City takes over buildings

October 25, 1994|By From Staff Reports

The city took control of a leasehold interest in six converted residential and commercial buildings stretching from 1204 to 1301 N. Charles St. yesterday at foreclosure auction, a move intended to satisfy a $500,000 city loan dating from 1979.

More than $345,000 was owed on the mortgage. As part of the $30,000 purchase, Loyola Federal Savings Bank, Signet Bank/Maryland and Monumental Life Insurance Co. agreed not to pursue legal action against the properties for a year, said Timothy R. Casgar, a Miles & Stockbridge attorney representing the lenders. The three are owed $1.43 million on a loan securing the four-story buildings.

The city, which filed a foreclosure suit against the Queen Anne-Belvedere Association after the association defaulted on the $500,000 loan, will assume the mortgage payments, to be paid from rental receipts.

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