HomeMy WebLinkAboutResolutions - 1986.02.13 - 10654MISCELLANEOUS RESOLUTION NO. 86017
RE: ECONOMIC DEVELOPMENT GROUP
RESOLUTION APPROVING PROJECT PLAN
(MARK T. JACOBSON & ASSOCIATES, INC. PROJECT)
BY: PUBLIC SERVICES COMMITTEE, JAMES EDWARD LANNI, CHAIRMAN
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
WHEREAS, The Economic Development Corporation of the
County of Oakland (the "EDC") has recommended that this Board
of Commissioners approve the Project Plan required by the
Economic Development Corporations Act, Act No. 338 of the
Michigan Public Acts of 1974, as amended (the "Act") for the
Mark T. Jacobson & Associates, Inc. Project, a copy of which
Project Plan is attached hereto as Exhibit A (the "Project
Plan"); and
WHEREAS, the EDC's recommendation to this Board of
Commissioners was based upon its determinations that the
Project is reasonable and necessary to effectuate the purposes
of the Act, that the Project Plan prepared in connection with
the Project satisfies all of the requirements of Section 8 of
the Act regarding project plans, that the persons who will be
active in the management of the project for at least one (1)
year after the projected date of the County Board of
Commissioner's approval of the Project Plan will have
sufficient ability and experience to manage the Plan properly,
and that the proposed method of financing the Project is
feasible and a bond purchaser's commitment has been obtainea;
and
WHEREAS, on January 27, 198 6 , the governing body
of the Village of Bingham Farms, Oakland County, Michigan, also
approved the Project Plan; and
;
T. ilitvrOhy, unt) tive,
ABSENT: McDonald, Pernick, Calandro, (3)
WHEREAS, on February 13, 1986, this board of
Commissioners held a public hearing to consider whether the
Project Plan constitutes a public purpose as contemplated by
the Act; and
WHEREAS, this Hoard of Commissioners, following such
public hearing and its review of the Project Plan, concurs in
the determinations of the EDC with respect thereto;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF THE COUNTY OF OAKLAND, as follows:
I. The Project Plan, in the form attached hereto as
Exhibit A, be and is hereby determined to constitute a public
purpose as contemplated by the Act.
2. The Project Plan be and is hereby approved.
3. The EDC be and is hereby authorized to take such
steps as are necessary to implement the Project and the
financing thereof by the issuance of revenue bonds or notes.
4. The County Clerk be and is hereby directed to
provide four certified copies of this resolution to the
Assistant Secretary of the Board of the EDC.
The Public Services Committee, by James Edward. Lanni,
Chairman, moves for adoption of the foregoing resolution.
#-IL43,Y i-PROVE i HE F OREGOING RESOLUTION
PUBLIC SERVICES COMMITTEE
. , ,
James -ward Lanni
Chairman
„,/ Moved by Lanni supported by Richard Ktibm —the resolution be adopted.
YEAS:
NAYS:
McConnell, McPherson, Moffitt, Nelson, Olsen, Page, Perinoff, Price,
Rewold, Skarritt, Webb, Wilcox, Aaron, Caddell, Doyen, Fortino, Gosling,
Hassberger, Hobart, Holland, Richard Kuhn, Susan Kuhn, Lanni, Law. (24)
NONE, (0)
ABSTENTIONS: NONE.
2
RESOLUTION DECLARED ADOPTED:
Allen
Co4hty Clerk
STATE OF MICHIGAN)
) SS.
COUNTY OF OAKLAND)
I hereby certify that the foregoing is a true and
complete copy of a resolution adopted at a regular meeting of
the Board of Commissioners of the County of Oakland, Michigan
held on the 13th day of February , 1986, the original of
which is on file in my office. Public notice of said meeting
was given pursuant to and in compliance with Act No. 267 of the
Michigan Public Acts of 1976, as amend
Allen
ty Clerk
Dated: February 13 , 1986
3
THE ECONOMIC DEVELOPMENT CORPORATION
OF THE COUNTY OF OAKLAND
Oakland County, Michigan
Mark T. Jacobson Project
PROJECT PLAN
CONTENTS
1. Summary Description of Project (Page 2)
2, Project Plan Certification by Company (Page 3)
3. Statutorily Required Information (Page 4)
4. Exhibits
"A" - Project Area Legal Description
Site Plan
FiBn - Bond Purchaser' s Commitment Letter
Company Certificate Regarding "Prevailing
Wages"
vIDIT - Company Certificate Regarding Transfer of
Employment
Other
M-315E
PROJECT PLAN
SUMMARY DESCRIPTION OF
MARK T. JACOBSON PROJECT
OWNER OF PROJECT: Mark T. Jacobson
CONTACT PERSON: Gerald J. Sheehan
Acquisitions Director
24567 Northwestern Highway
Suite 400-B
Southfield, MI 48075
(313) 353-8191
LOCATION OF PROJECT: Village of Bingham Farms
PROJECT AREA/DISTRICT AREA: See Exhibit A
NATURE OF PROJECT: Office Building
EMPLOYMENT CREATED OR RETAINED: Eighteen jobs
ESTIMATED TOTAL PROJECT COST: $2,381,000
BONDS TO BE ISSUED: $1.8-2.0 million
BOND PURCHASER: Franklin Savings
DATE AND EXPIRATION DATE OF BOND PURCHASE COMMITMENT:
Date of Commitment: 11/08/85
Expiration Date: 12/31/85
3
PROJECT PLAN CERTIFICATION
THIS PROJECT PLAN WAS PREPARED FOR THE ECO-
NOMIC DEVELOPMENT CORPORATION OF THE COUNTY
OF OAKLAND IN ACCORDANCE WITH THE REQUIRE-
MENTS OF THE ECONOMIC DEVELOPMENT CORPORA-
TIONS ACT. ACT NO. 338 OF THE MICHIGAN PUB-
LIC ACTS OF 1974, AS AMENDED.
THE UNDERSIGNED HAS PROVIDED ALL OF THE IN-
FORMATION CONTAINED HEREIN AND HEREBY CERTI-
FIES AS TO THE ACCURACY AND VALIDITY OF SUCH
INFORMATION AS OF THIS DATE.
THE UNDERSIGNED UNDERSTANDS THAT THIS PROJECT
PLAN IS STATUTORILY REQUIRED AND, IF IT CON-
TAINS ANY MATERIAL MISREPRESENTATION OR IN-
ACCURACY, COULD RESULT IN THE INVALIDATION OF
THE ECONOMIC DEVELOPMENT CORPORATION PROCEED-
INGS REGARDING THE PROJECT TO WHICH THE PRO-
JECT PLAN PERTAINS.
