Services

In the State of Texas, a Receiver may be appointed by the Court when a mortgaged property is in danger of being lost, removed, or materially injured or when a condition of the mortgage has not been performed or when the property is insufficient to discharge the mortgage debt.

The Receiver

Richard M. Holland, VP of Investments for American Spectrum Realty, Inc. (AMEX:AQQ) was appointed by a Harris County, Texas judge as receiver of Park Plaza Retail Center on behalf of Wisconsin-based Marshal & Ilsley Bank. He is well experienced in managing, repositioning and selling properties of various types. Mr. Holland's experience includes in excess of twenty years of leasing experience with a wide variety of tenants and has a broad knowledge of office, industrial and retail properties. Mr. Holland holds a Bachelor of Business Administration in Marketing from the University of Houston in Clear Lake, Texas and has held a Texas Real Estate Broker's license since 1981.

With the Court’s permission the Receiver will have the authority to:

• Take and have complete and exclusive control of the Property and all its assets
• Manage and operate the Business and the Property with full authority
• Receive and make payments necessary for the proper preservation of the Property
• “Borrow” funds from the Plaintiff to be used for proper care of the Property that will be recognized and paid back at the highest lien priority equal to that of Court costs
• Receive and collect any and all sums or money due or owing the Business or Properties
• Disburse funds to Plaintiff on its mortgage
• Obtain and maintain insurance on the Property at the expense of the Receivership
• Market the Property for private sale and to solicit and submit offers to the Plaintiff and Courts for approval (this privilege allows for the assets to be properly marketed through private sales to realize the highest return possible.)

Accountability

In addition to the above benefits the Receiver will file an extensive accounting and operation report with the Courts every thirty days. This report will include every dollar and transaction that passes through the hands of the Receiver as well as a detailed report covering all happenings at the Property and with the Defendant from the prior month.

To further discuss our capabilities and experience as Receiver and the benefits we provide please contact Richard M. Holland at 713-706-6200.