WATERTOWN The holder of mortgages on an Arsenal Street hotel have started foreclosure action against the propertys operators.
Community Bank NA filed state Supreme Court action this week at the Jefferson County clerks office against Jai Ambe Hotel LLC, Watertown, operators of the Rodeway Inn, 625 Arsenal St.
According to court documents, the company took out a $920,000 mortgage through the lender in May 2008. It is claimed that no payment has been made on the loan since April 2013, with a principal amount of $793,473, plus $56,754 in interest, remaining due. In December 2010, the company took out a second mortgage of $580,000, with no payment being made toward it since March 2013. The bank claims it is owed $560,575 in principal payments and $39,416 in interest.
The bank is asking that the property be ordered sold, with the proceeds of the sale being provided to the bank. The action also names Hemantkumar Panwala and Meeta Panwala, both of Watertown, as members of Jai Ambe Hotel and guarantors of the loans.