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<p class="MsoNormal">Isn’t this the situation that a special assessment is designed to address?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Catherine “Cat” Clark<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Law Office of Catherine C. Clark PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">2200 Sixth Avenue, Suite 1250<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Seattle, WA 98121<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Phone: (206) 838-2528<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Cell: (206) 409-8938<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">Fax: (206) 374-3003<o:p></o:p></span></p>
<p class="MsoNormal"><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><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">NOTICE: The information contained in this electronic information transmission is confidential. If you are not the intended recipient, or the
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the sender by telephone at (206) 838-2528. Thank you.<o:p></o:p></span></p>
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<p class="MsoNormal"><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<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="color:black">Nestor Gorfinkel, Attorney at Law
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Admitted to practice law in Washington & Florida
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Florida Civil-Law (International) Notary<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Puget Property Legal Services<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">11900 NE First Street Suite 300<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Bellevue, WA 98005</span><span style="color:#385623"><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Tel. (425) 961-0519<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Fax. (888) 522-3601<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black"><o:p> </o:p></span></b></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;color:black">ATTENTION - </span>
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<p class="MsoNormal"><b><span style="font-size:24.0pt;font-family:Webdings;color:#009900">P</span></b><b><span style="font-size:24.0pt;color:#009900">
</span></b><b><span style="font-size:9.0pt;font-family:"Verdana",sans-serif;color:#009900">Please consider the environment before printing this e-mail.</span></b><o:p></o:p></p>
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<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><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<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoPlainText">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! <o:p></o:p></p>
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