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To Borrow or Not to Borrow? How Does the Process Work: Borrowing By-laws

Author: 
Daniel Brockenshire
Publication date:
April 29, 2019
Article Summary: 

Condominiums can use borrowing by-laws to raise a substantial amount of money within a short period of time. The process involves seeking the opinion of an engineer, contacting lenders for financing, drafting a borrowing by-law, and presenting it to owners at a special meeting or annual general meeting. If the by-law is passed by a majority of all units, the Condominium's lawyer will execute and register the by-law. The security is granted by the condominium and typically includes a general security agreement over any equipment, assets, and other property owned by the condominium, not the owners.



Keywords: 

Borrowing by-laws, Condominiums, Financing, Lenders, Special assessment, Common elements, Maintenance, Repair, Replacement, Owners meeting, Voting threshold, Collateral, Security, Amortization period, Interest rate.

Source Citation: 
Daniel Brockenshire
To Borrow or Not to Borrow? How Does the Process Work: Borrowing By-laws
April 29, 2019
https://www.rcllp.ca/post/ontcondolaw/to-borrow-or-not-to-borrow-how-does-the-process-work-borrowing-by-laws
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