Anyone know how to merge and compare the Original CC&R’s and the Revised CC&R’s? I think Article VII is pretty interesting. Any major and substantive changes between the CCR’s you signed up for and the CCR’s you will have to live with when you close bear close scrutiny.
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Does anyone ACTUALLY know of anyone who has signed the Addendum or will actually close ASAP.
SJ
RTD, the last couple comments from “montagebuyer” are from another confirmed buyer. Turns out you can use duplicate user names when making comments on the public site (but not on Rising). This other user will be using “speedbag” in the future.
Montagebuyer–I thought you had indicated at the beginning of this blog that you were not a Montage buyer–are your or not a buyer?
not yet but I know it is on the way. new pricing and other contractrual items in the addendum. my understanding is that not all the contracts are the same and I guess each contract has different wording.
I am still looking for a way out as well but nothing worth spending a small fortune in legal fees over just yet
DL – Everyone that put in a deposit did, as far as I can tell.
Hi all,
I’ve been lurking here for a bit and thought post a quickie. I’d love to get my deposit back. And I’m guessing that I’m not alone. Did anyone else get a certified letter in the past 3 or 4 days saying something like “sign this or else”?
DL
LJK, sounds like you did find a smoking gun in your purchase agreement.
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I did not find a slam dunk smoking gun. I have not gotten my money back. While I have a couple of great issues to raise if I wanted to sue/file for arbitration, and I might win, the cost for doing so will be expensive.
I have decided to wait and see. Anybody want to make book that Corus bank will be taken over the FDIC before March 1. It closes at around $.60 a share today.
LJK
Thanks for the red-line set, LJK. Judging from the date, you’ve been on this for a while.
I didn’t see a smoking gun in my quick review. HOA fees are now assigned based on actual unit SF, not SF loaded with the common areas. Good news for large units, bad for studios, but no big whiff either way.
All the annexation and future development rights wording seems to be there just to bring all of the Montage into one entity, not to add the Fitz or other projects into the HOA. Montage recorded the condo maps in 4 phases, so all of this has actually happened already. The 380 unit cap on the project seems to negate future annexations of other properties into the HOA, but the Master HOA element is a bit disturbing.
LJK, sounds like you did find a smoking gun in your purchase agreement. Did you manage to get your deposit refunded? A “can not comment due to a non-disclosure agreement” answer would give us a good idea, if a yes or no answer isn’t a possibility.
A copy of the merged CC&Rs (a redlined version) can now be downloaded at:
http://www.softtax.com/Montage.pdf
enjoy
LJK
Be aware that these documents can be replaced in their entirety by the “developer” until the first unit is transferred to a homeowner.
Actually, I think it could annexed with any commercial or residential project nearby — not necessarily condos. We will need to know if the “developer” is the owner, Corus Bank; or if the “development rights” could be (or, have been) split-off, like water or mineral rights, and still be exercised by Leal and L3. Corus, of course, will not be developing anything; L3 will continue to be active and may have major control of the Montage HOA.
Thanks Tardis for the overview. If I read #5 right, we could be annexed with the Fitz if the rooms there were turned into condos. Is that how you read it?
I tried to disassemble the .pdf files to compare them but they are image files and not text files so, I was unsuccessful. Therefore, I actually read them and found many of the changes. It seemed a bit long to post them verbatim, so here is what I gleaned from the changes. 1) Some changes were clarifications of unclear language in the original document. 2) They seemed to withdraw the specific yearly expense assessment allocation table for each unit to adopt a more undefined assessment formula. 3)They introduced the required ReTRAC assessment for each unit. 4) they recognized three variances granted in 2005 that were not part of the first document. 5) The big picture change, woven into various parts of the document would: join the Montage with other nearby developments to be annexed into the project; force the Montage HOA to accept the additional projects into the association; or else the Montage HOA would become a subsidiary of a Master HOA. All these rights are granted to the “Developer”. I think we need to find out who the legal developer is today.
A story for what it is worth.
My wife was flying east and a realtor was sitting in the row behind her.
As relayed to me, the realtor was discussing the Montage with another person. He said it was a beautiful building. However Corus was looking for CASH buyers .
SJ
Sorry, all I have is a printed copy. Write them a letter and demand a copy.
SJ
stjoe56 can you post a pdf of the redlined CC&Rs?
Did you notice any major changes stjoe?
Ask them to provide you a redline copy. They did for me.
SJ