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South Bend Redevelopment Commission <br />Regular Meeting -February 16, 2007 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />() continued... <br />completed in a timely manner, she had <br />executed the Estoppel Certificate on behalf <br />of the Commission, intending to have her <br />actions ratified at the meeting today. <br />However, the parties have delayed closing on <br />the financing and instead, requested that the <br />Estoppel Certificate be approved and signed <br />by the Commission so that the parties can <br />close their financing today. <br />Ms. Greene explained that an Estoppel <br />Certificate is frequently used in the <br />commercial real estate and mortgage <br />industries. The purpose of an estoppel <br />certificate is to prevent (estop) the tenant in a <br />lease from later claiming a different set of <br />facts.concerning the status of the tenant and <br />the landlord's respective rights and <br />obligations under the lease, the lease <br />commencement and expiration dates, rent <br />payment status, any lease amendments, and <br />any events of default. Each of the documents <br />has been reviewed by legal counsel to <br />confirm the accuracy of the statements <br />contained in the Certificate. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. King and unanimously carried, the <br />Commission approved the Ground <br />Lessor/Estoppel Certificate in the South <br />Bend Central Development Area. <br />(2) Commission approval requested for Contract <br />for Sale of Land for Private Development. (101 <br />N. Michigan St.) <br />COMMISSION APPROVED THE GROUND <br />LESSOR/ESTOPPEL CERTIFICATE IN THE SOUTH <br />BEND CENTRAL DEVELOPMENT AREA <br />11 <br />