|Re: monthly assessments (consensus and FNMA)||<– Date –> <– Thread –>|
|From: Jim_Snyder-Grant . LOTUS (Jim_Snyder-Grant.LOTUSCRD.lotus.com)|
|Date: Tue, 26 Apr 94 17:15 CDT|
Rob & all: Yes, I will certainly pass on what we learn from FNMA to this list about the acceptability to FNMA of language concerning consensus. I was also surprised & pleased when our lawyer wrote this into the draft & said it ought to be OK. Rob Sandelin wrote: >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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