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Kings Court developer asks Benton Harbor Brownfield board to accept "warrant of attorney" as loan security
Summary
Miss King told the Brownfield board she would prefer a warrant of attorney to confess judgment as security for a previously approved $25,000 loan for the Kings Court housing project; the board asked staff to prepare a formal loan agreement and seek attorney review before further action.
At the board's communications item, Teresa summarized follow-up on a previously approved $25,000 loan to the Kings Court housing development and said the applicant asked the authority to consider a warrant of attorney to confess judgment as alternative financial assurance.
Teresa explained the board had earlier approved the loan with five-year repayment terms (annual $5,000 payments plus 1.5% simple interest) and that, after a permit…
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