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r <br /> _ � � � 11, <br /> CONTiNENTAL BANK <br /> CONTINENTAL IILINOIS NATIONAI BANK ANO TRUST COMPANY OF CHICAGO • TRUST ANO INVESTMENT SERV�CES <br /> 30 NORTH LA SALLE STREET,CHICAGO. ILLINOIS 60693 <br /> April 28, 1982 <br /> Mr. Paul J. Ivankovig, President <br /> The Millikin Mortga�e Company <br /> 357 North Main Street <br /> Decat�, Zllinois 62525 <br /> Dear Mr. Ivankovig: . . <br /> City of Decatur Mortgage� Revenue Bond Issue <br /> Your letter dated March 23, 1982 <br /> Pursuant to the request in the above referenced letter, we have reviewed <br /> Section 5.11 of the Sale and Service Agreement dated as of January 1, 1979. <br /> Section 5.11 containe the followia�: <br /> ".. .provided that such assi�nee qualifies as 'mort�qagor' within <br /> the meaning of Section I of the Act as the` same exists at that <br /> time (iacludin� the Maximum Income limitation in the Act at the <br /> time) and Section 4.08 (ii) [other than the. current Maximum <br /> Income liadtation set forth in Section 4.08 (ii)j shall be <br /> satisfied as a time of such Assu�ption." <br /> We have reached the following conclusions with regard to the above quoted <br /> passage: <br /> A. The assignee must meet the income limit as set forth in <br /> Section I of the Act. The Act may be amended by action of <br /> the City Council. <br /> B. The assignee is not required to meet the iacome limit of <br /> Section 4.08 (ii) of the Sales and Service ARreement (in <br /> the event the Section I of the Act is amended). <br /> If I may be of fiather assistance with reRard to this matter please feel <br /> free to contact me. <br /> Sincerely, <br /> - J� Y� J��Vu.G:c. <br /> ��K� George N. Reaves <br /> Trust Officer <br /> 125th ANNIVERSAqY 1857-1982 <br /> l�� <br /> SUBS�D�4RY OF CONTINENTA�ILLINOIS.'_'^�C)RATION <br />