OWENS AND SOME MANDELA TENANTS DENOUNCE SUITS AGAINST LANDLORD
Author(s): Adrian Walker, Contributing Reporter Date: September 13, 1990 Page: 51 Section: METRO About a dozen tenants from the Mandela Apartments in the South End yesterday denounced city and state lawsuits against the owner as politically motivated and vowed to continue their efforts to turn the property into a cooperative. Alfonse Mourad, one of the city's most controversial landlords, is the target of lawsuits that seek to place the housing project into receivership. But he received support from some longtime tenants and the area's state senator. Sen. Bill Owens, a Democrat facing a primary election next week, joined the group of tenants in criticizing Attorney General James Shannon, who filed the state's action. "The attorney general is again misguided in his actions," Owens said. "This display of concern for the people is mere political opportunism. This petty game will hurt the residents of Mandela." The suits allege that Mourad diverted $1.3 million in federal funds for his own use. The city's suit is based on claims that he owes more than $1 million in back property taxes for the privately owned, federally subsidized project, whose residents are negotiating to turn the property into moderate-income co- ops. Those residents said yesterday they believe the development's condition has been grossly exaggerated and worried that receivership would be a first step in uprooting them. "If Mr. Shannon can't come up with anything to do than this, the state should discontinue that office," said Barbara Jones, manager of the property. "He should have better things to do." Residents said the Mandela Apartments have been the subject of numerous recent city inspections, but said it is in good condition. "I have no problems with the management," said Minnie Pearl, who has lived in the complex since 1973, the year it opened. "I wouldn't want to change management -- it's like a family here." Some residents who did not attend the news conference felt otherwise. "What they say about the rats and roaches -- that's true," said one resident, who asked not to be named. But Jones, the manager, said an exterminator regularly checks the apartments, adding that the pests and rodents are not the fault of management. "When Jesus comes, he's gonna find rats and roaches in Boston," Jones said. "We have an exterminator but the same people complaining don't let them in. © Copyright 2002 Globe Newspaper Company
THE MULTI-LOAN NETWORK
Mr. Alpnonse Mourad
Mourad, Owens & Associates
125 West Street
Hyde Park, NY 02136
Dear Mr. Mourad:
I have enclosed an executed commitment for a morgage on Ihe Mandela Apartments. Please sign and return a copy to our office.
This is confirm that we have received dnd deposited your loan processing fee of $10,000n on this property.
We stand ready to proceed with the next step of underwriting once the bankruptcy court has assigned the Mandela properties to you.
Jeffery D. Haslet
THE MULTI-LOAN NETWORK
January 21, 1997
Mourad, Owens & Associates
125 West St., Hyde Park, MA 02136
Ladies and Gentlemen.
We are pleased to advise you that, based upon your application and other materials you have furnished In connection therewith, MultiLoan Mortgage Company, LLC ("Lender") has committed
to make a loan (the "Loan") on the following terms and conditions:
ARTICLE I - GENERAL TERMS OF LOAN
1.01 Borrower, Mourad, Owens & Associates ("Borrower").
1.02 Loan Purpose- The financing of a 276 units property known as Mandela Apartments, located at 10-?2-26-30-34 Hammond St, 1-5-9 Greenwich ST. 53-57 Winds&fcSl.. 150-lAO Nonhampian Sl., 560-570-5BO SliawmuCAve, 1825-
1829-1833-1837-1841-1855 Washinscon St. Boston, MA, together with the parking and and other appurtenant facililies (the "Improvements") upon certain land (the "Land") lacalcd in Counly, MA, and of personal property used in connection therewith (the Land, Ihe Improvement, such personal property and all related appurlenaTices being herein referred to collectively as Ihe "Property"), tn no event snail any proceeds of the Loan be used for personal, family or household purposes.
1.03 Loan Amount- Approximately $5,500.000. The exact Loan amount will be determined by Lender based upon, among other ihings, the conditions contained in Section 3.04 hereof.
1.04 Interest Rate- An interest rate ("Interest Rale") per annum equal lo 450 basis points in excess of the "LIBOR." Yield (as defined below) or sudi other security mutually agreed upon by Lender and Borrower, which Interest Rate shall be determined, and which caLculation for its noalins rate shall be sraned, by Lender on Ihe daily of pre-closing of the Loan in accordance with Section 4.05. The Interest Rate shall be calculated on the dally outstanding principal balance of the Loan on The basis of a year consisting of 360 days and paid for the acTua! number of days elapsed for any whole or parliai month in which interst Is being calculated. The "LIBOR" rale means a floating rate yield which varies until and after closing of the loan, as published electronically al the time of delerrmnalion by Lender on either Dow Jones Telerale, Inc, or Bloombeis Financial Markets (collectively "Financial News Wires") or if such Financial News Wires no longer publish such information, in another authoritive source selected by Lender.
The Interest Rate calculation shall be "started" (i.e. taken from (the Financial News Wires) by Lender in accordance with [he procedures set faith in Section 4,03b of this CamniilmeiH; provided-however. Lender shall not be obligated to start The Interest Rate calculaElon undl Lender lias received both the Commitment Fee and the Rate Lock Fee as required herein.
And by an officer of, Lender. Time is of the essence with respect to all dates and periods of lime set forth in this Commitment. Subject Section 2.01 hereof, this Commitment and all terms and provisions hereof shall survive the closing of the Loan and shall not be merged, into any of the loan documents. Whenever anything is described herein in general terms and one or more examples or components therof is set forth after the word "Including" or is otherwise associated with such general description, the examples or components shall be deemed illustrative only and shall not be construed as limiting the generality of the description in any way. This Commitment shall be interpreted, construed and enforced according to the law of the State of MA. When any sums are stated herein as being retained by Lender as full liquidated damages such sums are being retained under circumstances where it will be difficult to asccnarn the sum required lo conipensale Lender for the loss of opportunity 1o make the Loan, Ihe loss of opportunity to make other loans on account of time and attention relaling to the Loan and for the internal expenses incurred by Lender in connection with the review, evaluation and processing of material and information relating to The Loan, and such liquidated damage represents me reasonable, good falih attempt of the panics hcrcio to liquidare such damage in advance.
5-07 Sale of Loan by Lender- Borrower acknowledges that immediately following the closing of the loan, the Loan will be sold by Lender, and in connection wiih the sale. Lender shall assign la the purchaser or instructions of ihe Loan all of Lenders right title and interest In, lo and under the Loan and ibe documents and insrruciions evidencing or securing the Loan. Borrower further arbno"'ledges that such purchaser miends lo issue or cause to be issued niongage reraied securities secured by or evidenc ing ownera hip In all or a portion oflhe Loan, or to sell ihe Loan in a "whole loan" format. In connection with such initial sale. Lender may furnish purchaser with all or any portion of the Application for the Loan and all information and documenlation delivered by Borrower, and such purchaser may disclose Information with respect to The Loan In connection with Ine Issuance of securities or the resale of the Loan.
IN WITNESS WHEREFOR, Lender hereby executes this Commitment as of the date first above written.
MuliLoan Mortgage Company LLC
BY: Name: Ruthford Thompson
Title: Managing Director
The foregoing Commitment is hereby agreed to and accepted by me undersigned this 21st day of 1997, Mourad, Owens & Associates'
By: Alpnhonse Mourad
Home | Contact Info | Mourad, Owens & Assoc.