Due to one of our customer’s suggestions, we will be updating the text in Cx4985, which assigns a proprietary lease in a cooperative from a borrower to a lender. These updates include:
1. Adding an additional Clause 5 to the last paragraph, in which the assignor (aka the borrower) represents that there are no special assessments currently due to the cooperative association.
2. Configuring the text concerning subjecting the assignment to the trust fund provisions of Section 13 of New York’s Lien Law to print only if the subject property is located in New York.
3. Touching up the text in other parts of the document for aesthetic purposes.
These changes will take effect July 5, 2013. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
June 28, 2013