Dated: Novembera; 1985
PROJECT PLAN
STATUTORILY REQUIRED INFORMATION REGARD ING
MARK T. JACOBSON PROJECT
I. THE LOCATION AND EXTENT OF EXISTING STREETS AND
OTHER PUBLIC FACILITIES WITHIN THE PROJECT DISTRICT AREA: THE
LOCATION, CHARACTER, AND EXTENT OF THE CATEGORIES OF PUBLIC AND
PRIVATE LAND USES NOW EXISTING AND PROPOSED FOR THE PROJECT AREA,
INCLUDING RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL,
EDUCATIONAL, AND OTHER USES; AND A LEGAL DESCRIPTION OF THE PRO-
JECT AREA:
The Project District Area is entirely located within
certain real estate commonly known as 32400 Telegraph Road, Bing-
ham Farms, Michigan. The Project Area is a single 2.28 acre
parcel of land. The Project Area is contiguous with the east
side of northbound Telegraph Road and is located between 13 Mile
Road and 14 Mile Road. There are no streets or other public
facilities within the Project Area.
The entire Project Area was formerly privately owned,
unimproved real property zoned Office Services, which zoning
classification is still in effect.
The entire Project Area will be used for office pur-
poses consistent with applicable zoning and other ordinances and
laws.
A legal description of the Project Area is attached as
Exhibit A.
II. A DESCRIPTION OF EXISTING IMPROVEMENTS IN THE
PROJECT AREA TO BE DEMOLISHED, REPAIRED, OR ALTERED; A DESCRIP-
TION OF REPAIRS AND ALTERATIONS; AND AN ESTIMATE OF THE TIME
REQUIRED FOR COMPLETION:
There are no existing improvements in the Project Area
to be demolished, repaired or altered.
III. THE LOCATION, EXTENT, CHARACTER, AND ESTIMATED
COST OF THE IMPROVEMENTS, INCLUDING REHABILITATION CONTEMPLATED
FOR THE PROJECT AREA, AND AN ESTIMATE OF THE TIME REQUIRED FOR
COMPLETION:
See site plan, attached as Exhibit A-1 for location and
extent of improvements in the Project Area. The improvements
will include an office building containing approximately 20,000
square feet of leaseable space, a paved roadway around the
building and approximately 89 parking spaces. The estimated date
- 4 -
MEI 5
of completion is May, 1986. No rehabilitation is contemplated.
for the Project Area.
The estimated cost of improvements are as follows:
Land
Site Improvements
Construction of building
and related general
conditions
Construction Contingencies
(5% above construction
costs)
Working Capital
*Cost of issuance of bonds
$ 595,000.00
125,450.00
1,400,050.00
65,500.00
125,000.00
70,000.00
TOTAL $2,381,000.00
The cost of improvements in
excess of the proceeds of
the bonds to be issued by
the Corporation will be paid
by the Applicant
*Includes: commitment fee, underwriter's discount, Bond Trustee
fee, Indexing agent fee, printing costs, Bond Counsel fees,
Bank's counsel fee, underwriter counsel fees and Applicant's
counsel fees.
IV. A DESCRIPTION OF THE CONSTRUCTION OR STAGES OF
CONSTRUCTION PLANNED, AND THE ESTIMATED TIME OF COMPLETION OF
EACH STAGE:
Applicant plans to construct an office building con-
taining approximately 20,000 square feet together with all neces-
sary and required parking therefor, which will be constructed in
its entirety in one stage, and which will be completed by approx-
imately May, 1986.
V. A DESCRIPTION OF THE PARTS OF THE PROJECT AREA TO
BE LEFT AS OPEN SPACE AND THE USE CONTEMPLATED FOR THE SPACE:
The westerly and the easterly sixty (60') feet will be
left as open space. The westerly open space will contain a four
(4') feet high landscaped berm. The easterly open space will
contain a six (6') feet high landscaped berm. Areas left unpaved
or not built upon will be sodded and landscaped.
VI. A DESCRIPTION OF PORTIONS OF THE PROJECT AREA
WHICH THE ECONOMIC DEVELOPMENT CORPORATION OR THE COMPANY DESIRES
TO SELL, DONATE, EXCHANGE OR LEASE TO OR FROM THE MUNICIPALITY
AND THE PROPOSED TERMS:
Not applicable.
VII. A DESCRIPTION OF DESIRED ZONING CHANGES AND
CHANGES IN STREET, STREET LEVELS, INTERSECTIONS AND UTILITIES:
There are no zoning changes desired. There are no
desired changes in streets, street levels, intersections and
utilities, except for curb cuts and the connection of existing
utilities to the building to be constructed in accordance with
the Applicant's site plan.
VIII. A DESCRIPTION OF THE PROPOSED METHOD OF FINAN-
CING THE PROJECT, INCLUDING ATTACHMENT OF A COPY OF THE BOND
PURCHASER'S COMMITMENT LETTER:
The cost of the Project will be financed by the sale of
bonds to McDonald & Company. A copy of the bond purchaser's
Commitment Letter is attached hereto as Exhibit B. Any cost of
the Project which exceeds aggregate bond proceeds will be paid by
the Applicant.
IX, A STATEMENT REGARDING THE PAYMENT OF PREVAILING
WAGE AND FRINGE BENEFIT RATES AS DETERMINED PURSUANT TO ACT NO.
166 OF THE MICHIGAN PUBLIC ACTS OF 1965, AS AMENDED (REGARDING
WAGES ON STATE CONTRACTS) :
See Exhibit C.
X. A LIST OF PERSONS WHO WILL MANAGE OR BE ASSOCIATED
WITH THE MANAGEMENT OF THE PROJECT FOR A PERIOD OF NOT LESS THAN
1 (ONE) YEAR FROM THE DATE OF APPROVAL OF THE PROJECT PLAN:
The Project shall be managed by Mark T. Jacobson.
XI. DESIGNATION OF THE PERSON OR PERSONS, NATURAL OR
CORPORATE, TO WHOM THE PROJECT IS TO BE LEASED, SOLD OR CONVEYED
AND FOR WHOSE BENEFIT THE PROJECT IS BEING UNDERTAKEN, TO THE
EXTENT THAT INFORMATION IS PRESENTLY AVAILABLE:
Approximately 4,000 square feet of office space will be
leased to Mark T. Jacobson & Associates, Inc. and approximately
4,000 square feet will be leased to Ginn, Kramer & Jacobson.
- 6 -
7 8,19•
XII. IF THERE IS NOT AN EXPRESS OR IMPLIED AGREEMENT
WITH A PERSON OR PERSONS, NATURAL OR CORPORATE, THAT THE PROJECT
WILL BE LEASED, SOLD, OR CONVEYED TO THOSE PERSONS, THE PROCE-
DURES FOR BIDDING FOR THE LEASING, PURCHASING OR CONVEYING OF THE
PROJECT UPON ITS COMPLETION:
The Applicant intends to engage the services of Bur-
land, Reiss, Murphy & Rambiesa, Inc., to act as the leasing agent
for the Project.
