Wednesday, November 23, 2016

BREAKING UP IS HARD TO DO: Grand Traverse Academy Lease, Easement Agreements Have No Easy Exit; So-Called "Sunset" Clause Is Missing!

Well, la-de-da!

Looks like the MDN Development/Grand Traverse Academy math & science building lease and easement agreements both lack what's known in the property game as a “sunset clause”. 

Why is that a problem, Miss Fortune? 

Funny you should ask!

There was no consideration (like a deadline) for Mark Noss to secure financing for the project. How can the board hold his feet to the fire if there's no end date?

And here's another consideration that may come back and bite the board: Grantee shall have the right to pledge and assign its rights hereunder without the consent of Grantor.”

Translation: Mark Noss/MDN Development has the unilateral right to transfer the easement to any other party, without the Grand Traverse Academy board's approval.

And it's “perpetual in nature”.

Looks like one of the parties has the upper hand in this situation...and it isn't the board! 

1 comment:

  1. Stupid board members they should be hung for this mismanagement. They have a responsibility to protect the school. It sure looks like they have no intention of doing that. Time for some jail cells to be filled.