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Commissioners <br />South Bend Redevelopment Commission <br />Decemb r 16, 1988 <br />Page 2 <br />aggregate principal amount of $11,000.000 and Multifamily <br />Housing Revenue Bonds (The Pointe at St. Joseph Project) of <br />thE City of South Bend, Indiana, in the aggregate principal <br />am cunt of not to exceed $620,000. During the construction of <br />thE project, the proceeds of the bonds will be held by the <br />Trustee and will be disbursed to the construction lender upon <br />su stantial completion of the project. Mellon Bank, N.A., <br />will provide construction financing for the project in the <br />aggregate principal amount of not to exceed $10,675,000, and <br />such financing will be secured by a mortgage on the land and <br />other mortgageable interests. Please indicate on this letter <br />your acknowledgement of this notification and of the status of <br />each of the aforementioned mortgages as "mortgages authorized <br />by the Agreement" pursuant to Section X, Paragraph D. <br />Your prompt consideration is appreciated. <br />Very truly yours, <br />CAN - AMERICAN SOUTH BEND LIMITED PARTNERSHIP <br />By CAN- MERICAN SOUTH BEND CORPORATION <br />By <br />hn Carlson Weber <br />Vice President <br />Acknowl dged this 20th day of December, <br />1988, o behalf of the City of South Bend <br />Redevel pment Commission <br />Attest: <br />By <br />ay Ni.m <br />sident <br />Roman Piasecki <br />Secretary <br />I!- <br />