Form 24-12

Unanimous Written Consent of Condominium Association Board of Directors for Approval of Secured Loan under
Texas Property Code § 82.102(f)

Effective Date:

Condominium Association: [name], a Texas [for-profit/nonprofit] corporation

Lender:

Loan Amount:

Security Documents:      Security Agreement
Transfer of Assessment Lien

Authorized Representative:

WHEREAS the board of directors of the Condominium Association has determined that it is in the best interest of the Association to borrow the Loan Amount from Lender (the “Loan”), and to secure the Loan with the Security Documents;

AND WHEREAS the Condominium dedicatory instruments require a vote of the mem­bers of the Condominium Association to borrow money or assign the Condominium Associa­tion’s lien rights;

THEREFORE, the undersigned, being all the members of the board of directors of the Condominium Association, acting pursuant to the provisions of section 82.108(c)(2) of the Texas Property Code and section 6.201 of the Texas Business Organizations Code, adopt by consent the following resolutions:

RESOLVED, that [include if applicable: upon approval by [select one of the following: the number of the Condominium Association members required by the Condominium dedica­tory instruments/67 percent of all voting interests], with members casting votes [select one or more of the following: electronically/by absentee ballot /in person or by proxy at a meeting called for the purpose of the vote/by written consent], the Condominium Association is autho­rized to borrow the Loan Amount from Lender and to sign a promissory note in the Loan Amount payable to the order of Lender (the “Note”).

RESOLVED FURTHER, that to secure the payment of the Note, the Condominium Association is authorized to enter into and sign a Security Agreement and a Transfer of Assessment Lien on the individual condominium units (the “Lien”) and any necessary modifi­cations, extensions, increases, and renewals of the Note and Lien, as applicable.

RESOLVED FURTHER, that the Condominium Association is authorized to enter into any assignments, pledges, security agreements, and other documents and instruments con­cerning any personal property, or any interest therein, and [include the following for condo­miniums for which the declaration was recorded after December 31, 1993, unless the condominium formed before January 1, 1994, has elected to be governed exclusively by Texas Property Code chapter 82 pursuant to section 82.002(a): mortgages, deeds of trust, and other documents and instruments governing any real property, or any interest therein] owned by the Condominium Association that may be necessary or appropriate, or required by Lender, to evidence and secure the payment of the Note.

RESOLVED FURTHER, that the Authorized Representative is authorized to execute and deliver, on behalf of and in the name of the Association, the Note, the Security Docu­ments, and any other agreements, documents, or instruments, and to take or cause to be taken any action necessary or appropriate in connection with the Note and the Security Documents or to accomplish the purposes of these resolutions, in the form and with the provisions the Authorized Representative may deem proper.

   
[Name of director]
Date: