<html><head><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"></head><body><div>Yes but you want all future assessments to be assigned.</div><div><br></div><div><br></div><div><br></div><div id="composer_signature"><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"><div style="font-size:85%;color:#575757">Nestor Gorfinkel, Esq.- Sent from my Samsung Device</div></div><div><br></div><div style="font-size:100%;color:#000000"><!-- originalMessage --><div>-------- Original message --------</div><div>From: Paul Neumiller <pneumiller@hotmail.com> </div><div>Date: 3/28/19 3:58 PM (GMT-08:00) </div><div>To: WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com> </div><div>Subject: Re: [WSBARP] Member Loan to Condo Assn </div><div><br></div></div>
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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.</div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" color="#000000" style="font-size:11pt"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> on behalf of Catherine Clark <Cat@loccc.com><br>
<b>Sent:</b> Thursday, March 28, 2019 1:21 PM<br>
<b>To:</b> WSBA Real Property Listserv<br>
<b>Subject:</b> Re: [WSBARP] Member Loan to Condo Assn</font>
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Isn’t this the situation that a special assessment is designed to address?</p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Catherine “Cat” Clark</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Law Office of Catherine C. Clark PLLC</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">2200 Sixth Avenue, Suite 1250</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Seattle, WA 98121</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Phone: (206) 838-2528</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Cell: (206) 409-8938</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Fax: (206) 374-3003</span></p>
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<span style="font-size:10.5pt; font-family:"Copperplate Gothic Light",sans-serif; color:#1F497D">Email:
<a href="mailto:cat@loccc.com">cat@loccc.com</a></span></p>
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<b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>nestor@pplsweb.com<br>
<b>Sent:</b> Thursday, March 28, 2019 11:04 AM<br>
<b>To:</b> 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] Member Loan to Condo Assn</p>
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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.</p>
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<b><span style="color:black">Nestor Gorfinkel, Attorney at Law </span></b></p>
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<b><span style="color:black">Admitted to practice law in Washington & Florida </span>
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<b><span style="color:black">Florida Civil-Law (International) Notary</span></b></p>
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<b><span style="color:black">Puget Property Legal Services</span></b></p>
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<b><span style="color:black">11900 NE First Street Suite 300</span></b></p>
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<b><span style="color:black">Bellevue, WA 98005</span><span style="color:#385623"></span></b></p>
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<b><span style="color:black">Tel. (425) 961-0519</span></b></p>
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<b><span style="color:black">Fax. (888) 522-3601</span></b></p>
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<b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Paul Neumiller<br>
<b>Sent:</b> Thursday, March 28, 2019 10:02 AM<br>
<b>To:</b> <a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBARP] Member Loan to Condo Assn</p>
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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 (<i>or</i> 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! </p>
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