IMPERIAL Pacific International through its subsidiary, Green Estate Holdings (CNMI) LLC, is now collecting rent for the properties it leased in Chalan Piao over five years ago, according to YCO Corp., one of the tenants.
According to its representative, YCO Corp. will pay Green Estate close to $4,000 a month.
YCO Corp. said previously, it paid rent to the original owner of the property, Ignatia C. Aldan.
An agreement regarding rental payments between Aldan and Green Estate was executed on Feb. 20, 2017 while the assignment of leases was executed on March 14, 2017. The two documents were submitted “for recording purposes” to the Commonwealth Recorder over five years later — on Oct. 20, 2022.
The rental agreement states:
“Aldan may continue to receive rental payment paid by the lessees under the Leases during the currently remaining term of the leases.
“However, if any of the Leases is assigned to Green Estate (or its affiliate or designee), then Aldan shall no longer be entitled to receive any rental payment under such Lease. The recording of such assignment with the Commonwealth Recorder shall operate as an automatic termination of Aldan’s right provided above with respect to such Lease.”
The rental payment agreement also states that it does not grant Aldan any right “to initiate or maintain any lawsuit against the Lessees under the Leases or any other person for any breach of the Leases or any other matter arising out of or related to the Leases.”
The property includes 6,833 square meters of land in Chalan Piao used by IPI as warehouse for its construction materials and 1,945 square meters rented by YCO Corp. and sublet to Blue Sky Supermarket.
According to the YCO Corp. representative, they were not aware that the rights over the property they are renting have been transferred to IPI’s subsidiary company.
“We were not aware of the arrangement between Green Estate and Aldan until Oct. 20, 2022,” the YCO Corp. representative said.
IPI informed YCO that IPI will collect the monthly rent for the Chalan Piao property starting this November.
But YCO said they have already paid Aldan the November rent.
Also included in the property leased by Green Estate is 3,167 square meters of land rented by a religious organization.
Former IPI construction site safety officer Vicente “Kobre” Aldan, a vocal critic of the casino investor, said it now appears that IPI has been “hiding” an asset that was supposed to be accounted for so the federal court could tap it as payment to the people suing IPI.
He also believes that the contract between IPI and Ignatia C. Aldan is one-sided. “It’s crazy that the contract is telling the landowner she can’t sue,” he added.
Variety was unable to get a comment from IPI.
