Mortgagee = Lender (The Banks) -- A Willoughby Station Dicussion Forum With Standards

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Subject: Mortgagee = Lender (The Banks)

Author:
Lori

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Date Posted: Wed, Sep 09 2009, 16:04:06
In reply to: Butch Huber 's message, "Board may be in violation of covenants" on Wed, Sep 09 2009, 10:31:12

Hi Butch,

Those provisions are about the mortgage holders (our banks). It means that we cannot just get rid of the common areas as a whole. If you look further down at part 7.6 Further Right of Mortgagees, part (c) They would require "notice in writing of any loss to or the taking of the common facilities if such loss or taking exceeds Ten Thousand Dollars"

So, the question would be are the basketball court materials worth more than 10 grand and if so, then our mortgage holders would need to be notified. Those articles do nothing for us really, but are probably required by State law.

We would need to add something to the bylaws that would limit the Corporate Officers from making certain decisions without a majority of the vote (which would limit too much as most people won't vote on anything), a better option might be a majority of votes for the members who choose to vote on the issue after being appropriately notified of the issue to vote on.

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Replies:

Subject	Author	Date
Dillon's Rule.	Butch Huber	Wed, Sep 09 2009, 18:15:02
I need to look that one up -- Lori, Wed, Sep 09 2009, 21:57:52 Time for action -- Butch Huber, Wed, Sep 09 2009, 23:26:27 Can't wait to meet Butch Huber -- Mike Schmitt, Sat, Sep 12 2009, 14:30:22 I don't think they realize the gravity of the situation -- Butch Huber, Sat, Sep 12 2009, 16:01:37 ... So there is the bait.. anyone gonna bite? -- Brian Snyder, Sat, Sep 12 2009, 22:45:41 huh? -- i'm kinda hungry, Sat, Sep 12 2009, 22:54:04 Bait? What are you talking about? -- Butch Huber, Sat, Sep 12 2009, 23:13:14 Post Below -- Lori, Sun, Sep 13 2009, 0:18:20