Evening journal., 1922-07-15
BOARD
EXPLAINS SIDE

NCNhAARANA It rum + ATNl l-dEtsl
various real estate holdings have
during the last seven months beel
so sold. among them Union Park
Gardens at Wilmington.
The contract with Greenfield
provided in substance for the deliv-
cry Of a deed to him of all the
properties sold at auction, subject 10
contracts of sale to the various pur-
chasers. When the contract was
made it was confidently anticipated
that title would be passed to Green
| field before the end Of April and
that he would Immediately COM
mence to make settlements. The
contract provided that purchasers
might pay a percentage OF the pur-
chase price by way OF purchase
money mortgae. averaging about 20
per cent.
The Shipping Board was anx-
ious to realize all cash at once for
the project Instead of the small
amount in cash and the balance in
three year purchase money mort
cages. For this reason the sale for
cash OF the contracts of sale was
made to Greenfield.
THE usual contract Of sale pro-
v!des for the closing Of title at
the expiration of thirty days from
the date of the contract. In this
case. SOB properties and other units
must be settled for and II would
obviously be a practical impossible
ity to make settlement within any
such period.
The settlement with Greenfield
was delayed until June 3. 1922. not
through any fault OF the United
States Shipping Board Emergency
Fleet Corporation. but because OF
the delay in searching title. the
preparation of a very voluminous
deed 10 Greenfield and the clear
ing up OF certain objections TO title
raised by the Land Title and Trust
Company OF Philadelphia.
There was no provision contain
ed in the contracts Of sale made by
the Liberty Land Company with
the various purchasers at auction
against the assignment OF such
contracts and the Liberty Land
Company through the Fleet Cor
poration had the same right 10 as
sign its rights under each of these
contracts to any person it saw fl;
that the original purchasers had 10
assign their rights 10 other in
dividuals.
THE contract with each OF the
purchasers at the auction sale con-
tains the following clause: I'm case
the seller Liberty Land Company |
cannot clo5e any title on the da'e
fixed. the seller has and reserves the |
right to adjourn the closing from /
time to time until it shall be able TO /
close the transaction
while the Fleet Corporation ]
greatly regrets the de'ay in making /
the transfer. ii has continually used ]
every effort TO have the settlements (
made as rapidly as possible. Mr.. I
has advised the Fleet Cor
poration that he now has a force OF /
eight men In his office. that Mr.
Rnrchenal has a force OF nine men
working on these settlements and .
that ne (Greenneld) expects TO make I
all settlements by August LIST, next,
and that ne Is even more anxious
han the Fleet Corporation TO COM
olete such settlements.
The Fleet Corporation has no re-
atoms with and no control over Mr.
Greenfield except that II may en-
'orce his covenant TO fulfill the con-
racts with the various purchasers at
he auction sale.
AS You are on the ground the
;hipping Board would welcome any
uggetions you or others may have
d make which would tend 10 expe-
lite and facilitate settlements and TO
hat end viii cooperate in every
awful and proper manner"
The name of \. NJ. Greenfield APP
Nv RS among the list Of passengers
,iline today from New York on the
White star Liner olympic for Cher
ourg and southampton. Mr.. Green
old goes to Join his family, which
as been touring Europe for several \
.eeks.
When D. Hayes Robeien, sign
alnter. went into the cellar of his
at 500 Shipley street,
tie yesterday afternoon 10 get
iuutlr AAE AhuAAh a AtAA - vi NANAf~
obtaining a settlement Of a mort &
age held by the Land Title and Y
rust Company against a block Of .
9 houses In the Union Gardens :
-act by payment OF $4,000 by y,
Iiss Margaret Virgins, nominee OF ;
NJ. Greenfield. The envelope also
1ntained two deeds for transfer Of !.
he house. 40 South Union street, .
Leroy f. Stigers. y
Mr.. Robelen this morning called =
p George T. Brown. attorney. and :
ported finding of the papers, and =
r. Brown referred him to Eugene =,
ornell. representative of the Green -
I'D firm. Mr.. Cornell called on y.
r. Robelen and was handed the r.
gal papers. Mr.. Cornell said they o.,
id been lost by a messenger who .,
rs on the way TO Mr.. Browns Of 4,
e. The finder had apparently
own the papers through a win NJ
Nv into the cellar OF Mr.. Robelen's