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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
014
:
COOPERATIVE HOUSING OWNERSHIP ACT
§
1599. Proprietary lease
Every member of
a cooperative housing corporation shall be entitled to receive from the
cooperative housing corporation a written proprietary lease which shall include
the following:
(1) a provision
that no sublease in excess of one year, no amendment, and no modification to
such proprietary lease shall be permitted or created without the prior written
consent of the board of directors of the cooperative housing corporation. A
member who sublets does not relinquish the rights and benefits of membership;
(2) a provision
that the security for a loan against the member's cooperative interest shall be
in the nature of a personal property security interest, and any default of such
loan shall entitle the lender to treat such default in the same manner as a
default of a loan secured by personal property;
(3) a provision
that the cooperative housing corporation's possessory remedy in event of
default of a member affecting that person's right to occupancy shall be in an
action under subchapter 3 of chapter 169 of Title 12. However, good cause shall
be required for termination of the right of occupancy. Good cause shall include
nonpayment of loans, fees, costs or assessments pertaining to the cooperative
interest, or material violation of bylaws, rules, or proprietary lease which
continues following reasonable notice and reasonable opportunity to cure the
alleged material violations;
(4) provisions
for determining maintenance and carrying charges for the unit;
(5) a right on
the part of the cooperative housing corporation to cure any default in the
member's obligations pertaining to the member's cooperative interest, including
but not limited to share loans, and cooperative fees, costs and assessments;
(6) a provision
requiring that terms and form of the proprietary lease shall be amended by the
board of directors only;
(7) a provision
requiring that any lease term which is not uniformly applied to all members or
prospective members of the same or similar category shall be unenforceable.
(Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)