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South Bend <br />Regular MeE <br />elopment Commission <br />- October 28, 1988 <br />6. NEW BU,5= (Cont.) <br />a. Continuea... <br />Ms. Auburn asked Mr. Leverman to monitor <br />the Northern Oak Homes rehab and report <br />back to the Commission on the quality of <br />the work ?. <br />Mr. Piasecki asked if there was any <br />requirement that the recipients of Rental <br />Rehab funds continue as owners for a <br />ceitain period of time. Mrs. Kolata <br />indicated that there is no requirement as <br />such, but the 10% per year forgiveness on <br />the loan is a strong incentive to retain <br />ership for at least ten years. <br />b. Ccmmission approval requested for <br />sulordination acrreement with Valle <br />American Bank on property at 929 W. <br />WaE h on. <br />MrE . Kolata explained that the owner of <br />the property at 929 W. Washington intends <br />to obtain a construction loan from Valley <br />Anterican Bank. The bank requires that <br />their mortgage be in first position, <br />'ch would move the Rental Rehab loan to <br />second position. This is standard <br />p e and policy. <br />second subordination agreement, an <br />tion to the agenda, is for property <br />ted at 2426 Poland Street. A <br />steader wishes to obtain a loan from <br />,est Commerce Bank to pay off a home <br />ovement loan and to add a garage to <br />home. <br />Upon a motion by Ms. Auburn, seconded by COMMISSION APPROVED SUBORDINATIi <br />Mr. Piasecki and unanimously carried, the AGREII EWS FOR PROPERTY LOCATED <br />Ccmmission approved the subordination AT 929 W. WASBINGTON AND 2426 <br />acgeements for property located at 929 W. POLAND STREET <br />W on Street and 2426 Poland. <br />ZC <br />