United Founders Tower will be sold Nov. 5 at a sheriff's sale to pay off mortgages under default on the 20-story office building.
The sale is part of an agreement reached between parties late last month to settle a foreclosure action brought against the property by United Founders Life Insurance Co. The agreement was approved in a judgment delivered by Oklahoma County District Judge Joe Cannon.
July 29, United Founders sued National Capital Real Estate Trust, a California real estate investment trust and Northwest Investors Ltd., an Oklahoma limited partnership.
United Founders loaned Northwest $5.8 million in October 1978 to acquire the Oklahoma City property at 5900 Mosteller Drive.
Northwest sold the building to National Capital, then called University Real Estate Trust, in 1981 for $11.2 million. The California group assumed the loan.
In the court settlement, Northwest and National Capital agreed to United Founders' allegation that the loan was in default. Their rights to the property were waived, clearing the way for the sheriff's sale.
An attorney for United Founders said two weeks ago that litigants wanted an agreement to avoid further court costs.