Financial- Prudential - Laserfiche WebLink

Home Browse Search

From: "Edwa~d Einowski" <eeinowski@stoel.com> To: GWM2.M-EDISON(RCURTIS) ~ Date: 10/1/9812:17pm Subject: Re: Title report/condo legal description I talked this over with my condominium real estate expert, Howard Fuerestein, and he advises me that here's how we'll need to handle the mortgage situation: 1) At the time we close the CoP issue, the County will give a mortgage to the Trustee on the County's undivided interest in the land (the "Land Mortgage"). In addition, we will also prepare and file with the Trustee a form of mortgage on the County's condominium units (the "Condo Mortgage"). Only the Land Mortgage will be recorded and be effective at the time we close the CoPs. The Condo Mortgage will be held in escrow by the Trustee. 2) The Financing and Trust Agreement will provide that, at such time as the condo units come into legal existence (the trigger here will be the erection of the walls and floors enclosing the condo units and the recording of the condominium plat in the real estate records), the Trustee will release and discharge the Land Mortgage in exchange for the Condo Mortgage. It's a little more complicated than if we didn't have to deal with condo units and were only dealing with a regular real estate interest in land and improvements. But iYs workable without too much pain.or hassle. As far as the title policy is concerned, here's what we'll need to do: a) Right now, you should order a mortgagee's title insurance commitment insuring the Trustee's interest under the Land Mortgage. For this purpose, the legal description of the project site (but not including the portion of the block that is not being occupied by Courthouse Square) will be the operative legal description. b) The title insurance policy should provide for a condo endorsement pursuant to which, at the time the Condo Mortgage is swapped for the Land Mortgage, the policy will insure the Trustee's interest under the Condo Mortgage. `~-- Because this deal is a bit different from the normal condo financing (where a single party owns the entire land and all condo units), it may be necessary to discuss the foregoing with the title company in order to make sure it all works properly. Let me know if you need us to join in discussions with the title insurance company. »> RANDY CURTIS <RCURTIS(d MAIL.OPEN.ORG> 09/30 4:02 PM »> After thinking more about your request yesterday to prepare a title report and description of the county's condominum ownership, I realized I'm not sure how to proceed. In order to have this work done, I need to define the scope of work. You mentioned a metes and bounds description. How is this done given the limited information we have available. We do have a legal description of the land, but that's it. If you have a sample you can share with me, I would appreciate it. CC: GroupWise 4_1.SMTP("mhansen@open.org")