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CITY ATTORNEY S OFFICE <br />INTER -OFFICE MEMO <br />` SANDY PARMERLEE DATE: <br />MARCH 24, 1983 <br />CLERK OF THE BOARD OF PUB CrWORKS <br />FROM: CAROLYN V. PFOTENHAUER <br />ASSISTANT CITY ATTORNEY <br />SUBJECT: TOWN TOWER REAL ESTATE TRANSACTION <br />Attached is a copy of the real estate mortgage and the promissory <br />note signed in conjunction with the sale of City property to Town <br />Tower Motel Corporation. I am also attaching for your information a <br />copy of the warranty deed. Since the agreement which David Wells <br />negotiated with Town Tower on this property provided that the City <br />furnish title insurance, I am enclosing the bills from Abstract and <br />Title Corp. I talked to John about these bills a couple of weeks <br />ago. They will have to be paid out of Board of Public Works funds. <br />The title work was done in early February so the bills should be paid <br />as soon as possible. <br />I have forwarded Town Tower's check for $29,502.00 which represents <br />the first of three payments to Deputy Controller Sherrie Petz. <br />Subsequent payments of $29,502.00 each are due on July 31, 1984, and <br />January 31, 1986. The real estate mortgage should be sent to the <br />Recorder's Office for recording. <br />The original closing date on this property was February 1, 1983. <br />Ronald J. Olsen did, in fact, come in and sign the documents. I <br />learned shortly thereafter that Mr. Olsen's power of attorney was <br />limited and that he had no authority to sign for the corporation in <br />this matter. It was, therefore, necessary for Anthony Gurvis, <br />President of the Town Tower Corporation, to come to South Bend and <br />execute new documents. As you will note, the attached documents are <br />dated March 21, 1983. <br />If you have any questions on this matter, please contact me. <br />CVY/clt <br />Attachment <br />