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Eron Lenders
Projects 1109, 1174 and 1208
Borrower: Everbrite Ventures Ltd.
Lender update
April 16, 1998
Further to our letter of December 18, 1997 we are writing to update you on the status of the above noted mortgage.
Project Status
As previously discussed, the borrower proposed a settlement of $300,000 for all obligations relating to the 2nd, 3rd and 4th mortgages. This settlement proposal was approved by the Court on February 6, 1998. We anticipated funding of the settlement amount by the borrower by mid - February. This settlement did not happen.
Repeated representations were made by the borrower and its counsel that funding was imminent however no funds were ever received. We have now instructed our counsel to make demand for the full amount of the indebtedness and commence foreclosure proceedings.
Upon receiving judgment against the borrower and guarantor, we shall seek immediate conduct of sale and commence execution proceedings against the borrower. We do not anticipate any obstacles in proceeding to judgment as we received an acknowledgment of the indebtedness by the borrower during settlement negotiations.
Lender Communications
As you are probably aware we have a web site at http://www.eron-pwl.com. On this site you will find project specific updates as well as related court orders and other general information.
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 the Judicial Trustee in the most cost effective manner we have available.
We plan to issue another letter as soon as we have significant new information with respect to the distribution. In the meantime, if you have any specific questions or information concerning the project please contact us in writing at 500 - 1380 Burrard Street, Vancouver, BC, V6Z 2H3 or by fax at (604) 688 6128 marked to the attention of Everbrite - Project Lead.
Yours truly
Judicial Trustee
Eron Lenders
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