Laserfiche WebLink
SPENCER G. KLUEGEL <br /> ATTORNEY AT LAW <br /> WOODHILL PLAZA <br /> 14525 HWY. 7 <br /> TELEPHONE <br /> MINNETONKA, MN 55343 612-935-0717 <br /> ���� V � <br /> D � <br /> � <br /> November 1, 1983 NnV - 2 �� <br /> CITY OF ORa��� <br /> Jean Mabusth <br /> P.O. Box 66 <br /> Crystal Bay, MN 55323 <br /> RE: Deerings Island <br /> Dear Ms. Mabusth: <br /> In our recent telephone conversation, I identified myself as the <br /> attorney for Arthur Swift who lives on Deerings Island. When Arthur <br /> Swift sold the island Dwayne Byrd, he reserved for himself a life estate <br /> interest in the property. The legal effect of Arthur Swift's life <br /> estate is that he has the right to full and exclusive possession of the <br /> island until he dies. <br /> Dwayne Byrd and Arthur Swift entered into an agreement, a copy of which <br /> I have enclosed. In the agreement, Dwayne Byrd assumed the <br /> responsibility to repair and maintain the property in compliance with <br /> local building codes. <br /> In the second to the last paragraph, Arthur Swift was given a lien on <br /> the property "to secure performance by Dwayne Byrd of the <br /> obligations. . .assumed by him under. . .the agreement." In my opinion, the <br /> lien rights of Arthur Swift constitute an equitable mortgage which may <br /> be foreclosed if Dwayne Byrd defaults in the terms of the agreement. An <br /> equitable mortgage is not the usual type of mortgage with which most <br /> people are familiar. Foreclosure is much more complicated and takes a <br /> great deal longer. It is, nevertheless, the intention of my client to <br /> commence that mortgage foreclosure proceeding. Hopefully, the mortgage <br /> foreclosure will force Dwayne Byrd to live up to his agreement and make <br /> the necessary improvements and repairs to bring the property up to city <br /> code. <br />