MADISON, Wis. -- Two banks that brought foreclosure actions against a large downtown condominium development, Metropolitan Place Phase II, said they have reached a deal with the project owners and key manager to keep things out of court, at least for a year.

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Patrick Hodan, an attorney with LaSalle Bank, told a Dane County judge that they have reached an agreement with Metropolitan Place Phase II owners Buckingham LLC and managing partner Cliff Fisher.

David Mandell, attorney for Fisher, said that under the agreement that was inked Friday, litigation against the owners, including Fisher, will be set aside for at least a year. Fisher will be released from any personal liability for the time being but must give up control to a third party who will manage the property.

The agreement grants the banks' request for receiver Michael Polski, of Milwaukee, to take control of the property for at least a year. Buckingham LLC will retain ownership of the 164-unit project.

Some condo owners said they are glad that Fisher is out as manager, but they said they need more answers.

"I feel very good about that. Cliff has always had a reputation for not managing his properties as well," said Ken Mohr, a condo owner in Metropolitan Place Phase 1.

Whether or not that is the case, the recent flurry of court actions have increased the concerns of at least some condo owners living in both phases of the condominium project.

"We're really in the dark here," Mohr said.

Mohr said he loves his condo in Metropolitan Place Phase 1, which is not involved in the bank deal, but he said he still worries about property values dropping; increasing condo assessments and that maintenance might not be up to snuff.

Inside a parking ramp at Phase 1 on Friday, Mohr pointed to a waterfall that was cascading down a stairwell, WISC-TV reported. It was apparently pouring down from the rooftop garden two floors above.

Mohr said he worries that the money isn't there to fix such problems.

Over at Phase II, realtors said all their units are in good shape. But they said that selling the spacious rooms and downtown views has been difficult because of the recent legal limbo they knew nothing about.

"It's been extremely difficult because, as I say, we took it over at the end of January not knowing what was going on. We had lots of activity in the first couple of weeks and then all of the sudden, this surprising negative press," said Shelia Power, of Restaino & Associates, a Metro Place Phase II realtor.

Restaino & Associates realtors said they signed a contract to Phase II condos right before the first foreclosure notice was filed. They said they were hoping potential buyers are waiting in the wings. Now, they said they hope the new management deal will help them close some deals.

It appears the new manager will deal with both Phase I and Phase II. The agreement said the receiver's duties will include managing the condo association, which includes both Phase I and II owners. The receiver will collect condo fees and conduct related duties, WISC-TV reported.

Mandell said the agreement covers all maintenance of the project and that he has no knowledge of the pending hike in fees.