Exhibit 99.1
PRINCIPAL FINANCIAL GROUP
Principal Mutual
Life Insurance Company
CERTIFIED MAIL AND AIRBORNE
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December 28, 1995
Xxxxxxx Xxxxxx
IRSCO Development Co. Inc.
0000 Xxxxxxxx Xxxx. Suite 607
Los Angeles, CA 90010
Xxxxxxx Xxxxxx, Guarantor
Xxx Xxxxxx, Guarantor
IRSCO Development Co. Inc.
0000 Xxxxxxxx Xxxx. Suite 410
Los Angeles, CA 90010
RE: Loan No. 397959 ("Loan")
IRSCO Development Co., Inc., a California
corporation ("Borrower")
5102-5116 Canyon & 15554-00000 Xxxxx
Xxxxxxxxx, XX 00000 ("Property")
Dear Borrower:
On December 31, 1995, Xxxxxxxx executed a Secured Promissory Note in the
amount of $3,250,000.00 (the "Note"). The Note is payable to Principal
Mutual Life Insurance Company ("Principal Mutual"). The Note is secured
by a Deed of Trust, Security Agreement and Assignment of Rents ("Deed of
Trust"). Assignment of Security Land Contract, Lease and Rents
("Assignment") and Guaranty ("Guaranty") all dated December 31, 1986. The
Note, Deed of Trust, Assignment and Guaranty are collectively referred to
herein as the "Loan Documents".
Borrower is in default under the terms of the Loan Documents for failure
to make a debt service payment under the terms of the Note on December 1,
1995. Principal Mutual hereby demands that you cure the default as set
forth below:
1. Payment Default. This default may be cured by paying $27,271.69 to
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Principal Mutual by the close of business on January 8, 1996. All
future payments must be made as they come due under the Note. For
your information, the cure amount was calculated as follows:
Monthly Payments: December 1995
($26,736.95 x 1) $26,736.95
Late Charges: December 1995
($534.74 x 1) $ 534.74
Total $27,271.69
Your immediate attention to a cure of the above specified default in
payment of debt service and late charges is essential. If the default is
not cured in the manner set forth herein. Principal Mutual shall proceed
to enforce its rights and remedies under the Loan Documents.
If you have questions regarding this notice of default, call either Xxxxxx
Xxxxx at (000) 000-0000 or the undersigned at (000) 000-0000.
Very truly yours,
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Counsel
cc: Xxxxx Xxxxxxxxxxx
Xxxx Xxxxxx
Xxxxxx Xxxxx
Xxxx Xxxxxxx
Xxxxx Xxxxxxxx
Xxxxxx Xxxxx
Xxxxx XxXxxxxxxx
