\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
Financial Qualifications Policy<\/p>\n
Resolution 01-24-60 (Attached)<\/p>\n
Adopted June 11, 2024<\/p>\n
PURPOSE<\/p>\n
This policy sets forth guidelines by United Laguna Woods Mutual (United) necessary<\/p>\n
to protect the financial integrity of the corporation.<\/p>\n
Il<\/p>\n
DEFINITIONS<\/p>\n
\u05d0<\/p>\n
Shareholder (or Member) \u2014 Individual approved by the Board of Directors as a<\/p>\n
Member of the corporation.<\/p>\n
\u05d1'<\/p>\n
Applicant \u2014 Individual seeking approval by the Board of Directors as a member of<\/p>\n
the corporation.<\/p>\n
Cc<\/p>\n
Financial Statement\/Credit Information form \u2014 United’s document to be completed<\/p>\n
by Applicant which summarizes age, income and asset qualifications being<\/p>\n
considered by the Board of Directors in keeping with the membership application<\/p>\n
process.<\/p>\n
Asset \u2014 A resource with economic value that an individual or business owns or<\/p>\n
controls with the expectation of future benefit; must be liquid, marketable or<\/p>\n
income producing.<\/p>\n
Equity \u2014 Total assets minus total liabilities.<\/p>\n
Annuity funds \u2014 A long-term investment issued by an insurance company and is<\/p>\n
designed to help protect an individual from the risk of outliving one\u2019s income.<\/p>\n
Community property \u2014 Property acquired during the marriage by either spouse is<\/p>\n
presumed to be owned by each spouse equally.<\/p>\n
Guarantor \u2014 Individual who meets United’s financial qualifications and guarantees<\/p>\n
to pay for the Member’s debt and\/or obligations if the Member defaults or fails to<\/p>\n
pay a debt and\/or obligation to United; guarantor may guarantee only one unit<\/p>\n
within the Village.<\/p>\n
Personal Unconditional Continuing Guaranty and Security Agreement – Guaranty<\/p>\n
\u201ccontract\u201d between prospective member and qualified individual whereby<\/p>\n
guarantor is responsible to pay any debt or obligation owed by the Member to<\/p>\n
United in the event of a failure by Member to pay same; nonrevocable by<\/p>\n
guarantor.<\/p>\n
Indebtedness \u2014 Includes the monthly carrying Charge payable by the Member to<\/p>\n
United, including all assessments, fines or other monetary charges levied in the<\/p>\n
name of United.<\/p>\n
Carrying Charges \u2014 Monthly assessments estimated by United to meet its annual<\/p>\n
expenses, including but not limited to operating expenses, management and<\/p>\n
administration, property taxes, insurance, utilities, reserves, and repair and<\/p>\n
\u05ea\u05b7\u05d7\u05d6\u05d5\u05bc\u05e7\u05b8\u05d4.<\/p>\n
Uniform Commercial Code (UCC) filing \u2014 Provides for the filing of certain financing<\/p>\n
statements and other lien documents. Filing with the Secretary of State\u2019s office<\/p>\n
serves to perfect a security interest in named collateral and establish priority in<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
case of debtor default or bankruptcy.<\/p>\n
Interim Dual Membership Agreement \u2014 A \u201ccontract\u201d between a Member and<\/p>\n
United which allows the Member to temporarily own two co-ops.<\/p>\n
Community Rules \u2014 The articles of incorporation and bylaws of United, the<\/p>\n
occupancy agreement, and any rules and regulations adopted by United. Any<\/p>\n
reference to the \u201cgoverning documents\u201d shall, for purposes of this Policy, be<\/p>\n
deemed a reference to the Community Rules set forth in this definition.<\/p>\n
Member \u2014 Any person entitled to membership in United Mutual.<\/p>\n
Third Laguna Hills Mutual (or Third Mutual) \u2014 A California nonprofit mutual benefit<\/p>\n
corporation formed to manage, operate and maintain condominium housing at<\/p>\n
Laguna Woods Village, Laguna Woods, California, for its mutual members.<\/p>\n
