HomeMy WebLinkAboutNo. 0644 extinguishing demand note obligation of FBT Bancorp, Inc.RESOLUTION NO. 644
RESOLUTION OF THE SOUTH BEND DEPARTMENT OF RE-
DEVELOPMENT EXTINGUISHING DEMAND NOTE OBLIGATION
OF FBT BANCORP, INC.
WHEREAS, on the 22nd day of October, 1979, FBT Bancorp, Inc. by
Ernestine M. Raclin, Chairman of the Board, hereinafter referred to as the
"Redeveloper ", executed a Demand Note in favor of the South Bend Department
of Redevelopment hereinafter referred to as the "Agency ", in the amount of
ten thousand dollars ($10,000.00);
WHEREAS, said Demand Note was executed by the Redeveloper to comply
with the good faith deposit provisions of Part II, Article I, Section 101
of the Ground Lease executed on October 22, 1979 by the Agency and the
Redeveloper;
WHEREAS, the provisions of Section 101(d) of said Ground Lease pro-
vide in pertinent part that upon the receipt by the Agency of specified
items that the deposit of the Redeveloper shall be returned;
WHEREAS, all items as specified in Section 101(d) have, as of this
date, been received by the Agency;
WHEREAS, the Redeveloper has submitted its request to the Agency for
the return of the note; and
NOW, THEREFORE, BE IT RESOLVED, that the delivery to the Redeveloper
of a true and correct copy of the original of said note and the cancellation
noted on said copy shall constitute the return and the delivery of said
original note and the full extinguishment of any and all obligations repre-
sented thereby on behalf of the Redeveloper;
BE IT FURTHER RESOLVED, that a true and correct copy of the original
of said note be cancelled by the Agency and delivered to the Redeveloper
and proof of said delivery be filed with the Agency.
CITY OF SOUTH BEND DEPARTMENT
OF REDEVELOPMENT
Date:
t TO:
FROM:
SUBJECT:
CITY ATTORNEY'S OFFICE
INTER - OFFICE MEMO
V
PAT MC MAHON
rnri� it
LVI
DATE: August 10, 1981
RICH HILL
RETURN OF DEMAND NOTE TO FBT BANCORP, INC.
In my memo to you of June 10, 1981 regarding this subject, I mentioned
that I did not believe that a Commission resolution was needed but
that it would be advisable to have the minutes of the Commission reflect
the return of the note based on the following articles being in the
possession of the Commission at this time:
(1) A copy of the commitment for the mortgage loan.
(2) Evidence that the interim mortgage loan is closed.
(3) A copy of the contract between FBT and their general
contractor for the construction of the improvements.
(4) A copy of the contract bond.
It has recently come to my attention however, that the original of
the FBT Bancorp, Inc. Demand Note cannot be located. Therefore, it
will be necessary for the Commission to pass a resolution extinguishing
the demand note obligation.
Attached is the appropriate resolution for Commission approval and
execution.
If you have any questions, please let me know.
RLH /smp
CC: Kevin Butler