[sudo-discuss] Re: Update on Foreclosure

Mulberry wrote "Company X" because we've communicated there are multiple interested parties - its just a stand in for whoever Omni choses to take on the loan. Mulberry sent this email to the Omni delegates + me, CAST, People's Programs, and City in Motion. My understanding is if CAST works with us, they would create a new company(corporation?) "newco" that would hold the title of the building. At least previously, they said there could be another partner in this newco, i.e. Peoples Programs or City in Motion. The pro to going that route is more security in paying of Mulberry in time/more money to fund things so we dont have as big of a rent burden. Im not sure if that is still the case from a recent email but I'm asking for clarification This is from a past draft letter from CAST to Mulberry. 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* CAST was not wanting correspondences to be public so I am not sharing full email here. Paige On Wed, May 8, 2024 at 4:13 PM Jake Watters via sudo-discuss < sudo-discuss(a)sudoroom.org&gt; wrote: > 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&gt; 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/ > _______________________________________________ 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/