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loan to you was also not responded to by Kumi-san, it
is hereby necessary for me to formally put you on
notice, in writing, concerning my position on these
financial matters.
In accordance with the terms of the Loan we executed
with you dated the 25th of January 1999, we hereby
exercise our right to formally call for collateral in
the form of a First Mortgage on the RiverCliff Farm
property. We require that you do so prior to December
31, 2000. Further, we hereby formally deliver you
notice that henceforth, we make claim against Ron-san’s
salary. It is our intention to formally register a
lien in Hong Kong to this effect should we not receive
sufficient remedy by January 1, 2001.
Should we not receive reasonable progress in this
matter of the mortgage, or better yet
reconciliation/resolution between the two of you, it is
our further intention to file formal suit against you,
in the County of Multnomah, State of Oregon come
January 2001 to protect our rights as lender.
The Talmages did not grant a security interest in the Rivercliff
property before December 31, 2000, and a lien was never filed
against petitioner’s salary.
On December 11, 2000, SSI filed a construction lien against
the Rivercliff property for $246,083 because the Talmages
allegedly failed to make timely monthly payments and it was
uncertain when payment would be received. The balance owing was
computed as follows:
Contract price $5,525,195
Recording fees 26
Total 5,525,221
Less credits and offsets (5,279,138)
Balance due claimant 246,083
The construction lien stated that SSI commenced performance of
its contract with the Talmages on April 9, 1998, and “fully
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Last modified: March 27, 2008