Laguna Woods Mutual No. Fifty \u2014 A California nonprofit mutual benefit corporation<\/p>\n
formed to manage, operate and maintain condominium housing at Laguna Woods<\/p>\n
Village, Laguna Woods, California, for its mutual members.<\/p>\n
\u05d0\u05b2\u05e0\u05b4\u05d9.<\/p>\n
CONDITIONS<\/p>\n
All applicants shall submit the most recent year’s federal income tax return, signed and<\/p>\n
dated, including Schedules A and B, in addition to other verification documents. If<\/p>\n
income is derived from an owned business, the appropriate business tax schedules and<\/p>\n
a profit and loss statement are required.<\/p>\n
Where there is more than one prospective Shareholder, income and assets can be<\/p>\n
calculated collectively, if each is eligible and intends to reside.<\/p>\n
Membership applicants to United are required to submit a completed Financial<\/p>\n
Statement\/Credit Information form, together with satisfactory verification of identity,<\/p>\n
income and assets.<\/p>\n
\u05d0<\/p>\n
Asset Requirement<\/p>\n
The prospective Shareholder shall submit satisfactory verification of assets equal<\/p>\n
to the purchase price of the Unit plus $125,000. Note: Applicants who own<\/p>\n
multiple properties must demonstrate total assets exceeding total mortgage<\/p>\n
obligations. Prospective transferees (i.e., outside escrow) are required to<\/p>\n
demonstrate a minimum asset base of $125,000 only.<\/p>\n
1<\/p>\n
Acceptable assets will be those that are considered to be liquid, marketable or<\/p>\n
income producing. Only aged accounts (180 days) will be considered.<\/p>\n
Acceptable assets include, among others:<\/p>\n
\u05d0<\/p>\n
Equity in U.S. residential property<\/p>\n
\u05d1'<\/p>\n
Savings accounts in U.S. financial institutions<\/p>\n
Cc<\/p>\n
Cash value life insurance<\/p>\n
\u05d3<\/p>\n
Certificates of deposit, money market accounts in U.S. financial institutions<\/p>\n
\u05d4<\/p>\n
IRA, SEP, 401(k) and Keogh accounts<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
US, state or municipal government bonds valued at current market prices<\/p>\n
American traded investments (NYSE, Amex, OTC, NASDAQ, etc.) valued at<\/p>\n
current market prices<\/p>\n
Mortgages and promissory notes, provided that interest is reported on the<\/p>\n
applicant’s tax return<\/p>\n
1<\/p>\n
Equity in U.S. income producing real estate<\/p>\n
2. Excluded from consideration are the following, among others:<\/p>\n
Mobile homes<\/p>\n
Recreational vehicles, boats and trailers<\/p>\n
Vacant land<\/p>\n
Automobiles<\/p>\n
Artwork, jewelry, furs and collections such as coins, dolls, stamps and other<\/p>\n
similar items<\/p>\n
Term life insurance<\/p>\n
Annuity funds and retirement accounts, which cannot be withdrawn in lump<\/p>\n
sum<\/p>\n
Anticipated bequests or inheritances<\/p>\n
Promissory notes whose income is not reported on the prospective<\/p>\n
transferee tax return<\/p>\n
J<\/p>\n
Community property<\/p>\n
\u05d1'<\/p>\n
Income Requirements<\/p>\n
1<\/p>\n
Prospective Shareholders shall submit from a recognized Credit Reporting<\/p>\n
Agency (e.g., Equifax, TransUnion, Experian) a full credit report if FICO score<\/p>\n
is less than 700 or FICO score is 700 or higher with an outside mortgage.<\/p>\n
Submit a credit summary report if FICO score is 700 or higher without an<\/p>\n
outside mortgage. These reports must be dated within 60 days prior to the<\/p>\n
application submittal.<\/p>\n
Prospective Shareholders and transferees must provide satisfactory<\/p>\n
verification of income of at least $40,000 per year at the time of purchase.<\/p>\n
Traditional retirement account assets (e.g., 401K, ERISA, IRA, Profit Sharing,<\/p>\n
etc.) will be considered as a source of annual income in accordance with this<\/p>\n
subsection. For the purposes of the income verification requirement pursuant<\/p>\n
