Re: monthly assessments (consensus and FNMA)
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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