explain that, although the first mortgage on the 12
flat building for $25,000 still has 3 years to run,
you would like to arrange for a 10 year mortgage for
$20,000, if your prospective buyer takes the property.
(_b_) Write to George R. Scott, who owns the building,
offering him the second mortgage. Explain that
although it is a second mortgage the fact that $2,000
of the principal is paid each year makes it
attractive. (How would the owner benefit if the buyer
failed to make his payments after 2 years?) Sign
yourself Francis L. Russell.