|
|
|
Eron Lenders
Project Name: #1157 - Shuswap Falls Development
WEB/VMX - Box # 2175
Lender update
May 29, 1998
Further to our letter dated November 5, 1997 December 19, 1998 we are writing to provide you with update you on tan update as to the status of the above noted mortgage.
Project Status
As you are aware, Shuswap Falls Development consists of a first mortgage held by Eron Mortgage Corporation secured by a recreational vehicle development park in Enderby, BC
(the "Property"). The project is partially completed.
On April 28, 1998, the Supreme Court of British Columbia granted Price Waterhouse Limited, the Judicial Trustee, conduct of sale of the Property. In accordance with the Court Order, we have listed the Property with two licensed real estate agents located in the Enderby area. Based on discussions with the real estate agents and from review of appraisals, the Property has been listed at $595,000. We are hopeful that the Property can be sold within the next few months.
Lender Communications
We will continue to communicate directly with all lenders and 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 Shuswap Falls - Project Lead.
Yours truly
Judicial Trustee
Eron Lenders
BACK
|
|
|