NOTICE OF JUDICIAL FORECLOSURE SALE
WHEREAS, Oleo-X, LLC, ChemFirst, LLC, and First Chemical, LLC ("Borrowers") executed a Mortgage and Security Agreement, dated December 1, 2022, in favor of Time Equities Associates, LLC ("Time Equities"), and said Mortgage and Security Agreement was recorded on February 1, 2023 at Book 3968, Page 564 in the Office of the Chancery Clerk of Jackson County, Mississippi ("Land Records");
WHEREAS, Borrowers executed a First Amendment to Mortgage and Security Agreement, dated February 1, 2023, in favor of Time Equities, and said First Amendment to Mortgage and Security Agreement was recorded on February 28, 2023 at Book 3973, Page 679, in the Land Records;
WHEREAS, on March 3, 2023, Oleo-X, LLC, ChemFirst, LLC, First Chemical, LLC, and O-X Holdings, LLC executed a Pledge and Security Agreement in favor of East West Bank, and East West Bank filed UCC-1s (File Nos. 20234068908A, 20234068907A, 2023406906A) with the Mississippi Secretary of State to perfect security interests granted in the Pledge and Security Agreement;
WHEREAS, on March 3, 2023, East West Bank (Senior Lender), Time Equities (Junior Lender), Oleo-X, LLC, ChemFirst, LLC, and First Chemical, LLC entered into a Subordination Agreement ("Subordination Agreement"), whereby Time Equities subordinated its interest in certain non-real property collateral to East West Bank;
WHEREAS, Borrowers and Oleo-X Land, LLC (collectively, "Mortgagors") executed an Amended and Restated Mortgage and Security Agreement, dated March 15, 2023, in favor of Time Equities, and said Amended and Restated Mortgage and Security Agreement was recorded on April 10, 2023 at Book 3983, Page 9, in the Land Records;
WHEREAS, Mortgagors executed a Second Amended and Restated Mortgage and Security Agreement ("Mortgage"), dated March 27, 2024, in favor of Time Equities, and said Mortgage was recorded on March 27, 2024 at Book 4058, Page 441, in the Land Records;
WHEREAS, on September 1, 2025, the following parcels comprising a portion of the property were sold for unpaid taxes at the Jackson County Tax Sale: (a) Tax Map. No. 01217010.000; (b) Tax Map 01216030.050; (c) Tax Map. No. 01217020.050; (d) Tax Map. No. 01217020.055; and (e) Tax Map. No. 01216030.020;
WHEREAS, Time Equities executed an Assignment of Second Amended and Restated Mortgage and Security Agreement, dated February 11, 2026, in favor of Pascagoula Land Holdings LLC ("Lender"), assigning the Mortgage to Lender, and said Assignment of Second Amended and Restated Mortgage and Security Agreement was recorded on February 17, 2026 at Book 4220, Page 174, in the Land Records;
WHEREAS, on February 26, 2026, Lender filed a Complaint for Judicial Foreclosure, Breach of Contract, and Deficiency Judgment (Doc. 2) in the Chancery Court of Jackson County, Mississippi, Cause No. 1:26-cv-353-MAM, seeking to foreclose on the Mortgage/Property ("Lawsuit");
WHEREAS, on March 19, 2026, the Court entered an Order Granting Unopposed Verified Motion for Judicial Foreclosure (Doc. 11) ("Order") in the Lawsuit, and said Order was recorded on March 20, 2026 at filed at Instrument 202605416, Book 2252, Page 400, in the Land Records;
WHEREAS, in the Order, the Court: (1) held that Lender has a valid perfected security interest in the real property and improvements constituting real property covered by the Mortgage; (2) held that Mortgagors had defaulted on the Mortgage and that the entire indebtedness secured by the Mortgage was due and payable in accordance with the terms of the Mortgage; (3) held that Lender was entitled to judicially foreclose on the Mortgage, subject to any outstanding tax liens; (4) appointed William D. Drinkwater as Commissioner to conduct all aspects of the foreclosure sale; (5) authorized the Commissioner to execute a Commissioner's Deed to the highest and best bidder at the foreclosure sale, subject to any outstanding tax liens, upon confirmation of the sale; (6) ordered the foreclosure to proceed in accordance with Miss. Code Ann. § 89-1-55 governing nonjudicial foreclosure sales, except that there be no requirement that the proceeds of the sale satisfy any threshold based on the fair market value of the property; and (7) ordered that, upon the conclusion of the sale, the Court will conduct a hearing on April 17, 2026 at 1:30 p.m. at the Jackson County Chancery Courthouse, 3104 Magnolia Street, Pascagoula, Mississippi 39567 to confirm the sale.
