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Date of Issue: March 17, 2005

Bank forecloses on Tidemark, deal collapses

Regions Bank of Florida has been granted a foreclosure motion for $1.7 million against Tidemark Properties LLC, and the Tidemark property on Marina Drive in Holmes Beach will be put up for public auction on Feb. 12, 2004, a bank attorney said.

Attorney Scott Cichon, who represents Regions Bank, said the motion was granted by the court Dec. 23, despite last minute efforts by the Parliament Group of Dallas to complete a deal with Tidemark developer Nick Easterling that would have purchased the mortgage from Regions Bank and halted the foreclosure action.

The bank had been in discussions with the Parliament Group up until a few weeks ago.

"We were told that the deal [with Easterling] was going to happen, then we heard last week that it did not go through," said Cichon.

He said anyone, including Easterling and his partners, can purchase the mortgage from Regions Bank up until the day of the public sale, thus assuming the first mortgage that Regions holds.

"If someone buys our mortgage, they would step into our slot" as holder of the first mortgage, he noted.

Brasota Mortgage of Bradenton has filed a mortgage foreclosure action against Tidemark for its second mortgage in the amount of $1.7 million.

The Tidemark is located on the site of the former Pete Reynard’s/Marina Bay restaurant in Holmes Beach.

Efforts to reach Easterling for comment were unsuccessful.