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South Bend Redevelopment C=TLission <br />Reschedule4 Regular Meeting - November 17, 1989 <br />b. <br />C. <br />d. <br />(Cont.) <br />for property located at 423 Arthur <br />Stz-eet. The rehab has been caanpleted and <br />the construction loan is being converted <br />to a mortgage. 1st Source requires that <br />their mortgage be in first position. <br />Upon a motion by Ms. Auburn, seconded by CXHM ISSION APPROVED THE <br />Mr. Piasecki and unanimously carried, the SUBORDINATION A�� WITH 1ST <br />Ccmmission approved the Subordination SOURCE BANK FOR PROPERTY LOCATED <br />Aigreement with 1st Source Bank for AT 423 ARTHUR STREET <br />Drcoertv located at 423 Arthur Street. <br />Mrs. Kolata explained that the <br />Ceitificate, of Waiver waives the 10% <br />palment that is due each year under the <br />Rental Rehab Program. The requirements <br />of the program have been met and the $500 <br />patwmt for January 28, 1987, $500 for <br />Ja#uary 28, 1988, and $500 for January <br />28 1989, are being waived. <br />n a motion by Mr. Piasecki, seconded <br />by Ms. Auburn and ply carried, <br />the Cc mission approved the Certificate <br />of Waiver for Leonard E. Leffel. <br />. Kolata noted that this certificate <br />ves the $500 payment for January 28, <br />7, $500 for January 28, 1988, and $500 <br />January 28, 1989. <br />n a motion by Mr. Piasecki, seconded <br />by Ms. Auburn and unanimously carried, <br />the C=iission approved the Certificate <br />of Waiver for Sarah F. Moody. <br />-11- <br />CCVMSSION APPROVED THE <br />CERTIFICATE OF WAIVER FOR LEONJ <br />E. IEFFEL <br />CONNISSION APPROVED THE <br />CERTIFICATE OF r• E• FOR <br />V:•6D_ <br />