Condo Fees Part II

I sent another email to Kady in regards to the Condo Fees question. Hoping to get an answer this time. Also, I think we need to hold another meeting soon. I know with the Holidays it was a little difficult to get everyone together but I think now would be a good time to get everyone on the same page. I don't think everyone is getting the emails and I doubt everyone is checking this blog.

Happy New Year
Joe (104)

Condo Fees

I just sent another email to Elliot regarding the 87% condo fee questions we all had earlier. I also gave him the specific parts in the condo docs I received from Amir referencing the issue. Specifically...

1) Section 18(b) of the Purchase Agreement (pg. 9) - Condominium Assessments

2) Section 6.1F of the Bylaws (pg. 13) - Initial Operating Period

3) Section V.C of the Offering Statement (pg. 19, last full paragraph)

Basically, what they say is that during the "Initial Operating Period," which ends on the earliest of (a) 90 days after 75% of the units are sold, (b) 1 year after the date the first unit was conveyed, or (c) an earlier date that Kady determines in its sole discretion, we pay Kady 87% of our condo fees. So for now we should be paying 87% of our condo fees, but Kady can change that at any time and require us to pay 100%. If they don't, then we'll have to start paying the full condo fee next summer (i.e., mid-may, a year after the first unit was conveyed).

I'm waiting for clarification on this. If anyone else has anything else to add please let me know.

Joe (104)

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