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Bank of America 8 Ppl 04 <br /> Teri Ashby <br /> Senior Counsel <br /> Legal Department North 3017 <br /> July 1, 1997 <br /> Randy E . Thomas, Esq. <br /> 18826 N. Lower Sacramento Rd. <br /> Suite C <br /> P .O. Box 717 <br /> Woodbridge, CA 95258-0717 <br /> Re : Emery v Bank of America <br /> Dear Mr. Thomas : <br /> This is in response to your letter of June 19, 1997 <br /> stating that it was your understanding that Bank of America <br /> was to take title to Mrs . Emery' s Lodi property upon her <br /> demise and requesting that Bank of America, as the new <br /> owner, take responsibility for the underground storage tank <br /> on the property. You are mistaken in your interpretation <br /> of the settlement agreement between Mrs . Emery and Bank of <br /> America. <br /> I enclose for your information and review, a copy of <br /> the Settlement Agreement . Please note paragraph 1 <br /> acknowledging Bank of America' s judgment liens on the <br /> property, paragraph 2 staying Bank of America' s right to <br /> execute on the judgment liens during Mr. Emery' s lifetime <br /> and paragraph 4 (b) stating that title to the property is <br /> "held in the name of Elizabeth D. Emery, Trustee under the <br /> Elizabeth D. Emery Family Trust under declaration of trust <br /> dated October 25, 1985 . . . . " Thus, it is clear that Mrs . <br /> Emery' s death has not vested title in Bank of America but <br /> has only allowed Bank of America to now execute on its <br /> judgment liens . As I indicated to you during the last <br /> settlement conference, Bank of America will not take title <br /> to the property until it has done its investigation of the <br /> property. This investigation necessarily includes an <br /> environmental report . To that end, I would appreciate it <br /> Bank of America National Trust and Savings Association <br /> 555 California Street San Francisco, California 94104 <br /> Box 37000 San Francisco, California 94137 415/953-3070 <br />