NOTICE OF MORTGAGE
FORECLOSURE SALE

Default having been made in the terms and conditions of a Construction Mortgage made by Morgan Farms Development, LLC, a Michigan limited liability company (“Grantor”), to Independent Bank West Michigan, a Michigan banking corporation (“Lender”), dated September 20, 2005, and recorded on September 22, 2005, in Liber 872, Page 702, Leelanau County Records (“Mortgage”), on which Mortgage there is due at the date of this notice the sum of Four Million Four Hundred Sixty Five Thousand Five Hundred Fifty and 61/100 Dollars ($4,465,550.61).

NOTICE IS HEREBY GIVEN that on Friday December 21, 2007, at Eleven o’clock a.m., the undersigned will, at the Courthouse in Leland, Michigan, cause to be sold at public auction to the highest bidder the Property (as hereinafter described) to pay the amount due on and secured by the Mortgage, and any additional amount due thereon and secured thereby at the time of said sale, including interest at the contract rate, the attorney’s fees as provided by law and all lawful costs.

The property to be sold is described as follows (collectively, the “Property”):
(a) Real property situated in the County of Leelanau, State of Michigan, legally described as follows:

Phase I Parcel
Part of Section 32 and 33, Town 28 North, Range 11 West, City of Traverse City, Leelanau County, Michigan more fully described as follows:
Commencing at the quarter corner common to said Sections 32 and 33; thence South 89°59’50” East, 126.39 feet along the east-west quarter line of said Section 33 to the Point of Beginning; thence South 89°59’50” East, 395.53 feet along said east-west quarter line; thence South 00°31’45” West, 542.02 feet; thence North 89°57’46” East, 803.82 feet to the west one-eighth line of said Section 33; thence South 00°31’16” West; 120.43 feet along said west one-eighth line; thence North 89°53’39” West, 3.16 feet; thence South 00°47’40” West, 376.51 feet; thence South 89°07’39” East, 4.95 feet to said west one-eighth line; thence South 00°31’16” West, 1,086.92 feet along said west one-eighth line to the northerly right-of-way of State Highway -72; thence Southwesterly, 952.80 feet along the arc of a 1030.37 foot radius curve to the left, the included angle of which is 52°58’57”, and the long chord of which bears: South 83°39’58” West, 919.22 feet along said northerly right-of-way; thence South 57°10’30” West, 473.77 feet along said northerly right-of-way; thence North 61°46’13” West; 138.68 feet; thence South 89°21’33” West, 178.45 feet; thence North 00°38’27” West, 485.90 feet; thence South 89°20’35” West, 98.78 feet; thence North 00°38’27” West, 170.05 feet; thence North 89°21’33” East, 192.43 feet; thence Northeasterly, 55.28 feet along the arc of a 143.50 foot radius curve to the right, the included angle of which is 22°04’14”, and the long chord of which bears: North 17°12’32” East, 54.94 feet; thence North 39°29’08” West, 48.69 feet; thence North 09°47’26” West, 44.16 feet; thence North 13°17’11” East, 52.80 feet; thence North 50°35’25” East, 108.30 feet; thence North 02°23’54” East, 125.82 feet; thence North 56°07’04” East, 128.70 feet; thence North 02°19’25” East, 18.94 feet; thence Northeasterly, 122.97 feet along the arc of a 272.63 foot radius curve to the right the included angle of which is 25°50’34”, and the long chord of which bears: North 15°14’42” East, 121.93 feet; thence North 50°48’34” West 56.24 feet; thence North 12°48’15” West 65.59 feet; thence North 39°11’26” East, 106.15 feet; thence North 11°26’15” East, 159.58 feet; thence North 62°15’06” East, 63.18 feet; thence South 66°56’02” East, 70.37 feet; thence North 36°52’22” East, 216.06 feet; thence Northwesterly, 203.35 feet along the arc of a 154.50 foot radius curve to the right, the included angle of which is: 75°24’37”, and the long chord of which bears: North 07°24’52” West, 188.98 feet; thence North 30°17’26” East, 31.83 feet; thence Northeasterly 93.58 feet along the arc of a 89.50 foot radius curve to the left, the included angle of which is: 59°54’27”, and the long chord of which bears: North 00°20’13” East, 89.37 feet; thence Northwesterly, 147.49 feet along the arc of a 290.00 foot radius curve to the left, the include angle of which is: 29°08’21”, and the long chord of which bears: North 44°11’11” West, 145.90 feet: thence North 02°28’42” West, 23.71 feet; thence Northwesterly, 92.59 feet along the arc of a 310.00 foot radius curve to the left, the included angle of which is 17°06’46”, and the long chord of which bears; North 64°44’45” West, 92.25 feet; thence North 09°40’28” East, 200.79 feet to the point of Beginning. EXCEPTING Units 1-50, Hill Valley Neighborhood, according to the Master Deed recorded in Liber 801, pages 59 through 155, inclusive, First Amendment to the Master Deed recorded in Liber 816, page 762, and designated as Leelanau County Condominium Plan No. 122, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended, ALSO EXCEPTING Units 1-24, The Cottages, according to the Master Deed recorded in Liber 801, page 1, First Amendment to the Master Deed recorded in Liber 845, Page 626, and designated as Leelanau County Condominium Plan No. 121, Leelanau County Records, together with rights general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended, ALSO EXCEPTING Units 1-17, Valley View Condominium, according to the Master Deed recorded in Liber 864, pages 166 through 232, and designated as Leelanau County Condominium Plan No. 130, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended.

