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South Bend Redevelopment Commission <br />Regular Meeting - December 18, 1998 <br />5. OLD BUSINESS (CONT.) <br />a. continued.... <br />already transpired, is both a breach and <br />default of the mortgage and rental rehab <br />agreements. She also stated that she <br />received a check from Title Express, <br />which closed on the property at 1508 S. <br />Scott Street, for the past years' payments <br />on Mr. Hancz's loan. These payments <br />were not forgiven because of his non- <br />compliance with the requirements of the <br />Rental Rehab program. However, the <br />check Ms. Thompson received from Title <br />Express was not to pay off the entire loan <br />amount owe by Mr. Hancz. She also <br />stated that neither Mr. Hancz nor Title <br />Express has contacted her to request a <br />release. <br />Mrs. Kolata asked Ms. Thompson if the <br />full amount of the Rental Rehab loan is <br />still on the property. Ms. Thompson <br />stated that it is. <br />Ms. Thompson stated that Mr. Hancz still <br />owes approximately $2,600, which would <br />have been forgiven over the next three <br />years of the loan period, providing all <br />provisions of the Rental Rehab Agreement <br />were met. Mrs. Kolata asked if Mrs. <br />Casey is aware that the $2,600 owed by <br />Mr. Hancz will appear on the title to the <br />property at 1508 S. Scott Street. Mrs. <br />Thompson stated that Mrs. Casey asked <br />what would happen if the Commission <br />does not re- assign the loan. Mrs. <br />Thompson stated that she informed Mrs. <br />Casey that she would not have a clear title. <br />HAWPDATATOMMSM121898.MIN -6- <br />