to subsection (a) above, the portion of an Applicant\u2019s traditional retirement<\/p>\n
account assets attributable to said Applicant’s annual income shall be deemed<\/p>\n
to be the greater of the following:<\/p>\n
a. The mandatory annual distributions for the Applicant’s retirement accounts;<\/p>\n
\u05d0\u05d5\u05b9<\/p>\n
b. The total amount of the Applicant’s retirement accounts multiplied by eighty<\/p>\n
percent (80%), and then dividing this product by twenty-five (25) years, as<\/p>\n
follows:<\/p>\n
LJ<\/p>\n
Attributable income = (total retirement account assets x 80%) + 25<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
LJ<\/p>\n
Traditional retirement accounts may not concurrently satisfy both<\/p>\n
income and asset qualification requirements. Only traditional retirement<\/p>\n
accounts may be calculated to generate \u201cattributable income.\u201d<\/p>\n
4. Acceptable verifications include, among others:<\/p>\n
\u05d0<\/p>\n
The most recent federal tax returns. If tax returns are not yet filed or<\/p>\n
applicant is filing an extension for the last calendar year returns, provide a<\/p>\n
copy of extension filing and supporting W-2s and\/or 1099s.<\/p>\n
W-2 forms or paycheck stubs<\/p>\n
Bank, credit union or investment account statements<\/p>\n
Letters from bankers<\/p>\n
Notices of annuities and Social Security payments<\/p>\n
Pensions<\/p>\n
Trust income<\/p>\n
Disability income<\/p>\n
Residential\/commercial property rental income<\/p>\n
Out-of-state employment income and\/or its continuance after relocating to<\/p>\n
California must be explained by a letter addressed to the board<\/p>\n
5. Unacceptable income verifications include, among others:<\/p>\n
a. Letters from employers, accountants, bookkeepers and attorneys<\/p>\n
\u05d1'<\/p>\n
Income not reported on federal income tax returns<\/p>\n
c. Funds held outside US borders<\/p>\n
C. Guarantors<\/p>\n
United will permit the prospective shareholder who does not meet the financial<\/p>\n
requirements to have a guarantor.<\/p>\n
1<\/p>\n
The guarantor shall provide satisfactory verification of annual income of at least<\/p>\n
$90,000 and marketable or income producing assets of at least $250,000 plus<\/p>\n
the manor purchase price.<\/p>\n
Shareholder financial requirements for the occupying shareholder(s) when they<\/p>\n
have a guarantor:<\/p>\n
a. Minimum annual income of $24,000<\/p>\n
b. Minimum verifiable liquid, marketable and\/or income producing assets of at<\/p>\n
least $75,000 plus the manor purchase price.<\/p>\n
The income and assets of the guarantor are not a substitute for the minimum<\/p>\n
income and assets needed by the prospective shareholder(s) occupant(s).<\/p>\n
In addition to these requirements, the guarantor shall be required, as set forth<\/p>\n
herein (Exhibit B) to identify assets from which the financial obligation may be<\/p>\n
satisfied and authorize UCC financing statements to be filed.<\/p>\n
Guarantor and assets must be located in California.<\/p>\n
A guarantor may only guarantee one unit in the Village.<\/p>\n
D. Ownership of Multiple Memberships<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
1<\/p>\n
United does not permit ownership of more than one cooperative Membership,<\/p>\n
except under an interim dual Membership agreement which is issued for six<\/p>\n
months.<\/p>\n
United recognizes Third Mutual’s multiple unit owner requirements. As a<\/p>\n
condition of approval, any applicant who desires to purchase more than one (1)<\/p>\n
unit or already owns at least one (1) unit in Third Mutual or Laguna Woods<\/p>\n
Mutual No. Fifty shall submit satisfactory verification of annual income and net<\/p>\n
worth requirements. Therefore, members who wish to purchase an additional<\/p>\n
unit in United Mutual must separately satisfy Third Mutual’s stepped-up<\/p>\n
income\/asset requirements, as now established or as may be amended in the<\/p>\n
