Quick update:
Based on our lawyer, Jesse, foreclosure is actually on
August *17* - still a few weeks away. Legally we should be
able to repay the loan all the way up to the actual
foreclosure auction, and the very earliest that auction can be
scheduled would be September 6. So if worse comes to worst and
we lose the building, we would still have more than a month
before we need to vacate.
I guess CAST wasn't working with the correct timeline, so
they've told us they will make one final attempt at getting
the recoverable grant they were hoping to line up (essentially
a 1yr bridge loan at 0% interest). It also gives Philip Bell a
bit extra time to line up the loan he's been pursuing.
Meanwhile we've had at least two other individuals expressed
interest in purchasing the building before foreclosure as
well.
So yeah, all hope is not lost! But meanwhile I would urge
folks at Sudo to make contingency plans in case we do need to
move out in a month. Figure out how much space Sudo really
needs, how much rent you can afford, and which other
organizations you might want to team up with in case you find
a building too large for Sudo alone. CCL is already actively
looking for candidate spaces - mainly on loopnet, but there
should be deals available on CraigsList and through word of
mouth as well. Help wanted!
Patrik