YoungThug Lawsuit
YoungThug Lawsuit
STATE OF GEORGIA
COMES NOW the Plaintiff Heritage Select Homes, LLC (Heritage) and makes
Defendant Jeffrey Lamar Williams a/k/a Young Thug may be served with
summons and complaint at his residential address of 3511 Roxboro Road, Atlanta, Fulton
2.
3.
Defendant YSL Enterprises, Inc. (YSL) may be served with summons and
complaint by service upon its registered agent for service of process, Amina Diop, at its
registered address of 4480 South Cobb Drive, #331, Smyrna, Georgia 30080, or by
service upon its director, Jeffrey Lamar Williams, at his residential address of 3511
Defendant YSL is therefore subject to the jurisdiction of this Court, and venue is
proper.
5.
On or about September 19, 2016, Defendant YSL executed a Balloon Promissory Note
(the Note) in favor of Plaintiff for the initial principal sum of $2,475,000. A true and
6.
unconditionally guaranteed the performance of all of YSLs obligations under the Note,
including the payment of all amounts due to Plaintiff under the terms of the Note. A true
7.
The Note is secured by a parcel of real property located at 3511 Roxboro Road, Atlanta,
Georgia (the Property) pursuant to the terms of a Deed to Secure Debt and Security
Agreement (the Security Deed) that was recorded against the Property in the real estate
records of Fulton County at Deed Book 56674, Pages 158-172. A true and correct copy
8.
The Note provided that YSL was obligated to make a payment to Heritage on
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March 19, 2017 in the amount of $14,667 for interest plus $2,200,000 for principal.
9.
The Note further provided for a maturity date of March 19, 2017 pursuant to which all
remaining amounts due and owing under the Note were due to be paid on that date.
10.
Defendants failed to make the installment payment due on March 19, 2017 under the
Note.
11.
Defendants also failed to pay off all amounts due and owning under the Note upon its
12.
Pursuant to paragraph 2 of the Note, Defendant YSL promised to pay all costs of
collection, including fifteen percent (15%) of the principal balance of this Note for
On March 29, 2017, Plaintiff sent Defendants a letter notifying them of their default
under the terms of the Note and Guaranty. In the demand letter, Plaintiff further advised
Defendants pursuant to O.C.G.A. 13-1-11 that if the total amounts due and owing under
the Note and Guaranty was not paid within ten (10) days of their receipt of that demand
letter, then Plaintiff intended to enforce the attorneys fees provision of the Note entitling
it to recover 15% of the principal amount due and owing as attorneys fees.
14.
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Defendants failed to pay the amounts due under the Note and Guaranty within 10 days of
15.
By virtue of the foregoing, Defendants have breached the terms of the Note and
Guaranty due to, among other acts and omissions, their failure to pay all amounts due and
owing thereunder.
16.
Defendants are currently indebted to the Plaintiff in the principal amount of $2,200,000,
plus interest thereon through March 29, 2017 of $14,667, and continuing to accrue on the
principal due at the default rate of 13% per annum or $783 per day until paid, plus late
fees of $1467 and attorneys fees under O.C.G.A. 13-1-11 in the amount of $330,000.
Defendants, jointly and severally, in the principal amount of $2,200,000, plus interest
thereon through March 29, 2017 of $14,667, and continuing to accrue on the amounts due
at the default rate of 13% per annum or $783 per day until paid, late fees of $1467 and
attorneys fees under O.C.G.A. 13-1-11 in the amount of $330,000, plus award all costs
of this action and such grant other and further relief as this Court deems just and proper.
Bryan M. Knight
Georgia Bar No. 142401
Scott D. McAlpine
Georgia Bar No. 480559
KNIGHT JOHNSON, LLC
One Midtown Plaza
4
1360 Peachtree Street, N.E., Suite 1201
Atlanta, Georgia 30309
Tel: (404) 228-4822 Fax: (404)
228-4821
[email protected]
[email protected]
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EXHIBIT
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EXHIBIT
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EXHIBIT
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EXHIBIT
D
ONE MIDTOWN PLAZA
SUITE 1201
1360 PEACHTREE STREET, ATLANTA, GEORGIA 30309
VIA FEDEX
This firm represents Heritage Select Homes, LLC (Heritage). As you are aware, YSL
Enterprises, Inc. (YSL) executed a Balloon Promissory Note (the Note) dated
September 19, 2016 in favor of Heritage for the initial principal sum of $2,475,000. As you
are also aware, Mr. Williams executed an Unconditional Personal Guaranty (the Guaranty)
dated September 19, 2016 pursuant to which he guaranteed YSLs performance under the
Note.
This letter is being written to provide formal notice of multiple defaults on the Note.
YSL defaulted under the Note due to its failure to make the monthly installment payment of
$14,667 due on March 19, 2017. In addition, YSL is in default because the Note matured on
March 19, 2017 and YSL has failed to pay the remaining balance due on the Note. By virtue
of these defaults, Mr. Williams is also liable for all amounts due and owing under the Note
pursuant to the terms of the Guaranty.
The current principal balance due under the Note is $2,200,000 plus accrued interest of
$14,667 and late fees of $1,467. The total present balance due on the Note is $2,216,134.
Please be advised that interest will continue to accrue on the unpaid principal at the default
rate of 13% per annum until paid.
Insofar as this Note is being collected through an attorney, Heritage hereby notifies YSL and
Mr. Williams that it intends to enforce the attorneys fee provision set forth in the Note.
Unless all amounts due as set forth herein are paid within ten days of receipt of this letter,
YSL and Mr. Williams shall be liable for attorneys fees in accordance with O.C.G.A. 13-
1-11 and the Note in an amount of $330,000, which is 15% of the principal due and owing.
Demand is hereby made for payment of the total amount due and owing on the Note of
$2,216,134 to Heritage within ten days of this letter. If payment is not received within this
time period, Heritage will seek all available remedies under Georgia law, including but not
limited to, filing suit against YSL and Mr. Williams to recover the amounts due as well as
foreclosure of the deed to secure debt held by Heritage on the real estate securing the Note.
Please contact me to arrange for full payment. I hope that we can resolve this matter without
resorting to litigation.
Bryan M. Knight