future.<\/p>\n
Current members of one Mutual who wish to purchase in another Mutual are<\/p>\n
required to meet the financial requirements of the Mutual in which they are<\/p>\n
purchasing.<\/p>\n
E. Financial Qualification Waivers<\/p>\n
1<\/p>\n
Shareholders who purchase a replacement Unit in United Mutual do not have to<\/p>\n
re-qualify financially for Membership, if there is no change to the Membership<\/p>\n
vesting and the dual interim agreement is in effect.<\/p>\n
A former member may obtain a waiver of financial qualifications if the<\/p>\n
replacement Membership is purchased within 90 days of the closing of the sale<\/p>\n
of the previously owned Membership, and vesting in the new Unit is exactly the<\/p>\n
same as the vesting in the Unit previously owned.<\/p>\n
F. Discretionary Authority<\/p>\n
United Board of Directors may, but is not obligated to, deny or approve applications<\/p>\n
for Membership based on the conditions herein. The Board of Directors, exercising<\/p>\n
prudent business judgement, may also deny or approve, in its sole and absolute<\/p>\n
discretion, applications based on other material factors, such as, but not limited to,<\/p>\n
history of bankruptcy, excess liabilities, or history of non-compliance as a member<\/p>\n
in United, GRF, or other Mutuals in Laguna Woods Village.<\/p>\n
\u05d7\u05b2\u05d1\u05b5\u05e8\u05d5\u05bc\u05ea<\/p>\n
Membership in United is created, and starts, with the later occurring of the following:<\/p>\n
1<\/p>\n
Written approval of Membership by the United Board of Directors;<\/p>\n
2<\/p>\n
Issuance of a Membership Stock Certificate;<\/p>\n
3<\/p>\n
The signing of an Occupancy Agreement; and<\/p>\n
4<\/p>\n
Upon close of escrow.<\/p>\n
Upon Membership approval the Occupancy Agreement entitles the Member to<\/p>\n
occupy the Unit for three years, which is automatically renewed for three-year terms<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
per Article 4 of the Occupancy Agreement, unless terminated by transfer or United’s<\/p>\n
nonrenewal or termination by the Board of Directors.<\/p>\n
Iv<\/p>\n
PROCEDURE<\/p>\n
Applicants must complete and submit all required forms and verification documents to the<\/p>\n
escrow firm handling the sales transaction. The required forms and verification documents<\/p>\n
include:<\/p>\n
LJ<\/p>\n
The Membership Application with age and identity verification for each person<\/p>\n
on title;<\/p>\n
Most recent signed tax returns for each person on title;<\/p>\n
Responsibility Agreement for Nonstandard Landscape;<\/p>\n
Responsibility Agreement for Alterations;<\/p>\n
Memorandum of Occupancy Agreement signed by each applicant;<\/p>\n
Golden Rain Foundation Trust Facility Fee form;<\/p>\n
Promissory note;<\/p>\n
Financial statement and credit information (income and asset verification for<\/p>\n
each person on title);<\/p>\n
Residency Restrictions acknowledgement;<\/p>\n
Occupancy Agreement signed by each proposed applicant;<\/p>\n
Addendum to Occupancy agreement \u2014 Trustee Membership if applicable;<\/p>\n
Interim Dual Membership Agreement if applicable;<\/p>\n
Original Membership Certificate or Lost Instrument Bond or Lender<\/p>\n
Payoff Demand; and<\/p>\n
LJ<\/p>\n
Application for Co-occupancy Permit if applicable.<\/p>\n
If a Guarantor is applying, the proposed Guarantor must also submit the most recent<\/p>\n
signed tax returns, Financial Statement and Credit Information (income and asset<\/p>\n
verification for each guarantor), and Personal Unconditional Continuing Guaranty and<\/p>\n
Security Agreement (Exhibits A and B).<\/p>\n
Upon receipt of the above documents and those required of seller and escrow firm, staff<\/p>\n
reviews documentation to ensure it is complete and evaluates the financial verifications<\/p>\n
in light of the corporation\u2019s membership requirements. A staff report recommending<\/p>\n
