The bank declared Graves and Senate Majority Leader Chip Rogers, (R-Woodstock) in default on a $2.25 million loan for Tich Properties in 2010, according to Calhoun Times previous coverage. The loan was used by Graves and Rogers to open Tich Hospitality and the failed Oglethorpe Inn in Calhoun.
The bank filed a motion for a summary judgment hearing to settle the loan, which is set for Aug. 11, according to Gordon County Superior Court.
In the affidavit, Graves made statements about his and Rogers’ agreements with the bank, including that proposed modifications to the loan could not be closed due to the fact that the bank demanded additional collateral.
In a Nov. 4, 2009 e-mail from Alan Black, an employee of Bartow County Bank, to Graves, Black said the loan was already “incredibly under collateralized.”
Graves said in the affidavit the bank promised that if he and Rogers paid the loan obligations with their personal funds, then those funds used would be reimbursed at closing of proposed loan modifications.
Rogers also filed an affidavit identical to the one filed by Graves.
Bartow County Bank first filed a complaint in Gordon County Superior Court on Jan. 7, 2010, alleging that Graves and Rogers defaulted on their loan. Graves and Rogers then filed a counterclaim in March 2010 claiming the bank broke its promise on allowing Tich Hospitality to refinance the loan, according to court records reviewed by the Calhoun Times in May 2010.
In 2009, Graves and Rogers sold the inn to John Edens of Calhoun. Edens said the sale did not involve the $2.25 million loan at Bartow County Bank, according to a February 2010 Calhoun Times story. The Oglethorpe Inn closed in early 2011 after its residents lost power and Edens said he could not pay the amount owed in order to get it turned back on.
Phone calls to Graves and his attorney were unreturned by press time Thursday.