Newspaper article THE JOURNAL RECORD

Foreclosure Petition Is Filed on Main Place Ltd. Mortgage

Newspaper article THE JOURNAL RECORD

Foreclosure Petition Is Filed on Main Place Ltd. Mortgage

Article excerpt

A petition to foreclose on a $1.3 million real estate mortgage covering property owned by Main Place Ltd. of Oklahoma City was filed Tuesday by H-L Associates Ltd. in the District Court of Oklahoma County.

The total owed on the loans to H-L Associates is $1.7 million, the petition said.

The property described in the petition is comprised of three tracts of land:

- Tract one includes lots 25-29 in block 62 of the original plat of Oklahoma City.

- Tract two includes a portion of lot 43 and 44 in block 62 of the original plat of Oklahoma City. It is located east of Walker Ave.

- Tract three includes a certain leasehold estate in lots 39, 40 and 41 in block 62 of original plat of Oklahoma City.

Attorneys T. Scott Spradling, representing H-L Associates, and John E. Sargent, representing Main Place Ltd., refused to say whether any of the tracts includes the Main Place office building (formerly the Harbour Longmire Building) at 420 W. Main.

According to the petition, Main Place Ltd. secured a $1.3 million promissory note to H-L Associates with the real estate in November 1980. The note was amended and restated on Feb. 1, 1983, for itsfull amount.

Lincoln National Pension Insurance Co. of Fort Wayne, Ind., also was named as a defendant in the lawsuit by virtue of promissory notes and a mortgage and security agreement made by Main Place Ltd. to Lincoln in February 1983.

In a cross-claim and third party petition for injunctive relief also filed on Tuesday, Main Place Ltd. said it delivered two promissory notes and a mortgage to Lincoln for a total of $9.3 million in February 1983.

Main Place Ltd. …

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