NOTICE OF TRUSTEE’S SALE

The trust property described below (the “Trust Property”) will be sold pursuant to the power of sale under the Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing recorded on April 13, 2007, in the Official Records of Maricopa County, Arizona, as Document No. 2007-0434439 (the “Deed of Trust”),[1] [1] [Pursuant to that certain Assignment of Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing and Assignment of Leases and Rents and Security Deposits recorded on November 19, 2010, in the Official Records of Maricopa County, Arizona, as Document No. 2010-1015726, Petra Mortgage Capital Corp. LLC assigned all of its right, title and interest in, to and under the Deed of Trust to Petra Fund REIT Corp. (“PFRC”). Pursuant to that certain Assignment of Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing and Assignment of Leases and Rents and Security Deposits recorded on November 19, 2010, in the Official Records of Maricopa County, Arizona, as Document No. 2010-1015727, PFRC assigned all of its right, title and interest in, to and under the Deed of Trust to Petra CRE CDO 2007-1, Ltd. (“Beneficiary”).] at public auction to the highest bidder, AT THE OFFICES OF FENNEMORE CRAIG, P.C., LOCATED AT 3003 NORTH CENTRAL AVENUE, SUITE 2600, PHOENIX, ARIZONA 85012-2913, on Wednesday, February 23, 2011, at the hour of 10:00 A.M. of said day. The Trust Property includes all right, title and interest of Meridian Corners LLC, a Delaware limited liability company (“Borrower”), existing as of the effective date of the Deed of Trust, together with any of Borrower’s subsequently acquired right, title and interest, in and to all of the following property, rights, interests and estates: (a) the plot(s), piece(s) or parcel(s) of real property described in Exhibit A attached hereto and made a part hereof (individually and collectively, hereinafter referred to as the “Premises”); (b) (i) all buildings, foundations, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind or nature located on the Premises (hereinafter collectively referred to as the “Improvements”); and (ii) to the extent permitted by law, the name or names, if any, as may be used for any of the Improvements, and the goodwill associated therewith (the “Names”); (c) all easements, servitudes, rights-of-way, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, ditches, ditch rights, reservoirs and reservoir rights, air rights and development rights, lateral support, drainage, gas, oil and mineral rights, tenements, hereditaments and appurtenances of any nature whatsoever, in any way belonging, relating or pertaining to the Premises or the Improvements and the reversion and reversions, remainder and remainders, whether existing or hereafter acquired, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Premises to the center line thereof and any and all sidewalks, drives, curbs, passageways, streets, spaces and alleys adjacent to or used in connection with the Premises and/or Improvements and all the estates, rights, titles, interests, property, possession, claim and demand whatsoever, both in law and in equity, of Borrower of, in and to the Premises and Improvements and every part and parcel thereof, with the appurtenances thereto; (d) all machinery, equipment, fittings, apparatus, appliances, furniture, furnishings, tools, fixtures (including, but not limited to, all heating, air conditioning, ventilating, waste disposal, sprinkler and fire and theft protection equipment, plumbing, lighting, communications and elevator fixtures) and other property of every kind and nature whatsoever, located upon, or in, and used in connection with the Premises or the Improvements, or appurtenant thereto, and all building equipment, materials and supplies of any nature whatsoever owned by Borrower, or in which Borrower had, has or shall have an interest, located upon, or in, and used in connection with the Premises or the Improvements or appurtenant thereto, including, without limitation, the Collateral (as defined in the Deed of Trust) (hereinafter, all of the foregoing items described in this paragraph (d) are collectively called the “Equipment”), all of which, and any replacements, modifications, alterations and additions thereto, to the extent permitted by applicable law, shall be deemed to constitute fixtures (the “Fixtures”), and are part of the real estate and security for the payment of the Debt (as defined in the Deed of Trust) and the performance of Borrower’s obligations. To the extent any portion of the Equipment is not real property or fixtures under applicable law, it shall be deemed to be personal property, and the Deed of Trust constituted a security agreement