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KRAMER & MURPHY <br /> PROFESSIONAL CORPORATION <br /> ATTORNEYS AT LAW <br /> SUITE 200 <br /> F. RICHARD KRAMER 205 W.JEFFERSON BLVD. <br /> MICHAEL C.MURPHY SOUTH BEND, INDIANA 46601 219-233-8275 <br /> REBECCA HOYT FISCHER <br /> May 21 , 1986 <br /> South Bend Common Council <br /> 4th Floor <br /> County-City Building <br /> South Bend, IN 46601 <br /> Hand Delivered <br /> RE: Brett S. Morse Project Assignment <br /> Members of the Council: <br /> Enclosed please find a form of Ordinance for your May 27 , 1986 <br /> meeting. <br /> On or about March 21 , 1986 , the National Bank of South Bend, as <br /> Trustee in the Brett S. Morse Project , contracted with T. Brooks <br /> Brademas for the sale of certain real property located at 712 N. Niles <br /> Avenue , South Bend, Indiana. This property is encumbered by a mort- <br /> gage used to secure the Brett S. Morse Project South Bend Economic <br /> Development Revenue Bonds in the original principal amount of $340 ,000 <br /> (Ordinance No. 6239-77) . Currently, there is an outstanding balance <br /> due on these bonds and the mortgage of $267 ,005 .04 . Mr. Brademas has <br /> agreed to assume the obligations of Brett S . Morse and/or Morse <br /> Electric Company, Inc. under the terms of the mortgage in exchange for <br /> an assignment of all of the rights , title , interest, duties and <br /> responsibilities of Brett S. Morse and/or Morse Electric Company, Inc. <br /> under the Bond, the Lease Agreement , the Indenture of Trust Agreement <br /> and the Mortgage Agreement , all dated as of March 2 , 1978 . <br /> As a condition of the sale , it is necessary to obtain the ap- <br /> proval of the City of South Bend to the assignment. As you would <br /> expect, the National Bank of South Bend, as Trustee and Bondholder, <br /> consents to such an assignment. <br /> I am enclosing a copy of the Agreement by which the National Bank <br /> and the City of South Bend will consent to this assignment for filing. <br />