GangJongChoeDenLing(GC) property carries a LIEN since 1 Dec. 2010Lien is a law term which means “a right to retain possession of another's property pending discharge of a debt” or Lien holder can sell GC anytime to satisfy payment for our debt. In other words we cannot sell or do anything to the GC because it does not belong to us anymore. Before we sell the property and transfer the title to the buyer, we must own the property free and clear. We have to remove any liens from the title before we can sell GC.
Our Bank Account is Restricted
Our Bank Account too has restriction put on it. We have limited access to it. We cannot withdraw substantial amount besides daily running expense. Anyway, currently, we have only 800,000 in the Bank. This amount includes half of the donation from DC Kalachakara.
Because of “lien” GC is not in our hand to do as we please including renovation.
Why GC carries a “lien”
Many firms have claimed that they were not paid and took GC to court. An Architect firm/individual is not paid $ 100,000. A contractor claims that he is not paid $ 536,000. These conservative figures. Our Bank tells a different figure. It is 1.5 million.
TD bank has made a special loan of $ 750,000 to GC which must be paid back in September, this year. This loan is not “Line of Credit” which has no fixed schedule to PAY BACK. 500,000 was made on Bulge financing and 250,000 on Operating financing.
GC was bought for 3.2 Millions. So far we managed to pay 1.8 Millions. Monthly mortgage is 15,000.
Knowing or acknowledging the problem or predicament we are in is the first step. Second step is to take hold of GC by removing “lien” by paying up the debts. Third step is we must work together as open and transparent as we can, starting today.
We have made promise to H.H. the Dalai Lama that we will have a Tibetan Culture Center in Toronto and we will deliver it. There is no second thought.
If GC is to be saved, we will, against all odd we bite the bullet and work together. We must weather this storm as one family. At least 1500 families must muster enough courage to loan without interest $1000 each to GC.
We have so many questions but our PRIORITY is how to SAVE GC now or never.
Let us join together as ONE community and work this through; otherwise GC will be lost forever. GC is as good as dead if we cannot have the LIEN removed. There is no second option.
We are losing about 65,000 per year by not organizing Tibetan programs in GC.
Let us do this together. It begins with YOU.
More detail as to how to save GC and renovation plan will be discussed on 3, september.