Previous Post Correction

SU would like to correct its statement in our previous post of May 18 entitled “Town Square Commercial Property Update” that the SOA was a recipient of $311K as a result of the sale of the Town Square property housing the Sakana Sushi restaurant, which was being sold at auction as a result of a SOA lien on the property due to unpaid assessments. Under the term of the “Certificate of Sale” (accessible via download within the previous post) Saemaul Investments (current property owner) had a 60 day option to repay the purchaser (Champery Rental REO, LLC) the $311K purchase price plus interest and the SOA unpaid assessments to retain title to the property, which they apparently have exercised (although as yet unconfirmed within Washoe County records). Therefore, the funds receivable by the SOA will be for the outstanding assessments, an estimated $67K plus unknown fees, and not the $311K as previously reported.

SU apologizes for our misinterpretation on the content of the “Certificate of Sale” (which was also published on this website for all to read} and will subsequently publish the final documents associated with this auction sale when recorded in the Washoe County records.

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