157 interest rate of four per cent for the first five years, and five per cent for the remaining years, with a payment schedule that would amortize the entire loan at the end of ten years. However, the Bank required that a new trust deed be signed jointly by the church of the Open Door and Biola, cit- ing the interrelation of the buildings and the protection of the Bank's investments. The Church of the Open Door then agreed to purchase the central build- ing consisting of the main Auditorium with the ajacent class rooms, and some rooms in the front of the building above the main entrance to the audi- tori um. Under this arrangement Biola received no cash, and the Church of the Open Door assumed an amount equal to that which it had agreed to pay for the portion of the building purchased. Biola could now concentrate on the liquidation of the mortgage held by the Bank. The Board, not content to make the regular payments on the principle and interest on its indebtedness, which would liquidate the Loan in ten years; determined to clear the remaining indebtedness at the earliest pos- sible date, launched another fund raising campaign. Mailings went to chur- ches and friends of the School, and Dr. Talbot made an impassioned appeal to his radio audience which, by that tine, covered the Pacific Coast, much of the Middle West, and some areas east of the Mississippi River; to the student body, and to the members of the Church of the Open Door. Then a large piece of plywood painted red to symbolize the debt was framed and placed in the front of the church auditorium. Another peice of plywood, equal in size, picturing the Biola buildings and the Church of the Open Door, was cut in small square blocks like a jigsaw puzzle. When a certain sum was received, a block covered a place on the board. Finally, all the red space was covered, and the indebtedness had been paid . . Again, God performed miracles, and the response to the appeal was un- ·believable. Money came from many and varied sources. An elderly lady gave
Made with FlippingBook Online newsletter