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Cressona Mall faces an uncertain future, as the holder of the multimillion-dollar mortgage on the North Manheim Township property has started foreclosure proceedings. Wells Fargo Bank NA, Sioux Falls, South Dakota, alleged Cressona Associates LP, Claymont, Delaware, has defaulted on the mortgage by not paying a judgment obtained in 2014 by the company that renovated the malla€™s facade. The bank demanded that Cressona Associates pay $8,797,305.81, which it alleged is the amount owed under the loan secured by the mortgage. Located at routes 61 and 183 just north of Schuylkill Haven, the mall remains a popular shopping destination, although many of the stores now are outside as opposed to inside the mall. One of Cressona Associatesa€™ obligations under the mortgage is to pay when due all claims of companies that perform work for it or provide prompt notice to the mortgage holder of any such claim it is contesting, according to the lawsuit. Furthermore, although an arbitrator made an award in August 2014 to Dolan Construction, and Schuylkill County Court upheld that award in October 2014, Cressona Associates has not paid it, the lawsuit reads in part.

The bank notified Cressona Associates that the failure to pay was a violation of the mortgage and demanded immediate payment, but Cressona Associates did not do so, according to the lawsuit.
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Copyright © 2012 Rachael Edwards, All trademarks are the property of the respective trademark owners. Please help police the community by flagging offensive comments for our moderators to review. Our Bank Foreclosures for Sale help you locate the best South Dakota Bank Foreclosure Listings. Cressona Associates contested the claim but did not provide any notice to the bank of the contest, according to the lawsuit.
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