Q: Can a board member forclosure on shareholder if they are late on maintenance a couple of times?
if shareholder been late on maintenance a couple of times, can board foreclose on him?
A: It depends on the proprietary lease. In theory, yes.
Jonathan David Warner agrees with this answer
A: It is possible to foreclose. I doubt anyone is going to foreclose on someone being late 2 times. The paperwork for your building will list the rules and regulations that govern your building. Without being able to review those, you are asking for the general rule of law that may or may not apply to you.
Jonathan David Warner agrees with this answer
A:
Yes, assuming that your ownership agreement provides for such relief. You'll want to consult with an attorney, in depth, before you make any final decisions in terms of a game plan.
Good luck.
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