creating a security interest therein in favor of Beneficiary under the UCC; (e) all awards or payments, including interest thereon, with respect to the Premises, the Improvements, the Fixtures, or the Equipment, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of the exercise of said right), or for a change of grade, or for any other injury to or decrease in the value of the Premises, the Improvements or the Equipment or refunds with respect to the payment of property taxes and assessments, and all other proceeds of the conversion, voluntary or involuntary, of the Premises, Improvements, Equipment, Fixtures or any other Trust Property or part thereof into cash or liquidated claims (the “Payments”); (f) all leases, tenancies, licenses and other agreements affecting the use, enjoyment or occupancy of the Premises, the Improvements, the Fixtures, or the Equipment or any portion thereof entered into, whether before or after the filing by or against Borrower of any petition for relief under the Bankruptcy Code and all reciprocal easement agreements, and license agreements (hereinafter collectively referred to as the “Leases”), together with all cash or security deposits, lease termination payments, advance rentals and payments of similar nature and guarantees or other security held by, or issued in favor of, Borrower in connection therewith to the extent of Borrower’s right or interest therein and all remainders, reversions and other rights and estates appurtenant thereto, and all base, fixed, percentage or additional rents, and other rents, oil and gas or other mineral royalties, and bonuses, issues, profits and rebates and refunds or other payments made by any Governmental Authority (as defined in the Deed of Trust) from or relating to the Premises, the Improvements, the Fixtures or the Equipment plus all rents, common area charges and other payments, whether paid or accruing before or after the filing by or against Borrower of any petition for relief under the Bankruptcy Code (the “Rents”) and all proceeds from the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment of the Debt, together with the Leases, Security Deposits and Rents pursuant to and as defined in the Assignment of Leases and Rents and Security Deposits recorded on April 13, 2007, in the Official Records of Maricopa County, Arizona, as Document No. 2007-0434440; (g) all proceeds of and any unearned premiums on any insurance policies covering the Premises, the Improvements, the Fixtures, the Rents or the Equipment, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Premises, the Improvements, the Fixtures or the Equipment and all refunds or rebates of Impositions (as defined in the Deed of Trust), and interest paid or payable with respect thereto (the “Proceeds”); (h) all deposit accounts, securities accounts, funds or other accounts maintained or deposited with Beneficiary, or its assigns, in connection with the Deed of Trust, including, without limitation, the Security Deposit Account (to the extent permitted by law), the Escrow Accounts, the Central Account, the Rent Account, and the Sub-Accounts (as such terms are defined in the Deed of Trust) and all monies and investments deposited or to be deposited in such accounts (the “Accounts”); (i) all accounts receivable, contract rights, franchises, interests, estate or other claims, both at law and in equity, now existing or hereafter arising, and relating to the Premises, the Improvements, the Fixtures or the Equipment, not included in Rents (the “Receivables”); (j) all claims against any Person (as defined in the Deed of Trust) with respect to any damage to the Premises, the Improvements, the Fixtures or the Equipment, including, without limitation, damage arising from any defect in or with respect to the design or construction of the Improvements, the Fixtures or the Equipment and any damage resulting therefrom (the “Claims”); (k) all deposits or other security or advance payments, including rental payments made by or on behalf of Borrower to others, with respect to (i) insurance policies, (ii) utility services, (iii) cleaning, maintenance, repair or similar services, (iv) refuse removal or sewer service, (v) parking or similar services or rights and (vi) rental of Equipment, if any, relating to or otherwise used in the operation of the Premises, the Improvements, the Fixtures or the Equipment (the “Deposits”); (l) all intangible property relating to the Premises, the Improvements, the Fixtures or the Equipment or its operation, including, without limitation, software, letter of credit rights, trade names, trademarks (including, without limitation, any licenses of or agreements to license trade names or trademarks now or hereafter entered into by Borrower), logos, building names and goodwill (the “Intangible Property”); (m) all advertising material, guaranties, warranties, building permits, other permits, licenses, plans and specifications, shop and working drawings, soil tests, appraisals and other documents, materials and/or personal property of any kind existing in or relating to the Premises, the Improvements, the Fixtures, and the Equipment (the “Documents”); (n) all drawings, designs, plans and specifications prepared by architects, engineers, interior designers, landscape designers and any other consultants or professionals for the design, development, construction, repair and/or improvement of the Trust Property, as amended from time to time (the “Drawings”); (o) the right, in the name of and on behalf of Borrower, to appear in and defend any action or proceeding brought with respect to the Premises, the Improvements, the Fixtures or the Equipment and to commence any action or proceeding to protect the interest of Beneficiary in the Premises, the Improvements, the Fixtures or the Equipment (the “Proceeding Rights”); and (p) all proceeds, products, substitutions and accessions (including claims and demands therefor) of each of the foregoing. Exhibit A. Legal Description of Premises. HAVEN CONDOMINIUMS, according to Declaration of Condominium recorded in Recording No. 2006-1473201, and plat recorded in Book 879 of Maps, page 14, a replat of HAVEN recorded in Book 876, page 13 Maricopa County Recorders Office. Also being a portion of the Southeast quarter of Section 23, Township 1 North, Range 4 East of the Gila and Salt River Base and Meridian, Maricopa County, Arizona. Together with an undivided interest in and to the common elements as set forth in said Declaration and as designated on said Plat. At the same time and location, Trustee, pursuant to A.R.S. §47-9604, will sell all of Borrower’s right, title and interest existing as of the effective date of the Deed of Trust, together with any of Borrower’s subsequently acquired right, title and interest, in, to and under the following personal property, as described in the Deed of Trust: (1) the Improvements, Names, Equipment, Fixtures, Payments, Leases, Rents, Proceeds, Accounts, Receivables, Claims, Deposits, Intangible Property, Documents, Drawings, and Proceeding Rights; and (2) all proceeds, products, substitutions and accessions (including claims and demands therefor) of each of the foregoing. According to the Deed of Trust or upon information supplied by the Beneficiary, the street address or identifiable location of the Trust Property is: All common areas and all Units 1001A through 1188A, inclusive, 2001A through 2188A, inclusive, 1001B through 1142B, inclusive, and 2001B through 2142B, inclusive, 1440 East Broadway Road, Tempe, Arizona 85282. Tax parcel numbers: 133-09-150 through 133-09-810, inclusive. Original principal balance: $76,900,000.00 Name and address of beneficiary: Petra CRE CDO 2007-1, Ltd., 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019 Name and address of original trustor: Meridian Corners LLC, 1440 East Broadway, Tempe, Arizona 85282 Name, address and telephone number of current trustee: Don J. Miner, Fennemore Craig, P.C., 3003 North Central Avenue, Suite 2600, Phoenix, Arizona 85012-2913, Telephone: (602) 916-5373. Signature of trustee: By: /s/ Don J. Miner, Trustee, Manner of trustee qualification: Member of the State Bar of Arizona, Name of trustee’s regulator: Arizona Supreme Court. A Statement of Breach or Nonperformance and Election to Sell Trust Property under Deed of Trust is attached to this Notice as Exhibit B. Exhibit B. STATEMENT OF BREACH OR NONPERFORMANCE AND ELECTION TO SELL TRUST PROPERTY UNDER DEED OF TRUST. The following described breaches, defaults, events of default or nonperformances (collectively, the “Breaches”) of the duties and obligations imposed on Meridian Corners LLC, a Delaware limited liability company (“Borrower”), as (i) the trustor under the Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing recorded on April 13, 2007, in the Official Records of Maricopa County, Arizona, as Document No. 2007-0434439 (the “Deed of Trust”),[1] [1] [Pursuant to that certain Assignment of Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing and Assignment of Leases and Rents and Security Deposits recorded on November 19, 2010, in the Official Records of Maricopa County, Arizona, as Document No. 2010-1015726, Petra Mortgage Capital Corp. LLC assigned all of its right, title and interest in, to and under the Deed of Trust to Petra Fund REIT Corp. (“PFRC”). Pursuant to that certain Assignment of Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing and Assignment of Leases and Rents and Security Deposits recorded on November 19, 2010, in the Official Records of Maricopa County, Arizona, as Document No. 2010-1015727, PFRC assigned all of its right, title and interest in, to and under the Deed of Trust to Petra CRE CDO 2007-1, Ltd.] and (ii) the borrower under the contracts secured by the Deed of Trust, have occurred: 1. Borrower failed to make the payment (the “Missed Payment”) that was required under that certain Loan and Security Agreement dated April 13, 2007, by and between Borrower and Beneficiary (as defined below), as amended (the “Loan Agreement”), and that certain Amended and Restated Promissory Note dated as of April 13, 2007, by Borrower (the “Note”), including, but not limited to, the payment of the outstanding principal balance of the Loan (as defined in the Loan Agreement), plus all accrued and unpaid interest and other charges, on the maturity date of January 8, 2010, which constituted an event of default pursuant to the Loan Agreement, Deed of Trust and Note. 2. In addition, Borrower failed to make the Missed Payment following written notice from Beneficiary, together with all late charges, interest, and other amounts due under the Loan Agreement, Deed of Trust and Note, including, but not limited to, the payment that was due pursuant to the letter dated October 27, 2010 from Petra Capital Servicer LLC, as special servicer of the Loan (the “Servicer”), a copy of which is attached hereto as Attachment “1” (the “October 27 Letter”), which constituted an event of default pursuant to the Loan Agreement, Deed of Trust and Note. Attachment “1”. PETRA CAPITAL SERVICER LLC, 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019. October 27, 2010. BY FEDERAL EXPRESS AND CERTIFIED MAIL – RETURN RECEIPT REQUESTED. Meridian Corners LLC, 1440 East Broadway, Tempe, Arizona 85282. Re: $76,900,000 Mortgage Loan made to Meridian Corners LLC. Ladies and Gentlemen: Reference is hereby made to that certain mortgage loan (the “Loan”) originally made by Petra Mortgage Capital Corp. LLC (“Petra”) to Meridian Corners LLC, a Delaware limited liability company (“Borrower”), pursuant to that certain Loan and Security Agreement, dated as of April 13, 2007, by and between Petra and Borrower (as the same has heretofore been, and may hereafter be, amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Loan Agreement”), as evidenced by that certain Amended and Restated Promissory Note, dated as of April 13, 2007, made by Borrower in favor of Lender, in the original principal amount of $76,900,000.00 (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Note”), and secured, in part, by that certain Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing, dated as of April 13, 2007, made by Borrower to Chicago Title Insurance Company, as trustee for the benefit of Petra (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Deed of Trust”), and the other Loan Documents (as defined in the Loan Agreement), which Loan and the Loan Documents were sold and assigned by Petra to Petra Fund REIT Corp., a Maryland corporation (“Petra REIT”), and were further sold and assigned by Petra REIT to PETRA CRE CDO 2007-1, LTD. (“Lender”). Capitalized terms used herein but not defined herein shall have the applicable meanings as set forth in the Loan Agreement. As a result of, among other things, certain Events of Default, the Loan has been transferred to special servicing. Petra Capital Servicer LLC, as special servicer of the Loan (“Special Servicer”), hereby notifies Borrower that Events of Default under the Loan have occurred and are continuing, including, without limitation, (i) the failure by Borrower to pay Lender the outstanding principal balance of the Loan, plus all accrued and unpaid interest and other charges, on the maturity date of January 8, 2010, as required, and (ii) Borrower’s misappropriations of Rent occasioned by, among other things, Borrower’s failure to turn over all Rents when collected. As a result of the occurrence of such Events of Default, Lender is entitled to, and has declared or does hereby declare, the Debt to be immediately due and payable and, as a result thereof, is entitled to exercise all of the rights, powers, privileges and other remedies available to Lender under the Loan Documents, at law and in equity. Borrower may also be in default in the payment and performance of other obligations under the Loan Documents, as to which Lender hereby reserves all rights. Demand is hereby made for the immediate payment in full to Lender of the outstanding principal balance of the Loan, together with all accrued and unpaid interest, default