Trustee No. 24934.002
NOTICE OF TRUSTEE’S SALE OF COMMERCIAL LOAN
Pursuant to the Revised Code of Washington Chapter 61.24, et seq.
Grantor(s): Cedar Springs Associates, LLC
Current Beneficiary of the Deed of Trust (Grantee): UC Cedar Springs Holder, LLC
Current Trustee of the Deed of Trust Hillis Clark Martin & Peterson P.S.
Current Mortgage Servicer of the Deed of Trust: n/a
Legal Description (abbreviated)*: Revised Parcel A, Pierce County Bondary Line Adjustment, 201505215002; Portion of NE 1/4 of NE 1/4 in Section 32, Township 19 North, Range 4 East
Complete legal on EXHIBIT A
Reference No. of the Deed of Trust: 202105070672 – Deed of Trust
202109070767 – Assignment of DOT
Assessor’s Parcel No(s)*: 041932-100-7; 041932-103-6; 041932-101-2; 041932-108-9
*The Assessor’s Parcel Number and Abbreviated Legal Description are provided solely to comply with the recording statutes and are not intended to supplement, amend or supersede the Property’s full legal description provided herein.
I.
NOTICE IS HEREBY GIVEN that the undersigned trustee will, on August 15, 2025, at the hour of 10:00 a.m., at the 2nd Floor Entry Level Plaza of the Pierce County City and County Building, 930 Tacoma Avenue S., Tacoma, WA 98402, sell at public auction to the highest and best bidder, payable at time of sale, the real property, situated in the County of Pierce, State of Washington, as legally described in Exhibit A attached hereto (the “Real Property”) and the personal property legally described in Exhibit B attached hereto (the “Personal Property” and together with the Real Property, the “Property”).
The Property is subject to that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated May 6, 2021 granted by CEDAR SPRINGS ASSOCIATES, LLC, a Washington limited liability company (“Borrower”), to Chicago Title Company of Washington, as trustee, to secure an obligation in favor of UC FUNDING, LLC, a Delaware limited liability company (“Original Beneficiary”) and recorded on May 7, 2021 in the official records of Pierce County, Washington, under Recording No. 202105070672 (the “Deed of Trust”). The Deed of Trust was granted to secure a loan (the “Loan”) made by Original Beneficiary to Borrower in the original amount of $32,250,000.00, as evidenced by a Promissory Note dated May 6, 2021 (the “Note”)
Subsequent to the making of the Loan, Original Beneficiary assigned all of its interest in the Loan to UC CEDAR SPRINGS HOLDER, LLC, a Delaware limited liability company (“Beneficiary”), pursuant to, among other things, that certain Assignment to Deed of Trust and Other Recorded Documents recorded on September 7, 2021, in the official records of Pierce County, Washington under Recording No. 202109070767.
Hillis Clark Martin & Peterson P.S. is now “Trustee” by reason of an Appointment of Successor Trustee recorded on April 17, 2005, under Recording No. 202504170426, records of Pierce County, Washington.
II.
No action commenced by the Beneficiary of the Deed of Trust is now pending to seek satisfaction of the obligation in any Court by reason of the Borrower’s default on the obligation secured by the Deed of Trust.
III.
The defaults for which this foreclosure is made are as follows:
(1) Failure to pay the monthly payments due on the Loan from March 2023 until the Maturity Date.
(2) Failure to pay the Loan in full on or before November 1, 2023, the “Maturity Date”;
(3) Failure to complete Phase I Construction on or before April 30, 2022;
(4) Failure to complete Phase II Construction on or before October 31, 2022;
(5) Failure to provide insurance for the Property as required under the Loan Documents;
(6) Failure to prevent waste on the Property;
(7)Failure to provide Lender access to the Property;
(8) Misappropriation of insurance proceeds; (9) Failure to construct the project in accordance with the Construction Budget; and
(10) Failure to pay when due the real property taxes for the Property.
