Fraternity-Testvériség, 1965 (43. évfolyam, 1-12. szám)
1965-05-01 / 5. szám
8 FRATERNITY To protect the interest of the Federation, we had the legal opinion on all mortgage documents from our Counsellor, Alex B. Eger, Jr., who has been most efficient and prompt in the handling of the documents and all legal matters presented to him for his opinion. I extend my thanks and appreciation to him for his cooperation. a) Mortgages During 1864 the Federation invested $1,159,349.23 in first mortgage loans. From mortgages placed in 1964 we received $27,677.38 in placement fees, as shown in our Annual Statement. On December 31, 1964, we had — in mortgages.....................$5,955,342.58 On December 31, 1963, the balance was.................................... 5,323,274.52 Increase in mortgages.........................................................................$ 632,068.06 Two mortgagors were in arrears with their payments. With the approval of the Investment Committee, the one is making payments of $400.00 per month to correct the arrears. In January, 1965, the other paid up his arrears. b) Certificate Loans There are kept on file by the Controller. VII. DUE FROM BRANCHES A record is kept by the Controller. VIII. REAL ESTATE With respect to the Federations five real estate properties, I report the following: Bethlehem, Pa. — No. 3 The Federation purchased two lots adjacent to the building for $2,650.00, which includes agent’s commission, from the Bethlehem Steel Company. These lots, to be used for parking, increase the value of the property. Income of $3,505.00 was realized from the property in 1964. The Home Association paid all school, city and propery taxes. I made two visits during the year to check on repairs and the purchase of the lots, with the Secretary and Controller. Cleveland, Ohio — No. 4 Income of $2,400.00 was received in 1964 for the year of 1963. Arrangements were made with the Association to bring the 1964 payment up to date during 1965. I visited the property twice during the year, and audited the income and disbursement books with the Controller.
