HomeMy WebLinkAbout1996-07-10 HC Regular Meeting Agenda Packet0
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The loan payments on tfle Promissory Note. are current as of this date.
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The potential fo·r the
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Acquisition. Association becoming delinquent on the loan could become a problem in the
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future due ·to non-sale of spaces. This concern-has been brought to the _'attention. of the
: pDRDA by the Acquisition Association members. Should _this occur, the PD RDA will have
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-to take legal action to ·remedy the default. One possibility will be foreclosure on the Note
· putting the PDRDA in an ownership positiqri of 37 spaces. Given this, the PDRDA would
h~ve 37/142 voting rights in the park along with ownership .of a proportionate share of the' (
common areas attributed to the 37 spaces .. " -
Should the Acquisition Association remain·current on payments on the Promissory Note,
then the PDRDf. has no legal grounds for foreclosure ..
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· With respect to the Home Owner Association and the·make-up of its board, the PDRDA has
not been and is not responsible for appointment and/or election of members to this Board.
That responsibility rests with the .residents of the park. The Home Owners Association is
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responsible for the sele~tion of their Board of _Directors, onsite man,agem~nt, and offsite ·
management firm, The onsite managers are resp5msible for the day to day operations of
the park and are responsible to the Board of Directors.
The PDRDA_ merely holds a Promissory Note that is secured· by deed of trust on 37 spaces
thereby serving in the capacity of a lender t9 the Acquisitfon Association. This· being the
case, the PDRDA hotels no resp_onsibility f0r the management nor the day to day operation
, .. of the park.
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Should foreclosure, as a result of. non payment, become an issue· in the future, the PD~DA,
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. prior to taking legal action, will advi~e ,the re_sidents of. th~ir intent and request input from the .. --" .
Board of Directors· at th~t time.'. I hope that this information helps·to answer some of the
questions and responds to some of the concerns currently being expressed by park
residents.
It is our understanding that election of a new sdard of Di~ectors will_take pla-ce in February
of 1997, as a result of a vote held on April 1, 1996, to am mend the bylaws .. At that time,
. you are all encouraged to participate in the voting process so that the Board that is elected . .
.· is representative of you and is selected by majority. vote of the residents.
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