HomeMy WebLinkAboutHolmes & Graven Ltr
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HOLMES & GRAVEN
CHARTERED
STEPHEN J. BUDUL
Attomey at Law
470 Pillsbury Center, Minneapolis, Minnesota 55402
Dire,,' Dial (612) 337-9228
Telephone (612) 337-9300
Fncshnlle (612) 337-9310
March 13, 1995
Donald R. Schneider
Executive Director
Columbia Heights HRA
590 NE 40th A venue
Columbia Heights, MN 55421
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RE: Zaidan Holdings, Inc,
Dear Don:
The Columbia Heights Office Center transaction successfully closed on March 10.
Congratulations! Enclosed are originals or copies of the following documents from the closing:
1. Check to HRA in the amount of $61,718.75 (representing the first payment by Zaidan
under the Note. less $965.24 in deed tax payable by the HRA on the deed from the State
to the HRA),
2. Letter from Dan Klint authorizing release of deeds from escrow.
3. Settlement Statements.
4. State Deed to HRA (Conveyance of Forfeited Lands).
5. HRA Quit Claim Deed to Mobilia, Ltd.
6. Purchase Agreement between Zaidan and Mobilia, Ltd. (includes Assignment of Parking
Management Agreement and Ramp Operation Agreement from Zaidan to Mobilia, Ltd.;
see Exhibit D).
7. Personal Guaranty Agreement executed by Michel Zaidan and HRA (original for your
files).
8. Subordinated Mortgage in favor of HRA, executed by Mobilia, Ltd.(original for your
files)
8,J885309
CL160-70
Donald R. Schneider
March 13, 1995
Page 2
9. Promissory Note to HRA, executed by Zaidan (original for your files).
10. Corporate Guaranty Agreement between Zaidan and HRA (original for your files).
11. Legal opinion from Borrower's Counsel (original for your files).
12. Title Commitment in favor of HRA.
13. Subordination Agreement between HRA and Northeast State Bank.
14. Amended and Restated Assessment Agreement (Columbia Heights Office Center)
15. Evidence of corporate organization of Mobilia, Ltd.
Regarding item 12, I recommended to Pat Hentges that the HRA purchase a lender's title
insurance policy in the amount of $1,015,099, in order to protect the HRA's security for the
Note. The fee for that policy will be $575; Chicago Title will send an invoice directly to the
HRA.
The enclosed Personal Guarantee Agreement, the Promissory Note and the Corporate Guarantee
Agreement are the only originals that were signed. Be sure to keep these documents in a safe
place with your records on this project.
An original of the fully executed Amended and Restated Assessment Agreement (Columbia
Heights Office Center) is included. Chicago Title will be recording another original of that
document. The Amended and Restated Assessment Agreement for the Columbia Heights Mall
is being re-executed by Lake Country Bank (which was erroneously identified previously as Lake
County Bank). I will send you a copy of that fully signed document when I receive it.
When all documents have been filed of record, you will receive a "closing book" with copies of
all the relevant documents in this transaction.
Let me know if you have any questions, or need copies of any other documents.
Ver~yours,
Xl!k~
SteWJ~ Bubul
cc: Pat Hentges (w/out encs.)
SJsB5309
CL160-70