Can someone please explain to me if new windows are being installed in the units that have not yet replaced their windows?
Is the board able to arrange that with General Bronze or do the unit owners involved have a say?
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I would like to start by wishing all my friends and neighbors at Ocean Manor abundant Holiday Blessings.
ReplyDeleteWhen was around during the first half of November, {the 2nd to the 13th}, Rick explained to me that the Board had reached an agreement with General Bronze, and they would be installing windows. I had responded that I would be willing to let them into my unit provided, I had proper notification, and Please, do not drill my locks again to gain access. I have not heard back from any management at the building, although I did get Rick’s “Minutes of Special Board Meeting of The Board of Directors Galt Ocean Manor Condominium association, Inc”.
That one kind of blew me away! Did anyone else see “Notice Duly Given”? I was around for the first two weeks, and I did not see any postings.. Is our Board operating legally? I believe our Condo Docs, require vacancies in the Board to be filled immediately, and 80% of the Board must represent the residential units. If I read the minutes correctly, there were three board members present, Charlie and Dave for the Association and Rita for the Commercial. That would imply that the association only had 67% representation and the commercial 33%.
The “re-negotiation” was entered into because the Association had “defaulted on a 3 million dollar loan”. Did anyone else know that we “defaulted on a 3 million dollar loan”?... It was a shock to me! In a sworn deposition Dave Coven stated that our default was caused by Frank Talerico’s inability or unwillingness to make his window payments of approximately 250 thousand dollars. Still the Board has yet to disclose the terms of the loan. A Three Million Dollar Loan.
I believe, according to our Condo Docs that any contract that represents more than 5 % of our annual budget, must be voted on by the members of the association. So not only do I question the “Legality “ of the Board to begin with , but even if it is OK to operate, does it have the authority to enter into that specific agreement with Bank Of Israel?
As far as General Bronze is concerned it is my understanding that they were contacted and specifically stated that any resolution did not include the installation of the non installed windows.
Our Condo Docs are there to ensure the unit owners "Say", we should defer to them more often. That is the way I am seeing thing at the moment, I hope it all works out, and we don't lose our investment. Its a crazy world we live in... Merry Fricken Christmas!
Who is The Bank of Israel and what do have to do with building?
ReplyDeleteDid Frank borrow from them? How did we default when I didn't borrow any money? Why are we paying then? Can someone explain?
WTF?
ReplyDeleteAre payments in arrears by unit holders supposed to be publicly available. If so, Rick, can you make them available on the blog?
ReplyDeleteDont hold your breath if you think Rick is going to post names on this blog.That is the funniest think I heard all month
ReplyDelete