XIII. ESTIMATES OF THE NUMBER OF PERSONS RESIDING IN
THE PROJECT AREA AND THE NUMBER OF FAMILIES AND INDIVIDUALS TO BE
DISPLACED. IF OCCUPIED RESIDENCES ARE DESIGNATED FOR ACQUISITION
AND CLEARANCE, INCLUDE A SURVEY OF THE FAMILIES AND INDIVIDUALS
TO BE DISPLACED, INCLUDING THEIR INCOME AND RACIAL COMPOSITION.
A STATISTICAL DESCRIPTION OF THE HOUSING SUPPLY IN THE COMMUNITY,
INCLUDING THE NUMBER OF PRIVATE AND PUBLIC UNITS IN EXISTENCE OR
UNDER CONSTRUCTION, THE CONDITION OF THOSE IN EXISTENCE, THE
NUMBER OF OWNER-OCCUPIED AND RENTER-OCCUPIED UNITS, THE ANNUAL
RATE OF TURNOVER OF THE VARIOUS TYPES OF HOUSING AND THE RANGE OF
RENTS AND SALE PRICES, AN ESTIMATE OF THE TOTAL DEMAND FOR HOUS-
ING IN THE COMMUNITY, AND THE ESTIMATED CAPACITY OF PRIVATE AND
PUBLIC HOUSING AVAILABLE TO DISPLACED FAMILIES AND INDIVIDUALS:
Not applicable. No people presently reside in the
Project Area, no families or individuals will be displaced by the
Project, and no residences-are located in the Project Area.
XIV. A PLAN FOR ESTABLISHING PRIORITY FOR THE RELOCA-
TION OF PERSONS DISPLACED BY THEPROJECT IN NEW HOUSING IN THE
PROJECT AREA:
Not applicable.
XV. PROVISION FOR THE COSTS OF RELOCATING PERSONS
DISPLACED BY THE PROJECT AND FINANCIAL ASSISTANCE AND REIMBURSE-
MENT OF EXPENSES, INCLUDING LITIGATION EXPENSES AND EXPENSES
INCIDENT TO THE TRANSFER OF TITLE, IN ACCORDANCE WITH THE STAN-
DARDS AND PROVISIONS OF THE FEDERAL UNIFORM RELOCATION ASSISTANCE
AND REAL PROPERTY ACQUISITION POLICIES ACT OF 1970, 42 U.S.C.
4601 TO 4655:
Not applicable.
8
XVI. A PLAN FOR COMPLIANCE WITH ACT NO. 227 OF THE
MICHIGAN PUBLIC ACTS OF 1972, WHICH PERTAINS TO PROVIDING FINAN-
CIAL ASSISTANCE. ADVISORY SERVICES AND REIMBURSEMENT OF CERTAIN
EXPENSES TO DISPLACED PERSONS:
Not applicable.
XVII. OTHER MATERIAL AS THE ECONOMIC DEVELOPMENT CORP-
ORATION, LOCAL PUBLIC AGENCY, OR GOVERNING BODY CONSIDERS PERTI-
NENT:
Not applicable.
EXHIBIT A-1
Part of the Northeast quarter of Section 5, Southfield
Township, beginning at a point distant north 1141.54 feet
and north 88 degrees 18 minutes West, 655.66 feet from the
east quarter corner; thence north 88 degrees 18 minutes
West, 425 feet; thence north 5 degrees 25 minutes 30 seconds
east along easterly line of Telegraph Road, 265.50 feet;
thence south 89 degrees 7 minutes 40 seconds east, 425 feet;
thence south 5 degrees 19 minutes 50 seconds west, 271.64
feet to the point of beginning. Subject to the rights of
the public and of any governmental unit in any part thereof
taken, used, or deeded for street, road, or highway purposes.
Being 2.28 acres.
'Very truly you
Daniel F. Abstin
First Vice President
EXHIBIT B
Md)ONALD & COMP
SECURITIES, INC_
MEMBER NEW YORK STOCK EXCHANGE
401 SOUTH WOODWARD AVENUE • SUITE 333 P.O. BOX 4475
BIRMINGHAM, MICHIGAN 48011 - 313/5401221
November 8, 1985
Mr. Jeffrey A_ Kaczmarek
Manager
Oakland County Economic Development Corp.
Executive Office Building
1200 N. Telegraph Road
Pontiac, MI 48053
RE: $2,000,000 Oakland County Economic Development Corporation
Limited Obligation Revenue Bonds
Mark T. Jacobson Project (Obligor) -
Franklin Savings and Loan Association, Issuer
of Irrevocable Collateralized Letter of Credit
Dear Mr. Kaczmarek:
McDonald & Company Securities, Inc. ("McDonald") is pleased to parti-
cipate as Underwriter on the above referenced financing. After bond
documents have been prepared and after the completion of a short pre-
liminary marketing period, McDonald expects to exeucte a Bond Purchase
Agreement with the Oakland County Economic Development Corporation and
with Mark T. Jacobson. This binding agreement will establish the exact
terms and conditions by which McDonald agrees to purchase the above ref-
erenced bonds. This binding agreement will commit McDonald to purchase
all of the bonds on a firm underwriting basis when, as , and if such
bonds are issued. Our commitment as described herewith, will expire
on December 31, 1985 unless previously extended.
DFA/sgs
CC: Jeffrey Howard, Esq.
Robert Schwartz, Esq.
Exhibit C
COMPANY CERTIFICATE REGARDING
PAYMENT OF PREVAILING WAGES
(Mark T. Jacobson Project)
The undersigned, Mark T. Jacobson, ("Jacobson"), hereby
certifies to The Economic Development Corporation of the County
of Oakland (the "EDC") as follows:
I. This Certificate is made and based upon the best
of Jacobson's knowledge and belief, only after thorough inves-
tigation and discussion with those who might have knowledge re-
garding the subject matter.
2. Jacobson understands that this Certificate is a
statutory requirement under the Economic Development Corporations
Act, Act No 338 of the Michigan Public Acts of 1974, as amended
(the "Act") which, if improperly made or based upon any material
misrepresentation or inaccuracy, might invalidate the proceedings
regarding the Mark T. Jacobson Project (the "Project") pursuant
to which the EDC expects ultimately to issue its limited obliga-
tion economic development revenue bonds to finance all or part of
the Project.
3. Within the meaning and intent of Section 8(4)(h)
of the Act, all persons performing work on the construction of
the Project will be paid the prevailing wage and fringe benefit
rates for the same or similar work in the locality in which the
work is to be performed, as determined pursuant to Act No. 166 of
the Michigan Public Acts of 1965, as amended.
Dated: NovemberA4-1985
M -346E
Exhibit D
COMPANY CERTIFICATE REGARDING
TRANSFER OF EMPLOYMENT
(Mark T. Jacobson Project)
The undersigned, Mark T. Jacobson, ("Jacobson"), hereby
certifies to The Economic Development Corporation of the County
of Oakland (the "EDC") as follows:
1. This Certificate is made and based upon the best
of Jacobson's knowledge and belief, only after thorough inves-
tigation and discussion with those who might have knowledge re-
garding the subject matter.