interest, late payment fees and all other amounts due and/or payable under the Loan Agreement, the Note, the Deed of Trust and the other Loan Documents. As of the date hereof, the outstanding principal balance of the Loan is $88,022,189.58 and the aggregate amount of accrued and unpaid interest and other charges is $9,804,521.44. Please note that until payment in full is made, interest at the Default Rate and other charges will continue to accrue in the amount of $37,715.55 per day, subject to changes in the LIBOR Rate from time to time. Should payment not be received as applicable in response to this demand, Lender and/or Special Servicer shall take such other and further steps as may be necessary to obtain repayment. Please remit the payoff by wire transfer to Lender to the following account with reference to the account name and number: BANK NAME: Wells Fargo Bank, N.A., ABA #: 121-222-248, ACCOUNT NAME: Situs Servicing Clearing Account, ACCOUNT #: 412-1504211, ATTN: Norma Espinoza, REFERENCE: Situs Loan #9039. No provision hereof waives, releases, modifies, alters, amends or otherwise changes, or shall be deemed a waiver, release, modification, alteration, amendment or change of, any of the rights, remedies or options of Lender under the Loan Documents, nor shall the Lender be prevented or estopped from enforcing any of its rights, remedies or options under the Loan Documents, nor shall Lender be limited in its exercise of any other rights, remedies or options in law or equity or under any other agreement or otherwise. Borrower is hereby notified that (a) nothing contained herein or in any previous correspondence or contact with Lender, nor (b) the previous or future acceptance by Lender of interest or other payments proffered by you or on your behalf on the outstanding principal amount of the Note, nor (c) the commencement or continuation of discussions with you regarding the Note, the Loan Agreement, the Deed of Trust, any of the Loan Documents or any other obligation owed by you to Lender, either directly or indirectly, shall constitute a waiver or limitation of Lender’s rights and remedies under the Loan Documents or at law or in equity. Lender specifically reserves all of its rights and remedies and shall take or refrain from taking any and all actions to collect the amount owed by you under the Loan Documents as Lender may elect in the exercise of its sole discretion and judgment. Please direct any communications concerning this notice to Mark Mortensen, Petra Capital Servicer LLC, 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019, Telephone: (212) 812-6168, Facsimile: (646) 587-2351. Very truly yours, PETRA CAPITAL SERVICER LLC, as Special Servicer for Lender, By: /s/ Joseph Iacono. cc: Steven L. DeGraff, Esq., Mr. Jon Goldman, Mr. Arturo Collazo, 1755 Damen LLC, Attention: Mr. Jon Goldman, Bruce S. Cybul, Esq., Robert J. Ward, Esq., Don J. Miner, Esq. 3. In addition, Borrower misappropriated Rent (as defined in the Loan Agreement) by, among other things, failing to turn over all Rents when collected, as set forth in the October 27 Letter, which constituted an event of default pursuant to the Loan Agreement and Deed of Trust. 4. In addition, Borrower failed to pay all Impositions (as defined in the Loan Agreement) when due as required by, among other things, the Loan Agreement and Deed of Trust, as set forth in the letter dated October 28, 2010 from Servicer, a copy of which is attached hereto as Attachment “2”, which constituted an event of default pursuant to the Loan Agreement and Deed of Trust. Attachment “2”. PETRA CAPITAL SERVICER LLC, 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019. October 28, 2010. BY FEDERAL EXPRESS AND CERTIFIED MAIL – RETURN RECEIPT REQUESTED. Meridian Corners LLC, 1440 East Broadway, Tempe, Arizona 85282. Re: $76,900,000 Mortgage Loan made to Meridian Corners LLC. Ladies and Gentlemen: Reference is hereby made to that certain mortgage loan (the “Loan”) originally made by Petra Mortgage Capital Corp. LLC (“Petra”) to Meridian Corners LLC, a Delaware limited liability company (“Borrower”), pursuant to that certain Loan and Security Agreement, dated as of April 13, 2007, by and between Petra and Borrower (as the same has heretofore been, and may hereafter be, amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Loan Agreement”), as evidenced by that certain Amended and Restated Promissory Note, dated as of April 13, 2007, made by Borrower in favor of Lender, in the original principal amount of $76,900,000.00 (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Note”), and secured, in part, by that certain Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing, dated