The following is an itemized summary of the amounts that are now due in full as of May 13, 2025:
Outstanding Principal $32,250,000.00
Less: Tax & Insurance Reserve Escrow ($191,133.01)
Renovation Reserve Escrow ($9,876,728.27)
Interest Reserve Escrow – Non Cash ($191,484.41)
Net Balance after Escrows Retained $21,990,654.31
Payrate Interest 2/1/23 – 3/11/23 $320,036.46
Accrual Interest 5/5/21 – 3/11/23 $1,746,427.05
Default Interest 3/12/23 – 5/13/25 $17,071,000.00
Late Fees $12,801.46
Exit Fees $322,500.00
Legal/Reimbursables/Other (estimated) $300,000.00
Total Estimated Due: $41,763,419.28*
*Plus all applicable additional advances, loan fees, attorney’s fees and costs, and trustee’s fees and costs incurred by Beneficiary to the date of cure or sale, less any funds received.
IV.
The sum owing on the obligation secured by the Deed of Trust is: Principal $21,990,654.31, together with interest as provided in the Note or other instrument secured as referenced above, and such other costs and fees as are due under the Note or other instrument secured, and as are provided by statute, including outstanding Trustee’s fees and costs.
V.
The Property will be sold to satisfy the expense of sale and the obligation secured by the Deed of Trust as provided by statute. The sale will be made without warranty, express or implied, regarding title, possession, or encumbrances on August 15, 2025. The sale will be discontinued and terminated any time before the sale by the Borrower, any Guarantor (defined below), or the holder of any recorded junior lien or encumbrance paying the entire principal and interest secured by the Deed of Trust, plus costs, fees, and advances, if any, made pursuant to the terms of the obligation and/or Deed of Trust, and curing all other defaults.
VI.
A written notice of default was transmitted by the Beneficiary or Trustee to the Borrower and Guarantors at the following address(es):
Cedar Springs Associates, LLC
118 Violet Meadows South
Tacoma, Washington 98444
Attn: Richard Lauritzen, Registered Agent
Richard Lauritzen
118 Violet Meadows South
Tacoma, Washington 98444
Spouse of Richard Lauritzen
118 Violet Meadows South
Tacoma, Washington 98444
by both first class and certified mail on April 25, 2025, proof of which is in the possession of the Trustee; and the Borrower was personally served on April 27, 2025, with said written notice of default or the written notice of default was posted in a conspicuous place on the real property described in paragraph I above, and the Trustee has possession of proof of such service or posting.
VII.
The Trustee whose name and address are set forth below will provide in writing to anyone requesting it, a statement of all costs and fees due at any time prior to the sale.
VIII.
The effect of the sale will be to deprive the Borrower, and all those who hold by, through or under the Borrower, of all their interest in the Property.
IX.
Anyone having any objection to the sale on any grounds whatsoever will be afforded an opportunity to be heard as to those objections if they bring a lawsuit to restrain the sale pursuant to RCW 61.24.130. Failure to bring such a lawsuit may result in a waiver of any proper grounds for invalidating the trustee’s sale.
X.
SPECIAL NOTICE TO GUARANTORS
If any of the parties receiving this notice are guarantors of the obligations referenced above, each such guarantor (individually and collectively, “Guarantor”) is hereby notified that: (1) Guarantor may be liable for a deficiency judgment to the extent the sale price obtained at the trustee’s sale is less than the debt secured by the Deed of Trust; (2) Guarantor has the same rights to reinstate the debt, cure the default, or repay the debt as is given to the grantor in order to avoid any trustee’s sale; (3) Guarantor will have no right to redeem the Property after the trustee’s sale; (4) subject to such longer periods as are provided in the Washington deed of trust act, chapter 61.24 RCW, any action brought to enforce a guaranty must be commenced within one year after the trustee’s sale, or the last trustee’s sale under any deed of trust granted to secure the obligations referenced above; and (5) in any action for a deficiency, Guarantor will have the right to establish the fair value of the Property as of the date of the trustee’s sale, less prior liens and encumbrances, and to limit its liability for a deficiency to the difference between the debt and the greater of such fair value or the sale price paid at the trustee’s sale, plus interest and costs.
