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--. --. .,'" .............. ~-.n..4 U-l.... ....."l <J.1.0"l n~n IgjUU.4::: I . . E:ASTLUNO. SOLSTAO & HUTCHINSON. LTO, Ie l.....WO,:-.,lCES. I "O.ll MIDWC.s'T P'l.AZA BUILDING I"''''''K T. .sOU5T.....O CAMSAIOGE: OFFICE T'MOMAS tr. .......TelolIN$O... .0 I NU:01.."'CT ...-......... """'WIll:R J. ""'~IN8TEI'" a:az ~HI.,""NO ST1ltiEET SOUTH "'ANS F. ::tI......iE."Iol...NN "'INNEA"O"IS~ MINNESOTA 55.0&-a585 I O....l..c.J. MOE e"'''''IUItIOGIt. MINNESOTA 5S00a-ltSl' """#tV IOtOlltTO"'_'-AfltSON ""CS"oIILE: el 2'334r31S4 (rAC51""II.,C.1 C........1I7.... SHAjIt()N N. I"tEIltL.AND TELE;P'"'ONE .12.3~...a.3' OAVID S. WCTHING TItL.Il;P'fotONE .12.l!Se~73'" - I ~ COY"UIIEL WAA'l'tt:N E. EASTL,UNO May 18, 1995 ....OSEP~ 1II_ e.or.Oli. I Mr. Brian Fritzinger t(Q)~1f Administrator, City of Arden Hills 1450 West Highway 96 Arden Hills, MN 55112 I Re: Bethel College and Seminary Property; Seminary Village Parcel Dear Mr. Frit~inger: I As we discussed on the telephone, the Baptist General Conference, the owner of Bethel College and Seminary, has entered I into a Note purchase agreement with Northern Life Insurance Company for secured Notes totaling $5 million. Part of the security for this transaction will be the Seminary Village apartments on the I- Northern end of the Bethel campus. r have enclosed a copy of the relevant part of the Ramsey County plat map of the North i of Section 27, Township 30, Range 23, on which I have outlined the Seminary Village parcel. In addition, because this parcel is land- I locked, the lender will require an easement over existing Bethel Drive, out to the service road along Snelling Avenue. We were under the impression that this was a separate tax I parcel because this exact parcel with the road easement, had previously been used as the security for a mortgage to F , M Bank of MinneapoliS in 1968. That mortgage was paid off in 1988 and a I satisfaction recorded at that time. The lender will require some evidence from the City of Arden Hills that, in the event there was a default in the Note, the I mortgage could be foreclosed by the lender. Obviously, this is a worst case scenario and there is substantial additional security for the debt, as well as a collateral account which would first be I attached by the lender. As much of the money will be used for renovation and improvements to the campus buildings, it seemed appropriate that those buildings would be part of the security for the mortgage. I I understand that all of Bethel campus is a PUD, and that you have some concerns with regard to the parking and access for this I parcel. I believe, however, that the parking for these isolated buildings is clearly adequate for the number of apartments there, because they are all, or nearly all, occupied and there are spaces I . I