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Kasa, one of its original directors, and its first president. On
October 2, 1985, Vebeliunas, as president of Good Shepherd,
executed a note obligating Good Shepherd to pay Kasa $160,000
(the second Kasa obligation). On that same date, also as
president of Good Shepherd, Vebeliunas executed a mortgage on the
property (the second Kasa mortgage) to secure payment of the
second Kasa obligation. The second Kasa mortgage recites that it
is subordinate to the first mortgage, which is stated to have an
approximate principal balance of $900,000. Also on October 2,
1985, Vebeliunas, as president of Good Shepherd, and Kasa entered
into a mortgage consolidation agreement (the consolidation
agreement), whereby the first and second Kasa mortgages were
consolidated, to secure total debts of $410,000 (the consolidated
Kasa mortgage). The consolidation agreement also recites that it
is subordinate to the first mortgage, which is stated to have an
approximate principal balance of $900,000.
In December 1985, Vebeliunas, as president of Litas,
executed an indenture in favor of Salesian under which (1) Litas
agreed to pay to Salesian $760,000 and (2) accorded to Salesian a
mortgage in the property to secure that obligation (the first
Litas indenture). In December 1986, Vebeliunas, as president of
Litas, executed a second and similar indenture in favor of
Salesian, except that the amount of debt was recited to be
$600,000 (the second Litas indenture).
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