notice to cure
Started by tnook
almost 15 years ago
Posts: 1
Member since: Mar 2011
Discussion about
hoping to get anyone's thoughts on this... got a letter from an attorney that the management company hired. i own a co-op, but due to noise they sent me a 30 day notice to cure. according to the letter, if i don't cure the default, then they will cease and expire the lease. what happens when they do that? do they force move us out and then put the apartment on the market? and what happens to the equity? also, i believe i have cured the default, so am i set? i feel like i need to protect myself by having them issue another letter saying i'm ok now?
tnook:
1. for notice to be valid, it must specify how and when you have breached your lease.
2. the lease itself provides what is known as a cure period
3. in most coop leases cure is in a sub-section of lease paragraph 31
4. if you start curing within time set to cure, and your actions are reasonably calculated
to cure the problem, then you probably will have cured for purposes of your lease
5. coop cant do anything without taking you to court
6. if it were to win, you would have an extra 10 days to cure under RPAPL section 753(4)
7. more if a court gave you additional time
8. if Coop takes apartment back you could force its sale
9. the net proceeds of sale after Coop is paid would be paid to you and your lender, in reverse order
What was the default? How did you cure it?
What specifically is the noise complaint? Is it something you can cure easily with a change in habit (loud TV or music, practicing an instrument beyond acceptable hours, letting the kids run around on uncarpeted floors)?
If an attorney has become involved I'd assume this is a problem you've already been made aware of. Is there nothing you can do to mitigate the noise?
Sorry--I didn't fully absorb your post. You say you've already cured the problem, which is good. You'd be better off asking your attorney whether there needs to be a new letter issued acknowledging that.
One thing to keep in mind--since you've already 'run afoul' of the board you may find yourself in a difficult position when/if you ever decide to sublet or sell your unit. Boards can hold grudges and tend not to be very responsive to problem shareholders.
I say hire rb345. I am not a RE attorney, but that looks like a pretty good summary.