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Eron Lenders
Project Name: Discovery Ridge
Lender update
July 14, 1999
Further to our letter of January 12, 1999 we are writing to update you on the status of the above noted mortgage.
Project Status
In our last letter to you with respect to Discovery Ridge we indicated that the mortgage maturity date had been extended to May 31, 1999 in return for certain concessions from the Company.
On May 26, 1999, the Judicial Trustee was advised that the Board of Directors of Discovery Ridge Development Corporation had approved the sale of the assets of the Corporation to another Development Company. This new company agreed to redeem the mortgage on June 30, 1999 by paying the full amount of the principal sum and all accrued and unpaid interest.
The outstanding balance including interest totalling $5,297,751.42 has been received. In addition, the judicial Trustee received interest and extension fees during 1998 of $515,000. These funds are being held in an interest bearing trust account pending a resolution of the remaining distribution issues.
Lender Communications
We will continue to communicate directly with all lenders. However, we urge you to take advantage of the web site at http://www.eron-pwl.com for project specific updates as well as related court orders and other general information. We would also encourage you to contact your Lender Lead, Bridget Dunbar at (604) 572-9699 for updates on the Discovery Ridge Project. If your enquiry is of a general nature, you should contact Steve Ripley at (604) 222-1646. If you need information on reclaiming tax on interest income in prior years, please call David Craig at (604) 713-6680.
Yours truly
Judicial Trustee
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