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South Bend Redevelopment Commission <br />Regular Meeting - May 2, 1997 <br />6. NEW BUSINESS (Cont.) <br />proposal. <br />i. Commission approval requested for <br />Assignment of Federal Rental Rehab <br />Loan Agreement for property located <br />at 1128 -1130 Lincolnway West. <br />(Joseph MacHatton) <br />Ms. Kolata noted that Joseph MacHatton <br />is assigning the Rental Rehab Loan to Ali <br />Mojarred who's purchasing the property. <br />Ms. Schwartz asked if Joseph MacHatton <br />is still obligated under the loan or is being <br />released. <br />Ms. Bruneel stated that they're assigning <br />Joseph MacHatton's interest in the <br />property and associated obligations under <br />the original note to Ali Mojarred. <br />Ms. Schwartz noted that she would <br />approve the Assignment subject to her <br />request that the original obligator not be <br />released from the Assignment of Federal <br />Rental Rehabilitation Loan Agreements <br />when the obligator's loan is close to it's <br />maturity date. <br />Ms. Auburn asked if once the loan is <br />paid -off what is done to ensure the <br />property is kept up to code and she asked <br />if the new obligator is under the same <br />obligations as the original obligator and <br />for how long? It was noted that once the <br />loan is paid -off there is no continuing <br />obligation for the original obligator nor <br />the new obligator related to keeping the <br />-21- <br />