2. Jacobson acknowledges that this Certificate will
be employed by the EDC as the sole basis for the EDC's certifica-
tion to the Board of Commissioners of the County of Oakland as to
transfer of employment as required by Section 8(3) of the Econo-
mic Development Corporations Act, Act No. 338 of the Michigan
Public Acts of 1974, as amended, (the "Act").
3 Jacobson understands that the EDC's Certification
to the Board of Commissioners of the County of Oakland is a sta-
tutory requirement which, if improperly made or based upon any
material misrepresentation or inaccuracy, might invalidate the
proceedings regarding the Mark T. Jacobson Project (the "Pro-
ject") pursuant to which the EDC expects ultimately to issue its
limited obligation economic development revenue bonds to finance
all or part of the Project.
4. As of the date hereof, the Project shall not have
the effect of transferring employment of more than 20 full-time
persons from a municipality (as that term is defined in the Act)
of this State to the Village of Bingham Farms, Michigan, the
municipality in which the Project will be located.
5. Jacobson agrees that during any 12 month period
during the life of the bonds proposed to be issued by the EDC to
finance the costs of the Project for Jacobson, Jacobson will not
permit a lease or sublease in connection with the Project which
would have the effect of transferring, as to such lease, sublease
or group of leases or subleases which are interrelated (i.e.
"interrelated" means leases negotiated as part of one set of
negotiations or leases with lessees who are related by more than
50% common ownership), employment of more than 20 full-time per-
sons from a municipality of this State to the Village of Bingham
Farms, Michigan unless Jacobson or such lessee or sublessee has
M -283E
first obtained, (i) a consent to the proposed transfer of employ-
ment from the governing body of each municipality from which
employment is to be transferred, or (ii) the legal opinion of
nationally recognized bond counsel that such consent is not re-
quired.
6. Jacobson understands that a covenant to effectuate
the purposes of this Certificate will be included in those cove-
nants to be made by Jacobson when bonds are issued by the EDC for
the benefit of the Project.
Mark T.
Dated: November/7-7-198S
Jeffrey A. Kaczrnarek
Manager
Jack C. Hayes
General Counsel
Fred C. Seeley
Chairperson
Jack Martin
Vice Chairperson
Peter J. Christian°
Secretary
C. Hugh Dohany
Treasurer
MEMORANDUM
ode
Economic Development Corporation
of the County of Oakland, Michigan
Axe & Schwartz
Bond Counsel
TO: Oakland County Board of Commissioners
FROM: Jeffrey A. Kaczmarek, Manager, Business Development
DATE: January 28, 1986
RE: Mark T. Jacobson & Associates, Inc. EDC Project
Subsequent to approval of the Project Plan for the Mark T. Jacobson &
Associates, Inc. ROC Project by the Oakland County Economic Development
Corporation a number of changes were made to the Project Plan document
by the project developer and the Village of Bingham Farms. These changes
are now incorporated in the Project Plan which you will be acting upon.
The changes are indicated in pen on the original Project Plan, and are as
follows:
P. 2 - Change date of Bond Purchase Commitment from 11/08/85 to 1/24/86
Change date of Bond Purchase Expiration from 12/31/85 to 3/24/86
P. 4, Section I - Change "real property zoned Office Services" to
"real property zoned Professional Services"
P. 6, Section VIII - Change "financed by the sale of bonds to McDonald
& Company" to "financed by the sale of bonds to
Franklin Savings"
A commitment letter from Franklin Savings is also attached as new Exhibit "B".
Elms.
(313) 858-0732
Executive Office Building * 1200 North Telegraph Road • Pontiac, Michigan • 48053
PROJECT PLAN
SUMMARY DESCRIPTION OF
MARK T. JACOBSON PROJECT
OWNER OF PROJECT: Mark T. Jacobson
CONTACT PERSON: Gerald J. Sheehan
Acquisitions Director
24567 Northwestern Highway
Suite 400-B
Southfield, MI 48075
(313) 353-8191
LOCATION OF PROJECT: Village of Bingham Farms
PROJECT AREA/DISTRICT AREA: See Exhibit A
NATURE OF PROJECT: Office Building
EMPLOYMENT CREATED OR RETAINED: Eighteen jobs
ESTIMATED TOTAL PROJECT COST: $2,381,000
BONDS TO BE ISSUED: $1.8-2.0 million
BOND PURCHASER: 'Franklin Savings
DATE AND EXPIRATION DATE OF BOND PURCHASE COMMITMENT:
Date of Commitment: -estes-
Expiration Date: _12/31 /as-
2
was formerly privately owned,
Services, which zoning
4,10 0140 all
4
PROJECT PLAN
STATUTORILY REQUIRED INFORMATION REGARDING
MARK T. JACOBSON PROJECT
I. THE LOCATION AND EXTENT OF EXISTING STREETS AND
OTHER PUBLIC FACILITIES WITHIN THE PROJECT DISTRICT AREA: THE
LOCATION, CHARACTER, AND EXTENT OF THE CATEGORIES OF PUBLIC AND
PRIVATE LAND USES NOW EXISTING AND PROPOSED FOR THE PROJECT AREA,
INCLUDING RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL,
EDUCATIONAL, AND OTHER USES; AND A LEGAL DESCRIPTION OF THE PRO-
JECT AREA:
The Project District Area is entirely located within
certain real estate commonly known as 32400 Telegraph Road, Bing-
ham Farms, Michigan, The Project Area is a single 2.28 acre
parcel of land. The Project Area is contiguous with the east
side of northbound Telegraph Road and is located between 13 Mile
Road and 14 Mile Road. There are no streets or other public
facilities within the Project Area.
The entire Project Area
unimproved real property zoned ,
classification is still in effect_
The entire Project Area will be used for office pur-
poses consistent with applicable zoning and other ordinances and
laws.
A legal description of the Project Area is attached as
Exhibit A.
II. A DESCRIPTION OF EXISTING IMPROVEMENTS IN THE
PROJECT AREA TO BE DEMOLISHED, REPAIRED, OR ALTERED; A DESCRIP-
TION OF REPAIRS AND ALTERATIONS; AND AN ESTIMATE OF THE TIME
REQUIRED FOR COMPLETION:
There are no existing improvements in the Project Area
to be demolished, repaired or altered.
III. THE LOCATION, EXTENT, CHARACTER, AND ESTIMATED
COST OF THE IMPROVEMENTS, INCLUDING REHABILITATION CONTEMPLATED
FOR THE PROJECT AREA, AND AN ESTIMATE OF THE TIME REQUIRED FOR
COMPLETION:
See site plan, attached as Exhibit A-1 for location and
extent of improvements in the Project Area. The improvements
will include an office building containing approximately 20,000
square feet of leaseable space, a paved roadway around the
building and approximately 89 parking spaces. The estimated date
6
VI. A DESCRIPTION OF PORTIONS OF THE PROJECT AREA
WHICH THE ECONOMIC DEVELOPMENT CORPORATION OR THE COMPANY DESIRES
TO SELL, DONATE; EXCHANGE OR LEASE TO OR FROM THE MUNICIPALITY
AND THE PROPOSED TERMS:
Not applicable.
