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'G h (I) J ( L) <br />SOUTH <br />04 ,vli,ilCq� <br />Department of <br />y�•�,.° �= Community <br />Investment <br />Memorandum <br />February 27, 2014 <br />TO: South Bend Redevelopment Commission <br />FROM: David Relos, Economic Resources 01 <br />SUBJECT: Jenna Hotel Estoppels <br />As has been requested of the Commission in the past when this property changed <br />ownership or had a refinancing, these estoppels are a representation that to the <br />Commission's knowledge, neither of the agreements listed below are in default. <br />With major improvements being completed at the downtown Doubletree, the property is <br />being refinanced, and as part of that, the Commission is being asked by the lender to <br />sign the attached two estoppels. <br />These estoppels are: <br />• Operation, Maintenance, and Easement Agreement Estoppel, related to the <br />parking garage, and the <br />• Construction, Easement, Restriction and Operating Agreement Estoppel, related <br />to the walkway connecting the hotel to the Century Center. <br />Note that neither agreement has a financial impact on the Commission, nor are any <br />terms changed. <br />The Commission is a party to these estoppels because it is the owner of the parking <br />garage, though has no maintenance or operational responsibilities. <br />Because the Commission was the ground lessor at the time of the walkway agreement <br />(1987), we remain a party to the agreement and therefore need to sign. <br />Dick Nussbaum will be at the meeting to answer any questions the Commission may <br />have. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />