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� A (-�) <br />�QUT <br />Department of <br />=- Community Investment <br />•-86 . <br />Memorandum <br />Friday, December 06, 2013 <br />TO: Redevelopment Commission <br />FROM: Brock Zeeb, Director of Economic Resources <br />SUBJECT: Yummy Cupcakes/ Bank Waiver <br />Yummy Cupcakes is requesting the Commission sign a disclaimer and Waiver of Interest for 1St Source <br />Bank on fixtures being install in the 119 S. Michigan St Shop. <br />The loan thru 1St source attach are for fixtures being installed in the Commission owned property. <br />Normally when fixtures are installed into a building they become part of the building, this waiver would <br />allow 1St Source right to those fixtures in the event of a default. This waiver also requires the <br />Commission give 1St Source a 30 days' notice prior to terminating lease with Yummy Cupcakes, so that <br />the bank has an opportunity to enter the building and secure its interest in the fixtures. <br />DCI has had the Commission attorney review the waiver of interest. It is acceptable. DCI is seeking <br />Commission's approval and signature of the Waiver of Interest for the 1St Source loan for Yummy <br />Cupcakes. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />