Corporation and replacing the
cooperative with a condominium. All Shareholders are strongly urged to
complete the Proxy/Ballot prior to the meeting date, even if you intend
to be present at the meeting. This will assure that your voice is heard
and your vote is counted.
New Condominium Regime Created
Assuming the Shareholder votes "Yes" to allow the Board
to pursue dissolution, ROA Hutton, with the participation of your Board,
will prepare all the required documents including the Master Deed,
Bylaws, Rules and Regulations and other material necessary to form the
new condominium. These documents will be filed with the appropriate
authorities.
Loan Applications
Shareholders will be encouraged to complete loan applications if
needed for their individual portion of the debt now owed by the
Cooperative as well as their own existing share loan. Assuming the
shareholder votes "Yes" to allow the Board to pursue
dissolution, we will send out loan applications. Each shareholder will
be able to schedule a time to meet with representatives who will assist
in completing their loan applications. The applications will be taken
on-site. Flexible times will be made available to each shareholder.
Closing
Settlement occurs once all loans have been approved and a closing
date has been selected. The shareholders will close their loans in an
escrow or simultaneous closing over a two or three day period. Attorneys
will conduct the closings and staff will be available to answer any
individual questions one-on-one. Immediately following closing,
shareholders' new Deeds and Mortgages will be recorded.
Marketing
Post-conversion marketing is conducted after the building has
converted to a condominium. The purpose of this marketing plan will be
to maximize the value of all units in the building by re-introducing the
building/complex as a condominium to the real estate community and
through limited regulation of the marketing of units as volume and
selling prices for a certain period of time.
