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1 0 <br />IN 198211$311000s000 I.D.B. WAS ISSUED FOR HOFFMAN ELECTRIC, <br />(8811600 S,Q. FT, FACILITY). FIRST NATIONAL, BANK-HEILD THE <br />BONDS,. <br />LUTHERAN" B,ROTHERH�OOD MA,DE A LOAN TO HOFFMAN ELECTRIC <br />SECURED BY A 211ND MORTGAGE, ON THE BUILDING. <br />gi. HOFFMAN ELECTRIC WENT INTO BANKRUPTCY Irt 1988 <br />(CHAPTER 71) w <br />LUTHERAN BROTHERHOOD FORECLOSED ON ITS 211ND MORTGAGE <br />WHILE KEEPING THE LOAN CURRENT <br />I , � r-," A,rl D <br />A RESTRUCTURED AGREEMENT BETWEEN THE BAR x <br />LUTHERAN BROTHERHOOD A BEEN FORMULATED <br />Ell,-1TA1LS—TA+E-FC4-�,LNfNG <br />A. LUTHERAN BROTHERHOOD WILL, PAY DELINQUENT <br />TAXES AND MAKE VARIOUS BUILDING IMPROVEMENTS. <br />B. THE PRINCIPAL WILL BE R,E'ID�UCED FROM $3 MILLION <br />TO $12 <br />Cl. INTEREST ON NOTES WOULD BE AT 7%, ON A 2114 <br />YEAR AMORTIZATION i (CU RREIINTLY <br />NOTE AT 13-1�/4% AT! % <br />T'H�E 71% NOTE WiILL CONVERT TO 13-1/4% IN JULY). <br />#11 mi I -) <br />IF' THE BUILDING IS SOLD, NET' PROCEEDS (IF Aft"T <br />WOULD BE ALLOCATED AT 851% LUTHERAN BROTHERHOOl <br />VOLv I � � I I � I � � � I -D-A",K mi <br />L.0 I V401 'I & <br />