Ukrainian foundation purchases Verkhovyna (06/17/01)

Ukrainian foundation purchases Verkhovyna

by Oleh N. Dekajlo

MONTICELLO, N.Y. - The Ukrainian American Cultural Foundation on June 7 purchased and acquired the title to the Verkhovyna resort of Glen Spey, N.Y. The closing took place at the Garigliano Law Offices, which represented the mortgage lender, First National Bank of Jeffersonville, and the Sullivan County Industrial Development Agency.

The seller, the Ukrainian Fraternal Association, was represented by officers Ivan Oleksyn, Audrey Thomas and Christina Shablovsky, together with their attorney, Gerald Orseck.

Appearing on behalf of the purchaser, the Ukrainian American Cultural Foundation, were various members of its board of directors, officers, and mortgage loan guarantors, including Mr. and Mrs. Stephan Kapczak, Dr. Stephan Woroch, Mr. and Mrs. Jurij Blanarovych, Oleh G. Kolodiy and Anton Filimonchuk, together with their attorney, (this writer) Oleh N. Dekajlo of the Dekajlo Law Firm.

Of extreme value and importance in the mortgage loan and acquisition process, and deserving of acknowledgment were: Ray Walter, president of the First National Bank of Jeffersonville, which provided the necessary financing to conclude the acquisition, together with Alan Scott of the Sullivan County Industrial Development Agency, which is providing special tax relief; their attorneys Walter F. Garigliano, Barbara A. Garigliano and Susan Conklin; Orest T. Dekajlo and Margaret Linjus of the Dekajlo Law Firm; Sheila Perrino, president of Madison Avenue Abstracts, underwritten by the Chicago Title Insurance Co.; Bisland Insurance Agency of Glen Spey, N.Y.; Raymond J. Close, professional land surveyor; and Thomas Clark, title closer.

Pursuant to the March 12 court order of Justice Burton Ledina of the Sullivan County Supreme Court, the contract of sale for the Verkhovyna Ukrainian resort to David Willner was terminated and voided, and the Ukrainian Fraternal Association and its president, Mr. Oleksyn, were directed and ordered to refund the contract deposit received from Mr. Willner. Thereafter, pursuant to this court order, the UFA was directed to enter into a sales contract with the Ukrainian American Cultural Foundation and to deliver a warranty deed with marketable title no later than June 11.

In accordance with the agreement, the resort has been leased by the UFA to Mr. Willner for his operation of a summer camp, and he must surrender the property to the UACF no later than August 25. As a condition of his leasehold, Mr. Willner has deposited a substantial lease security, has personally guaranteed the tenant's obligations under the lease, and must bring the resort into full compliance with all municipal building and health department rules, regulations and codes.

After overcoming seemingly endless obstacles and difficulties, and with great success due to the generosity and support of the Ukrainian and non-Ukrainian community and civic organizations, the closing took place a few days earlier than anticipated, on June 7. The entire board and directors of the Ukrainian American Cultural Foundation worked diligently and tirelessly in their fundraising efforts, obtaining institutional IDA mortgage financing and loan guarantees in order to prevent the resort from being sold by the UFA to non-Ukrainian entities.

Even at the 11th hour, during the closing, the UFA attorney threatened to walk away from the closing unless his demands were met. It was learned that the UFA and its attorneys had already scheduled a closing to sell the resort to Mr. Willner on June 15 in the event the closing with the UACF did not occur.

The UACF, a not-for-profit corporation, will now work on preparing plans for the expansion of resort facilities and functions as it continues its fund-raising efforts to satisfy loan obligations and maintenance expenses.

The UACF purchased Verkhovyna for approximately $1.1 million, with a mortage for $750,000 provided by the First National Bank of Jeffersonville.

Local banker comes to the rescue

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