HomeMy WebLinkAbout5A2 Estoppel Certificate (Merchants LaSalle Apartments-Parking Lease){02051598;1}
ESTOPPEL CERTIFICATE
RE: Terms, conditions and stipulations contained in an unrecorded Parking Lease made by
and between the South Bend Redevelopment Commission, governing body of the
Department of Redevelopment of the City of South Bend, Indiana (“Lessor”) and The
LaSalle Apartments, LLC, an Indiana limited liability company (“Lessee”), dated April
21, 2015; as amended by a First Amendment to Parking Lease made between Lessor and
Lessee, dated April 13, 2018, and as evidenced by Memorandum of Parking Lease, dated
April 21, 2015, recorded, May 1, 2015 as Instrument Number 1510364 of the St. Joseph
County, Indiana Recorder's Office (collectively, the “Lease Agreement”).
LaSalle Partners RA, LLC, an Indiana limited liability company (“Purchaser”), has
entered into a certain Purchase and Sale Agreement with Lessee for that certain multifamily
apartment complex commonly known as The LaSalle Apartments located at 237 North Michigan
Street, South Bend, Indiana 26601 and legally described in Exhibit “A” attached hereto and made
a part hereof (the “Property”).
The Purchaser and Citibank, N.A., as Trustee for the Registered Holders of Barclays
Commercial Mortgage Securities LLC, Multifamily Mortgage Pass-Through Certificates, Series
2018-K1506, Merchants Capital Corp., an Indiana corporation and Federal Home Loan Mortgage
Corporation, their successors and assigns (the “Purchaser’s Lender”) have examined title to the
Property and established that the Lease Agreement affects the Property.
Purchaser and Purchaser’s Lender have requested that the Lessor execute and deliver this
estoppel certificate (“Estoppel Certificate”) and understand that the Purchaser is relying on the
following statements in purchasing the Property from the Lessee and that the Purchaser’s Lender
is relying on the statements herein in connection with providing financing to the Purchaser.
Lessor hereby certifies that:
1. The Property is subject to and governed by the terms of the Lease Agreement and
that other than the recorded amendments and supplements of public record, the Lease Agreement
has not been amended or terminated and remains in full force and effect;
2. To Lessor’s knowledge, no uncured default, event of default, or breach by Lessee
exists under the Lease Agreement and no facts or circumstances exist that, with the passage of
time or the giving of notice, or both, will or could constitute default, an event of default, or breach
by the Lessee under the Lease Agreement. Furthermore, Lessee has not received any written notice
of default from Lessor under the Lease Agreement.
3. As of the date hereof, no rent or additional rent is due from Lessee under the Lease.
4. All costs and expenses, if any, for the maintenance and repair of the Premises and
any improvements have been paid in full to date.
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This Estoppel Certificate has been executed this 26thday of_May 2022.
LESSOR:
SOUTH BEND REDEVELOPMENT COMMISSION,
governing body of the Department of Redevelopment of the
City of South Bend, Indiana
By: _____________________________
Marcia I. Jones, President
Attest:
Troy Warner, Secretary
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EXHIBIT “A”