Comments on: Pictures of Velocity in the Gulch in Nashville http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/ Grant Hammond, Broker, ABR, SFR, Multiple Award Winning Broker Fri, 10 Feb 2012 21:18:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Anonymous http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-151 Anonymous Mon, 06 Jul 2009 18:42:06 +0000 http://www.granthammond.com/?p=553#comment-151 Go back and read the contract carefully; the built in extensions are for the closing date, not the 2 year c/o deadline. In either case, Bristol waited until Oct. of 2007 to break ground. If they had started the project timtely, Velocity would have been complete months ago. Go back and read the contract carefully; the built in extensions are for the closing date, not the 2 year c/o deadline. In either case, Bristol waited until Oct. of 2007 to break ground. If they had started the project timtely, Velocity would have been complete months ago.

]]> By: Anonymous http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-1515 Anonymous Mon, 06 Jul 2009 18:42:00 +0000 http://www.granthammond.com/?p=553#comment-1515 Go back and read the contract carefully; the built in extensions are for the closing date, not the 2 year c/o deadline. In either case, Bristol waited until Oct. of 2007 to break ground. If they had started the project timtely, Velocity would have been complete months ago. Go back and read the contract carefully; the built in extensions are for the closing date, not the 2 year c/o deadline. In either case, Bristol waited until Oct. of 2007 to break ground. If they had started the project timtely, Velocity would have been complete months ago.

]]> By: Grant Hammond http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-146 Grant Hammond Fri, 03 Jul 2009 14:54:38 +0000 http://www.granthammond.com/?p=553#comment-146 The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap. The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap.

]]> By: Grant Hammond http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-1513 Grant Hammond Fri, 03 Jul 2009 14:54:00 +0000 http://www.granthammond.com/?p=553#comment-1513 The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap. The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap.

]]> By: Grant Hammond http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-1514 Grant Hammond Fri, 03 Jul 2009 14:54:00 +0000 http://www.granthammond.com/?p=553#comment-1514 The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap. The contracts did have a 2 year deadline, but they also had built in extensions in addition to the force majeure clause. It is my understanding that developer is still well within the extended time as outlined by the contract, but again, I am not an attorney and would love to get a legal opinion asap.

]]> By: Anonymous http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-145 Anonymous Fri, 03 Jul 2009 05:04:58 +0000 http://www.granthammond.com/?p=553#comment-145 85 of these units had contracts signed on May 17, 2007. From what I understand, all of these contracts have language that requires an occupancy permit to be issued within 2 years. Many of them still do not have those permits. The developer is relying on a force majeure clause just as they did in Icon. The problem with that position is that force majeure is not the same thing as poor planning of a construction site. There has to be an intervening event. The developer did not break ground until Oct. of 2007. These units could have been completed timely and indeed, some of them were.<br /><br />The way I see it, the Icon and other condo law suits are the canaries in the coal mine for Velocity contract holders. None of this addresses the ILFDA claims, which also could be an issue for Velocity. 85 of these units had contracts signed on May 17, 2007. From what I understand, all of these contracts have language that requires an occupancy permit to be issued within 2 years. Many of them still do not have those permits. The developer is relying on a force majeure clause just as they did in Icon. The problem with that position is that force majeure is not the same thing as poor planning of a construction site. There has to be an intervening event. The developer did not break ground until Oct. of 2007. These units could have been completed timely and indeed, some of them were.

The way I see it, the Icon and other condo law suits are the canaries in the coal mine for Velocity contract holders. None of this addresses the ILFDA claims, which also could be an issue for Velocity.

]]> By: Anonymous http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-1512 Anonymous Fri, 03 Jul 2009 05:04:00 +0000 http://www.granthammond.com/?p=553#comment-1512 85 of these units had contracts signed on May 17, 2007. From what I understand, all of these contracts have language that requires an occupancy permit to be issued within 2 years. Many of them still do not have those permits. The developer is relying on a force majeure clause just as they did in Icon. The problem with that position is that force majeure is not the same thing as poor planning of a construction site. There has to be an intervening event. The developer did not break ground until Oct. of 2007. These units could have been completed timely and indeed, some of them were.The way I see it, the Icon and other condo law suits are the canaries in the coal mine for Velocity contract holders. None of this addresses the ILFDA claims, which also could be an issue for Velocity. 85 of these units had contracts signed on May 17, 2007. From what I understand, all of these contracts have language that requires an occupancy permit to be issued within 2 years. Many of them still do not have those permits. The developer is relying on a force majeure clause just as they did in Icon. The problem with that position is that force majeure is not the same thing as poor planning of a construction site. There has to be an intervening event. The developer did not break ground until Oct. of 2007. These units could have been completed timely and indeed, some of them were.The way I see it, the Icon and other condo law suits are the canaries in the coal mine for Velocity contract holders. None of this addresses the ILFDA claims, which also could be an issue for Velocity.

]]> By: Grant Hammond http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-144 Grant Hammond Wed, 01 Jul 2009 23:00:46 +0000 http://www.granthammond.com/?p=553#comment-144 Steph - Absolutely, feel free to use the pics anywhere you like. Steph – Absolutely, feel free to use the pics anywhere you like.

]]> By: Grant Hammond http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-1511 Grant Hammond Wed, 01 Jul 2009 23:00:00 +0000 http://www.granthammond.com/?p=553#comment-1511 Steph - Absolutely, feel free to use the pics anywhere you like. Steph – Absolutely, feel free to use the pics anywhere you like.

]]> By: Stephanie Crawford http://www.granthammond.com/2009/rentals/pictures-of-velocity-in-the-gulch-in-nashville/comment-page-1/#comment-143 Stephanie Crawford Wed, 01 Jul 2009 22:44:56 +0000 http://www.granthammond.com/?p=553#comment-143 Great pics Grant. I'd love to reblog this if you don't mind. Great pics Grant. I'd love to reblog this if you don't mind.

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