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Eron Lenders
Subject: Commonwealth Plaza
Lender update
19 August 1998
Further to our letter dated December 18, 1997 we are writing to update you on the status of the above noted mortgage.
Project Status
This is a second mortgage on a Victoria property consisting of a three storey retail and office building on the corner of Broad and View Street (Lot C) and an adjoining annex building and loading dock (Lot 1).
The Judicial Trustee commenced a foreclosure action and as a result obtained Conduct of Sale of both Lots. Based on Listing Proposals received from various real estate agents, on July 13, 1998 the property was listed for $2,100,000 with Colliers in Victoria. This list price is consistent with a revised appraisal commissioned by the Judicial Trustee in May 1998.
Subsequent to the property being listed, an offer to purchase the second mortgage for $210,000 was received from Mr Martin Chambers. Based on the existing list price, and after taking into account the prior mortgages, real estate commissions and outstanding property taxes payable, the Judicial Trustee has decided to accept this offer. Mr Chambers has until September 11, 1998 to advance the funds to the Judicial Trustee.
Lender Communications
We have established a web site at http://www.eron-pwl.com. On this site you will find project specific updates as well as related court orders. We will continue to communicate directly with all lenders. We urge you to take advantage of the web site so that you can receive first hand current information from PWL in the most cost-effective manner we have available.
We will issue another letter as soon as we have significant new information to report. In the meantime, if you have any specific questions or information concerning the project please contact us in writing at the Price Waterhouse Centre, 601 West Hastings Street, Vancouver, BC, V6B 5A5 or by fax at (604) 688-6128 marked to the attention of Commonwealth Plaza - Project Lead.
Yours truly
Judicial Trustee
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