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� <br /> SEAF/RST MORTGAGE CORPORAT/ON <br /> A $ubSitli3N 0�$E3ttic'-tir5i 4dbC^d� 33'+ <br /> Gregory C. Piantanida AuguSt 9, 1979 <br /> Vice President <br /> Mr. Gary Lewis <br /> Kieburtz & Simnonds <br /> P. 0. Box 1616 <br /> Bellevue, Washington 98009 <br /> Re: Everett Neurological Clinic <br /> 1918 Everett Avenue <br /> Everett, 4lashington <br /> Dear Fir. Lewis: <br /> We look rorward to working with you and your organization on financin9 <br /> your proposed development in Everett. As I mentioned to you, doctor <br /> o�rned and o�cupied medical clinics are readily financeable, even <br /> considerin�; the tight money that we are in at this point. <br /> Ho�ever, in examining the information that you have submitted to me, <br /> I find that we do have a problem with regard to the present zoning <br /> variance that you have o�tained. Enclosed is a copy of this zoning <br /> variance, with the problem paragraph marked in red. I appreciate <br /> the fact that from the perspective of the developer and owner, this <br /> paragraph represents no problem; however, from _the .perspective of <br /> the lender, the lender basically loses all�ri hts to ro erl us�e the <br /> bu�—in tTie event the en er orec oses. While I recog,iiz��t <br /> it's doubtful this loan would ever have a problem, we are paid to <br /> examine our downside risk, which is a possible eventual foreclo�ure. <br /> The wording specifically states that if there is a sale or change in <br /> usage, we could no longer use the building in conformance witfi the <br /> basis for our loan, which is a medical office building. Even if the <br /> City views that a foreclosure does not constitute a sale, it ties our <br /> han�ds as�ar�s�u�abilitv to sell the building after foreclosure. <br /> Therefore, I suggest the wording be chan ed to sti ulate th t the building <br /> be used as ro essiona o ice s ace, that there be no limitation on t <br /> number of employees, and t at a sale be a owe so on4 as e uilding <br /> continues as pro ion�—o�fi' i� ce ace or some other use that requires <br /> less.par i�0ur attorney�ic ucher, would be happy to discuss this <br /> situation with you if you require further clarification. <br /> Securibes Building�Seattle. Washington 98107:7eiephone �2061 583•7005 <br />