- 10 - ultimately failed. In a letter dated March 4, 1992, Peacock ended its representation of Great Western, citing among its reasons the repeated failure of Great Western to provide it with adequate information. Pursuant to the financing agreement covering its purchase of the nonhospital properties, Vista was required to make annual deposits in a sinking fund that would be used to pay principal and interest on the 1991 certificates when they became due. Vista defaulted on its obligations in 1993 and tendered to Great Western a Deed in Lieu of Foreclosure. At that time, Great Western discovered that Vista had failed to pay real property taxes on the nonhospital property in Corona, California, and had thereby encumbered the property. Negotiations between Great Western and Vista were commenced in an attempt to force Vista to cure its default. Those negotiations failed and, during October 1995, the trustees of the 1991 certificates foreclosed. On March 15, 1996, Great Western executed agreements with the trustees and the Cities of Arroyo Grande and Corona terminating the 1991 certificates. On June 24, 1996, and on July 1, 1996, Great Western received a Trustee's Deed Upon Sale for each of the nonhospital properties. During 1997, Great Western again sold the nonhospital properties. Most of the purchase price for the 1997 sale covered back taxes and expenses. Mr.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011