SPRINGDALE — Signature Bank of Arkansas filed a lawsuit Wednesday to foreclose on Lt. Gov. Mark Darr’s house in Springdale.
In the Benton County Circuit Court filing, the bankclaims Darr and his wife, Kimberly Anne Darr, have missed four monthly payments on two separate loans taken out on May 19, 2008, theday they bought the house.
As a result, the bank says the couple owes outstanding principal, accrued interest, fees and expenses totaling $256,074 on one loan and $29,771 on the other. Additional interest began accruing on those amounts as of Wednesday, according to the suit.
The original amounts borrowed were $266,400 and $33,300, respectively.
Correction
This story has been corrected to say the bank said the Darrs' outstanding debt includes principal, not principle.
The Darrs had mortgaged their two-story, 3,119-squarefoot house at 4031 Pasofino Loop in Springdale as security for the loans. The houseis located in a small part of Springdale that is in Benton County.
Mark Darr said Thursday he was unaware of the suit.
“I don’t know anything about it to be honest with you,” he said.
When told the lawsuit states that he’s four months behind on two different loan payments, Darr said, “That’s inaccurate. I guess I need to call them.”
Darr said he has missed no payments on the loans.
Niki Cung of Kutak Rock LLP, which filed the lawsuit on behalf of the bank, didn’t return voice mail messages seeking comment Thursday.
According to property records, the house and 0.24-acre lot appraised last year for $275,800.
Monthly payments were missed in June, July, August and September on the larger loan, according to the lawsuit. Monthly payments were missed in May, June, July and August on the smaller loan, the suit states.
In the event of default on the loans, the bank can ask for all principle and otheramounts owed to be paid immediately, the suit states.
“The property should be sold by foreclosure sale as provided by law to satisfy borrowers’ obligations to Signature Bank under the notes and loan documents as set forth above,” according to the lawsuit.
Darr, a Republican, was elected to a four-year term as lieutenant governor in 2010 and took office the next January.
Darr is a licensed insurance agent and co-owner of the Mad Pizza Co. in Rogers, according to the website, markdarr.com.
Northwest Arkansas, Pages 9 on 09/21/2012