UPDATE ON MARKHAM HOME: Developer Kusyk has agreed to $675K (reduced by $25K) and has extended the deadline to closing on October 22 with these parameters/options: This also includes some earnest money -- nonrefundable money to Kusyk in $12,500 payment next Tuesday (committed this Thursday), and then another $12,5000 by October 6 -- from the neighborhood campaign -- which we can cancel the agreement on or before Oct. 6. The initial $12,500 buys us 3 weeks to see if we can raise the additional $62,500 by Oct. 22. If we have the funds by October 6, we deposit the remaining earnest money. If not, we make the choice to make: deposit the rest of the earnest money and hope to get the funds in place by Oct. 22 or terminate and forfeit the first $12,500. This means a couple of things need to change: We no longer collect as 100% refundable, or at least we have the option of it being an escrow donation. We have raised right around $8K, with additional pledges. Checks are steady, but the trajectory needs to be stronger. If we could get the $12,500 by Tuesday, we would still need to raise $62.5 K by Oct. 22 (which sounds a lot better than $100K by Monday), but also could lose some peoples money in the first earnest money payment. The option inserts some more risk, but the negotiations have started to work in our favor. So, I think our campaign is now: Demolition delay in progress. Help us raise $12,500 by Tuesday. (Commitments needed by Thursday!)
Posted on: Wed, 17 Sep 2014 15:46:41 +0000
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