NOW, THEREFORE, I, William D. Drinkwater, Commissioner, will on the 17th day of April, 2026, offer for sale, at public outcry, and sell during legal hours, being between the hours of 11:00 a.m., and 4:00 p.m., at the main front door of the Jackson County Circuit Court Building located at 3104 Magnolia Street, Pascagoula, Mississippi 39567, for cash, to the highest and best bidder, the following described land, together with all improvements constituting real property thereon, situated in Jackson County, Mississippi, subject to all outstanding tax liens ("Real Property"):
Parcel A: A parcel of land located in sections 16 and 17, Township 8 South, Range 5 West to include an existing roadway located South of First Chemical Lands, more particularly described as follows:
Commencing at the southeast property corner of First Chemical per Deed Book 306, Page 609¬611 dated December 30, 1966, said point lying on the West right-of-way of CSX Railway; Thence South 0 degrees 27' 00" East along said west right-of-way of the CSX Railway a distance of 632.89 feet to a point, said point lying approximately 15 feet South of an existing roadway centerline; Thence along the South edge of said road the following courses and distances; North 42 degrees 54'33" West a distance of 49.13 feet to a point; North 15 degrees 7' 34" West a distance of 45.16 feet to a point; North 0 degrees 22' 31" West a distance of 40.22 feet to a point; North 2 degrees 23'22" East a distance of 306.78 feet to a point, said point being the beginning of a 125.0 foot radius curve to the left whose chord bears North 23 degrees 57' 5.5" West a distance of 110.93 feet to a point; Thence North 34 degrees 40' 38" East a distance of 127.90 feet to the Point of Beginning containing 0.54 acres, more or less.
Parcel B: A parcel of land located in Sections 16 and 17, Township 8 South, Range 5 West to include an existing roadway located South of First Chemical lands, more particularly described as follows:
Commencing at the Southeast property corner of First Chemical per Deed Book 306, Pages 609¬611, dated December 30, 1966; Thence South 34 degrees 40' 38" West a distance of 127.90 feet to a point, said point being located approximately 12 feet South of an existing roadway centerline, said point also being the beginning of a 125.0 foot radius curve to the northwest whose chord bears North 70 degrees 27' 07" West a distance of 86.16 feet; Thence along said roadway the following courses and distances; North 89 degrees 39' 10" West a distance of 119.93 feet to a point; South 88 degrees 45' 04" West a distance of 169.05 feet to a point; South 89 degrees 59' 23" West a distance of 216.12 feet to a point; North 88 degrees 21' 15" West a distance of 124.30 feet to a point; North 86 degrees 26' 45" West a distance of 117.41 feet to a point; South 75 degrees 34' 16" West a distance of 26.28 feet; South 86 degrees 02' 45" West a distance of 61.99 feet to a point; North 01 degrees 5' 48" East a distance of 71.59 feet to a point; said point lying on the South property line of First Chemical Corporation; thence North 89 degrees 33' 00" East along said South property line of First Chemical lands a distance of 986.40 feet to the Point of Beginning containing 1.63 acres, more or less.
