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"Jason, I just received the gift card from Lettuce Entertain You that I won from your morning drawing on 2/1/06. Just wanted to say thanks and that my experience with Near North Title on that day was excellent. The closer, Josie, was great and and very efficient and professional. Thanks again! "
Dan Stratis
Vice President
Draper and Kramer
"First of all, I wanted to thank you for the wonderful service we have received from Near North National Title.
Over the last few months, I've had the pleasure of dealing with Ms. Annie Budzinski. I just wanted to let you know what a valuable employee you have in her.
Ms. Budzinski is very efficient and thorough, and she is very pleasant to deal with. These are traits that are hard to find in today's business world.
Thanks again for your great service!"
Valerie R. Vance
Stonegate Development of Illinois, Inc.
"Thank you again for the services provided with respect to my refinancing. The closing could not have gone smoother. Stacy was not only terrific but was extremely conscientious, courteous, and pleasant. I am excited about the level of service that your company will bring to all of our future Stonegate buyers."
Sincerely,
Samuel L. Persico
Stonegate
"In my nearly 48 years of practice, I have dealt with dozens of title officers. The very best of all of them is John Lamberts.
He is smart, sharing of wisdom, and wonderfully accommodating. It is a delight to work with him."
Cordially,
David H. Addis
Spitzer, Addis, Susman & Krull
"I just wanted to take a moment to thank Near North National, and in particular, Sam Shiel and Shirley Scott, for an outstanding job. Within one week, Sam and Shirley managed to pull together all necessary documents to clear title issues and deliver a pro forma loan commitment to the lender in order to close a complex transaction and meet our client's tight time-frame for funding the loan. Without the extraordinary efforts of Near North National Title, this transaction would not have closed.
Thanks again to Near North National Title and Sam Shiel and Shirley Scott for your team work and efforts. They were greatly appreciated."
Sincerely,
Scott H. Kenig
Katz Randall Weinberg & Richmond
CHALLENGE: Development of a 311 unit multi purpose residential project. This project involved multiple developers, architects, owners, governmental entities and law firms representing said entities. The initial challenge of this project was the investigation and removal of old financing, stale interests in the land, relocation of various easements and the disposition of numerous building code cases and citations arising therefrom. The ultimate challenge was to coordinate a timely closing of a complicated transaction with so many parties involved. The nature of the financing was such that the mortgage and other security documents had to be recorded on a specific day. The final hurdle was that a mountainous stack of documents were released for recordation at the last minute.
SOLUTION: The initial challenge of clearing the title from myriad exceptions was accomplished with a lot of hard work from many participants. This included much interaction among the developer’s attorneys, the state’s attorney and Near North to dispose of the myriad pending lawsuits. After months of this preparatory work the climactic closing, which lasted several days, came down to receiving governmental consents at the 11th hour (actually 4:00 PM) and arranging with the Recorder’s Office to continue placing documents of record until 8:30 PM that evening. It was truly amazing to see this transaction consummated within the existing time constraints.
"Dear Ms. Carlson:
Thank you for your wonderful performance in the closing of the above captioned property. Both I and my client, Mr. Winick, were very impressed with your work.
I look forward to doing additional business with you.
Very truly yours,
Donald Martin
Martin & Karcazes, LTD."
CHALLENGE: Developer and lender want to continue disbursements in a timely manner after the relationship with the General Contractor is terminated due to performance failure at the start of unit sales for a major Gold Coast condominium development. To further compound the issue, a major supplier also files a mechanics lien claim in excess of actual materials. Near North National Title needs to continue to provide mechanic lien coverage over the supplier 's claim, potential claims of the general contractor and continue to proceed with closing unit sales.
SOLUTION: Our General Counsel and Senior Construction Escrow Officer work closely with developer ascertaining status of each contractor on the project, examining and analyzing bill of lading receipts of the major supplier. We worked in conjunction with the bonding company and our underwriters evaluating the actual risk and presenting a viable option to the developer and lender. The open issues were resolved by obtaining final waivers from subcontractors under the original contract, amending the construction escrow agreement for direct payment to subcontractors and establishing title indemnity and bond for actual potential risks. These actions prevented delays in completion of the project, restored confidence to the viability of the project to the subcontractors, and allowed unit closings to remain on target.
CHALLENGE: Provide coverage to construction lender and owner over threatened litigation by the adjacent owner of a broadcasting tower. Assist the developer in creating an integrated development to satisfy all users.
SOLUTION: Issued endorsement acceptable to lender and owner allowing the project to go forward.
A $75,000,000 mixed use development of retail, residential condominium and commercial parking facility in the downtown area of Chicago was being threatened by an adjoining property owner. The adjacent property owner was going to sue to obtain an injunction that would prohibit the project because it blocked the transmissions from his tower.
Through several face to face meetings and numerous phone calls, we were able to provide affirmative coverage to the owner and lender of the project against the threatened litigation. The lender received full coverage while the owner received sufficient coverage to permit the project to go forward. The plan governing the development needed to be integrated to satisfy the needs and legal requirements of the different aspects of the project. In mixed use projects, each element in the project has their own needs and legal requirements that must be addressed. Through several face to face meetings and numerous phone calls with the developer, the lender and our general counsel, the development plan was integrated to meet the legal requirements of each element of the project.
(Taken from National Real Estate Investor)
Chicago-based Near North National Title Corp. used new, proprietary technology to facilitate the year-end closing of a joint venture involving 54 office and industrial properties in the Las Vegas area. The technology dramatically sped up the process not only for Near North's staff, but also for the multiple lenders and the major Maryland and Atlanta law firms who represented the parties in the transaction.
"Due to the nature of the transaction, it was actually a three-phase
closing with multiple bank accounts and multiple escrows," said Cindy
O'Donohue, executive vice president with Near North. "Our technology,
which is unique in the industry, allows for the entire title clearance process
to be handled over the Internet in a secure environment."
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