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South Bend Redevelopment Commission <br />Regular Meeting –March 20, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. South Bend Central Development Area <br /> <br />(1) continued… <br /> <br />agreements, as long as the Commission’s <br />property interest is duly protected. Finding <br />no objection to Key S.B.’s request, staff and <br />legal counsel present for your consideration a <br />Waiver and Consent to Mortgage with <br />Centier Bank that outlines terms found to be <br />appropriate and mutually beneficial for both <br />the Commission and Key S.B. <br /> <br />Mr. Varner asked how the Commission’s <br />interests are protected in this document. If <br />there is a mortgage taken on that property for <br />a certain amount of time, and by the end of <br />that time there is a liability on the property, <br />how is the Commission protected? Mr. <br />Meteiver responded that the mortgage would <br />be on the leasehold interest. The leasehold <br />interest is inferior to the mortgage interest <br />because of the chain of title. They are <br />borrowing only against their interest, not <br />against the property. <br /> <br />CW <br />Upon a motion by Mr. Alford, seconded by <br />OMMISSION APPROVED THE AIVER AND <br />CMKBP <br />ONSENT TO ORTGAGE FOR EYANK LAZA <br />Mr. Varner and unanimously carried, the <br />Commission approved the Waiver and <br />Consent to Mortgage for KeyBank Plaza. <br /> <br /> <br />(2) Amendment to Parking Garage <br />Management Services Agreement <br />(Leighton, Main St, and Wayne St <br />garages) <br /> <br />Ms. Jennings noted that, after execution of <br />the Parking Management Agreement with <br />Ampco, staff and Ampco noticed two errors. <br />The first was in item 4. Budget. Ampco must <br /> 6 <br /> <br />