The attorney representing the Maricopa Manor Business Center said today the modifications to the loan agreement between the center and the lender, Great Western Bank, have been “fully executed” and the trustee auction has been continued from Friday to Aug. 12.
Though the trustee sale has been rescheduled and not canceled, it is a formality that lenders often require until the borrower has met all the requirements of the loan modification for six months, said Donald W. Powell, a Phoenix attorney.
Otherwise, if the trustee auction was canceled and the borrower went into default again, the lender would have to go through a 90-day process of filing a new notice, he said.
The business center is owned by Vice-Mayor Edward Farrell and his mother, Alma.
Earlier this year the center defaulted on three loans to Great Western Bank totaling nearly $4 million.
A message left with the attorney representing Great Western was not immediately returned.
![City Manager Ben Bitter speaks during a Chamber of Commerce event at Global Water Resources on April 11, 2024. Bitter discussed the current state of economic development in Maricopa, as well as hinting at lowering property tax rates again. [Monica D. Spencer]](https://www.inmaricopa.com/wp-content/uploads/2024/04/spencer-041124-ben-bitter-chamber-property-taxes-web-218x150.jpg "City gave new manager big low-interest home loan")
