Margie Franker 0

Owners of the Osthoff Condominium Association Petition to Rescind the Resolution dated May 22, 2017

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The undersigned owners of the Osthoff Condominium Association hereby petition the board of directors to rescind the Resolution dated May 22, 2017 in its entirety and rescind the daily usage fees imposed on owners in the rental program as the resolution along with the daily usage fee is:

  • Counterproductive of every goal identified in the scope of the resolution
  • Creates more Excess Inventory
  • Rental Owners experience loss in revenue as the rental pool is diluted
  • Osthoff Management Corporation’s Gross Sales also suffer losses from units sitting vacant (cost of excess inventory)
  • Real Estate values have plummeted
  • Our real estate is marketable as investment property only while many units are not profibable
  • Both rental and non-rental owners pay their fair share of the common expenses via monthly assessments. owners do not receive rent nor profits, if any, for their share of the common areas used by the commercial units
  • Owners in Rental Program are trapped with expensive refurbishing
  • Legal Fees incurred as the resolution violates Article 7.1 and 7.2 of our declarations

We are asking for the board’s immediate action as to curtail further legal fees. Electronic signature on this petition shall be treated as our original signatures.

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