Laserfiche WebLink
<br />06/06/95 13: 40 FAX 612 334 3184 ESH 141003 I <br /> <br /> <br /> <br />. I <br /> <br />Brian Fritzinger ~ <br />May 18, 1995 I <br />Page: 2 <br /> <br /> <br />I <br /> <br />available in the parking lot. The only reason that Bethel would <br />default on the mortgage would be if there was some sort of I <br />catastrophic failure of the College. As the map shows, separate <br />parcels have been created before for the purpose of security for a <br />mortgage debt. In the past our Higher Education Facilities <br />Authority (HEFA) loans for other dormitory buildings have actually I <br />been secured by fee conveyances to HEFA, including easements over <br />Bethel Drive. When these loans are paid off there is an actual <br />reconveyance to the Baptist General Conference of the parcels that I <br />were secured by the Mortgage Revenue Bonds that were recently paid . <br />off. I have enclosed, as an example, a limited Warranty Deed from <br />HEFA to the BGC for part of the campus and the easement over Bethel <br />Drive that was secured by the Series 1975-1. Revenue Bonds. This I <br />is a very important and cOllllllOnly used revenue tool for Bethel <br />College. We do need the ability to pledge particular buildings as <br />security for debt. <br /> <br />Please review this matter and contact me at your earliest I <br />convenience so that we can resolve this issue with the lender. <br /> <br />-I <br />very Truly Yours, <br />EASTLUND, SOLSTAD & HUTCHINSON I <br /> <br />~ <br /> <br />Dale J. Moe . <br /> <br />DJM/art <br />Enclosure I <br />cc: David Lissner <br /> <br /> <br />. <br />. <br />I <br />I <br />-. <br />I <br />