RM 03-12-82 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Me ting - March 12, 1982 6. NEW BUSINESS (continued) d. continued... the bank portion of the 1st Source Center, certain proposed amendments to the ground lease. We ini- tially agreed to most of those proposed amendments but did have some serious problems in the area of default and termination upon default. Kevin and I reviewed this and Kevin redrafted some of the lan- gualge. The first two amendments pertain to approving and consenting to certain mortgage documents between the l.st Source Center limited partnership and the National Bank of Detroit, which under the EDC Bond has entered into an agreement with the City to re- ceive bond proceeds and then apply them accordingly. Als ,there is a further agreement that the mortgage which will be held by that bank is a mortgage under the terms of the ground lease. The second major area would address the definition of mortgagee under the ground lease and that would define mortgagee to include the National Bank of Detroit in addition to Aetna Casualty Company, Nationwide Insurance, and any other purchaser of the bono should there be a foreclosure purchaser. The next amendment would acknowledge that FBT Bancorp is publicly held corporation and therefore cannot con rol the transfer of its shares. Iten 5 would be consenting to a number of actions that have already taken place, including the sale and conveyance of the bank to the First Bank Limited Partnership. This was consented to through an assign- ment some time ago by the Redevelopment Commission. We ire also consenting to the lease by the partnership bac< to the bank and -the possible.resale and reconvey- anc of certain things that are referred to in the lea ;e between the First Bank Limited Partnership and the bank itself. The pri be thi one of next item would be agreeing with the purchase ;e as referred to in the ground lease that will .or the value of the property alone. Once again is no change, but there was some confusion and language in the gound lease that might give some - the impression that it would include the value :he improvements on the property.