Both parties filed a joint dismissal “without prejudice of all claims and counterclaims, “ according to Gordon County Superior Court, but terms of the agreement are unknown due to a confidentiality agreement between attorneys involved.
Edward Hine, lawyer for Hamilton State Bank, and Simon Bloom, lawyer for Graves and Rogers, declined to comment, but confirmed that the settlement took place.
In July, the bank filed a motion for a summary judgment hearing to settle a $2.25 million loan.
According to previous Calhoun Times reports:
The bank declared Graves and Rogers, in default on a $2.25 million loan for Tich Properties in 2010. The loan was used by Graves and Rogers to open Tich Hospitality and the failed Oglethorpe Inn in Calhoun.
Graves and Rogers each filed affidavits July 14 claiming the bank went back on its word before declaring them in default. The affidavits stated agreements with the bank, including proposed modifications to the loan, could not be closed due to the fact that the bank demanded additional collateral.
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 from Bartow County Bank, however.
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.
The commercial motel has stood vacant since February when its electricity was turned off and its occupants left, and now Calhoun officials are now pondering the best way to rid themselves of the dilapidated structure.
According to city building inspector Don McGinnis, Edens, actually filed a demolition permit, but it expired July 5.
The city has considered demolishing the motel, but City Attorney Bill Bailey said the cost of demolition would probably be similar to that of the old county jail, which came in at $90,000.
In the meantime, the city is looking at about $15,000 to put a fence around the property, City Administrator Eddie Peterson estimated.