Amy Jor 1070 = 285 12119182 New Owner will wish in 225 und 125K to cover the to flexe. with 85K wore.. put up an 1.0.c, to cover won t be repaid immediately. 3 year repair period. For the purpose of completing preliminary TPA approval on the Amy Jo Manor Apartment project, we propose the following based on our discussions: 1. 2. 3. Flexible Subsidy Loan As required, $125,000 of the existing Development Repairs We have agreed to provide $320,000 for Deferred Principal Workout Agreement Dated November 1, 1986. We would propose that the Workout Agreement be assigned to the new ownership entity and extended for fifteen years from the date of transfer of ownership. We will agree to enter Real Property Services Corp. 1935 Camino Vida Roble Carlsbad, CA 92008 619/431-9100 Telefax 619/431-9156 Mr. Albert Sullivan Page 2 RPS into a use agreement maintaining the property as low income housing for the fifteen year period. Additionally we would agree to pay interest currently on the outstanding principal amount. We anticipate that these items will meet with your approval and that we can move expeditiously to a transfer of ownership which will insure the maintenance of Amy Jo Manor Apartments as safe, sanitary, and decent housing for low to moderate individuals. Sincerely, Allan S. Bird ASB:sr CC: John Hayes 0744A |