Sunniva reports that a Unified Trustee's Sale was held in Corona, California whereby Bobs LLC, successfully foreclosed on the Cathedral City Glasshouse in Cathedral City, California which was owned by the Ramon Road Production Campus, LLC. Bobs LLC now becomes the sole owner of the Cathedral City Glasshouse and land and in turn, the landlord at the Ramon Road property.
Notwithstanding the foreclosure, CP Logistics LLC, a wholly owned subsidiary of Sunniva, remains the tenant in the Cathedral City Glasshouse under the existing Build to Suit Lease subject to the terms of the Lease and a Subordination, Nondisturbance and Attornment Agreement previously entered into between RRPC, Bobs LLC and CPL. The CPL lease rights are subject to arbitration currently underway through JAMS in California. JAMS is the world's largest private alternative dispute resolution provider.
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