BLOOMINGTON, Indiana – The Tibetan Cultural Center has received a three-year reprieve from foreclosure, including a sheriff’s sale set for Friday, its attorney said.
David Colman said the center is safe as long as it makes monthly payments to mortgage holder Mooring Capital Fund. It will then face a balloon payment at the end of the agreement. He wouldn’t say how much those payments are.
“We’ve arrived at an agreement with Mooring that stabilizes the situation for three years,” Colman said. “We’ve got things under control.”
In June, two days before the center’s 90-acre property was scheduled to be auctioned to pay off its $1.7 million debt, the center had reached an agreement with Mooring.
According to court documents, the center had multiple mortgages with Mooring and at least three lines of credit worth about $1.3 million.
Monroe Circuit Court Judge E. Michael Hoff in March ruled in favor of the Virginia-based financial organization, foreclosing on the property.
The center had in recent years struggled to stay afloat when several large donations from overseas contributors fell through, officials there said.
The center, founded in 1979, is a hub for Tibetan educational and religious activity. In 2003, the Dalai Lama consecrated an interfaith temple at the center.
