the sale.
Additional sale procedures will be presented to all participants prior to the sale.
The Secured Party reserves the right in its sole discretion to adjourn the sale to another date without further publication or notice by giving notice at the time of the sale. The full bid price must be paid in certified check or cashier’s check payable to the order of Landrace Financial, LLC. The successful bid price must be paid in full at the time of the sale or as otherwise agreed upon by Secured Party). Secured Party reserves the right to bid all or part of the amount secured by the Collateral being sold without certified or cashier’s check as required for other bidders.
The Collateral to be sold in this sale is being sold on an “AS IS, WHERE IS” basis. The Secured Party specifically disclaims all representations and warranties, including but not limited to those that relate to title, value, fitness for a particular purpose, merchantability and condition of the Collateral.
Landrace Financial, LLC
By: Robert Glantz/s/
One of its attorneys
Much Shelist, P.C.,
660 Newport Center Drive, Suite 900,
Newport Beach, CA 92660
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