UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
____________________
FORM
8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 10,
2009
GREEN
BUILDERS, INC.
(Exact
name of registrant as specified in its charter)
Texas
(State
or other jurisdiction
of
incorporation)
|
001-33408
(Commission
File
Number)
|
76-0547762
(IRS
Employer
Identification
Number)
|
8121
Bee Caves Road
Austin,
Texas 78746
(Address
of principal executive offices)
|
||
(512)
732-0932
(Registrant’s
telephone number, including area
code)
|
N/A | ||
(Former
Name of Former Address, if Changed Since Last Report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.
On
November 10, 2009 Green Builders, Inc. (the “Company”) received a notice of
foreclosure sale from its lender under a promissory note dated October 12. 2006
in the original principal amount of $814,257.50, informing the Company that
default has occurred under such promissory note. The promissory note
is secured by a deed of trust creating a lien upon a 66.47
acre tract of land in the Company’s New Sweden
project. The Company has not made interest payments on the promissory note
since October 2008 which triggered the event of default. The foreclosure
sale is scheduled to be held on December 1, 2009.
On
November 10, 2009 the Company received notice of foreclosure sale from its
lender under a promissory note dated October 12, 2006 in the original principal
amount of $600,490, informing the Company that a default has occurred under such
promissory note. The promissory note is secured by a deed of trust
creating a lien upon a 62.59 acre tract of land in the Company’s New Sweden
project. The Company has not made interest payments on the promissory
note since October 2008 which triggered the event of default. The
foreclosure sale is scheduled to be held on December 1, 2009.
On
November 13, 2009 the Company received notice of foreclosure sale from its
lender under a promissory note dated October 12, 2006 in the original principal
amount of $458,248, informing the Company that a default has occurred under such
promissory note. The promissory note is secured by a deed of trust
creating a lien upon a 37.41 acre tract of land in the Company’s New Sweden
project. The Company has not made interest payments on the promissory
note since October 2008 which triggered the event of default. The
foreclosure sale is scheduled to be held on December 1, 2009.
Each of
the promissory notes described above are nonrecourse notes. The Company is
currently holding the properties securing each such promissory note on its books
for less than the amount owed. As such, when these properties are
foreclosed the Company will recognize a gain.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
GREEN
BUILDERS, INC.
|
||
Dated: November
13, 2009
|
By: | /s/ Cindy Hammes | |
Cindy Hammes | |||
VP of Finance |