approval or denial of the applicant is prepared and attached to the membership packet<\/p>\n
for the Board’s consideration and action.<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
EXHIBIT A<\/p>\n
Personal Unconditional Continuing Guaranty and Security Agreement<\/p>\n
Parties<\/p>\n
Member(s)<\/p>\n
(collectively, the \u201cMember\u201d)<\/p>\n
Property Address<\/p>\n
(\u201cProperty\u201d)<\/p>\n
Guarantor<\/p>\n
(\u201cGuarantor\u201d)<\/p>\n
This Personal Unconditional Continuing Guaranty and Security Agreement<\/p>\n
(hereinafter “Guaranty”) is made this<\/p>\n
day of<\/p>\n
by the undersigned, individually, jointly and severally if more than one (hereinafter<\/p>\n
individually and collectively the “Guarantor”), whose address(es) appear below their<\/p>\n
signatures hereon, to and for the benefit of<\/p>\n
(\u201cMember\u201d) and United Laguna Woods Mutual, a California nonprofit mutual benefit<\/p>\n
corporation (hereinafter \u201cUnited\u201d or \u201cCorporation\u201d)<\/p>\n
For purposes of this Guaranty, \u201cGuarantor\u201d is the undersigned who guarantees to pay<\/p>\n
for the Member’s debt and\/or obligations if Member should default or otherwise fail to<\/p>\n
pay a debt and\/or obligation(s) to United<\/p>\n
The undersigned Guarantor may only guarantee one unit in the Village. For purposes<\/p>\n
of this Guaranty, Village means United Laguna Woods, Third Laguna Hills, and The<\/p>\n
Towers. Guarantor warrants and represents it has not and will not guarantee another<\/p>\n
unit in the Village<\/p>\n
In consideration of the mutual covenants and agreements herein, and for other<\/p>\n
valuable consideration, the receipt and sufficiency of which are hereby acknowledged<\/p>\n
Guarantor warrants to, and covenants with, United as follows<\/p>\n
1. Personal Unconditional Continuing Guaranty<\/p>\n
Guarantor, individually, jointly and severally, unconditionally and absolutely<\/p>\n
guarantees the due and punctual payment of the Indebtedness, as hereinafter<\/p>\n
defined (without deduction for any claim, setoff or counterclaim of Guarantor, or for<\/p>\n
the loss of contribution of a co-guarantor, if any) of Member to United, on demand<\/p>\n
in lawful money of the United States. The term “Indebtedness” is used herein in its<\/p>\n
most comprehensive sense and includes the Monthly Carrying Charge payable by<\/p>\n
the Member to United, all assessments, fines or other monetary charges levied in<\/p>\n
the name of United pursuant to the applicable Occupancy Agreement, Bylaws or<\/p>\n
other governing documents of United, and California law, all as now existing or as<\/p>\n
may be hereafter amended, any and all advances, debts, obligations and liabilities<\/p>\n
of Member or any one or more of them, now or hereafter made, incurred or<\/p>\n
created, whether voluntary or involuntary, and however arising, whenever due, and<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
whether absolute or contingent, liquidated or unliquidated, determined or<\/p>\n
undetermined, and whether Member may be liable individually or jointly with<\/p>\n
others, or whether recovery upon such Indebtedness may be or hereafter become<\/p>\n
barred by any statute of limitations, or whether such Indebtedness may be or<\/p>\n
hereafter becomes otherwise unenforceable.<\/p>\n
The obligation of Guarantor is a primary, continuing and unconditional obligation of<\/p>\n
payment and performance. This Guaranty shall be effective regardless of the<\/p>\n
solvency or insolvency of Guarantor at any time or the subsequent incorporation,<\/p>\n
reorganization, merger or consolidation of Guarantor, or any other change in<\/p>\n
composition, nature, personnel, ownership or location of Guarantor. This Guaranty<\/p>\n
is non-revocable by Guarantor.<\/p>\n
Guarantor shall at all times satisfy the minimum financial requirements required by<\/p>\n
