An Oklahoma bank says the company that owns the Inn at Chappel Creek, a Vermilion assisted living center, is more than $700,000 past due on debt owed to the bank.
Bank of Oklahoma is serving as trustee in connection with a $4.25 million bond issue the Erie County Commissioners authorized in 1998.
In a letter to the Chappel Creek Corp., Columbus attorney Jeffrey Fromson wrote that as of Feb. 8, Chappel Creek is $728,619.77 past due on two promissory notes.
The nonpayment constitutes a default and entitles the bank to collect the rest of its debt, including about $4.1 million of principal, $553,619.77 of interest and additional interest of $867.74 a day, Fromson wrote. He asked Chappel to make full payment immediately.Read the story now in our complete online newspaper or in Saturday's Register.