Agreements to reshare financial burden (was: Per Household or per person?) | <– Date –> <– Thread –> |
From: 111rmp (111rmpgmail.com) | |
Date: Tue, 19 Mar 2013 17:59:49 -0700 (PDT) |
R Philip Dowds said: >Most cohousing attempts fail or take major detours before they are consummated; money invested in the fruitless efforts -- purchase options, attorneys, architects, etc -- is lost irrevocably. So I need to ask ... what agreements >did you have, if any, to re-share the financial burden if your project failed? (Perish, of course, the thought.) > >RPD Until construction was complete, we had an agreement to sell off the property and divide up the proceeds if the project failed. The specific statement in our "Public Offering Statement" said: "Notice of Use of Deposit Funds for Construction. The Deposit made at the time of the signing of the Purchase and Sale Agreement by the Purchaser of a unit will be used to pay for the construction of the condominium (infrastructure and buildings). By signing the Purchase and Sale Agreement the Purchaser gives the Declarant permission to use said deposit for such purposes. In the event that a deposit has been used to pay for the construction of the condominium and the Declarant . does not complete the construction of the condominium and does not convey the unit promised to the Purchaser in the Purchase & Sales Agreement then Purchaser will be repaid all or a portion of said deposit according to the following terms: - The Declarant's property (including unsold Units and any rights the Declarant has to convert part of the condominium property to additional Units) will be sold and all outstanding bills will be paid. - If there are remaining assets after sale of the property and payment of bills, the remaining financial assets will be divided according to the percentage that an individual or entity has contributed to the Project." Thankfully that didn't happen! -Richard ---------------------------- Richard Pendleton Nubanusit Neighborhood & Farm http://www.peterboroughcohousing.org <http://www.peterboroughcohousing.org/> An old fashioned neighborhood in a new way.
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Agreements to reshare financial burden (was: Per Household or per person?) 111rmp, March 19 2013
- Re: Agreements to reshare financial burden (was: Per Household or per person?) Elizabeth Magill, March 19 2013
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Re: Agreements to reshare financial burden (was: Per Household or per person?) Diana Carroll, March 20 2013
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Re: Agreements to reshare financial burden (was: Per Household or per person?) Sharon Villines, March 20 2013
- Re: Agreements to reshare financial burden (was: Per Household or per person?) Diana Carroll, March 20 2013
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Re: Agreements to reshare financial burden (was: Per Household or per person?) Sharon Villines, March 20 2013
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