Bank seeks to sell Four Season share

M&T Bank is looking to sell its share of Four Seasons at Charlottesville, which it bought last month for $5 million in a foreclosure auction in Greene County.
While it seeks a buyer, the bank and the subdivision’s community association are working behind the scenes to address the association’s finances and its rules and regulations for homeowners, which were the basis for a lawsuit filed Jan. 14.

According to a letter sent to homeowners Monday, the bank and association are going to create a “stand still” agreement to allow the community association to continue its operations. Michael Feltenberger, vice president of the accounting firm Legum & Norman Inc., sent the letter. The firm handles the association’s bookkeeping.
“The bank … acknowledged that it is in their best interests to minimize any disruption to the existing residents of the association by arriving at an interim agreement that allows the operations of the association to continue to function,” the letter said.

A lawyer representing the bank did not return calls seeking comment.
Last month, the community association filed a complaint against M&T Trust Co., North Charlottesville Development LLC and K. Hovnanian’s Four Seasons at Charlottesville LLC in Greene Circuit Court to figure out what will happen to the association and the Ruckersville subdivision’s common areas under new ownership.
Four Seasons was proffered in 2004 as a 55-and-over community. The association owned the common areas under the proffer, the lawsuit said, and is supposed to enforce the declaration, or rules and regulations of the community. According to the suit, the association and the bank disagree as to whether the declaration was dissolved because of the foreclosure

Mark A. Moorstein, a lawyer representing the community association, said it filed the suit to keep the development running smoothly.
“What we want is very simple — keep the clubhouse intact, that the development proceeds as expected and that it’s funded properly,” Moorstein said. “We’re trying to minimize disruption.”
Moorstein said the bank has been “very cooperative” so far.
According to the letter, another community question-and-answer forum on the negations is scheduled for 10 a.m. Saturday.