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When our building went co-op some 20+ years ago, the former owner was given a contract which enables him to collect rent from the commercial properties in our building. He pays no assessments, no maintenance nor any utility bills. The loss of this income is negatively affecting our co-op as we operate with a constant deficit.
Where do we start trying to find a way out of this situation?
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The task should be your property mangers and a good atorney. The contract that was writen 20 years ago may have an end date, Or the years many coop bylaws have changed that my void or contract or give you room to modify some of the conditions in the contract.
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