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: SI CC: John Hayes 0744A Frank Points of Claritication Pessy-please revise to ) is he to put in & for repaus from sale proced yes only ague to do them over 3 years repair program security? Specifically, will be included in rents? no 3) under the budgeted rentinrease the 8% and will be included in 58 rents for 8years. is That what you had in mund? No, to 3) could we should we raise intrate on Hex / can. Sullim don't know Frank 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 dated Development Repairs We have agreed to provide $320,000 for Deferred Principle Workout Agreement Dated 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 February 9, 1989 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 for low to moderate individuals. Sincerely. Alla Bida Allan S. Bird ASB:sr Cc: John Hays 0744A |