Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, May 20, 1993 TAG: 9305200057
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
DETROIT - Mercedes-Benz of North America is recalling 14,300 cars to correct a problem that can lead to brake failure. The affected vehicles are 1990-92 500SL models. Mercedes will replace a vacuum line in the brake booster unit.
Mercedes said no injuries have been reported related to the condition.
Owners of the recalled vehicles are being asked to contact the nearest authorized Mercedes-Benz dealer, who will repair the problem free. - Associated Press
Foreclosure sale set for golf course
A foreclosure sale has been scheduled June 3 for Chestnut Creek Golf Course in Franklin County because it has defaulted on payments on a note for almost $6 million held by Central Fidelity Bank.
The owner, Chestnut Creek Properties Inc., has reached agreement with the bank on "a friendly foreclosure," said Bruce Stockburger, the company's lawyer. The course continues to operate, he said.
If time had permitted, the owner could have negotiated a sale, but the bank foreclosed "and we worked out an arrangement," he said.
Owners of Chestnut Creek Properties are the estate of W.E. Cundiff of Vinton; his brother, Wallace Cundiff; and David Smith, who is managing the course.
The 18-hole golf course fronts on Smith Mountain Lake and has an 11.5-acre practice range, a clubhouse and restaurant, golf cart shed, pump house, office/sales building, 52 lots under a development plan and about 200 acres of undeveloped land. The sale will be at noon at the entrance of the Franklin County courthouse in Rocky Mount.
The first nine holes of the course opened in 1990 and the rest in 1991. It was designed by Russell Breeden of Greenville, S.C. - Staff report
by CNB