EFTA00769628.pdf

From: To: "jeevacation®gmail.com" <jeevacation®gmail.com> Subject: Email from Attorney regarding Heart OfPB Date: Mon, 31 Aug 2009 15:53:37 +0000 Attachments: Properties.pdf Jeffrey, Please read below. If you think this property is something you may want to purchase , I will have Guy do the necessary things to get you the information. Take a look at the attached information as well as the old listing for Seminole. This is prior to the renovations. Call me to preview. Please take me along on any properties you preview. I appreciate you always Follow this link to see the page: http://www.flexmls.com/link.html?oucyg92f17b,6,1 From: Guy Rabideau [ Sent: Monday, August 31, 2009 10:55 AM To: Subject: RE: Help please On behalf of another client I preliminarily looked into this property many months ago. The title on this is "hairy", meaning there are multiple claims of liens by contractors and others. If I recall properly, there were about 25 of these. A proper search and review of this property would not only entail review of each of those claims of lien, but also a review of the court file to see if the current lender which has the judgment against the owner has properly foreclosed those items out (in other words, determine if the lienors will have any rights in the property after the foreclosure sale). One of my concerns about this property is that the lender probably has the plans or other development rights to complete the project that another party would not be acquiring should he or she be the successful bidder at the foreclosure sale. An example of this would be the right to use the architect's plans to complete construction. At a foreclosure sale, the buyer gets just the property, not these other rights which are critically important for a project like this. This property also has issues with the Town of Palm Beach for failing to complete construction on time and there may be liens by the Town accumulating on this property. These do not get released by a foreclosure sale. Proper due diligence would entail negotiating with the Town to release those liens in exchange for a new completion schedule. I suspect the Town would be willing to enter into such an agreement. Overall, , it is difficult for me to estimate the fees involved for this particular property because it is so unlike the typical cut-and-dry foreclosure of a property with completed construction. On another note, it was my understanding that the lender, at least previously, was looking for 100 cents on the dollar for its lien, which may or may not make economic sense for this property. That was many months ago and possibly the lender has changed its position on that issue. EFTA00769628 Let me know if you wanted me to proceed on this. Guy Rabideau, Esq. Phone: Fax: e-mail: This message may contain confidential information or attorney work product. If you receive this in error, any review, dissemination or copying is strictly prohibited. Please contact me immediately by return email or phone and delete this message and any attachments from your system. Thank you. Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code: or, (2) promoting, marketing or recommending to another party any matters addressed herein. Original Message From: (mailto• Sent: Monday, August 31, 2009 8:36 AM To: Guy Rabideau Subject: Help please Hello Guy I need a favor. I have a client interested in The Heart of Pb hotel could you help me with something. I need a title search and a Lien search done. My client has lots of cash but would like to know what he is getting into. How much would this cost me? I understand as a title company you have a program specific for thus correct? I need this dond quickly, property is scheduled to go to auction on tbd 15th of this month. Broker Associate (c) (o) *www**www**www**www**www**www**ww********www**www**www**www**www**www******* ******www**www**www**www**www**www*******www*** All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. The information in this electronic mail message is the sender's business confidential and may be legally privileged. It is intended solely for the addressee(s). Access to this internet electronic mail message by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful. The sender believes that this E-mail and any attachments were free of any virus, worm, Trojan horse, and/or malicious code when sent. This message and its attachments could have been infected during transmission. By reading the message and opening any attachments, the recipient accepts full responsibility for taking protective and remedial action about viruses and other defects. The sender's employer is not liable for any loss or damage arising in any way from this message or its attachments. is a licensed real estate broker. *WW*************WWW*****************WWW**WWW**WWW**WWW**WWW**WWW************ *WWW************WWW**WWW**WWW**WWW**WWW**WWW*** EFTA00769629 **A,, F0e9t**WWW**WWW**WWW**WWW**WWW**WWW************WWW**WWW********* All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. The information in this electronic mail message is the sender's business confidential and may be legally privileged. It is intended solely for the addressee(s). Access to this internet electronic mail message by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful. The sender believes that this E-mail and any attachments were free of any virus, worm, Trojan horse, and/or malicious code when sent. This message and its attachments could have been infected during transmission. By reading the message and opening any attachments, the recipient accepts full responsibility for taking protective and remedial action about viruses and other defects. The sender's employer is not liable for any loss or damage arising in any way from this message or its attachments. is a licensed real estate broker. *WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WWW**WW ******WWW**WWW************WWW* EFTA00769630