United, which financial requirements may be amended by United’s Board of<\/p>\n
Directors from time to time.<\/p>\n
The obligations of Guarantor herein cannot be assigned or transferred in any<\/p>\n
manner whatever, directly or indirectly, by operation of law or otherwise, without the<\/p>\n
prior written consent of United, which consent may be withheld in any<\/p>\n
circumstances. However, Guarantor agrees that this Guaranty shall inure to the<\/p>\n
benefit of and may be enforced by United and by any subsequent holder or<\/p>\n
assigned of any and all of the Indebtedness and shall be binding upon and<\/p>\n
enforceable against Guarantor and Guarantor’s executors, administrators, legal<\/p>\n
representatives, successors and assigns.<\/p>\n
The obligations hereunder are joint and several, and independent of the obligations<\/p>\n
of Member. A separate action or actions may be brought and prosecuted by<\/p>\n
Corporation against Guarantor whether action is brought against Member or<\/p>\n
whether Member be joined in any such action or actions; and Guarantor waives the<\/p>\n
benefit of any statute of limitations affecting their liability hereunder or the<\/p>\n
enforcement thereof.<\/p>\n
Guarantor authorizes Corporation, without notice or demand and without affecting<\/p>\n
Guarantor’s liability hereunder, from time to time to (a) renew, compromise, extend,<\/p>\n
accelerate, or otherwise change the time for payment of, or otherwise change the<\/p>\n
terms of the Indebtedness or any part thereof, including increasing or decreasing<\/p>\n
the rate of interest thereon; (b) take and hold security for the payment of this<\/p>\n
guaranty or the Indebtedness guaranteed, and exchange, enforce, waive and<\/p>\n
release any such security; (c) apply such security and direct the order or manner of<\/p>\n
sale thereof as Corporation in its discretion may determine; and (d) release or<\/p>\n
substitute any one or more of the endorsers or Guarantor. Corporation may, without<\/p>\n
notice, assign this Guaranty in whole or part. Without limiting the foregoing,<\/p>\n
Guarantor hereby waives the rights and benefits under California Civil Code (“CC”)<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
Section 2819, and agrees that Guarantor’s liability shall continue even if<\/p>\n
Corporation allows any Indebtedness of Members in any respect or Corporation’s<\/p>\n
remedies or rights against Member are in any way impaired or suspended without<\/p>\n
United’s consent.<\/p>\n
Guarantor waives any right to require Corporation to (a) proceed against Member;<\/p>\n
(b) proceed against or exhaust any security held from Member; or (c) pursue any<\/p>\n
other remedy in Corporation’s power whatsoever. Guarantor waives any defense<\/p>\n
arising by reason of any disability or other defense of Member or by reason of the<\/p>\n
cessation from any cause whatsoever of the liability of Members. Until all<\/p>\n
Indebtedness of Members to Corporation shall have been paid in full, even though<\/p>\n
such indebtedness is in excess of Guarantor’s liability hereunder, Guarantor shall<\/p>\n
have no right of subrogation, and waives any right to enforce any remedy which<\/p>\n
Corporation now has or may hereafter have against Member, and waives any<\/p>\n
benefit of, and any right to participate in any security now or hereafter held by<\/p>\n
United. Guarantor waives diligence and all presentments, demands for<\/p>\n
performance, notices of nonperformance, protests, notices of protest, notices of<\/p>\n
dishonor, and notices of acceptance of this Guaranty and of the existence,<\/p>\n
creation, or incurring of new and additional Indebtedness. Notwithstanding,<\/p>\n
Guarantor will receive copies, at the discretion of United or upon Guarantor\u2019s<\/p>\n
written request, of Member’s late payment notices.<\/p>\n