VII. A DESCRIPTION OF DESIRED ZONING CHANGES AND
CHANGES IN STREET, STREET LEVELS, INTERSECTIONS AND UTILITIES:
There are no zoning changes desired. There are no
desired changes in streets, street levels, intersections and
utilities, except for curb cuts and the connection of existing
utilities to the building to be constructed in accordance with
the Applicant's site plan.
VIII. A DESCRIPTION OF THE PROPOSED METHOD OF FINAN-
CING THE PROJECT, INCLUDING ATTACHMENT OF A COPY OF THE BOND
PURCHASER'S COMMITMENT LETTER:
F/Avl 4'n cost of the Project will be financed by the sale of
bonds A copy of the bond purchaser's
Commitment Letter is attached hereto as Exhibit B. Any cost of
the Project which exceeds aggregate bond proceeds will be paid by
the Applicant.
IX. A STATEMENT REGARDING THE PAYMENT OF PREVAILING
WAGE AND FRINGE BENEFIT RATES AS DETERMINED PURSUANT TO ACT NO,
166 OF THE MICHIGAN PUBLIC ACTS OF 1965, AS AMENDED (REGARDING
WAGES ON STATE CONTRACTS):
See Exhibit C.
X_ A LIST OF PERSONS WHO WILL MANAGE OR BE ASSOCIATED
WITH THE MANAGEMENT OF THE PROJECT FOR A PERIOD OF NOT LESS THAN
1 (ONE) YEAR FROM THE DATE OF APPROVAL OF THE PROJECT PLAN:
The Project shall be managed by Mark T. Jacobson.
XI. DESIGNATION OF THE PERSON OR PERSONS, NATURAL OR
CORPORATE, TO WHOM THE PROJECT IS TO BE LEASED, SOLD OR CONVEYED
AND FOR WHOSE BENEFIT THE PROJECT IS BEING UNDERTAKEN, TO THE
EXTENT THAT INFORMATION IS PRESENTLY AVAILABLE:
Approximately 4,000 square feet of office space will be
leased to Mark T. Jacobson & Associates, Inc. and approximately
4,000 square feet will be leased to Ginn, Kramer& Jacobson.
EXHIBIT B
allE11.11
..gs
December 23, 1985
Mr. Mark T. Jacobson
24567 Northwestern Highway
Southfield, Michigan 48075
Re: Oakland County Economic
- Development Corp.
32400 Telegraph Rd.
Bingham Farms, Michigan
Gentlemen:
Franklin Savings and Loan Association ("Franklin") hereby agrees
to Provide Mr, Mark T. Jacobson ("Borrower"), a permanent loan
commitment, with a permanent Economic Development Bond under the
terms and conditions set forth herein:
1. Commitment. The following commitment letter ("Commit-
ment") is made in favor of the above-named Borrower only. This
Commitment is not assignable or transferrable by operation of law
or otherwise,. except with the express written approval of
Franklin, • which approval may be denied by Franklin for any
reason whatsoever as determined by Franklin_ in the exercise of
its sole and absolute discretion.
2. Fur-Pose. The purPose of the loan is to provide funds
in connection with a two story office building at 32400 Telegraph
Rd. Bingham Farms, Michigan. ("Project").
3. Disbursement. The proceeds of the loan shall be
disbursed at the loan closing ("Closing") at which all of the
documents .required by Franklin ("Loan Documents") in connection
with the loan contemplated hereby shall be executed and delivered
to Franklin Provided that the Borrower has met all of the
requirements for disbursement established by Franklin or by
counsel
4. Principal Amount of Loan/interest Rate: The Principal
amount of the loan shall be $2,000,000.00 Dollars, as evidenced
by a Promissory note ("Note") in the full amount of the loan
together with interest thereon as follows:
tial s:
LV
Borrowers T Date:
P.O. Box 5006 26336 Twelve Mile Road C.; Southfield, Alichian 48086 0 (313) 356-8910
Commitment- Letter
Pace =Pwo of Thirteen Pages
(a) At all times when Borrower is not in default,
Borrower shall be charged interest, on the basis of
Seventy Five Percent (75%) of Prime, thereafter
the rate shall adjust auarterlv.
(b) At no time throughout the natural life of the
loan shall the interest rate charged exceed a rate of 12.5%.
(c) During any Period(s) of default, the bonds
are subject to acceleration Prior to maturity and navment at
par,
5. Term: The Note shall mature thirty (30) years from the
first day of the first month subseouent to the date of Closing.
6. Amortization: The Note shall be amortized over thirty
(30) years, beginning with the first full calendar month after
the month in which the loan is closed.
(a) Call Provision: The lender has the right to call
the note due at any time after the tenth (10th) year
7. Prenayment Privilege; The Bonds are subject to redemp-
tion at the option of the issuer, upon the direction of the
company on any interest payment due on or before December 15,
1828, in whole or in part at Par, Plus accrued interest to the
date of redemption plus a 1% Prepayment penalty on the unPaid
balance. After December 15, 1988, the bonds may be redeemed
without penalty.
2. Special Mandatory Redemotion: The Bonds are subject to
a special mandatory redemption Prior to maturity in whole at par
'anon the occurrence of a determination of taxability or the rate
may be converted to a equivalent taxable rate of prime plus
1-1/2%, at the lenders option.
9. Payment: interest shall be paid on the remaining
Principal balance in ouarterly installments due the fifteenth
(15th) day of March, the fifteenth (15th) day of dune, the
fifteenth (15th) of September, and on the fifteenth (15th) day
Borrowers Initials: , 2 Date:
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Commitment Letter
Pace Four of Thirteen Pages
(c) A first and prior collateral assignment of the
rents, issues and profits of the mortgaged Property condi-
tioned upon default in any terms or conditions of the loan
("the Profits"). Such assignment shall include all leases
which may be consummated after the Closing and at any time
during the term of the loan, as well as those which are in
existence at the time of Closing. (The Real Estate,
Personalty and Profits shall be collectively referred to as
the "Mortgaged Property").
(d) The personal GuarantyS of Mark T. Jacobson in the
amount of $350,000 guaranteeing: (i) the due and Punctual
payment of, as well as the collectibility of, all monthly
installments when due under the Note and (ii) if required by
Franklin, the clue and punctual performance of all of
Borrower's obligations under the Loan Documents. The
Association may in its sole discretion release the personal
guarantee if appropriate levels and quality of leasing is
reached.
