They elected to go the "easy" route.

@Jessica SultaniI'm not an accountant or CPA, but as I recall to elect S Corp status all the members need to be US citizens. 

An example scenario we ran with the bank president was if we purchase a rental house for $40,000.

These are elected officials with an incentive to help the citizens of their city.

I would send an email to the president of the company or bank manager to simply let them know that they lost an investment partner over a $5000 hold and that you will be sure to tell every real estate investor you know that they are not an investor friendly bank.

I did not like the existing lease document so when I presented the Tenant with my lease I also had her sign a document stating that I elected to terminate the original lease document, referencing the date and signing parties. 

TY Have to stay within the boundaries of your contract, if seller elects to terminate because you have exhausted the allotted time and does not want to extend, you do risk termination, simply paying cash and then refi will be simple, you can also HELOC it and not pay any fees later : - you have options it sounds like

It kind of sucks our elected officials want to decide for us what we can do with our property and how we run our business.  

The trustee under the deed of trust records a Notice of Default and Election to Sell (“NOD”) the real property collateral in the public records.

We will never again see cap rates and interest rates like we did pre-election.