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Successor Holder of Unsold SharesSep 16, 2010


Our Coop has a Holder of Unsold Shares (lawyer) that does not assist in the administration of the house policies, access, inspections, etc. What recourse do we have? The board is timid about addressing these issues because he controls 24 units out of 75!

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Holder Issue - Mark Levine Sep 16, 2010


I'm not a lawyer and I haven't seen your Proprietary Lease for myself, but the Prop Lease usually has a provision for access within a reasonable amount of time for the Lessor or a representative thereof. I haven't come across a Prop Lease that exempts the Sponsor or Holder from this requirement (not as you would see an exemption from the Sponsor getting permission for an alteration approval, sale approval, apartment used as an office, etc.)

Use that paragraph if you need to stir the boat to get into the apartment. Even more so if the apartment(s) in question are causing issues with those to the sides or below.

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