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Bank dropping suit against Pasco's Academy at the Lakes

LAND O'LAKES — Academy at the Lakes, a Pasco County private school, no longer faces the threat of foreclosure from Bank of America.

"We are going to be dismissing the lawsuit," bank spokeswoman Shirley Norton said Thursday. She declined to give more details, citing a confidentiality agreement with the school.

The bank began foreclosure proceedings against Academy at the Lakes in late March, saying the school had failed to make its November 2010 monthly payment on its $3.4 million construction loan. The bank demanded immediate repayment in full.

Head of school Mark Heller said he was pleased to put the legalities to the side so Academy at the Lakes can restructure its long-term debt and make progress for the benefit of its students.

"It gives us space to finish our talks with the bank," Heller said of the pending end to the litigation. "There really is limited danger now of anything bad happening."

Bank dropping suit against Pasco's Academy at the Lakes 04/21/11 [Last modified: Thursday, April 21, 2011 3:50pm]
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