US Bank Sues Hotel Co. Over $165M Loan Default

Law360, New York (September 25, 2012, 7:26 PM EDT) -- U.S. Bank NA sought Tuesday to block LH Hospitality LLC from selling equity collateral used to secure a defaulted $165 million mortgage, arguing that the parties' intercreditor agreement requires the Houston-based hotel company to pay the senior loan in full before making such a sale.

U.S. Bank, as successor-in-interest to LaSalle Bank NA and acting through special servicer Wells Fargo Bank NA, alleges that LH Hospitality is attempting to deprive the lender of its rights under the intercreditor agreement by putting the borrower of the mortgage...
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