Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 16, 1990 TAG: 9003162300
SECTION: VIRGINIA PAGE: B-5 EDITION: BEDFORD/FRANKLIN
SOURCE: SANDRA BROWN KELLY BUSINESS WRITER
DATELINE: LENGTH: Medium
The suit, filed Wednesday in Franklin County Circuit Court, reveals that the bank renewed the note in October for William P. Lawson, John L. Hammock Jr. and David A. Dean.
The outstanding balance on the note is $361,982, according to the motion for judgment.
The note originally was secured by a deed of trust Lawson held against a Staunton motel and by a deed of trust and contracts payable to Developing World Inc., one of Dean's companies.
It was left unclear Thursday whether the collateral still includes the motel, a Quality Inn.
A Staunton bank acquired the motel in a September 1987 foreclosure, said Mukesh Trivedi of Chester. Trivedi, who is a principal in a restaurant and motel company, said Thursday that he bought the motel from Lawson and gave Lawson a $500,000 deed of trust against the property as part of the purchase.
The deed of trust was dated Oct. 16, 1985, according to the court papers.
Developing World was incorporated in 1986 with Dean as president.
The bank is asking for payment of the note balance and fees involved in the suit.
Lawson at one time was attempting to develop a motel-recreational project near Hales Ford Bridge.
Dean is a principal in a number of companies that buy and sell real estate at the lake. He also is a principal in Beacon Light Marina, which recently filed for bankruptcy, listing debts of $600,000 and assets of $400,000.
None of the three men could be reached for comment. Ewell Naff, president of First Virginia, and the bank's attorney, G. Carter Greer, declined to comment on the suit.
by CNB