| The loan was transferred to special servicing on 12/18/08 as imminent payment default due to borrower\'s counsel notification that the borrower and its principals are either insolvent or nearing insolvency and that a restructure proposal will be forthcoming. The loan was due for the 01/01/09 payment. As such, counsel was engaged on 01/06/09 and formal demand was made on 01/13/09. The loan was accelerated on 02/17/09 and the notice of default was recorded on 03/19/09 to start the foreclosure process. Borrower signed a Pre-negotiation Letter on 6/17/09 indiciating a desire to negotiate a modification. Should a reasonable offer be made to either forbear or modify the loan, it will be evaluated accordingly. Foreclosure will be pursued in the event a reasonable modification can not be reached.
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