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Ndr�11P' <br /> The Chairman requested clarification of Ms. Prose' s ' <br /> i <br /> statement, "that the unit owners are in control. ,, <br /> Eileen Prose stated, " . . .That he needs a hundred percent of <br /> our vote in order for us to go forward. ,, <br /> The Chairman requested further clarification of this "SIT <br /> statement from unit owners ' counsel. <br /> For the record, Counsel identified himself as Mike Ford, <br /> representing the unit owners present. Attorney Ford explained <br /> that he had been retained by the unit owners this summer to <br /> -laws (which he has done; although <br /> examine the master deed and by <br /> he has not examined the proposal before the Board at the moment) . <br /> Attorney Ford stated the master deed is very specific in that <br /> additional phases can be brought on for a period of seven (7) ;`,_j4+1. <br /> years from the recording of the master deed, said deed having <br /> been recorded July 27, 1989, therefore the seven year period <br /> having expired July 27, 1996. There are two exceptions in the tr' gF� <br /> master deed that would permit an extension period. One is that <br /> if the Federal National Mortgage Association (Fanny-Mae) had <br /> regulations which permitted for a longer period of seven years. !};; J`ii- <br /> Attorney Ford stated that his inquiries with Fanny-Mae indicate <br /> they do not have regulations that control that particular period. <br /> Attorney Ford said Fanny-Mae had sent him a copy of a policy !E; ; t',f <br /> statement and made reference to Selling Guide Part 8, Chapter 6, <br /> Section 602, where it suggests seven <br /> 9.9 years, but is not <br /> regulation. The second exception is if Fanny-Mae or any <br /> successor granted a consent to a period longer than seven years <br /> (quoting from the master deed) . Attorney Ford stated that to his <br /> knowledge, no consent has ever been issued. In his conversations <br /> with Fanny-Mae he was told they don' t normally issue a consent <br /> unless the existing unit owners took title subject to the seven <br /> A I <br /> year provision consent to their giving a longer period. <br /> Attorney Ford stated that he has informed the unit owners of ib <br /> his belief that the provisions of General Laws C.183A, Section 5B 4 <br /> apply here. Anything that is going to affect their undivided <br /> interest in the common area needs the consent of a hundred (100*) <br /> percent of the unit owners. Since the seven year period has j <br /> expired, the unit owners ' consent is required here in order for <br /> this project to have standing to proceed. <br /> The Chairman recognized Attorney Butler for his comments. ,4,11�` <br /> Attorney Butler stated that Mr. Ford was correct. There are <br /> two exceptions set forth in the master deed; one of which is that �'� <br /> Fanny-Mae can consent to an extension of the seven year period. t <br /> Attorney Butler stated that he does not have an extension because Sdii <br /> he does not have the standing with which to obtain it. Attorney <br /> Butler made reference to Mr. Ed Menler, a top condominium 'F �� "I <br /> attorney, <br /> attorney, who has in fact gotten consents from Fanny-Mae to <br /> extend that period. Attorney Butler stated, " . . .Certainly it <br /> -17- M�I� <br /> °L <br /> E, <br /> ;S <br />