[WSBARP] Member Loan to Condo Assn
nestor at pplsweb.com
nestor at pplsweb.com
Thu Mar 28 13:44:10 PDT 2019
Yes, but it can also address any other special assessment.
Nestor Gorfinkel, Attorney at Law
Licensed in Washington & Florida
Florida Civil-Law (International) Notary
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Catherine Clark
Sent: Thursday, March 28, 2019 1:21 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Member Loan to Condo Assn
Isn't this the situation that a special assessment is designed to address?
Catherine "Cat" Clark
Law Office of Catherine C. Clark PLLC
2200 Sixth Avenue, Suite 1250
Seattle, WA 98121
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From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
<wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com> > On Behalf Of nestor at pplsweb.com
<mailto:nestor at pplsweb.com>
Sent: Thursday, March 28, 2019 11:04 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com
<mailto:wsbarp at lists.wsbarppt.com> >
Subject: Re: [WSBARP] Member Loan to Condo Assn
I would include a collateral assignment and pledge of right to collect
condominium General and special assessments and assignment of Lien Rights.
Also record a UCC 1 with the state.
Nestor Gorfinkel, Attorney at Law
Admitted to practice law in Washington & Florida
Florida Civil-Law (International) Notary
Puget Property Legal Services
11900 NE First Street Suite 300
Bellevue, WA 98005
Tel. (425) 961-0519
Fax. (888) 522-3601
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From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
<wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com> > On Behalf Of Paul Neumiller
Sent: Thursday, March 28, 2019 10:02 AM
To: wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Member Loan to Condo Assn
Listservers: I am looking for guidance to get me in the right direction.
Client has a condo in a Condo Association. Asso. needs to perform about
$180K of capital improvements but has only $80K in a reserve fund. Client
and Asso. are in preliminary talks about the Client lending from $80K to
$100K to the Asso. for 5 years, fully amortized and 5%. I know that I will
need to review the Asso.'s governing documents to ascertain if the Asso. can
even borrow money (or maybe require they provide an attorney's opinion
letter?). What about security? The common areas are worthless to a
creditor (not to mention the logistics of every condo owner owning a small
percentage of the common areas.) Attach right to collect dues? (Or is the
advice to run away. Very fast.) Help!
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