Including and not excepting the following described easement and the easement reserved by Grantor for ingress, egress, drainage, and any other purposes:
The following parcel is a 24-foot-wide roadway right-of-way being described more particularly as 12 feet left and 12 feet right of a centerline as follows:
Commencing at the Southeast property corner of First Chemical Corporation per Deed Book 306, Pages 609-611 dated December 30, 1966, said point lying on the West right-of-way of CSX Railway; Thence South 0 degrees 27' 00" East along the West right-of-way of the CSX Railway 617.89 feet to a point described as being located in the center of an existing access road running Westerly, Northerly & Westerly along the following courses and distances: North 40 degrees 8' 3" West a distance of 38.55 feet to a point; North 13 degrees 15' 12" West a distance of 36.07 feet to a point; North 0 degrees 22' 31" West a distance of 40.22 feet to a point; North 2 degrees 23' 22" East a distance of 306.78 feet to a point; North 6 degrees 0' 43" West a distance of 44.92 feet to a point; North 19 degrees 37' 19" West a distance of 21.82 feet to a point; North 27 degrees 46' 7" West a distance of 31.99 feet to a point; North 44 degrees 18' 26" West a distance of 27.79 feet to a point; North 57 degrees 21' 24" West a distance of 26.63 feet to a point; North 70 degrees 17' 23" West a distance of 22.09 feet to a point; North 83 degrees 01' 28" West a distance of 49.88 feet to a point; North 89 degrees 12' 55" West a distance of 119.09 feet to a point; South 88 degrees 45' 4" West a distance of 169.05 feet to a point; South 89 degrees 59' 23" West a distance of 216.12 feet to a point; North 88 degrees 21' 15" West a distance of 124.30 feet to a point; North 86 degrees 26' 4" West a distance of 116.66 feet to a point; South 76 degrees 14' 50" West a distance of 29.75 feet to a point; South 86 degrees 9' 18" West a distance of 58.98 feet to a point; said point being the end of this described parcel and being located in Sections 16 and 17, Township 8 South, Range 5 West, Jackson County, Mississippi and containing .82 acres, . more or less.
Tract 2:
That certain piece or parcel of land situated in Section 8, Section 9, Section 16 and Section 17, all in Township 8 South, Range 5 West of Jackson County, Mississippi, which is described as commencing at a concrete monument at the corner common to said Sections 8, 9, 16 and 17 and run thence North 89 degrees, 10 minutes East along the section line dividing said Section 9 and said Section 16, a distance of 669.9 feet to the west margin of the L & N Railroad right-of-way and the point of beginning. Thence South 0 degrees 27 minutes East along said right-of-way 926.2 feet; thence South 89 degrees 33 minutes West 1,000 feet; thence North 0 degrees 27 minutes West 900 feet; thence North 50 degrees 53 minutes 25 seconds East 640.3 feet; thence North 89 degrees 33 minutes East 500 feet to the West margin of the L & N Railroad right-of way; thence South 0 degrees 27 minutes East along said right-of-way 373.6 feet to the Point of Beginning.
Tract 3:
A parcel of land located in Section 17, Township 8 South, Range 5 West, Jackson County, Mississippi and more particularly described as follows:
Commencing at the Northeast corner of Section 17, Township 8 South, Range 5 West, thence South 89°10'22" West along the North line of said Section 17 a distance of 329.98 feet to a point; Thence South 0°27' East a distance of 127 feet to the Point of Beginning said point located on the West property line of the First Mississippi Corporation. From said Point of Beginning, thence run South 0°27' East along the West line of said First Mississippi Corporation a distance of 838.77 feet to a point on a fence line; Thence North 87°29'06" West along said fence line a distance of 204.11 feet to a point; Thence North 79°10'01" West along said fence line a distance of 208.26 feet to a point; Thence North 73°45'53" West along said fence line a distance of 254.16 feet to a fence corner; Thence North 26°51'22" East along an existing fence line and the extension thereof a distance of 258.93 feet to a point located 15 feet East of 'the centerline of an existing road; Thence North 47° 18'42" East 15 feet East of and parallel to said road centerline a distance of 720.36 feet to the Point of Beginning containing 7.30 acres, more or less.