ALSO EXCEPTING Units 1-15, Park View Town Homes South Condominium, according to the Master Deed recorded in Liber 905, Page 268 through 325, and designated as Leelanau County Condominium Plan No. 141, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended.
Subject to the right-of-way of Carter Road.

And
Units 2-6, 8-12, 14-16, 21, 25, 32, 35, 38, 39, 40 and 43-50, Hill Valley Neighborhood, according to the Master Deed recorded in Liber 801, pages 59 through 155, inclusive, First Amendment to the Master Deed recorded in Liber 816, page 762, and designated as Leelanau County Condominium Plan No. 122, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended.

And
Units 13, 14 and 17-20, The Cottages, according to the Master Deed recorded in Liber 801, pages 1, First Amendment to the Master Deed recorded in Liber 845, page 626, and designated as Leelanau County Condominium Plan No. 121, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended.

And
Units 5-17, Valley View Condominium, according to the Master Deed recorded in Liber 864, pages 166 through 232, and designated as Leelanau County Condominium Plan No. 130, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts of 1978 as amended.

And
Units 1-6 and 11-15, Park View Town Homes South Condominium, according to the Master Deed recorded in Liber 905, Pages 268 through 325, and designated as Leelanau County Condominium Plan No. 141, Leelanau County Records, together with rights in general common elements and limited common elements as set forth in the above Master Deed and as described in Act 59 of Public Acts as such Act may be amended;
together with all erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all rights to make divisions of the land that are exempt from the platting requirements of the Michigan Land Division Act, as it shall be amended; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits relating to the real property, including without limitation all minerals, oil, gas, geothermal and similar matters (all of the above collectively, the “Real Property”); and
(b) and all equipment, fixtures, and other articles of personal property owned by Grantor, and attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums from any sale or other disposition of the Property.

To the extent any of the foregoing Property constitutes personal property or fixtures, such personal property and fixtures shall be sold together with the real estate pertaining thereto in accordance with MCL 440.9604(a)(2) and 440.9604(b)(2) respectively.

The redemption period shall be one (1) year from the date of such sale, unless the property is determined abandoned in accordance with MCL 600.3241a, in which case the redemption period shall be thirty (30) days from the date of the sale.

DATED: November 22, 2007 Lender:
INDEPENDENT BANK WEST MICHIGAN
BODMAN LLP
Attorneys for Lender
6th Floor at Ford Field
1901 St. Antoine Street
Detroit, Michigan 48226
(313)-259-7777 22-20