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APR 111984 APR111984 <br />BOOK 56 ' FAGE 720 <br />believed there is, however, one other item, Attorney <br />McDonough wishes to discuss. <br />Attorney McDonough, representing The Humane Society, <br />informed the Board that although the Humane Society is <br />hoping to obtain all monies needed through contributions, <br />there is the possibility that they may have to resort to <br />getting third party financing. In the event they do have to <br />go to a lending institution, they would have to ask the <br />County to add a clause to the existing contract to <br />subordinate the reverter clause. He did not believe that <br />Attorney Brandenburg has a problem with this. <br />Attorney Brandenburg confirmed that the County not only <br />has a right of first refusal on the property, but there also <br />is an automatic reverter in the event the Humane Society is <br />dissolved as a corporation or in the event they accept a fee <br />for medical services from an owner who has not relinquished <br />ownership. The bank, therefore, would have some concerns <br />about collateral. <br />Commissioner Wodtke could not believe that we could not <br />come up with some sort of document that would give the bank <br />sufficient security short of having to relinquish the <br />reverter in toto. <br />Commissioner Bird agreed that even though we may have <br />the power to subordinate the reverters, he was not sure we <br />want to trade them away. <br />Attorney McDonough noted that hopefully, the Humane <br />Society will not have to come to this point, but they did <br />want to bring it up. <br />Chairman Scurlock felt it is obvious that the, <br />Commission prefers alternatives other than subordinating the <br />reverter clause, but assured Attorney McDonough that the <br />Commission would be willing to give this consideration when <br />we get to that point. <br />36 <br />