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South Bend Redevelopment Commission <br />Regular Meeting - March 5, 1999 <br />6. NEW BUSINESS (CONT.) <br />n. Commission approval requested for <br />Assignment of Obligations and Interest. <br />(1508 S. Scott St.) <br />Mrs. Kolata stated that this item was <br />presented to the Commission for its <br />consideration at a previous meeting. At <br />that time, the Commission had concerns <br />regarding the Assignment and asked that <br />this item be tabled until those concerns <br />could be addressed. Those concerns <br />included the following: (1) The home did <br />not always pass inspection; (2) The <br />Certificate of Waivers on the property <br />were not always approved. <br />The Commission acknowledges the <br />Assignment, but felt that the transfer does <br />not constitute a material breach of a <br />federal Rental Rehab Loan Program; <br />therefore, Timothy Hancz, seller, is still <br />responsible for all terms of the agreement <br />and the promissory note in the event that <br />Susan Casey, the purchaser, fails to fulfill <br />the terms of the Rental Rehab Loan <br />Agreement. <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved the Assignment of <br />Obligations and Interest, subject to <br />Timothy Hancz— seller —being <br />responsible for all terms of the agreement <br />and the promissory note in the event that <br />Susan Casey —the purchaser —fails to <br />fulfill the terms of the Rental Rehab Loan <br />Agreement. <br />HAWPDATATOMMSM030599.MIN -17- <br />COMMISSION APPROVED THE ASSIGNMENT OF <br />OBLIGATIONS AND INTEREST, SUBJECT TO <br />TIMOTHY HANCZ- SELLER -BEING RESPONSIBLE <br />FOR ALL TERMS OF THE AGREEMENT AND THE <br />PROMISSORY NOTE IN THE EVENT THAT SUSAN <br />CASEY -THE PURCHASER -FAILS TO FULFILL THE <br />TERMS OF THE RENTAL REHAB LOAN AGREEMENT <br />