XI.
NOTICE TO OCCUPANTS OR TENANTS
The purchaser at the trustee’s sale is entitled to possession of the Property on the 20th day following the sale, as against the grantor under the Deed of Trust (the owner) and anyone having an interest junior to the Deed of Trust, including occupants who are not tenants. After the 20th day following the sale the purchaser has the right to evict occupants who are not tenants by summary proceedings under chapter 59.12 RCW. For tenant-occupied property, the purchaser shall provide a tenant with written notice in accordance with RCW 61.24.060.
XII.
THIS IS AN ATTEMPT TO COLLECT A DEBT AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE.
DATED this 13th day of May, 2025.
Trustee: HILLIS CLARK MARTIN & PETERSON P.S.
By /s/ Julie B. Hamilton
999 Third Avenue, Suite 4600
Seattle, WA 98104 Telephone: (206) 623-1745
STATE OF WASHINGTON }
}ss.
COUNTY OF KING }
This record was acknowledged before me on May 13, 2025 by JULIE B. HAMILTON as an authorized representative of HILLIS CLARK MARTIN & PETERSON P.S., a Washington professional services corporation.
S/Brooke Alexander
Printed Name:
Brooke
NOTARY PUBLIC in and for the State of Washington, residing Seattle My Commission Expires 3-27-27
EXHIBIT A
Legal description of the Real Property
PARCEL A: 041932-1007
The East half of the Northwest quarter of the Northeast quarter of the Northeast quarter of Section 32, Township 19 North, Range 4 East, W.M., in Pierce County, Washington;
Except the North 30 feet for 176th Street East (Frederickson County Road) conveyed to Pierce County by deed recorded under Recording No. 1532915, records of Pierce County, Washington;
Except that portion thereof appropriated by Pierce County pursuant to the Pierce County Superior Court Cause No. 09-2-07118-2, recorded under Recording No. 201002080222, records of Pierce County, Washington.
PARCEL B: 041932-1036
The West half of the Northeast quarter of the Northeast quarter of the Northeast quarter of Section 32, Township 19 North, Range 4 East, W.M., in Pierce County, Washington;
Except the North 30 feet for 176th Street East (Frederickson County Road) conveyed to Pierce County by deed recorded under Recording No. 1532915, records of Pierce County, Washington;
Except that portion thereof appropriated by pierce county pursuant to the Pierce County Superior Court Cause No. 09-2-07118-2, recorded under Recording No. 201002080222, records of Pierce County, Washington.
PARCEL C: 041932-1012
The North half of the Southeast quarter of the Northwest quarter of the Northeast quarter of Section 32, Township 19 North, Range 4 East, W.M., in Pierce County, Washington.
Parcel C-1:
A non-exclusive easement for ingress, egress and utilities 60 feet in width as granted in instrument recorded under Recording No. 2453558, the centerline of which is described as follows:
Beginning at the Northwest corner of the East half of the East half of the Northeast quarter of Section 32, Township 19 North, Range 4 East, W.M., in Pierce County, Washington;
Thence South along the West line of said subdivision to the Southwest corner of the North half of the Southeast quarter of the Northeast quarter of the Northeast quarter of said Section 32;
Thence West along the South line of the North half of the Southwest quarter of the Northeast quarter of the Northeast quarter of said Section 32, to the East line of the Northwest quarter of the Northeast quarter of said Section 32, said point being the center of a cul-de-sac within a radius of 50 feet and the terminus of said centerline description;
Except that portion lying within 176th Street East;
And except that portion of said easement lying within the main tract.
