Kosciusko County Superior Court I Judge Duane Huffer today approved a purchase agreement between Oakwood Receiver Ian Rolland and Oakwood purchasers during a status hearing.
The purchase agreement allows Dr. J. R. Parent and his sons two months to decide whether they want to proceed with the purchase and on what terms. Tom Yoder, attorney for Rolland, explained a proposed asset agreement has been drafted between the Parents and Rolland, but some issues still have to be worked out.
The option agreement states the Parents will pay a $25,000 fee, open a line of credit with the bank for Rolland to draw down on and make payments for Oakwood, and pay for insurance on the property.
Yoder told Huffer he thought two months would be enough time to finalize the asset agreement and settle issues with the Oakwood Property Owners Association.
Recently the OPOA underwent a leadership change and this morning Yoder received a new purpose and intent offer from the association regarding water and beach rights, pier rental and use of green space in the park. The Parents want those issues definitively resolved.
Yoder said, “ I do not know if the buyer will hang around without any finality.”
Yoder explained the deal with the Parents is a better deal than what Buckingham proposed. The Parents have strong ties to the lake and the community and intend to be good neighbors.
David Shelton, attorney for OPOA, told Huffer the relationship between Oakwood and the property owners has been symbiotic explaining the importance of the covenants in question.
Huffer scolded Shelton regarding receiving ex parte communication in the form of a fax from his clients this morning. He said the case has been going on for six years and, while Rolland has done an incredible job in his role as receiver, he expected the matters to be done over a year ago.
“It is important to Oakwood, to Kosciusko County and the community to get this resolved,“ Huffer stated, declaring he wanted both parties to deal with the issue “PDQ. My mom said the D stood for darn,” he said.
In other matters, Huffer approved a motion by Syracuse attorney Dick Green to withdraw from the case. He also heard a motion to dismiss the lawsuit against the Oakwood Foundation board members with the exception of those members who have loans out to the foundation.
Deputy Attorney General Abby Kuzma requested 30 days to review the motion. If there is no objection or no response the lawsuit against the foundation members will be dropped.
See the Aug. 1, 2012, issue of The Mail-Journal for more details.