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<br />'" <br />" <br /> <br />1WrNOTIFsHoUSINGÐEvElOPMENTCoRPORATION <br /> <br />400 SELBY AVENUE· SUITE C <br />SAINT PAUL, MINNESOTA 55102 <br />(612) 292-0211 <br /> <br />October 5, 1992 <br /> <br />Ms. Judy Karon <br />Community & Economic Development <br />Ramsey County <br />50 West Kellogg Blvd., Suite 560 <br />St. Paul, MN 55102 <br /> <br />RE: Calibre Ridge HOME Loan <br /> <br />Dear Judy: <br /> <br />In follow-up to our meeting, Minnesota Housing Finance Agency has confirmed <br />that any required amortization schedule for the HOME loan would need to be <br />reflected in a proportionately lower first mortgage. However, the good news is <br />that Tom Fulton has indicated that the Family Housing Fund loan could be in <br />third position, thus giving the HOME mortgage second priority. <br /> <br />The National Equity Fund has revised the September 3rd pro-forma to reflect <br />these situations and the new pro forma is enclosed for your review and <br />consideration. While no payment is shown, the Partnership can sign the HOME <br />mortgage with an agreement to pay as cash is available. Both general partners <br />are amenable to a Loan agreement that provides for no distribution of excess <br />cash until the Home Loan is repaid. TÞjs pro forma includes a payback of <br />approximately $]53,360 by 2010. <br /> <br />I look forward to hearing from you soon. Thanks for your consideration, Judy. <br /> <br />Sincerely, <br /> <br />~711 <br /> <br />CC1tleen Carey <br />Executive Director <br /> <br />~ <br /> <br />Enclosure <br /> <br />cc: Denise Beigbeder <br />Karl Brenna <br />John Duffy <br />Carol Felsing <br />Tom Fullon <br />Brenða Nieland <br />Craig Waldron <br /> <br />CF/jr/KARON <br />