Quote:
Posted By GlenL on 08/03/2014 4:49 PM
Posted By BonnieG1 on 08/03/2014 7:02 AM
But I am thinking (when the time comes) that we can have the members vote to dissolve the old Condominium Property Regime and enact a New Condominium Property regime.
Just out of curiosity why would you want to do this? I'm not an attorney but I can think of no good reason to do this and in your case, possibly some negative ones. If you succeed in this, what happens the the agreement currently in place with the assisted living facility you share the property and building(?) with? Most communities find it hard enough to get the numbers to simply amend the Covenants but you want them to first dissolve the current COA which often takes between 95 & 100% voting affirmatively (check your CC&R's) and then have 100% (which in my non-attorney opinion it would take) to vote to be bound by new covenants. Not to mention it would possibly void every mortgage currently in place because you have drastically changed the terms and conditions the mortgage was written under.
First we need to update our documents. Some of the items in the current documents have become outdated. I don't want to go into a lengthy detail on this forum. I don't think there is any owner that does not want to update our documents.
Second we do not share property and building with an assisted living facility. The building next to us is a nursing home. We are two entirely separate entities. We have our own Platt map and I assume the nursing home should have their own Platt Map. There is a tunnel connecting the two buildings, but the nursing home has closed the tunnel to us. (another long story) We can open it, but it will be expensive.
Currently we have a verbal agreement to allow nursing home employees to park on our property and our resident/owners to park on the nursing home's property. This is on a first come first serve basis. Once the parking lot has been repaved this agreement will probably change (due to the nursing home threatening to have some of our vehicles towed. (another long story I would rather not get into on this forum)
The nursing home is doing an extension remodeling job and their trash bins and construction trailer have taken away many parking spots.