Tract 4:
A parcel of land located in Sections 16 and 17, Township 8 South, Range 5 West in Jackson County, Mississippi. More particularly described as follows:
Commencing at the Northwest corner of Section 16, Township 8 South, Range 5 West; thence run East for a distance of 18.17 feet to a point; thence run South 995.91 feet to the POINT OF BEGINNING. Thence North 88° 21' 15" West for a distance of 124.30 feet to a point; Thence North 86° 26' 45" West for a distance of 117.41 feet to a point; Thence South 75° 34' 16" West for a distance of 26.28 feet to a point; Thence South 86° 02' 45" West for a distance of 61.99 feet to a point; Thence North 01° 05' 48" East for a distance of 71.59 feet to a point; Thence South 89° 33' 00" West for a distance of 38.84 feet to a point; Thence South 00° 48' 02" East for a distance of 591.79 feet to a point; Thence South 22° 07' 05" East for a distance of 72.63 feet to a point; Thence South 00° 09' 58" West for a distance of 375.63 feet to a point; Thence South 76° 58' 52" East for a distance of 554.97 feet to a point; Thence North 83° 47' 54" East for a distance of 177.64 feet to a point; Thence North 59° 36' 15" East for a distance of 179.52 feet to a point; Thence North 32° 57' 16" East for a distance of 230.12 feet to a point; Thence North 00° 27' 00" west for a distance of 231.59 feet to a point; Thence North 42° 54' 33" West for a distance of 49.13 feet to a point; Thence North 15° 07' 34" West for a distance of 45.16 feet to a point; Thence North 00° 22' 31" West for a distance of 40.22 feet to a point; Thence North 02° 23' 22" East for a distance of 306.78 feet to a point; Thence North 23° 57' 05" West for a distance of 110.93 feet to a point; Thence North 70° 27' 07" West for a distance of 86.16 feet to a point; Thence North 89° 39' 10" West for a distance of 119.93 feet to a point; Thence South 88° 45' 04" West for a distance of 169.05 feet to a point; Thence South 89° 59' 23" West for a distance of 216.12 feet back to the POINT OF BEGINNING containing 23.16 acres store or less. AND ALSO DESCRIBED AS FOLLOWS IN SURVEY BY LAWLER AND COMPANY DATED NOVEMBER 14, 2017 AND REVISED ON NOVEMBER 20, 2017: That certain piece of parcel of land situated in Section 8, Section 9, Section 16 and Section 17, all in Township 8 South, Range 5 West of Jackson County, Mississippi, which is described as follows: To-wit:
Commencing at a corner common to said Sections 8, 9, 16 and 17; Thence N 89°-09'-16"-E, along the South line of said Section 9 and the North line of Section 16, for 669.70 feet to a point on the West right of way line of L & N Railroad, said point being the Point of Beginning of the parcel herein described; Thence S-00°-27'-44"E, along the West right of way line of said L & N Railroad, for 1790.73 feet; Thence S32°-56'-32"-W, leaving the West right of way line of said L & N Railroad, for 230.40 feet; Thence S-59°-35'-31"-W for 179.52 feet; Thence S83°-47'-10-W for 177.64 feet; Thence N-76°-59'-36"-W for 554.97 feet; Thence N-00°-09'14"-E for 375.63 feet; Thence N-22°-07'49"-E for 72.63 feet; Thence N-00°-48'-46"-W for 547.02 feet; Thence N- 87°-29-'50"-W for 178,77 feet; Thence N-79°-10'-45"-W for 208.26 feet; Thence N-73°-46'-37"¬W for 254.76 feet; Thence N-26°-50'-38"-E for 258.93 feet; Thence N-47°-17'-58"-E for 720.36 feet; Thence N-00°-27'-35"-W for 108.51 feet; Thence N-50°55'-36"-E for 639.08 feet; Thence N-89°32'-16"-E for 500.29 feet to a point on the West right of way line of aforesaid L & N Railroad; Thence S-00°-27'44"E, along the West right of line of said L & N Railroad, for 373.65 feet to the Point of Beginning and containing 60.194 acres, more or less.
Title is believed to be good, but I will convey only such title as is vested in me as Commissioner.
The sale of the property shall be "as is", "where is" and without any warranty of any kind and subject to confirmation by the Court in the Lawsuit and subject to all outstanding tax liens. Anyone interested in bidding at the sale should satisfy themselves that all necessary parties have been joined in the Lawsuit, apprise themselves of any senior liens which may survive the foreclosure, and apprise themselves of the effect, if any, of the Subordination Agreement on any property interests acquired at the foreclosure sale.
Witness my signature this the 20th day of March, 2026.
/s/William D. Drinkwater
Commissioner
William D. Drinkwater
Brunini, Grantham, Grower & Hewes PLLC
190 East Capitol Street, Suite 100
Jackson, Mississippi 39201
Telephone: 601-960-6849
Published: 3/25/2026; 4/1/2026; 4/8/2026; 4/15/2026.
IPL0324515
Mar 25,Apr 1,8,15 2026