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CCP 06-26-1995
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CCP 06-26-1995
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<br />06/06/95 13: 40 FAX 612 334 3184 ESH 1ilI003 I <br /> <br /> <br /> <br />. I <br /> <br />Brian Fritzinger 4It <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 />defaul t 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 BGe for part of the CaDlpUS and the easement over Bethel <br />Drive that was secured by the SeJ:'ies 1975-1. Revenue Bonds. This I <br />is a very impoJ:'tant and commonly used J:'evenue tool for Bethel <br />College. We do need the ability to pledge particulaJ:' buildings as <br />security foJ:' debt. <br /> <br />Please J:'eview this matteJ:' and contact me at your earliest I <br />convenience so that we can resolve this issue with the lendeJ:'. ~ I <br /> <br /> <br />Very Truly Yours, <br />EASTLUND, SOLSTAD & HUTCHINSON I <br /> <br />~ <br /> <br />Dale J, Moe I <br /> <br />DJM/art <br />Enclosure I <br />cc: David Lissner <br /> <br /> <br />I <br />I <br />I <br />I <br />-I <br />I <br />
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