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M <br /> FEDERAL DEPOSIT INSURANCE CORPORATION <br /> OFFICE MEMORANDUM <br /> DATE. October ;5, 199.3 ' <br /> :. Eat Kato <br /> AEO Marketing Dgioartment Head. <br /> FROM: Vincent riattaro <br /> Bank Liqudatson64 <br /> alst <br /> SUBJECT: City Thrift and Loan,: 4.5.9:0. <br /> Burbank, CA- In 'Receivership <br /> LAMIS No. $01164071 <br /> 105 South Hutchins Street.. <br /> Lodi, CA <br /> Acquisition bates 7/0014)3 <br /> Appraised Value:"'($225,000 as:of 8.1:13/:93 <br /> The above-referenced property had' been..in escrow since late .1992 at <br /> A price of $302,000 at thetime the bank closed. The delay in <br /> closing the escrow was due to the inability- of the.. -bank, and the <br /> purchaser, Dolores Staudshraus to agree on the terms of an <br /> indemnity agreement covering the hydrocarbon contamination on the <br /> site caused by previous owners who had.operated a gasoline station <br /> on the situ. <br /> The. .buyer has now offered-to purchase the property for $275,000 <br /> without an indemnity from;tthe FDIC, though we are committed to <br /> continue the remediation till the appropriate government agency <br /> indicates that it is complete, and we agree to keep $25,000 in <br /> escrow till closure approval is received. <br /> i <br /> Given the SSO,000 premium over appraised value that the buyer is <br /> offering, and the 10 day escrow (the sale must occur by October 15, <br /> 1993 since it will be a 1031 exchange: transaction), it is recommend <br /> that the offer be accepted t'and the attached contract and addendum~ <br /> signed. <br /> The buyer has also requested that the escrow be transferred from <br /> Mettle Sacker Escrow in Beverly Hills to Chicago Title in 'walnut <br /> Creek, which is closer to the broker and thus more convenient for <br /> expediting the close of escrow. Attached is a form cancelling the <br /> .Nettle Becker escrow: <br /> F <br /> concurred pproved <br /> p e d !Z11 <br /> Jackson : u g a a Ed Kato Datt. <br /> section; i r Department Head { <br /> r <br /> 0:04.116 <br /> }4 <br /> i <br /> e <br />