A "hot off the press" order was issued by the United
States District Court for the Southern District of Florida on
February 27, 2013. Although this order is not yet officially
published, it serves as the most recent reminder that when
condominium projects are concerned, a thoughtful and careful
evaluation and assumption of developer rights and obligations
continues to be critically important for foreclosing lenders and
bulk investors.
The Porto Venezia Condominium Association, Inc.
("Porto"), as Plaintiff asked the District Court to
reconsider a summary judgment granted in favor of Defendant WB Fort
Lauderdale, LLC ("WB"). WB is the single purpose entity
formed by the lender to take title to the condominium property from
the defunct "creating" developer. On March 28,
2011, Porto filed a complaint against WB which, among other
matters, included a count for breach of statutory implied
warranties pursuant to Florida Statute §718.203 because the
condominium property was
