HomeMy WebLinkAboutA004 - Letter from Kenneth Klassman dated February 25, 2015 l
fIf
H O R w O O D M A R C U S & B E R K Attorneys at Law
Chartered 500 West Madison Street
Suite 3700
Chicago,Illinois 60661
Kenneth Klassman phone:(312)606-3200
Direct Dial:(312)606-3224
Direct Fax:(312)267-2213 fax:(312)606-3232
Direct e-mail: kklassman@hmblaw.wm
www.hmblaw.com
February 25,2015
BY HAND DELIVERY
Mr. Jeff Benson
City of Ames
Planning and Housing Department
5.15 Clark Ave
Ames,Iowa 50010
Re: Mortgagee's Subordination for 3600 West.Lincoln Way, Ames, Iowa (the
66Proyerty»)
Dear Mr..Benson:
This firm represents Ames Associates, the.owner of the Property. As you know, we.are
under contract to sell a portion of the .Property to Clinic Building Company, .Incorporated
("CBC"). As part of that sale,we are subdividing the Property into two.separate parcels. As part
of the .subdivision process, _the City has asked that we have our. mortgagee execute the
Mortgagee's Subordination. However, as part of the sale to CBC,our mortgagee is being paid in -
tull and will no longer have a Mortgage or Assignment of Leases and Rents recorded against the
Property or have any other security interest in the Property. 'Therefore, as we discussed, the
Mortgagees Subordination is.not applicable.
Please do.not hesitate to contact me if you have any questions or concerns.
Sincer ly, .
Kenneth Klassman
KK:rp
Enclosure.
cc:. Ames Associates(by email)
David Benson (by email)
2469855/1/13644.005