2 May
2024
2 May
'24
4:02 p.m.
Hello SUDOers,
Tonight we are having our third meeting with CAST and we will be discussing
moving forward on the 3 following plans.
1. Work with CAST. They will try to get an extension for 90 days from
Mulberry, then CAST will use the time to fundraise to buy the building
outright. Afterward we would be subject to more strict rules imposed by
CAST about Zoning laws, maintenance, firecodes etc.
2. People program buys the building outright in the next 2 days and they
run the ballroom, and manage the building.
3. A combination of 1 and 2, CAST buys the building and People Programs
supply's the funds. We would be subject to the CAST’s rules as in 1 but
would also provide people programs some ownership.
I favor 1 as a sure thing, but will be considering all options, I would
like to get feedback on how SUDO would vote to support these options. Feel
free to reply to the thread, or reply to me directly.
Best
William
On Fri, Apr 26, 2024 at 4:57 PM William Myers <williamrmyers(a)gmail.com>
wrote:
Hello SUDO,
I'm sorry to announce that the Foreclosure is moving forward and will have
~ 90 days to come up with around 1 million dollars or the building can be
sold.
- We will keep the ball rolling with our conversations with CAST to
potentially come up with the needed funds
- We will of course be looking into any other funding options, ideas are
always welcome
Best
William
*Below is correspondence and some notes from our Lawyer: *
*Just wanted to let you know that the Mulberry Trust will be proceeding
with foreclosing on the property. A new trustee will be taking over the
work and proceed with the foreclosure. Mulberry Trust also wanted to let
you know that they'll be adding a late fee of $283.90 to the principal
since Omni didn't make a payment for April. Once the foreclosure is filed,
they won't be able to accept any further payments. It's truly unfortunate
that this happened but the MT did not have any other choice given the
circumstances, and it does not look like there will be an assignment of the
note to another individual or entity. *
*Below is an email I sent you previously regarding the timeline and Omni's
right to pay the debt even after foreclosure begins. Note that the longer
you wait, the more legal incurred by lender Omni will have to pay. Let me
know if there's any way I can help.*
*----*
*If they proceed as quickly as possible, they can schedule a*
*foreclosure sale no sooner than 90 days after the date on which
theyrecord a notice of default. Because the loan is a commercial loan,
itis on a fast timeline.1. They have to give you notice of recording the
notice of default.After the notice of default is recorded, the lender has
to mail, post,record and publish a notice of sale.Omni has a right to pay
the debt up to 5 business days before theforeclosure sale date. (See Civil
Code Section 2924c(e). The dateis extended in various ways if the
foreclosure sale doesn't happen.*