as of April 13, 2007, nude by Borrower to Chicago Title Insurance Company, as trustee for the benefit of Petra (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Deed of Trust”), and the other Loan Documents (as defined in the Loan Agreement), which Loan and the Loan Documents were sold and assigned by Petra to Petra Fund REIT Corp., a Maryland corporation (“Petra REIT”), and were further sold and assigned by Petra REIT to PETRA CRE CDO 2007-1, LTD. (“Lender”). Capitalized terms used herein but not defined herein shall have the applicable meanings as set forth in the Loan Agreement. Pursuant to Section 4.01 of the Loan Agreement, Borrower is required to pay all Impositions (which includes real estate taxes) at least five (5) days prior to the date upon which any fine, penalty, interest or cost for nonpayment is imposed. Real estate taxes for the Property were due on October 1 and will become delinquent on November 1, which means that Borrower was required under the Loan Agreement to pay such real estate taxes on or prior to October 27, 2010. It is our understanding that such real estate taxes have not yet been paid. You are hereby instructed to immediately pay in full the installment of real estate taxes that was due October 1, 2010 and to provide us with evidence of payment. We understand that you have a pending tax appeal in the Arizona Tax Court. Please note that you are in violation of Section 4.04 of the Loan Agreement for, among other reasons, failing to deposit with Lender security against loss or injury by reason of such appeal or the nonpayment of such real estate taxes. Accordingly, if you do not pay in full by November 1, 2010 the installment of real estate taxes that was due October 1, 2010. In order to provide Lender with adequate security you are required to deposit with Lender an amount equal to the total real estate taxes due for 2010, which amount must be paid to the taxing authority on or before December 31, 2010 to maintain the tax appeal. No provision hereof waives, releases, modifies, alters, amends or otherwise changes, or shall be deemed a waiver, release, modification, alteration, amendment or change of, any of the rights, remedies or options of Lender under the Loan Documents, nor shall the Lender be prevented or estopped from enforcing any of its rights, remedies or options under the Loan Documents, nor shall Lender be limited in its exercise of any other rights, remedies or options in law or equity or under any other agreement or otherwise. Borrower is hereby notified that (a) nothing contained herein or in any previous correspondence or contact with Lender, nor (b) the previous or future acceptance by Lender of interest or other payments proffered by you or on your behalf on the outstanding principal amount of the Note, nor (c) the commencement or continuation of discussions with you regarding the Note, the Loan Agreement, the Deed of Trust, any of the Loan Documents or any other obligation owed by you to Lender, either directly or indirectly, shall constitute a waver or limitation of Lender’s rights and remedies under the Loan Documents or at law or in equity. Lender specifically reserves all of its rights and remedies and shall take or refrain from taking any and all actions to collect the amount owed by you under the Loan Documents as Lender may elect in the exercise of its sole discretion and judgment. Please direct any communications concerning this notice to Mark Mortensen, Petra Capital Servicer LLC, 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019, Telephone: (212) 812-6168, Facsimile: (646) 587-2351. Very truly yours, PETRA CAPITAL SERVICER LLC, as Special Servicer for Lender, By: /s/ Joseph Iacono. cc: Steven L. DeGraff, Esq., Mr. Jon Goldman, Mr. Arturo Collazo, 1755 Damen LLC, Attention: Mr. Jon Goldman, Bruce S. Cybul, Esq., Robert J. Ward, Esq., Don J. Miner, Esq. 5. In addition, Borrower failed to maintain insurance as required by, among other things, the Loan Agreement and Deed of Trust, as set forth in the letter dated November 2, 2010 from Servicer, a copy of which is attached hereto as Attachment “3”, which constituted an event of default pursuant to the Loan Agreement and Deed of Trust. Attachment “3”. PETRA CAPITAL SERVICER LLC, 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019. November 2, 2010. BY FEDERAL EXPRESS AND CERTIFIED MAIL – RETURN RECEIPT REQUESTED. Meridian Corners LLC, 1440 East Broadway, Tempe, Arizona 85282. Re: $76,900,000 Mortgage Loan made to Meridian Corners LLC. Ladies and Gentlemen: Reference is hereby made to that certain mortgage loan (the “Loan”) originally made by Petra Mortgage Capital Corp. LLC (“Petra”) to Meridian Corners LLC, a