[sudo-discuss] Re: Update on Foreclosure

We ask for 120 days to close as we work to secure agreements on the following items. • Bylaws and membership for a new, nonprofit corporation to hold title. ◦ The possible inclusion of a new, Collective-linked partner in the newco

Thank you for the update, this is a lot of important information! What is company X? What are they offering or asking for? I don't understand #1 and #2 and I would like to see the agreement they want us to sign, or at least a summary ASAP. Can you recap what you wrote so it's a little clearer? I really don't understand our options. -jake On Wed, May 8, 2024, 16:03 William Myers via sudo-discuss <sudo-discuss(a)sudoroom.org> wrote: > Hello SUDO Community, > > I have an update on the foreclosure, I have attached a letter from CAST, > which also summarizes all of the updates. Basically Mulberry has told us: > 1. X organization intends to pay off Mulberry Trusts’s loan to Omni > Commons of approximately $873,973.00 > 2. Here is a $10,000 non-refundable deposit to show we are serious. > 3. Attach a copy of Omni's Board Resolution noting the agreement between > Omni and the organization paying off the loan. > 4. If we do not hear from you by Tuesday, May 14th at 12pm, we will direct > the foreclosure trustee to file the paperwork. > CAST appears to be willing to work with us even if the foreclosure is > filed. But we also have the option to comply with Mulberry's requirements > and fundraise to purchase the building with funding from another source > within the 1 week timeframe. We will likely be entertaining proposals from > Peoples Programs and City In Motion at tomorrow's board meeting. > > Please let me know if you have any questions, or ideas or insights. > > Best > William > > >> >> I’m sorry for the delay on this. It turns out that the LOI should be >> submitted by CAST to Omni Commons. We will turn around and submit this >> for consideration by Omi Commons. >> >> I wanted to highlight a few things: >> >> * I believe we have till Sunday evening or early Monday morning to share >> a signed LOI for purchase to the Trust. This is to be accompanied by a >> $10,000 check. We then have 24 additional hours to submit the full >> payment to the Trust at which time the title is released to Omni Commons. >> * If this timing cannot be met, the foreclosure action will be undertaken >> and there is 90 days to pay down the loan. The clock would essentially >> start on Tuesday the 14th. >> >> CAST has the ability to pay $10,000 for the deposit but not the balance >> within 24 hours after that. Given this reality, we will let the Trust >> know of our plans to pursue an LOI with Omni Commons and the need for >> additional time to secure the balance of funds. This assumes that they >> advance to foreclose. >> * CAST would like to sign an LOI with Omni Commons as quickly as >> possible so we can pursue funding to meet the 90 day foreclosure window. >> We will not negotiate to assemble a partnership for purchase. >> >> We encourage Omni Commons to explore all options. >> * People’s Program and City In Motion have both expressed interest and >> have reached out to CAST. I will respond to both and encourage them to >> speak with Omni Commons directly. >>> * We recommend that you determine, separate from CAST, if their offers >>> are viable and you wish to sell the building to either of them. We don’t >>> want to hold you up if you are able and prefer to resolve the matter >>> immediately. > > _______________________________________________ > sudo-discuss mailing list -- sudo-discuss(a)sudoroom.org > To unsubscribe send an email to sudo-discuss-leave(a)sudoroom.org > More options at > https://sudoroom.org/lists/postorius/lists/sudo-discuss.sudoroom.org/ _______________________________________________ sudo-discuss mailing list -- sudo-discuss(a)sudoroom.org To unsubscribe send an email to sudo-discuss-leave(a)sudoroom.org More options at https://sudoroom.org/lists/postorius/lists/sudo-discuss.sudoroom.org/