PARCEL D: 041932-1089
The North half of the Southwest quarter of the Northeast quarter of the Northeast quarter of Section 32, Township 19 North, Range 4 East, W.M., in Pierce County, Washington;
Except the following described tract:
Commencing at the Southeast corner of aforesaid subdivision;
Thence North 89°12’11” west along the South line of said subdivision, 150.12 feet to the point of beginning;
Thence continue North 89°12’11” West, along said South line, 53.38 feet;
Thence North 00°47’49” East, 45.28 feet;
Thence North 23°04’59” West, 112.69 feet;
Thence North 00°47’49” East, 30.36 feet;
Thence North 66°50’47” East, 78.61 feet;
Thence South 23°04’59” East, 67.08 feet;
Thence south 00°47’49” west, 149.25’ to the point of beginning.
(Also known as Revised Parcel A, Pierce County Boundary Line Adjustment recorded under Recording No. 201505215002, records of Pierce County, Washington.)
Parcel D-1:
A non-exclusive easement for ingress, egress and utilities 60 feet in width as granted in instrument recorded under Recording No. 2453558, the centerline of which is described as follows:
Beginning at the Northwest corner of the East half of the East half of the Northeast quarter of Section 32 Township 19 North, Range 4 East, W.M., in Pierce County, Washington;
Thence South along the West line of said subdivision to the Southwest corner of the North half of the Southeast quarter of the Northeast quarter of the Northeast quarter of said Section 32;
Thence West along the South line of the North half of the Southwest quarter of the Northeast quarter of the Northeast quarter of said Section 32, to the East line of the Northwest quarter of the Northeast quarter of said Section 32, said point being the center of a cul-de-sac within a radius of 50 feet and the terminus of said centerline description;
Except that portion lying within 176th Street East;
And except that portion of said easement lying within the main tract.
EXHIBIT B
Legal Description of the
Personal Property
(A) All that certain real property situated in the County of Pierce and State of Washington, more particularly described on Exhibit A attached hereto and incorporated herein by this reference (the “Real Estate”), together with all of the easements, rights, privileges, franchises, tenements, hereditaments and appurtenances now or hereafter thereunto belonging or in any way appertaining thereto, and all of the estate, right, title, interest, claim and demand whatsoever of Borrower therein or thereto, either at law or in equity, in possession or in expectancy, now owned or hereafter acquired;
(B) All structures, buildings and improvements of every kind and description now or at any time hereafter located or placed on the Real Estate (the “Improvements”);
(C) All easements, rights-of-way, strips and gores of land, vaults, streets, ways, alleys, passages, sewer rights, air rights and development rights and other emblements now or hereafter located on the Real Estate or under or above the same or any part or parcel thereof, all rights to oil, gas, minerals, coal and other substances of any kind or character, and all estates, rights, titles, interests, privileges, liberties, tenements, hereditaments and appurtenances, reversions and remainders whatsoever, in any way belonging, relating or appertaining to the Property or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or hereafter acquired by Borrower;
(D) All furniture, furnishings, fixtures, goods, equipment, inventory or personal property owned by Borrower and now or hereafter located on, attached to or used in or about the Improvements; including, but not limited to, all machines, engines, boilers, dynamos, elevators, stokers, tanks, cabinets, awnings, screens, shades, blinds, carpets, draperies, lawn mowers, and all appliances, plumbing, heating, air conditioning, lighting, ventilating, refrigerating, disposal and incinerating equipment, and all fixtures and appurtenances thereto, and such other goods and chattels and personal property owned by Borrower as are now or hereafter used or furnished in operating the Improvements, or the activities conducted therein, and all building materials and equipment hereafter situated on or about the Real Estate or the Improvements, and all warranties and guaranties relating thereto, and all additions thereto and substitutions and replacements therefor (exclusive of any of the foregoing owned or leased by tenants of space in the Improvements);
(E) All water, water courses, ditches, wells, reservoirs and drains and all water, ditch, well, reservoir and drainage rights and powers which are appurtenant to, located on, under or above or used in connection with the Real Estate or the Improvements, or any part thereof, together with (i) all utilities, utility lines, utility commitments, utility capacity, capital recovery charges, impact fees and other fees paid in connection with the same, (ii) reimbursements or other rights pertaining to utility or utility services provided to the Real Estate and/or the Improvements, and (iii) the present or future use or availability of waste water capacity or other utility facilities to the extent same pertain to or benefit the Real Estate and/or the Improvements; including, without limitation, all reservations of or commitments or letters covering any such use in the future, whether now existing or hereafter created or acquired;
