Aquarius S. Assessment 2017 loan amortization: true-up needed
Open Letter to Mr. William Coleman, A|P Director of Condominium Operations
Aquarius, February 20, 2019
The Aquarius Management Office recently sent an email message to the owners. It was a reminder of the amortization schedule of the loan for the Special Assessment 2017.
The table of quotes used was the same as used at the outset of the Special Assessment 2017 after the loan contract was signed with the lender Banco Popular. At that time, it was agreed that after 24 months of ‘interest only’ introductory payments, a true-up would be computed and new quotas would be established and charged.
The reasons for this true-up are:
1. The “interest only” quotas were established on the assumption that Aquarius C.A. would borrow the entire loan amount of $15 million. That was not the case. The payments have been made in accordance with the completion of several construction stages.
2. The amortization schedule quotas should reflect the same assumption. However, A good number of Aquarius owners preferred to make a full payment at early date to cover their entire SA 2017 share. At least $3 million have been deposited. Therefore, the outstanding loan to be paid can never be more than $12 million.
It is understood that the total obligations incurred will consume the full loan amount of $15 million, but it is of vital importance to charge the owners the actual amount of interest based on the outstanding loan amount.
It is necessary to make a realistic true-up that reflects the actual obligation of Aquarius C.A. with the lender. This will result in adjustments that are fair for all.
I trust that Aquarius C.A. owners will count with your good offices.
Cecílio A. F. Berndsen, Apartment 1005 N
Aquarius Special Assessment of 2017
Schedule of Payments
Fun time. Just a song from 1966. Let’s take a break and sing along:
“These Boots Are Made for Walkin'” is a pop song musically composed by Lee Hazlewood and first written and recorded by Nancy Sinatra. It was released in February 1966 and hit #1 in the United States and United Kingdom Pop charts. Subsequently, many cover versions of the song have been released in a range of styles: metal, pop, rock, punk rock, country, dance, and industrial.
The quality of the video could be much better. Nevertheless we still can enjoy the song.
Two comments from YouTube:
♦ This video. This era. Those legs. Jesus! by Alex Zable
♦ I sing this to my elderly mom when I help her walk with her walker. I say, “Are you ready mom? Start walkin’.” We both laugh, and hopefully she doesn’t break a hip. by ‘insername125’