Condo Media - June 2020 - 55

Boards should avoid actions (or omissions)
that negatively impact the association's rights.
Boards should avoid actions (or
omissions) that negatively impact the
association's rights. In New Hampshire,
per the Condominium Act (RSA 356B:46), an association must place a lien
against a unit within six months of the
due date of an unpaid assessment. Thus,
there is a legal timeline binding both unit
owners and boards. When necessary,
boards should place a lien in order to
avoid loss of the right to do so. This is
especially important in cases involving
mortgages dated January 1, 2011, or
subsequent dates. In such cases, the law
allows associations, upon proper and
timely completion of the legal procedure,
to perfect a lien taking precedence over
the first mortgage on a unit.
Once an association protects its
rights through the lien process, boards
may again exercise compassion at their
discretion. For instance, the association
may afford extra time during litigation,
entertain a payment plan or "hold" a
court judgment as opposed to acting on it
promptly via Sheriff Sale. Ultimately, the
association must receive the levied assessments in order to preserve the property for the best interest of all owners.
POTENTIAL FINANCIAL OPTIONS
Another financial option for struggling
associations might be a federal loan.
At the time of this writing in late April,
the first round of funding for these
loans had been depleted; however,
governmental negotiations for a
second round of funding was already
underway. While the "Paycheck
Protection Program" loans available
to small businesses were not designed
for associations, communities may
qualify for a variation known as the
Economic Injury Disaster Loan. These
loans are available in amounts up to
$2,000,000.00 with terms up to thirty
years. Interest is approximately 2.75
percent and payments may be deferred
for a year. Community associations

may qualify because loan funds can
be used for fixed debts and accounts
payable. An "economic injury" is
a change in financial condition
leaving an organization unable
to meet its financial obligations.
Thus, an association that can
demonstrate serious delinquencies
relative to unpaid assessments
may meet the standard.

Associations feeling financial
pressure should be proactive about
speaking with their legal counsel
and their bankers. These problems
are better avoided, as opposed to
remedied. I hope you all remain well
and stay safe.
n GARY M. DADDARIO, ESQ., CCAL,
IS A PARTNER WITH THE LAW FIRM
OF MARCUS, ERRICO, EMMER &
BROOKS, P.C. AND CHAIR OF THE
NEW HAMPSHIRE LEGISLATIVE
ACTION COMMITTEE (NHLAC).

Managing complex relationships
is second nature to NSB

Peter Kitsakos, Gemini Property Management
and North Shore Bank Commercial Loan Officer,
Lisa Scopa at Bartlett's Reach in Amesbury, MA

In the fast-paced, ever-changing banking industry, our
clients have found a true partner in North Shore Bank.
NSB offers the loan and deposit products that our clients
need - delivering them with expert, personalized service."

Peter Kitsakos | Gemini Property Management
(978) 346-8900 - pjk@geminiproperty.com

Commercial & Industrial Lending | Commercial Real Estate Lending
Construction & Development Lending | Condominium Assn. Lending
northshore-bank.com |
Member FDIC

Member SIF

Equal Housing Lender

For information about commercial lending at North Shore Bank
call us at (877) 712-7000 or visit northshore-bank.com/lenders
June 2020 CONDOMEDIA

55



Condo Media - June 2020

Table of Contents for the Digital Edition of Condo Media - June 2020

Contents
Condo Media - June 2020 - Cover1
Condo Media - June 2020 - Cover2
Condo Media - June 2020 - Contents
Condo Media - June 2020 - 2
Condo Media - June 2020 - 3
Condo Media - June 2020 - 4
Condo Media - June 2020 - 5
Condo Media - June 2020 - 6
Condo Media - June 2020 - 7
Condo Media - June 2020 - 8
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Condo Media - June 2020 - 11
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Condo Media - June 2020 - Cover3
Condo Media - June 2020 - Cover4
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