Legacy Housing settles $55M note default; to receive two mobile home parks, new $48M note

Legacy Housing Corp

Settlement resolves lawsuits over $55M in promissory notes; Makers defaulted on $37M portion in Jan 2024.
Legacy to receive clear title to Forest Hollow (TX) and Cleveland MHC (MS) mobile home communities.
Remaining debt refinanced via new two-year, $48M promissory note secured by over 1,000 mobile homes and two LA parks.
Personal guarantees retained for the New Note; Legacy previously concluded no loan loss provision needed.

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