12. Financna Statements: Where apProbriate, the necessary
Uniform Commercial Code Financing Statements shall be filed with
the apPropriate county and/or state offices, and the Borrower,
together with Franklin shall execute financing statements and any
continuation statements for and on behalf of Borrower.
13. Loan Acreement: If deemed necessary by Franklin and
its counsel as determined in the exercise of their sole and
absolute discretion, a -1Loan Agreement shall be executed at the
Closing by Franklin and the Borrower, which shall include
provisions cbverning the obligations and duties of the Borrower
during the term of the loan. In the event that a Loan Agreement
is reauired, all of its terms and conditions shall be incorpor-
ated herein by reference and shall control where inconsistent
with this Commitment.
14. Other Documents: Borrower shall execute such
additional documentation as may be deemed necessary by Franklin
and Franklin's counsel as determined in the exercise of their .
sole and absolute discretion. All documents shall be in form
and substance satisfactory to Franklin and its counsel.
15. -Reguirements Prior to Closing: Except as otherwise
provided herein, or agreed by Franklin and/or its counsel, not
less than twenty (20) business days PRIOR TO CLOSING, 3o ,-rower
shall Provide Franklin and/or its counsel with the following:
Borrowers Initials: Date: ' //('
Borrowers -Initials:
Commitment
Page Five of Thir
-
n Pages
(a) Title. Satisfactory evidence that the condition
of the title to the mortgaged premises is good and market-
able, and free and clear of all defects, liens, encumbrances,
security interests, restrictions and easements which are not
acceptable to Franklin, as determined in the exercise of its sole
and absolute discretion,
(b) Title Insurance: In connection with (a) above,
Borrower shall provide Franklin with a commitment to issue
an ALTA mortgagee's policy of title insurance with extended
coverage (i.e., without the so-called "standard exceptions")
(together with copies of all documents . affecting title), in
form satisfactory to Franklin, in an amount not less than
the loan amount, insuring that Franklin's loan is a first
lien on the mortgaged premises, subject only to a title excep-
tions acceptable to Franklin. A preliminary commitment
of title insurance shall be furnished to Franklin by a Title
Insurance Company acceptable to Franklin, which commitment shall
be updated to the date of Closing. The Commitment shall further
certify permanent access to the Real Estate. In addition, the
commitment shall contain such endorsements as may reauire
including, but not limited to, usury, zoning, contiouitv, access
encroachment or comprehensive endorsements.
(c) Survey: Franklin shall arrange at the Borrower's
expense a survey of the Real Estate Prepared by a surveyor
licensed in the State of Michigan or in the state in which
the Real Estate is located, together with a certificate executed
by such surveyor indicating that the survey has been prepared in
accordance with the minimum standard detail reauirements for
Michigan Land Title Surveys as adopted by the Michigan Society of
Land Surveyors and the Michigan Land Title Association or a
similar certificate satisfactory to Franklin for use in the state
in which the Real Estate is located. The certificate shall also
state the Real Estate does not 1 4 e within any flood hazard areas
in accordance with the document entitled "Department of Housing
and Urban Development, Federal Insurance Administration Special
Flood Hazard Area Maus" (or Borrower shall be reauired to
provide appropriate flood insurance.1 Such survey shall show the
abutting real estate, public highways and roadways, all easements
affecting the subject Real Estate, the location of all building
setback lines, side and rear yard restrictions, with no encroach-
ment by an improvement constructed on the Real Estate or any
adjoining Property. The survey shall also show Permanent
access to the Real Estate either through the use of a
Borrowers Tn 4 ti ,=-./s: -
Commitment
Page Six of Thirteen Paces
long-term ingress-egress easement. The form and content of the
survey shall in all respects be satisfactory to Franklin. In all
cases, the survey shall be acceptable to the title insurance
company and shall satisfy its survey requirements for the
issuance of a final title policy without survey exceptions.
(d) .Appraisal: Franklin shall arrange, at the Borrower's
expense an MAI appraisal prepared in conformity with abblicable
Federal Home Loan Bank Board regulations to be abproved by the
Association's Loan Committee and certified to Franklin.
(e) Leoal Capacity: The Borrower shall provide Franklin
with evidence satisfactory to Franklin signing on the Borrower's
behalf have, the legal capacity and authority to execute the loan
documents,
(f) Insurance: The originals, or certified copies,
of insurance .polir.ies issued by insurance companies acceptable to
Franklin and in form acceptable to Franklin shall be delivered to
Franklin PRIOR TO CLOSING, together with receipts evidencing
payment of first year's premiums. One such Policy shall provide
fire and extended coverage and shall also insure against the
hazards of vandalism in an amount equal to the full replacement
value of the -Mortgaged Property. General Public liability and
property damage insurance shall be required in minimum amounts of
$500,000 per occurrence For bodily injury and 100,000 Per
occurrence for property damage unless a larger amount is recuired
by Franklin, as determined in the exercise of its sole and
absolute discretion. Loss of Reqtal income insurance for a two
(2) year period shell be reauired in an amount of the lesser of
$300,00 per year (net of co-insurance) or the maximum insurable
amount. Franklin will agree to use insurance proceeds to
rebuild anytime if loan is not in default and property value is
not otherwise diminished. Additional coverage may be required
from time to time by Franklin, including but not limited to,
boiler explosion insurance. The Borrower will also be required
to review the coverage annually with its insurance specialist and
to increase the amount of said coverage as may be necessary to
satisfy at all times Franklin's requirements. Where appropriate !
the Borrower shall furnish Franklin with builder's risk insurance
and workmen's compensation insurance. The Borrower shall
Date:
Commitment
D=c- s ,=.ve-n of ",'Ilrt='n Pages
provide flood hazard insurance Prior to Closing if such insurance
is required by the regulations of the Federal Some Loan Bank
Board. All required insurance coveraoe shall Provide that
Franklin shell be given thirty (30) days written notice of
cancellation. Further, all such Policies shall contain A rider
which shall Protect Franklin as an additional named insured.
(g) Taxes and Assessments: Borrower shall Provide Franklin
with satisfactory evidence that all installments of general real
estate taxes, special taxes or assessments, service charges,
water and sewer charges, private maintenance charges, and any
other Prior levied charges, then due and Payable, have been paid
in full as of the closing date, or the date of any subsequent
disbursement as the case may be
(h) Zoning and ApPlibable Permits: Prior, to Closing,
the Borrower shall furnish to Franklin Satisfactory evidence
that the real estate is Properly zoned for its intended use, as
evidenced by a final certificate of occupancy. Additional
evidence satisfactory to Franklin shall be furnished confirming
that all improvements and their use comply fully with applicable
zoning, building and all other governmental laws, rules, regula-
tions, and requirements.
