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askins
<br />& askins P.c.
<br />ATTORNEYS and COUNSELORS
<br />Knox W. Askins
<br />Clark T. Askins
<br />April 3, 2012
<br />Board of Directors
<br />City of La Porte
<br />Development Corporation
<br />City Hall
<br />La Porte, Texas
<br />Dear Board Members:
<br />At its February 13, 2012, meeting, the City of La Porte Development
<br />Corporation Board authorized our office to initiate legal
<br />proceedings against East A Developments, LP, and/or Garson Silvers,
<br />individually, for the collection of all amounts due to the City of
<br />La Porte Development Corporation. On February 21, 2012, our office
<br />sent notices to Garson Silvers, individually and as Registered
<br />Agent for East A Developments, LP; and to Benjamin Miller, attorney
<br />for Garson Silvers and East A Developments, LP, advising of a
<br />foreclosure sale on April 3, 2012, of the property described as all
<br />of Lots 6, 7, and 8, and the north 18' of Lot 9, in Block 198, Town
<br />of La Porte, Harris County, Texas, which property secures a second
<br />lien mortgage from East A Developments, LP, to the City of La Porte
<br />Development Corporation, to secure a promissory note with a balance
<br />of $35,153.76.
<br />While the foreclosure sale was pending, I had a telephone
<br />conference with Benjamin Miller, attorney for East A Developments,
<br />LP, who confirmed that his client would not contest the foreclosure
<br />sale. He gave me the name and telephone number of Ronald Piperi,
<br />President of the first lienholder, Real Property Mortgage &
<br />Investment Co., Inc. I contacted Mr. Piperi, who advised me that
<br />Real Property Mortgage & Investment Co., Inc., holds first liens on
<br />all of the property owned by East A Developments, LP, including the
<br />Alamo Building. He confirmed that Garson Silvers had abandoned the
<br />project, and the intention of the first lienholder to foreclose its
<br />liens, and take over the development of the property. I have
<br />attached to this letter, a letter which I received from Mr. Piperi,
<br />as to the intentions of Real Property Mortgage & Investment Co.,
<br />Inc. He confirmed that the first lienholder had posted for
<br />foreclosure of its liens, on April 3, 2012.
<br />As I explained to the Board at its January meeting, the foreclosure
<br />of the first lien, cancels the second lien. Real Property Mortgage
<br />702 W. Fairmont Parkway, P.O. Box 1218, La Porte, TX 77572-1218
<br />281.471.1887 phone • 281.471.2047 fax • knoxaskins@comcast.net • ctaskins@swbeA.net
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