Re: monthly assessments
From: Rob Sandelin (robsanmicrosoft.com)
Date: Mon, 25 Apr 94 12:01 CDT
Jim S-G, New View Steering Committee wrote:
>\(In the current draft of our
>condo docs we have enshrined our  'consensus with a fallback to 
voting' policy
>in legalese. The fall-back voting percentages are those as specified by the
>Uniform Condo Act & the secondary market requirements (FNMA), so that 
(we hope)
>no lender will be freaked out.

I would be very interested in hearing what the FNMA says, if anything, 
about consensus in your condo declarations.  We were told by our both 
our attorney, and the lady from the FNMA review board, that the word 
consensus would cause our declarations not to be approved, so we didn't 
include it in our legal declarions but have it as an operating policy 
in our internal bylaws and convenants which banks do not usually see. 
Be sure your attorney passes the declaration past an FNMA review, 
although maybe the rules, or attitudes have changed or are different in 
MA than WA.

Rob Sandelin
Sharingwood

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