Dear GBC Members and ISKCON Leaders,
Please accept our humble obeisances. All glories to Srila Prabhupada.
I write to you on behalf of ISKCON’s Global Property office, which is assigned to assist you all with respect to property oversight.
The world economy is going through a very trying period, and it has its likely impact on the source of funding for many of our centers around the world. Some such centers may have previously taken out loans against their properties, with an expectation to service it through donations and income. Such assumptions may now be challenged.
We urge all leaders and property trustees to proactively study their loan/mortgage agreement terms to evaluate if there could be under the agreement such that the property is at risk of foreclosure. Even if there is no immediate risk, kindly exercise caution looking ahead 2 years of loan service period, as the current challenging economic environment may persist. In some jurisdictions it maybe an opportune time to renegotiate the agreement with your banks or probably consider re-financing as the interest rates are falling.
In case you fall in a rented property category, this maybe a good time to get a rent break or renegotiate your rental agreement. In each of the above cases we request the property trustees to seek local legal advice as such agreements are jurisdiction specifics.
We would also appreciate if you can inform us in advance if you are facing a potential default. If there is any way we can assist you in a general advisory capacity to maneuver through these difficult times then do not hesitate to contact the Global Property Office. The office has experience in financial restructuring, legal and property administration.
Contact: Divyangana Devi Dasi/Bhaktin Leanne
Tel: +2710 312 6448
Hours: 10H00 – 14H00 Central African Time: (CAT – Central Africa Time)
Address: HQ Bedfordview, Ground Floor – Block C, Unit # 32, Cnr Smith and Arbroath Road, Bedfordview, Johannesburg, South Africa
My sincere prayers from Sridham Mayapur for the safety of the devotees during this pandemic.
Tapana Mishra dasa
On behalf of Global Property Office