2106 LOMBARD AVE 2016-01-01 MF Import

FIDEY,I�Y � 30IVTVAL _r 7 � _ �:,anL �'i��c. E:[ ��7. ' , N�.r 1 r. . �;�.� Savings Bank - `" " Novzmber 16, 1973 EVEflETT BNANCH Board of Adjus�ment City of Everett City Hall �verett, Washin�ton 98201 Geatlemea: Re: Loan 7-1-28727-5, B. Ivor Flale Property at 2106 Lombard Ave. , Everett At the request of 2fr. Rudolf Ptue�ler, attorney for Mr. Hale, this information is given to you. On t•farch 11, 1971 we approved a mortgage loan for t4r. Ha1=, to be secured by a mortgage on the captioned property, and for the purpose of a complete re- modeling of the house. The awount of the loan was $15,000.00 and it is re- payable on a twenty yea: term. The current monthly payments are $134.00 but upon completion of the remodeling and reappraisal Uy the County Assessors Office for tax purposes the monthly payment caill probably be a minimum of $145.00. The loan approval was subject to approval by the City of Everett of the plans and specifications and to the issuance of a City building permit. The mortgage loan caas closed and the remodeling r��rlc r�uceeded in due course. Loan funds �aere disbursed progressively as the coork continued. Zn January 1972 tdr. llale began making the required monthly payments and they will continue until payment in full of the loan. The plans and specifications for the remodeling called for tlie rehaUilitation of the property into a duplex. The mortgage loan coas based on that Icind of a structure and the monthly rent that could be derived thzrefrom. In all probaUility our loan would not have been in as large an amount as $15,000.00 if the completed property coere to have been a single family residence because the estimated rental income c✓ould not have been sufficient to support such an amount of loan. [de sho�i�d point out also that Uecause the contractural agreement calls for remodel- ing of the property into a duplex, if it is not completed as a duplex the mortgage contract will he in default and subject to penalty or foreclosure provisions ot the mortgage. [de trust that the Board of Adjustment will recognize the difficultier: and conse- quences that iaould result if the remodelin� and retiaUilitation of the property EXHIBIT D