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<br />----- ~+-.. -...- ......... ""...,,-.. ............ 'CI"'''''' <br /> <br />I <br /> <br /> <br /> <br />I . EASTLUNO, SOLSTAO & HUTCHINSON, LTO. <br /> <br />_ L.AW OPF1C&:S <br /> <br />I '''02 ""lOWeST j;l'L,-"0I:.... .UIl..l:H""a <br />i'l'IAA'K T. SOf..5TAC CAMBRIOGE OF"F'"ICe:: <br />THOMA$~. '"'UTCI-lI....sON .01 "".eoL.I.!:,", .......1.1- <br />......HIi:A..J. W!:INSTEIN 2za ",*1oj~NO S'ntE.ET SOUTH <br />I-+AN.~. ~MMEA''''ANN ""INNEA~O"'IS. .IIIlt....Ne:SOT..... 55402-il.98S <br />I OALJ;J.MOE CA"'IIRIOGC.""'NNESOTA5SOOa...tS.? <br />,.......y ...~TON.LAIIr"ON "ACSI""ILE: e. I 2.33...-31..... ...ACSU"~ILE. 51 e......".".... <br />SHARON N. ...ER......'.U;J <br />OAYID S. WCTa.4ING Te::LE:P'I'40NC .14il.3.3-a.liIIliII31 'TEL.c;~"'O"'iE .liI._eS&-'5734 <br /> <br />Q,- eoUN.c1.. <br />I WAllllltCNlt,E.ASTLUNQ May 18, 1995 <br />-JOSEf>.... ~. CADi: <br /> <br />Mr. 8rian Fri.t~1nger (C(Q)r~ <br />I Administrator, City of Arden Hills <br />1450 West Highway 96 <br />Arden Hills, MN 55112 <br /> <br />I Re: Bethel College and Seminary Property; Seminary Village Parcel <br /> <br />Dear Mr. Frit~inger: <br /> <br />I As we discussed on the telephone, the Baptist General <br />Conference, the owner of Bethel College and Seminary, has entered <br />I into a Note purchase agreement with Northern Life Insurance Company <br />for secured Notes totaling $5 million. Part of the security for <br />this transaction will be the Seminary Village apartments on the <br />. Northern end of the Bethel campus. I have enclosed a copy of the <br />relevant part of the Ramsey County plat map of the North 1 of <br />I Section 27, Township 30, Range 23, on which I have outlined the <br />Seminary Village parcel. In addition, because this parcel is land- <br />I locked, the lender will require an easement over existing Bethel <br />Drive, out to the service road along Snelling Avenue. <br /> <br />We were under the impression that this was a separate tax <br />I parcel because this exact parcel with the road easement, had <br />previously been used as the security for a mortgage to F & M Bank <br />of Minneapolis in 1968. That mortgage was paid off in 1988 and a <br />satisfaction recorded at that time. <br /> <br />I The lender will require some evidence from the City of Arden <br />Hills that, in the event there was a default in the Note, the <br />I mortgage could be foreclosed by the lender. Obviously, this is a <br />worst case scenario and there is substantial additional security <br />for the debt, as well as a collateral account which would first be <br />attached by the lender. As much of the money will be used for <br />I renovation and improvements to the campus buildings. it seemed <br />appropriate that those buildings would be part of the security for <br />the mortgage. <br /> <br />I I understand that all of Bethel campus is a POO, and that you <br />have some concerns with regard to the parking and access for this <br />parcel. I believe, however, that the parking for these isolated <br />I b~ildings is clearly adequate for the number of apartments there, <br />because they are all, or nearly all, occupied and there are spaces <br /> <br />Ie <br />I <br />