(i) Opinion of Borrower's Counsel: The Loan and the
Closing thereof shall in all respects be lawful and not yiolate
any applicable law or other requirement of any go -Vernmental
authoritv. With respect to any Borrower which is a corporation,
trust or Partnership, the Borrower shall submit to Franklin PRIOR
TO CLOSING a current wr.;i-+.en opinion of the Borrower's legal
counsel, satisfactory to Franklin, to the effect that Borrower
has good and marketable Fee title to the Real Estate; Borrower is
a corporation or partnership duly existing under the law of the
State in which it was created; Borrower has full and complete
authority to execute the Loan Documents; the loan is not usurious
or otherwise illegal under applicable law; the Loan Documents are
valid and binding upon the Borrower; all Loan Documents are
enforceable in accordance with their terms and that the intended
use of the Mort ,aaged "Proel-ty is in compliance with all existing
zoning laws. With respect to any other Borrower's, such opinion
shall be submitted to Franklin if requested by Franklin.
Borrowers Initials:
// Borrowers Initials:
Commitment
Dac. Eight of Thirteen Pages
_
(j) Leases/Estotipel Certificates: Borrower shall
submit to Franklin, for approval, certified copies of all leases
in effect at the time of Closing as well as estoppel letters
signed by each tenant of the Borrower certifying that (i) the
particular tenant's lease is presently in full force and effect
with the expiration date of the lease set forth, (ii) no rent has
been or shall be paid to the Borrower as Landlord more than
sixty days in advance of the due date, (iii) there exists no
charce, lien or claim of offset against rents or other charges
due or to become due, and (iv) and there is no default by
Borrower as Landlord under such lease'. In addition, each tenant
shall agree, not to amend, modify, or supplement any of the terms
of its lease, or terminate same without notifying Franklin
in writing 30 days Prior to doing So, and provide Franklin
with written notice of any default by Landlord under the Lease.
Borrower shall remain obligated to Provide Franklin with such
estoppel letters from all new tenants of the Project during the
term of the _loan within thirty (30) days after a particular lease
is executed. Failure to do so shall be an event default.
(k) Additional Documentation. Borrower shall provide,
Franklin with such additional documentation at their reasonable
discretion, including but not limited to, tax bills, construction
contract, building permits, trade payment breakdown and certifi-
cates of occupancy as Franklin and/or its counsel requires as
determined in their sole and absolute discretion, Prior to
disbursing the loan proceeds.
(1) Costs and Fees: All costs of Processing and closing
the loan shall be borne by the Borrower. These costs include,
but are not necessarily limited to, premiums for a mortgagee's
policy of title insurance, appraisal fees, inspection fees, fees
of Franklin's counsel (not to exceed $5,000.00 unless occasioned
by acts or omissions of borrower), surveyor's fee, and recording
fees. The Borrower shall pay all such expenses upon recuest of
Franklin whether or not the loan is closed, and such expenses are
due and owing in addition to the commitment fees of Franklin.
(m) Reouired Financial Statements: Borrower and all
Guarantors shall provide Franklin with financial information
as recuested by Franklin. The information Provided on the
Borrower's, and/or Guarantor's financial statements shall rep-
resent the asset and liability position of no other persons or
entities. Financial statements of the Borrowers/ Guarantors must
also contain complete and accurate information on any contincent
Dat Borrowers Initials:
Commitment
Page Nine of Thirteen Pages
- -
_liability not reflected in their net worth calculation. The
financial Position represented on the financial statement of the
Borrower/Guarantor must not change in materially adverse way
prior to, or subsequent to, the issuance of this Commitment by
Franklin. During the term of the loan, Borrower shall furn i sh
Franklin within 120 days after each fiscal year end of the
Borrower, a balance sheet and a statement of income and expense
for the immediately preceding fiscal year for the Project. In
addition, all Guarantors shall submit annual financial statement
to Franklin by January 30 of each year of the loan. The Borrower
and all Guarantors shall also be required to furnish any addi-
tional financial information reasonably requested by Franklin.
1 6, Franklin's Counsel: All matters, including form and
content of the Loan Documents, shall be acceptable to and
approved by Franklin's counsel. Franklin's counsel will prepare
and review all Loan Documents and handle all legal matters
arising from or in connection with the loan.
17. Mortgage Provisions and Negative Covenants of Borrower:
The Mortgage and Loan Documents shall contain, in addition to
other Provisions, the following special provisions:
(a) The Borrower may not, without the prior written
consent of Franklin, create or Permit to exist, any
mortgage, lien or other encumbrance on the Mortgaged
Property. In the event the Mortgaged Property is further
encumbered without such consent, same shall be an event of
default and the entire balance of the Note and all other
sums owing to Franklin shall be immediately due and Payable,
at the option of Franklin.
(b) If Borrower, without Franklin's prior written
consent, should sell, convey, further encumber or otherwise
transfer title to the Mortgaged Property, or any interest
therein (whether voluntarily or by operation of law) same
shall be an event of default and the entire balance of the
Note and all other sums owing to Franklin hereunder shall
be immediately due and payable, at the option of Franklin..
(c) If Borrower should, without Franklin's Prior
written consent, sell, convey, assign, grant a security
interest in or otherwise transfer any ownership interest in
Borrower, same shall be an event of default.
Borr owe r s Initials: Date:
Commitment
P a ge Ten of Thirteen Paces
_
(d) Borrower shall not, without the Prior written
consent of Franklin which shall not be unreasonably with-
held, make any capital improvements during any twelve month
period on the mortgaged property which cost in excess of 10%
of the face amount of the Note, other than capital improve-
ments specifically contemplated by the terms of the Loan
Documents.
(e), Borrower shall not, without the exoress written
consent of Franklin, pay or declare any dividends to
shareholders of the Borrower, if the Borrower is a corpora-
tion, or make any distribution to Partners of the Borrower,
if the Borrower is a Partnershin, while Borrower is in
de=nit under the terms of any of the Loan Documents.
(f) The Loan Documents shall cive Franklin the power
of sale of the Real Estate to satisfy Borrower's indebted-
ness upon default.
(g) The Borrower shall be recuired to pay to Franklin
each month a sum equivalent to one-twelfth of the annual
insurance premiums and the annual installments of any
assessments and taxes levied against the mortgaged property
as estimated by Franklin; which amount shall be deposited
in non-interest bearing accounts.
It is understood and agreed that the PurPose of provisions (a)
through (h) above, is to Protect Franklin's security, keeP the
Mortgaged ProPerty free from subordinate financing liens, and/or
allow Franklin to raise the interest rate and collect assumotion
fees. The Loan Documents shall contain provisions which more
specifically define the events of default and the rights and
remedies available to Franklin upon default.
18, Notice and Opportunity to Cure: Notwithstanding
anvthing contained herein to the contrary, the Loan Documents
shall provide that the Association shall notify Borrower of the
event of any default and permit Borrower- 15 days from the date
i /
Date:
Commitment
Dace Eleven of Thirteen Pages
o -F- any monetary default to cure same and 30 days from the date
any non-mcnetary default to cure same. The notice and curative
provisions set forth herein prohibit Franklin from exercising
its acceleration rights during the curative Periods. Bowever
Franklin will not be prohibited from charging the default rate
of interest together with such other charges and assessments
Properly charged to Borrower during any period of default.
