Montana Code 70-23-1102. Notice of intent
70-23-1102. Notice of intent. (1) In addition to the documents required under 70-23-1101(2)(a), the notice of intent by a unit owner to a lienholder to convert a condominium to a townhome or townhouse must contain:
Terms Used In Montana Code 70-23-1102
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Montana Code 1-1-205
(a)the date;
(b)the name and address of the borrower;
(c)the name of the lienholder; and
(d)the name of the loan servicer if loan payments on a trust indenture or mortgage are collected by a loan servicer.
(2)The notice must be in substantially the following form:
“This notice, made the … day of ……, …., concerns the trust indenture or mortgage attached and described as follows:
Name of borrower: ……….
Name of lienholder: ……….
Name of loan servicer: ……….
Recording information concerning the trust indenture or mortgage, including the entry number, book number, and page number: ……….
Pursuant to the Unit Ownership Act contained in Title 70, chapter 23, MCA, the undersigned unit owner intends to convert a condominium affected by a mortgage or a trust indenture located at ………. to a townhome or townhouse.
Unless the lienholder within 120 days of the date of this notice records its objection pursuant to 70-23-1101, MCA, with the office of the county clerk and recorder of the county in which the property is situated and mails notification of its objection by certified mail, return receipt requested, to the unit owner at the address specified on this notice, the unit owner will consent to the conversion on behalf of the lienholder for the mortgage or trust indenture described in this notice.
Pursuant to 70-23-1101(2)(a), MCA, the unit owner has included the following attachments:
(a)a copy of the recorded trust indenture or mortgage;
(b)a litigation guarantee;
(c)the proposed declaration and bylaws for the converted townhome or townhouses;
(d)a surveyed site plan; and
(e)an appraisal of the fair market value of each unit presuming that each unit had been converted to a townhome or townhouse.
……… (Signature of unit owner)
……… (Address of unit owner)”