◆ SpookStack

MEMORANDUM FOR: Executive Director-Comptroll se SUBIJZXCT: — Nations! Student Aszeciation Properties es This memormndam contains retommendatiocs ia paragraph 4 fer npproval by the Execative Directer-Coxptrallcs. Z We are negetinting dlpposeition of the NSA propertics with the NSA lawyer asd the lnwyere for the Tirst National Back of Washington, which bales title. The back will arrange for fie transfer of th title to the NEA, subject to ths existing mortgage which the bank will continue to hold. The bask will also srrange for en appraisal, a title guarastes, and necessary recording af aocursents and will hill na for the amcents imvelvcd. Thereie - also a small fee in connection with the terminzilien of the truzt agreement under which the bank holds titts for the beneficiz} owner. Taeae expenses will probably be somewhat less than $2, 500. ; “~ 3. Uf the appraisal indicztes the valis of the buildicgs ta be considerably in excess of the mortgags, the bank will not fequire a guarantor on the mertgass. TH, however, thare is Goubt that the sala price of the buildings will come the mortage, . we have agreed ts put 2 deposit in ths bash snffictent to mehe certain the bank ls held harmless. There seers to be Littles risk of mmch evet Lf this dopesit io reculzed, acd probshly all or most of it will be recoverable when ths mortgaga Is paid off or Lf there were to be 3 foreclcsase. The imryers for ths bank are hepeful they will not have to produce a trast agreement with