Alexander Apartments, Inc.

We are pleased to inform you that we are now ready to beginning the final stage of the conversion to condominium.

Closing Documents

The condominium association has been legally created with the Condo Plan and CC&R’s recorded with the county clerk’s office just this past week. You are requested to execute the attached closing documents, pay the fees required and return all documents back to us by March 2, 2017.

The documents attached have been prepared specifically for your unit, and will be used as the Closing Documents, some of which will ultimately be recorded with the County Registry.  Please review all pages carefully and let us know immediately if there are any corrections needed, such as the spelling of your name, marital status, address, manner of holding title (refer to attachment - Concurrent Co-Ownership Interests), etc. If you still have any questions on how to hold title, you may want to consider professional advice.

We provide a brief description and explanation of each document below:

1. Unit Deed – Transfers ownership of your unit as a condominium from the Cooperative to you.(You do not need to sign this document; all Board signatures will be coordinated by Hutton.)
2. Partition, Distribution and Consent Agreement – Sets out the process by which your unit is being “partitioned and distributed” to you as part of the dissolution and conversion of the Association to a condominium form of ownership.
3. Preliminary Change of Ownership Report – This document is used to inform the county of the transfer of your unit to you as a condominium.  If you accepted the condo unit without any change in the ownership, then you should have no reassessment of your property for tax purposes due to the conversion.
4. Modification of Deed of Trust (MOD DOT) – You should see this document only if you have an outstanding co-op loan on your unit and your lender has agreed to allow you to keep your current loan through the MOD DOT. This recorded document redefines the description of your unit as a condominium rather than a leasehold interest (co-op) for purposes of acting as the collateral for the current loan you maintain with your lender.

Away Closings

If you are not in the area or you are unable to meet onsite with the complimentary Notary service, you may have these documents notarized by a local notary of your choice at your own cost. Once you have had all documents notarized with your signature, you must mail back to our office ALL the documents contained in this package with the ORIGINAL signatures and the required payment(s) in the self-addressed envelope provided. Please do not forget to include all your payments for conversion services and title (discussed below) as reflected in the attached invoice.

Closings and Complementary Notary Services

Hutton has arranged for a notary services with Fidelity National Title to be present on-site at the property on Thursday, March 2, 2017, at no cost to you. When signing with the notary, they will need to see an original state-issued driver’s license or passport for each owner – no photo copies, please. All questions should be directed to Hutton prior to attending the closing since the notary service is only for executing documents and delivering your payment(s). Appointments will be scheduled every 10 minutes in advance of the closing date and given priority. Walk-ins are welcome, however you may have a wait time since appointments will be honored first.

Document Review

We urge you to review all the attached documents IMMEDIATELY and not wait until the day of signing to ask questions or make request for changes. Also, you can review the recorded governing document for the new Alexander Condominiums below.

Alexander Apartments Bylaws

Articles of Incorporation

Recorded CC&R's

Condo Plan

If you desire a hard copy of the recorded governing documents, one can be provided to you at a cost of $40.00 by contacting our office via phone or email.

While it is not required that you be represented by an attorney at closing, you have the right to review the documents with an attorney at your own cost and expense.