Guarantor agrees to pay reasonable attorneys’ fees and all other costs and<\/p>\n
expenses which may be incurred by Corporation in the enforcement of this<\/p>\n
Guaranty or any attempts to collect any of the obligations of Member whether or not<\/p>\n
Corporation files suit against Member and Guarantor.<\/p>\n
In all cases where there is but a single Member or a single Guarantor, then all<\/p>\n
words used herein in the plural shall be deemed to have been used in the singular<\/p>\n
where the context and construction so require; and when there is more than one<\/p>\n
Member named herein, or when this Guaranty is executed by more than one<\/p>\n
Guarantor, the word “Members” and the word “Guarantors” respectively shall mean<\/p>\n
all and any one or more of them.<\/p>\n
All obligations of Guarantor shall be performed at Laguna Woods, California. At all<\/p>\n
times herein, Guarantor\u2019s primary residence and\/or, if an entity, place of business,<\/p>\n
filing, registration or incorporation shall be in the State of California, and<\/p>\n
Guarantors assets shall also be located in California. United may, from time to<\/p>\n
time, change or modify any obligation between Member and United in any manner<\/p>\n
it may deem fit and such change shall not affect the liability of Guarantor in any<\/p>\n
manner. Guarantor further waives all right to require United to proceed against the<\/p>\n
Member or any other person, firm or corporation, or to pursue any other remedy<\/p>\n
available to United. All rights of United herein or otherwise shall be cumulative and<\/p>\n
no exercise, delay in exercising, or omission to exercise any right of United shall be<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
deemed a waiver and every right of this Corporation may be exercised repeatedly.<\/p>\n
Any and all property of the undersigned, whether community or separate or<\/p>\n
otherwise, may be applied to the payment of any obligation arising hereunder.<\/p>\n
Security Interest, Financial Information<\/p>\n
Guarantor hereby grants to United a continuing first priority security interest in and<\/p>\n
to all Guarantor\u2019s assets set forth on the attached Exhibit B (\u201cSecured Collateral\u201d).<\/p>\n
Guarantor authorizes United to cause UCC financing statements to be filed, UCC<\/p>\n
financing statement amendments and UCC financing statement continuation<\/p>\n
statements with respect to the Secured Collateral. The collateral in which a security<\/p>\n
interest is hereby granted includes all of the rights, titles, and interests of Guarantor<\/p>\n
in and to the Secured Collateral.<\/p>\n
Guarantor hereby authorizes United to cause at any time and from time to time<\/p>\n
filing in any filing office in any jurisdiction any initial financing statements and\/or any<\/p>\n
amendments thereto required to perfect or continue the perfection in the security<\/p>\n
interests granted hereby, including financing statements that: (a) indicate the<\/p>\n
Secured Collateral as being of an equal or lesser scope or with greater detail and<\/p>\n
(b) provide any other information required by Part 5 of Article 9 of the UCC for the<\/p>\n
sufficiency or filing office acceptance of any financing statement or amendment,<\/p>\n
including whether Guarantor is an organization, the type of organization and any<\/p>\n
organizational identification number issued to Guarantor. Guarantor hereby<\/p>\n
authorizes United at any time and from time to time to correct or complete, or to<\/p>\n
cause to be corrected or completed, any financing statements, continuation<\/p>\n
statements or other such documents as have been filed naming Guarantor as<\/p>\n
debtor and United as secured party. United is hereby authorized to give notice to<\/p>\n
any creditor or any other person as may be necessary or desirable under<\/p>\n
