The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1922-11-22
REV. S. A. NETTLES MAKES
PROPOSITION ON HOTEL
Dover, N. c., Nov. IL, 1922.

Dover, N. c., Nov. IL, 1922.
Mr.. Isaac Applet,
Manning, S. G.
Dear Sir:
l understand that some of the
stockholders Of the Manning Hotel
Company are saying that l did not
act fairly in purchasing the mortgage
on the property. They certainly do
not understand the facts
When default in payment was made
l waited about a year before proceed
ing, and then only after the president
of the company assured me that he
saw no probability Of the company
ever paying me and advised me to
forecloSc.
Before the mortgage sale was
made, stated to number of per-
sons in Manning that any one who
bid to the amount due me would get
the property. My attorney was in
structed to bid no more than the
amount to cover my claims. After
the sale | repeated the same offer for
six months. l did not want any hotel
property. But then was the property
uncompleted, exposed to the elements,
and expenses piling up. So last July
a contract was made to finish the
building, and l am informed that it
is completed, and that it will furnish
Manning one Of the most complete
hotels in any of the smaller towns of
the State.
Now, to assure you and all the 9TH
er stockholders that / wish to be abb
solutely fair, make them, or any of
them, the following offer, which holds
good to December 1, 1922:
Upon payment of $500 l will give
thirty days option to sell the pro-
perty for exactly what it stands me
in. The only payment made me on
the mortgage was the interest for the
first six months. My offer then must
pay following: Mortgage, $4,000;
accumulated interest to Jan. I, 1928;
expenses incidental to foreclosure; in
surancc, taxes, etc, l have paid; ex-
penseS incidental to finishing of the
hotel; and any other expenses actually
incurred, and at this writing do not
recall any. In other words, my offer
permits the stockholders to reposscs
the property upon complying with the
conditions rs stated in this mortgage
to me, and in addition paying for cost
of completing the hotel according to
their plans. The hotel was completed
under direction of their architect and
his plans. The stockholders will get
the benefit of the $500 cash payment
made me and of whatever amount the
company expended on the building be-
fore becoming msolvent. I am not
asking a cent Of profit on account of
this mlSfortune-only that I be paid
what the mortgage calls for and what
| have expended in completing the
building.
OF course this offer is not made to
the public. 1t is only to the stock
holders, but TO anyone or all of the
stockholders. If not accepted by Dec.
|, 1922, the offer is withdrawn. IF
an option of 80 days from Dec. 1st is
not long enough, then for 81 900 |
will give an option Of 60 days from
Dec. |, 1929.
This offer is in harmony with my
position all along, and am sure you
see its fairness
You arc al liberty to use this letter
as YOU see fit, but ask that YOU
show it to all the stockholders.
II yon will pardon the suggestion,
think it would be well to print this
letter in your paper, write Il good
strong editorial ON tn" subject, and
ca II meeting Of the Stockholders and
other cntcrprising citizens Of your
town, and fully and frankly discuss
the subject, before the first of Dc