Colony Lender demands $5 million from unit owners; Yablon fires back
Colony Lender sent a demand letter to each and every Colony unit owner seeking the $5 million in rent and interest and taxes for the recreational facilities at the closed resort they say is legally due under contractual agreement.
Furthermore, the demand is for each unit owner for the full amount contending the lease agreement makes each owner responsible jointly and severally.
On Friday, Aug. 15, all 233 unit owners were mailed a letter demanding past due rent and interest on the recreational property owned by Colony Lender and bound to unit owners through a lease agreement that pledges each owner’s unit as collateral.
Association of Colony Unit Owners President Jay Yablon responded in the early evening as did Association Attorney Jeffrey Warren, contending not only was the demand full of “misinformation”, but sending it was not legally allowable under their reorganization plan.