BULLETIN NO: 2023-07<\/p>\n
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BULLETIN DATE | November 1, 2023<\/p>\n
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Resolution 01-23-54<\/p>\n
ADOPTED DATE | October 2, 2023<\/p>\n
SUBJECT:<\/p>\n
United Laguna Woods Mutual Recognition Agreement for Non-Institutional (Private) Lenders<\/p>\n
On October 2, 2023, by way of Resolution 01-23-54, the United Mutual board of directors<\/p>\n
adopted a recognition agreement for non-institutional lenders for private lenders to administer<\/p>\n
loans to United members.<\/p>\n
United is a stock cooperative housing development that holds title to all property and<\/p>\n
structures. Members own a share of stock in the corporation and are granted the right to<\/p>\n
occupy a specific unit upon approval of membership. Membership in United is not tied to real<\/p>\n
property ownership, and thus a mechanism was necessary to permit a lender to secure its loan<\/p>\n
with collateral owned by the corporation. United developed a recognition agreement for non-<\/p>\n
institutional lenders to protect the financial integrity and solvency of the corporation.<\/p>\n
United Mutual requires a lender to sign the recognition agreement that outlines the terms and<\/p>\n
conditions whereby the lender is able to secure its loan by encumbering United\u2019s real property<\/p>\n
on the basis of a loan being made to a prospective or existing member. The lender agrees to<\/p>\n
make United whole in the event a member\/borrower defaults in obligations to pay assessments<\/p>\n
and allows United to remain in first place should a default to United occur and allows United to<\/p>\n
exercise its right of first refusal to purchase a membership.<\/p>\n
All documents related to a member\u2019s\/borrower\u2019s rights of membership in United shall be held<\/p>\n
by lender, escrow or some other third-party trustee as agreed between lender and borrower.<\/p>\n
All loans secured by the Agreement shall be funded and settled by a third-party escrow or title<\/p>\n
company licensed in, or controlled by, the State of California. Such escrow or title company<\/p>\n
shall have a functional understanding of stock cooperative corporations.<\/p>\n
Please find the approved resolution on the next page for your review.
\nBULLETIN NO: 2023-07<\/p>\n
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RESOLUTION 01-23-54<\/p>\n
Recognition Agreement for Non-Institutional Lenders<\/p>\n
WHEREAS, the United Laguna Woods Mutual Board of Directors carries a fiduciary financial<\/p>\n
obligation of the Corporation; and<\/p>\n
WHEREAS, United Laguna Woods Mutual Bylaws, Article lll, Section 1 provides that<\/p>\n
prospective members unable to satisfy financial requirements may be approved for<\/p>\n
Membership if another financially qualified person enters into an Agreement with the<\/p>\n
Corporation to become financially responsible for expenses associated with such membership<\/p>\n
and that other person meets the financial requirements established by the Corporation, and<\/p>\n
WHEREAS, a Guarantor Agreement has been developed to comport with the Article III,<\/p>\n
Section 1 of the Bylaws and has been in use for many years, and<\/p>\n
WHEREAS, on June 27, 2023 the United Finance Committee approved the United<\/p>\n
Recognition Agreement for Non-Institutional Lenders whose purpose is to research loan<\/p>\n
options and reexamine current policies restricting the use of private loans; and<\/p>\n
WHEREAS, prospective members currently have two avenues available to satisfy United<\/p>\n
Laguna Woods Mutual financial requirements: (1) they may qualify financially on their own<\/p>\n
merits with or without a loan from a qualified financial institution or non-institutional lender<\/p>\n
who have entered into an individual recognition agreement with the Corporation; (2) they may<\/p>\n
obtain a Guarantor who meets the financial qualifications established by United Laguna<\/p>\n
Woods Mutual from time to time,<\/p>\n
NOW THEREFORE BE IT RESOLVED, October 2, 2023, that Board of Directors of this<\/p>\n
Corporation hereby approves the United Recognition Agreement for Non-Institutional Lenders<\/p>\n
as attached; and<\/p>\n
RESOLVED FURTHER, the Resolution 01-16-107 adopted on November 8 2016, is hereby is<\/p>\n
superseded and cancelled.<\/p>\n
RESOLVED FURTHER, that the officers and agents of this Corporation are hereby<\/p>\n
authorized on behalf of the Corporation to carry out the purpose of this resolution.<\/p>\n
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Email pamela.bashline@vmsinc.org with questions about the recognition agreement. Thank<\/p>\n
you.<\/p>","protected":false},"author":2,"featured_media":0,"template":"","document_category":[1227],"document_type":[],"class_list":["post-49604","document","type-document","status-publish","hentry","document_category-realtor-info-bulletins"],"acf":{"document":349,"resolutions":null,"legacy_id":"8770","pdf_extracted_text":""},"yoast_head":"\n