19. Financing Sign: Franklin shall have the right to
place a financing sign on the mortgaged property in form and
substance determined solely by Franklin and to publish articles
to the general public concerning the financing of the mortgaged
property.
20. Cancellation of Commitment: Franklin reserves the
right to cancel this commitment and terminate its obligations
hereunder at any time, upon the happening of any of the following
events:
(a) The Borrower's failure to comply with any of the
apPlicable conditions of its loan application or this
Commitment within the time specified;
(b) Non-Payment when due of any of the fees or
expenses to be borne by the Borrower in connection with its
loan application and this Commitment;
(c) The existence or occurrence of (i) any infirmity
in the Borrower's _title to the Mortgaged Property, which
can not be cured or insured against prior to closing, (ii)
filing by or against the Borrower of any petition in
bankruptcy, or for the reorganization of the Borrower,
(iii) the appointment of a receiver or trustee over the
Borrower or any of the Mortgaged Property, (iv) the making
by the Borrower of any assignment for the benefit of
creditors or (v) the insolvency of the Borrower;
(d) Any adverse change occurring subseguent to the
date of Borrower's loan application or this Commitment
deemed by Franklin to be material or substantial with regard
to the credit standing or other financial condition of the
Borrower or of any Guarantor or of any other Person obli-
gated to Franklin with regard to this commitment; or
Borrowers Initials:
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Commitment
Thirteen of Thirteen Paces
_
24. Commitment Fee: The Commitment for the Loan is
Seventeen Thousand Five Thousand Dollars ($20,000.00). If prior
to closing legislative chances eliminate the Economic DeVelopm
Bonds, the commitment fee will be refunded net of the costs
uncured by the Association.
25. Additional Conditions: This Commitment is issued
subject to the following additional conditions:
(a-) The loan amount shall not at any time exceed 75%
loan to value as indicated in an appraisal to be performed
on behalf of Franklin, in conformity to Federal Regulation
R-4 1 B,
(b) Franklin Savings shall escrow $250,000 of the loan
proceeds in an account bearing interest at 1% less than the
note rate until 36 months or more has elapsed and leases
satisfactory to lender are presented indicating debt
service capacity of at least $268 1 343.00 after an
operating expenses.
25. Excitation: Please indicate your acceptance of the
terms of this commitment by signing the original and one copy of
this commitment in the space provided below, initialing and '
dating all attached paces and exhibits and returning the same to
Franklin. This commitment shall expire if not returned to
Franklin by December. 3l 1985 and closed sixty (60) days there-
aFter. Please remit the appropriate commitment fee when return-
ing this document.
FRANKLIN SAVINGS AND LOAN
ASSOCIATION
Accepted by Borrower this day of , 1985.
SEE ACCEPTANCE ATTACHED HERETO AND.
MADE A PART HEREOF.
Mark T. Jacobson
January 16, 1986
Mr. Read P. Dunn, President
Franklin Savings and Loan
Association .
26336 Twelve Mile Road
Southfield, Michigan 48076
Re: Commitment, Dated December 23, 1985, issued By
Franklin Savings For Purchase Of $2,000;000.00
Oakland County EDO Limited Obligation Revenue
Bonds
Mark T. Jacobson Project
Dear Mr. Dunn:
The undersigned "Borrower" is :Pleased to accept the
above-referenced commitment ("Commtment -i') subject to Franklin
Savings and Loan Association's ("Franklin") approval of the
following:
1. Paragraph a, Principal Amount of Loan, Page 2.
Paragraph 4(c) would be revised to read as follows:
"(c) During any period(s) of material default, the
bonds are subject to acceleration prior to maturi-
ty and payment at par."
2. Pa .ragra ,,h 11, Security, P ao-. A.
(a) The term "sole" in the seventh line of Paragraph
11(d) is hereby deleted and the word "reasonable"
is hereby substituted in its place.
Mr. Read Dunn
January 16, 19S6
Pace 2
(h) The following sentence is hereby added to P=ra-
graoh 11(d)
The amount of the aforesaid Guarantys shall be
reduced by a sum egual to any principal reduction
in the outstanding principal amount of the bonds.
Paragraph 1 5, Reguirements Prior to Closing, Page 4.
The phrase "sole and absolute" in the fifth and sixth
lines of Paragraph 15(a) is hereby deleted and the term
reasonable" is hereby substituted in its place.
Parag-raph 1 5, Page 7.
The provisions of Paragraph 15(a) are hereby deleted
and the following is substituted in their place
"Prior to Closing, the. Borrower shall furnish to
Franklin satisfactory evidence that the real estate is
properly zoned for its intended use. Additional
evidence satisfactory to Franklin shall be furnished
confirming that all improvements and their use comply
fully with applicable zoning, building and all other
governmental laws, rules, regulations and requirements,
which evidence may be in the form of a temporary or
final Certificate of Occupancy for the building con-
structed on the Mortgaged Property."
5. Paragraph 15, Page 7.
The parenthetical phrase "(subject to principals of
eguity and applicable bankruptcy law)" shall be
inserted after the word "enforceable" contained in the
fourth to last line of Paragraph 15(a).
6. Paragraph 15, Page 2.
The last sentence of Paragraph 15(1) is hereby deleted
and the following is substituted in its Place:
Mr. Read Dunn
January 15 , .14_0
Page 3
"The Borrower shall pay all such expenses upon request
of Franklin whether the loan is closed (unless the loan
fails to close as consequence of Franklin's default)
and such expenses are due and owing in addition to the
Commitment fees of Franklin..."
7. Paragraph 1 7, Mortgage Provisions, Paae
The following sentence is hereby added to Paragraph
17(b):
"however, Franklin will not unreasonably withhold or
delay its consent to a transfer of sale of the
Mortaaged ?,--opety if the transferee or purchaser, as
the case may be, has creditworthiness and management
experience reasonably eauivalent, as determined by
Franklin, to that of the Borrower."
8_ P7'-'7"CrlYr1 17, "Paa ,=. 9.
The following sentence shall be added to Paragraph
17(c):
"However, Borrower shall have the right to transfer,
(i) the entire Mortgaged Property to a trust estab-
lished solely for the benefit of Borrower, and (ii) any
portion of the Mortgaged Property to directly related
family members so long as Borrower remains a Guarantor
(if the Guarantys are still in effect) and retains an
Interest in the Mortgaged Property."
S. Paragraph 17, Page 10.
The provisions of Paragraph 17(g) are hereby deleted
and the following is substituted in their place:
"The Borrower shall be required to pay to Franklin on a
quarter-annual basis a sum eauivalent to one-fourth of
the annual insurance premiums and annual installments
of any assessments and taxes levied against the
Mortgaged Property as estimated by Franklin, which
amount shall be deposited in non-interest bearing
accounts."
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