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Eron Lenders
Subject: Enterprise Business Park
Lender update
19 August 1998
Further to our letter dated March 16, 1998 we are writing to update you on the status of the above noted mortgage.
Project Status
As outlined in our previous letter, the Judicial Trustee exercised the Assignment of Rents commencing from December 1, 1997. From June 1, 1998 the first mortgage holder, Maritime Life, exercised its Assignment of Rents which ranks in priority to that of the Judicial Trustee. For the 6 months to June 1, 1998 net rents of $284,505 were collected by the Judicial Trustee, and have subsequently been paid over to Maritime Life.
Based on Listing Proposals received from various real estate agents, on June 18, 1998 the building was listed for sale with Goddard & Smith for $5,150,000. The Listing Agreement expires on December 31, 1998. To date there have been a number of interested parties, and the Judicial Trustee is keeping your Lenders' Committee apprised of all developments as the sales process progresses.
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 Enterprise Business Park - Project Lead.
Yours truly
Judicial Trustee
PricewaterhouseCoopers
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