As you know, The Hutton Group and the Board have been working diligently on securing a non-recourse loan from Popular Association Bank (“PAB”) in order to allow everyone in the building to receive a condominium unit deed without the need to pay out-of-pocket for the conversion obligation. This All-In-Plan has been in the works for more than a year and has been delayed due to several unique problems with the way the Cooperative had recorded its survey as two separate lots instead one. After months of corrective measures, we have finally resolved the problem and successfully created the new Cleveland Park Condominium when the plat was recorded.
Please review the recorded governing documents for the new Cleveland Park Condominium below. If you desire a hard copy of the recorded governing documents, one can be provided to you by contacting our office via phone or email. We fully understand that you would have preferred to have more time to review these documents. However, we have been placed in the position of having to expedite the signing of the unit deeds in order to close the PAB loan in time. We are available to address any issue or question. We wish to remind you that there is NO requirement to pay any Conversion Obligation since we expect nearly all costs to be covered by the PAB loan.