Global Ministries

II. FOUNDATION

f.





a 

- 12/? 
CRichar'd'rl-lamlet

March 7, 2016

Perette Staletovich

The Bank of New York Mellon Trust Co. N.A.
Corporate Trust Department

300 N. Meridian Street, Suite 910
Indianapolis, IN 46204

Re: Re: Update Regarding The Health, Educational and Housing Facility Board of the City of
Memphis, Tennessee $12,300,000 Multifamily Housing Revenue Bonds (GMF-Warren/Tulane
Apartments Project) Senior Series 2011A and Subordinate Series (collectively, the ?Bonds?)

Dear Ms. Staletovich:

The Borrower is in discussions with two separate groups who are interested in purchasing the Warren
and Tulane Apartments. Either group would need a commitment from HUD to reinstate the Housing
Assistance Payment Contract following the acquisition. Discussions are ongoing among HUD, the City of
Memphis and the Borrower to obtain the appropriate approvals and assurances to allow the Borrower
to move forward with a sale. The Borrower is working towards a closing within 90 days of the execution
of a definitive contract.

We will continue to provide updates as the situation warrants.

Sincerely,

F-WWula ngjl?g??ga
1: 







fr? 




President

P. O. Box 1150 Cordova, TN 58088 (901) 684?5556 - Fax (901) 684?5558