Miss Penny Lane rushed back to Palermo at lunchtime after receiving an e-mail this morning from a "Buzz Canine." Above is the Notice of Default served on PS Venture Indian Canyon / San Rafael LLC. This is the Palermo LLC of the Enterprise Cos. of Chicago. It owes $13,450,378.36 on a $30 million loan, according to what Buzz sent in. The document, dated July 14, 2010, says: "No sale date may be set until three months from the date this notice of default may be recorded." The document states that a payment was missed on May 5, 2010. The Palermo HOA had a board meeting on May 12, 2010 at which the two Enterprise board members said nothing about this to residents attending. (Of course, there must be confirmation by the board that Buzz Canine's documents are the real thing.) Miss Penny Lane's lunch is over but she says: Anyone who wants a copy of the notice may email her and will receive it tonight.
9 comments:
Thanks, Penny.
So is Enterprise just going to buy it back at auction?
Is the Murano development and the land they own downtown PS also impacted?
Thanks for information provided on this site!!
I am considering purchasing a unit in Palermo but am not sure what to think of Enterprise's situation and what might happen to the value of the current units if the 34 units that Enterprise currently owns go into auction?
What didn't Shipka Jr. just tell us this, instead of being coy or hiding it?
Who's got the cognac?
Well, if Brandy is out, can we toast with something else?
I want to encourage Palermo's remaining Board of Directors to contact the Coachella Valley Chapter of COMMUNITY ASSOCIATIONS INSTITUTE. This national organization provides education, support and training to homeowners charged with governing homeowners associations. Go to:
http://www.coachellavalleycai.org/Community-Associations-Institute-Chapter~101108~13510 or for information about the national association, go to: http://www.caionline.org/Pages/Default.aspx
The 'Brandi' is always out. How sorry is it for the management to be SO bad that instead of doing their job, they post the phone numbers on mail boxes so YOU can do their job for them? 8:44am, LMAO
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