applicable laws to evidence, protect, perfect, or enforce the security interest<\/p>\n
granted to United in the Secured Collateral.<\/p>\n
United may on an annual basis verify Guarantor\u2019s financial information provided to<\/p>\n
United pursuant to this Guaranty.<\/p>\n
Requirement of Guaranty<\/p>\n
Guarantor is executing and delivering this Guaranty in order to induce United to<\/p>\n
enter into an Occupancy Agreement with and accept an application for Membership<\/p>\n
from Member. Guarantor acknowledges, agrees, represents and warrants that<\/p>\n
Guarantor benefits from same and that such benefit is sufficient consideration for<\/p>\n
the entry of Guarantor into this Guaranty.<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
IN WITNESS WHEREOF, this Guaranty has been duly executed and delivered as<\/p>\n
of the date first written above.<\/p>\n
Guarantor<\/p>\n
Signature<\/p>\n
Dated<\/p>\n
Print Name<\/p>\n
Address<\/p>\n
Telephone<\/p>\n
\u05d0\u05b6\u05dc\u05b6\u05e7\u05d8\u05e8\u05d5\u05b9\u05e0\u05b4\u05d9<\/p>\n
Guarantor<\/p>\n
Signature<\/p>\n
Dated<\/p>\n
Print Name<\/p>\n
Address<\/p>\n
Telephone<\/p>\n
\u05d0\u05b6\u05dc\u05b6\u05e7\u05d8\u05e8\u05d5\u05b9\u05e0\u05b4\u05d9<\/p>\n
Accepted<\/p>\n
United Laguna Woods Mutual<\/p>\n
Signature<\/p>\n
Dated<\/p>\n
Print Name<\/p>\n
Title<\/p>\n
United Laguna Woods Mutual<\/p>\n
Signature<\/p>\n
Dated<\/p>\n
Print Name<\/p>\n
Title<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
Exhibit B<\/p>\n
Secured Collateral<\/p>\n
Asset(s)<\/p>\n
Asset Location in California<\/p>\n
(i.e., bank account, bank account<\/p>\n
number, name of bank; real<\/p>\n
Guarantor Name<\/p>\n
Ownership Interest<\/p>\n
property, real property address)<\/p>\n
Rev. Adopted 6-11-2024
\n\u05d9\u05d5\u05e0\u05d9\u05d9\u05d8\u05d3 \u05dc\u05d2\u05d5\u05e0\u05d4 \u05d5\u05d5\u05d3\u05e1<\/p>\n
\u05d4\u05b2\u05d3\u05b8\u05d3\u05b4\u05d9<\/p>\n
Resolution 01-24-60<\/p>\n
Financial Qualifications Policy<\/p>\n
WHEREAS, United Laguna Woods Mutual is formed to provide housing to its Members on a<\/p>\n
mutual nonprofit basis; and<\/p>\n
WHEREAS, it is in the best interest of the Corporation to protect and preserve the financial<\/p>\n
integrity of the Corporation; and<\/p>\n
WHEREAS, United desires to clarify that it recognizes Third Mutual’s multiple unit owner<\/p>\n
requirements for members desiring to purchase a unit in United Laguna Woods Mutual when<\/p>\n
other units are owned in the community;<\/p>\n
NOW THEREFORE BE IT RESOLVED, June 11, 2024, that the Board of Directors of this<\/p>\n
Corporation hereby approves the amendments to Section Il Definitions and Section Ill (D) –<\/p>\n
Ownership of Multiple Memberships of its Financial Qualification requirements as attached to the<\/p>\n
official meeting minutes of this meeting; and<\/p>\n
RESOLVED FURTHER, that Staff is hereby directed to disseminate this information to the realty<\/p>\n
community serving Laguna Woods Village; and<\/p>\n
RESOLVED FURTHER, that Resolution 01-21-54 adopted August 10, 2021, and Resolution 01-<\/p>\n
21-60 adopted September 14, 2021 are hereby superseded and cancelled; and<\/p>\n
RESOLVED FURTHER; that the officers and agents of this Corporation are hereby authorized<\/p>\n
on behalf of the Corporation to carry out the purpose of this resolution.<\/p>\n
MAY INITIAL NOTIFICATION: 28-day notification for member review and comments to comply with Civil<\/p>\n
Code \u00a74360 has been satisfied.<\/p>\n
Rev. Adopted 6-11-2024<\/p>","protected":false},"author":2,"featured_media":0,"template":"","document_category":[1070,1071],"document_type":[53],"class_list":["post-17268","document","type-document","status-publish","hentry","document_category-policies-procedures-operating-rules-united","document_category-sales-united","document_type-other"],"acf":{"document":71532,"resolutions":null,"legacy_id":"","pdf_extracted_text":""},"yoast_head":"\n