Delaware limited liability company (“Borrower”), pursuant to that certain Loan and Security Agreement dated as of April 13, 2007, by and between Petra and Borrower (as the same has heretofore been, and may hereafter be, amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time the “Loan Agreement”), as evidenced by that certain Amended and Restated Promissory Note, dated as of April 13, 2007, made by Borrower in favor of Lender, in the original principal amount of $76,900,000.00 (as the same may hereafter be amended, restated, replaced, supplemented renewed, extended or otherwise modified from time to time, the “Note”), and secured, in part by that certain Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing, dated as of April 13, 2007, made by Borrower to Chicago Title Insurance Company, as trustee for the benefit of Petra (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Deed of Trust”), and the other Loan Documents (as defined in the Loan Agreement), which Loan and the Loan Documents were sold and assigned by Petra to Petra Fund REIT Corp., a Maryland corporation (“Petra REIT”), and were further sold and assigned by Petra REIT to PETRA CRE CDO 2007-1, LTD. (“Lender”). Capitalized terms used herein but not defined herein shall have the applicable meanings as set forth in the Loan Agreement. Pursuant to Section 3.01 of the Loan Agreement, Borrower is required to maintain insurance as set forth therein. As you know, there are insufficient funds in the Basic Carrying Costs Escrow Account to make the insurance installment payment that was due yesterday and, pursuant to Section 5.06 of the Loan Agreement, Borrower is required to pay the insurance Premiums regardless of the amount of money in the Basic Carrying Costs Escrow Account. You are hereby instructed to immediately pay in full the insurance installment payment of $7,429.57 that was due yesterday and to provide us with evidence of payment and the continued effectiveness of the insurance coverage required by the Loan Documents. Please note that, pursuant to Section 3.02(b) of the Loan Agreement, if Lender elects to pay any. Very truly yours, PETRA CAPITAL SERVICER LLC, as Special Servicer for Lender, By: /s/ Joseph Iacono. cc: Steven L. DeGraff, Esq., Mr. Jon Goldman, Mr. Arturo Collazo, 1755 Damen LLC, Attention: Mr. Jon Goldman, Ms. Linda Morrison, Bruce S. Cybul, Esq., Robert J. Ward, Esq., Don J. Miner, Esq. The foregoing enumeration of breaches, nonperformances or occurrences of an event of default is not necessarily exhaustive and the failure to describe any other existing breaches, nonperformances or occurrences of an event of default will not operate as a waiver of any such breaches, nonperformances or occurrences of an event of default, or prevent Beneficiary from requiring the cure of such breaches, nonperformances or occurrences of an event of default, or any breaches, nonperformances or occurrences of an event of default that may hereafter occur, as a condition to reinstatement under A.R.S. Section 33-813. Any and all additional breaches, nonperformances or occurrences of an event of default that may hereafter occur under the Loan Agreement, Deed of Trust or Note after the date of this Statement, together with any unpaid attorneys’ fees, costs and expenses, late charges, protective advances, penalties and interest as provided in the Loan Agreement, Deed of Trust or Note, as applicable, shall be deemed to be breaches, nonperformances or occurrences of an event of default included in this Statement. As a result of the Breaches, Petra CRE CDO 2007-1, Ltd. (“Beneficiary”), as the beneficiary under the Deed of Trust, hereby elects to sell, or cause to be sold, the property covered by the Deed of Trust and described in the Notice of Trustee’s Sale (the “Trust Property”). THE INTEREST OF ALL PERSONS HAVING AN INTEREST IN THE TRUST PROPERTY SUBORDINATE TO THE DEED OF TRUST MAY BE SUBJECT TO BEING TERMINATED BY THE TRUSTEE’S SALE OF THE TRUST PROPERTY. Petra CRE CDO 2007-1, Ltd., By: Petra Capital Servicer LLC, as Special Servicer, By: /s/ Joseph Iacono, Title: Member. STATE OF NEW YORK)) ss. County of Kings) This instrument was acknowledged before me on November 22, 2010, by Joseph Iacono, as Member of Petra Capital Servicer LLC, as Special Servicer for Petra CRE CDO 2007-1, Ltd., on behalf thereof. /s/ Susan Antonlou, Notary Public, My Commission Expires: August 19, 2014. DATED: November 23, 2010. STATE OF ARIZONA)) ss. County of Maricopa) This instrument was acknowledged before me on November 23, 2010, by Don J. Miner, Trustee. /s/ R. Joan Davis, Notary Public, My Commission Expires: Aug. 17, 2011.
1/21, 1/28, 2/4, 2/11, 2011 editions Arizona Capitol Times