Maine Revised Statutes Title 13 Sec. 1755 – Proprietary lease
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Every member of a cooperative affordable housing corporation is entitled to receive from the cooperative affordable housing corporation a written proprietary lease that must include the following: [PL 1993, c. 300, §1 (NEW).]
1. Personal property security interest. A provision that the collateral for a loan against the member’s cooperative interest is in the nature of a personal property security interest and any default of such a loan entitles the lender to treat the default in the same manner as a default of a loan secured by personal property;
[PL 1993, c. 300, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 13 Sec. 1755
- Cooperative affordable housing corporation: means a domestic corporation that is organized under or elects to be governed by the provisions of this subchapter. See Maine Revised Statutes Title 13 Sec. 1742
- Cooperative interest: means the ownership interest in a cooperative affordable housing corporation that is evidenced by a membership share. See Maine Revised Statutes Title 13 Sec. 1742
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lender: includes , but is not limited to, the following institutional lenders whose policies and procedures are subject to governmental supervision:
A. See Maine Revised Statutes Title 13 Sec. 1742Member: means a person who owns a cooperative interest. See Maine Revised Statutes Title 13 Sec. 1742 Personal property: All property that is not real property. Proprietary lease: means an agreement with a cooperative affordable housing corporation governing a member's right to occupancy under which a member has an exclusive possessory interest in a unit. See Maine Revised Statutes Title 13 Sec. 1742 Unit: means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease or leased to a tenant by lease agreement. See Maine Revised Statutes Title 13 Sec. 1742
2. Remedy for default. A description of the cooperative affordable housing corporation’s possessory remedy in the event of default. Good cause is required for termination of the right of occupancy. “Good cause” includes nonpayment of loans, fees, costs or assessments pertaining to the cooperative interest or material violation of bylaws, rules or proprietary lease that continues following reasonable notice and reasonable opportunity to cure the alleged material violations; and
[PL 1993, c. 300, §1 (NEW).]
3. Maintenance and carrying charges. Provisions for determining maintenance and carrying charges for the unit.
[PL 1993, c. 300, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 300, §1 (NEW).