We received the black book for our building. Under "special risks" it says the following: "The property is currently encumbered by a mortgage held by **** in the original principal amount of $11,200,000, having a maturity date of August 30, 2010. The Mortgagee (bank) will release or partially assign a lien of the Mortgage with respect to each Unit as same is conveyed to each Purchaser under this Plan upon payment to the Mortgagee of a release price."
What does this mean?
Thank you for any help.