charlotteandzoe
New Member
I am currently on the board of trustees for my condo building. Over the past year or two the trustees have been very unhappy with our current management company and now would like to change to another management company.
The condo trust states that any management contract "may not be terminated without the prior written consent of Unit Owners entitled to at least sixty-seven percent (67%) of the Beneficial Interests and First Mortagees of Units holding at least fifty-one percent (51%) of the Beneficial Interests."
However, the condo laws of Massachusetts state that the trustees are able to make decisions on behalf of all residents related to the choice of a management company.
My question is, do we need to get permission from more than 2/3 of the owners and 1/2 the lenders for termination without cause? What about termination with cause?
Thank you very much for any information you can provide.
The condo trust states that any management contract "may not be terminated without the prior written consent of Unit Owners entitled to at least sixty-seven percent (67%) of the Beneficial Interests and First Mortagees of Units holding at least fifty-one percent (51%) of the Beneficial Interests."
However, the condo laws of Massachusetts state that the trustees are able to make decisions on behalf of all residents related to the choice of a management company.
My question is, do we need to get permission from more than 2/3 of the owners and 1/2 the lenders for termination without cause? What about termination with cause?
Thank you very much for any information you can provide.
