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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1993 <br />c. continued... <br />convert the construction loan to a <br />mortgage. The bank requires their loan to <br />be in first position and we routinely <br />subordinate the Rental Rehab loan to the <br />mortgage. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved the Subordination <br />Agreement with Independence One <br />Mortgage Corporation for property located <br />at 1347 E. Dubail. <br />d. Commission ratification requested for <br />Release (a) of Mortgage to East Corby <br />Partners <br />Mrs. Kolata noted that Ms. Richmond had <br />sent over the Releases of Mortgage for <br />East Corby Partnership requesting that they <br />be signed by the Commission because the <br />loans had been paid off. We had them <br />signed and then realized that they should <br />have been placed on a Commission agenda <br />and approved before execution. This <br />ratification corrects that error. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission ratified the Releases of <br />Mortgage to East Corby Partnership. <br />e. Staff EWgA on diMsition gEQWM in <br />the Studebaker Corridor Dev <br />COMMISSION APPROVED THE <br />SUBORDINATION AGREEMENT <br />WITH INDEPENDENCE ONE <br />MORTGAGE CORPORATION <br />FOR PROPERTY LOCATED AT <br />1347 E. DUBAIL <br />COMMISSION RATIFIED THE <br />RELEASES OF MORTGAGE TO <br />EAST CORBY PARTNERSHIP <br />