(F) All minerals, crops, timber, trees, shrubs, flowers and landscaping features now or hereafter located on, under or above the Real Estate; (G) All cash funds, deposit accounts and other rights and evidence of rights to cash, now or hereafter created or held by Lender pursuant to this Security Instrument, the Loan Agreement or any other of the Loan Documents, as hereinafter defined; including, without limitation, all funds now or hereafter on deposit in the Reserves held by Lender pursuant to the terms of the Loan Agreement;
(H) All leases, subleases, licenses, rental agreements, and occupancy agreements of whatever form now or hereafter affecting all or any part of the Real Estate and/or the Improvements and any and all guarantees, extensions, renewals, replacements and modifications thereof (collectively, the “Leases”); (I) All rents, royalties, issues, profits, revenue, income and other benefits of the Real Estate, the Improvements, or the fixtures or equipment now or hereafter arising from the use or enjoyment of all or any portion thereof or from any present or future Leases, and all cash or securities deposited to secure performance by the Tenants of their obligations under any of the Leases, whether said cash or securities are to be held until the expiration of the terms of said Leases or applied to one or more of the installments of rent coming due prior to the expiration of said terms (collectively, the “Rents”);
(J) All contracts and agreements now or hereafter entered into covering any part of the Real Estate or the Improvements (collectively, the “Contracts”) and all revenue, income and other benefits thereof; including, without limitation, management agreements, service contracts, maintenance contracts, equipment leases, personal property leases and any contracts or documents relating to construction on any part of the Property (including plans, specifications, studies, drawings, surveys, tests, operating and other reports, bonds and governmental approvals) or to the management or operation of any part of the Real Estate or the Improvements;
(K) All present and future monetary deposits given to any public or private utility with respect to utility services furnished to any part of the Real Estate or the Improvements; (L) All present and future funds, accounts, instruments, accounts receivable, documents, causes of action, claims, general intangibles (including, without limitation, trademarks, trade names, servicemarks and symbols now or hereafter used in connection with any part of the Real Estate or the Improvements, all names by which the Real Estate or the Improvements may be operated or known, all rights to carry on business under such names, and all rights, interest and privileges which Borrower has or may have as developer or declarant under any covenants, restrictions or declarations now or hereafter relating to the Real Estate or the Improvements) and all notes or chattel paper now or hereafter arising from or by virtue of any transactions related to the Real Estate or the Improvements (collectively, the “General Intangibles”);
(M) All water taps, sewer taps, certificates of occupancy, permits, special permits, uses, licenses, franchises, certificates, consents, approvals and other rights and privileges now or hereafter obtained in connection with the Real Estate or the Improvements and all present and future warranties and guaranties relating to the Improvements or to any equipment, fixtures, furniture, furnishings, personal property or components of any of the foregoing now or hereafter located or installed on the Real Estate or the Improvements; (N) All building materials, supplies and equipment now or hereafter placed on the Real Estate or in the Improvements and all architectural renderings, models, drawings, plans, specifications, studies and data now or hereafter relating to the Real Estate or the Improvements;
(O) All right, title and interest of Borrower in any insurance policies or binders now or hereafter relating to the Property, including any unearned premiums thereon;
(P) All proceeds, products, substitutions and accessions (including claims and demands therefor) of the conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims; including, without limitation, proceeds of insurance and condemnation awards and all refunds, rebates or credits in connection with a reduction or overpayment of taxes;
(Q) All interest rate cap agreements, swaps or other interest hedging agreements now or hereafter executed with respect to the Loan, as hereinafter defined, or to guard against interest rate exposure in connection with the Loan; and
(R) All other or greater rights and interests of every nature in the Real Estate or the Improvements and in the possession or use thereof and income therefrom, whether now owned or hereafter acquired by Borrower.
IDX 1016429
July 16, August 8, 2025
