Does the unpaid balance pass on the new buyer? What happens to the unpaid balance if the lots are not sold?
If the lots aren’t sold, Headlands Reserve LLC is still the owner of the lots and needs to make the payments. Anyone who buys the lots is responsible to pay all debt service, including that outstanding from a prior seller, or else foreclosure could occur. 17. Just thought this appropriate to send to you before you grant that great big loan to the Headlands. It seems we are the “rich uncle” in that scenario, not a city government! I still don’t know how it benefits Dana Point to roll out a financing package of this nature for that funicular. It’s amazing how this got so far off field! This is a misconception. The City agreed as part of the benefits it got in the Development Agreement (i.e., open space, beach access, public amenities, etc.) to allow the developer to finance the public improvements through a CFD. The CFD is not being formed because of the funicular. 18. How long are the owners at the new Headlands going to actually vote to pay for the maintenance of that potentially dange
