Some Basics of Co-op Life

 

          As a member of Ridge Side, you have the right to occupy a particular unit in the co-op and to use one parking space and approximately one/ninth of the common area of the co-op’s property.

          Each member is responsible for:

• paying the monthly carrying charges on time;

• paying the downpayment loan payments on time, if you have such a loan with the co-op;

• attending the annual meeting;

• attending the monthly board of directors’ meetings;

• attending special meetings of the board of directors which may be called for various purposes, such as to interview potential new members, etc.;

• putting in an agreed-upon number of hours of work monthly toward the co-op’s maintenance (currently the requirement is at least ten hours per month from March through November and six hours per month from December through February);

• preventing damage to co-op property;

• watching out for the interests of the co-op.

 

As a member, you are obligated to abide by the co-op’s Articles of Association, Bylaws, Occupancy and Membership Agreement, House Rules and any other decisions made by the Board of Directors.

You will be responsible for ordinary maintenance in your apartment.  If you need help, ask a co-op neighbor.  For serious electrical, heating or plumbing problems, contact the co-op member designated as the maintenance coordinator.  The co-op takes responsibility for maintenance of the structural aspects of the buildings.

When you leave the co-op, your transfer value (which is what we call your equity) will be the sum of your down payment when you came into the co-op, plus 5% simple interest per year.