[WSBARP] Member Loan to Condo Assn

[Nestor Gorfinkel]

Yes but you want all future assessments to be assigned.Nestor Gorfinkel, Esq.- Sent from my Samsung Device
-------- Original message --------From: Paul Neumiller <pneumiller at hotmail.com> Date: 3/28/19  3:58 PM  (GMT-08:00) To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com> Subject: Re: [WSBARP] Member Loan to Condo Assn 

Special assessments build up the fund slowly and the Assn. need the funds now.  Though, they may need to impose a special assessment in order to pay back the loan.






From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of Catherine Clark <Cat at loccc.com>
Sent: Thursday, March 28, 2019 1:21 PM
To: WSBA Real Property Listserv
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

Phone:  (206) 838-2528

Cell:  (206) 409-8938

Fax: (206) 374-3003

Email: 
cat at loccc.com

 

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of nestor at pplsweb.com
Sent: Thursday, March 28, 2019 11:04 AM
To: 'WSBA Real Property Listserv' <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 <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
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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