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:

X organization intends to pay off Mulberry Trusts’s loan to Omni Commons of approximately $873,973.00
Here is a $10,000 non-refundable deposit to show we are serious.
Attach a copy of Omni's Board Resolution noting the agreement between Omni and the organization paying off the loan.
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.