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South Bend Redevelopment Commission <br />Special Meeting - January 7, 2000 <br />6. NEW BUSINESS (CONT.) <br />i. Commission approval requested for <br />Consent to Collateral Assignment of <br />Lease in connection with the property at <br />414 W. Sample Street in Sample -Ewing <br />Development Area. (Studebaker <br />AutoParts Sales Corporation) <br />Mrs. Kolata stated that Teachers Credit <br />Union has made certain loans to <br />Studebaker AutoParts Sales Corporation in <br />connection with its new project. If <br />Studebaker AutoParts Sales Corporation <br />defaults on its loan from Teachers Credit <br />Union, then TCU reserves the right to <br />exercise its rights under the Mortgage to <br />take assignment of the Lease and assume <br />obligations of the tenant under the Lease. <br />Mrs. Kolata explained that she signed this <br />document at the closing on December 27, <br />1999, after legal counsel advised her that it <br />would not be valid until the Commission <br />approved the Lease for 414 W. Sample. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the Consent to <br />Collateral Assignment of Lease in <br />connection with property at 414 W. <br />Sample Street in the Sample -Ewing <br />Development Area. (Studebaker <br />AutoParts Sales Corporation) <br />-11- <br />COMMISSION APPROVED THE CONSENT TO <br />COLLATERAL ASSIGNMENT OF LEASE IN <br />CONNECTION WITH PROPERTY AT 414 W. SAMPLE <br />STREET IN THE SAMPLE -EWING DEVELOPMENT <br />AREA. (STUDEBAKER AUTOPARTS SALES <br />CORPORATION) <br />