Water's Edge Homeowners Ass'n v. Water's Edge Associates
Court of Appeals of Washington
1Opinion of the CourtBridgewater, J.
¶1 The Water’s Edge Homeowners Association (HOA) entered a stipulated settlement agreement for $8.75 million and a covenant not to execute on the judgment with Water’s Edge Associates (Associates), the former owners of the property in question, and Key Property Services, Inc. (KPS), Associates’ property manager, based on Associates’ alleged failure to disclose the true condition of the property when it converted the apartments into condominiums. Associates’ and KPS’s insurance providers, Farmers Insurance Exchange, Mid-Century Insurance Company, and Truck Insurance Company (collectively…
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