Membership Agreement

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This Agreement, between CoHo Ecovillage (CoHo) and __________________, Member(s), describes the conditions and agreements of membership in CoHo during the design, development, and construction phases of the project prior to move-in.

Conditions:

  1. CoHo will work with a developer, Corvallis Neighborhood Housing Services (CNHS), in constructing a cohousing community for its members that will be located on property optioned by CNHS on SE Crystal Lake Drive, Corvallis. Members will own homes in this cohousing community. CoHo has entered into an agreement with CNHS that defines the roles and responsibilities between CoHo and CNHS.
  2. The project will include but may not be limited to the following steps:
    • CoHo, CNHS, and its consultants will complete a conceptual design for the site annexation application.
    • An annexation vote will occur.
    • CoHo, CNHS and its consultants will complete the project design contingent upon successful annexation of the property.
    • CNHS and CoHo will raise equity to fund land purchase, design and construction financing.
    • CNHS will obtain construction loan.
    • CoHo members will enter into a purchase agreement with CNHS for their home.
    • Construction will be completed.
    • CoHo members will obtain individual mortgages to pay for their homes.
    • CoHo members will move in.
  3. CoHo members will be required to pay cash into the project to help build equity and assist with project financing for design, land purchase and the acquisition of the construction loan. When the project is completed this cash (which includes the initial membership fee) will be applied as a credit to the purchase price of a member's home.
  4. All application fees and dues are non-refundable. Any cash paid into the project may be lost if the project is not completed.

Agreements: The member agrees to do the following:

  1. Comply with all requirements specified in the CoHo Membership Guidelines. This includes but is not limited to, reading Vision and Values, Bylaws, Consensus Process, Site Program, and Decision Log documents as well as participating in a clearness committee and abiding by the intent of these documents.
  2. Attend at least 75% of business meetings. Out-of-town members are exempt from the 75% attendance requirement although they are encouraged to attend when possible.
  3. Pay an initial non-refundable application fee of $100 and annual dues of $100, or $10 per month prorated for the year from date of acceptance; CoHo fiscal year begins October 1. Each applicant (adult member) pays the non-refundable application fee and annual dues.
  4. Pay an initial membership fee of $2500 per household. Qualified first time home buyers with incomes at or below 80% of the median family income for the Corvallis Metropolitan Statistical Area for the year in which this Membership Agreement is signed will have an initial membership fee of $500. It is understood that households that qualify for the lower initial membership fee may be required to pay the full fee at a later date if their household income increases to above 80% of median family income or do not meet other special financing requirements prior to signing a home purchase agreement with CNHS. When the project is completed this initial membership fee will be applied as a credit to the purchase price of a member's home. (Each household pays the initial membership fee and any additional cash payments).
  5. Pay a minimum of 5% of the sales price of your home into the project to assist with project financing and acquisition of the construction loan. The initial membership fee is included in this percentage. Amount required from income eligible buyers will be determined at a later date. These monies will be needed at the latest one month before the closing of the construction loan. It is expected that a call for partial payment may be made prior to this date to meet the cash flow requirements of the project. This cash payment will be made at the discretion of the member but could affect the timing of the project.
  6. Prior to signing a purchase agreement for your home, obtain approval for any mortgage financing you require to buy your home or provide other proof of funds. Any member household with an income at or below 80% of the median family income that also expects to obtain home purchase financing assistance through CNHS will be required to enroll in and complete CNHS's Home Ownership Program as a condition of receiving this assistance.
  7. Enter into a purchase agreement with CNHS for your home no later than one month before the closing of the construction loan.
  8. Withdrawal: Members may withdraw from CoHo at any time, however, the following applies:
    1. Application fee and dues are non-refundable.
    2. Any cash payments other than the application fee and dues will be refunded by CoHo after all homes are constructed and sold, provided there are adequate funds available.
  9. The order by which members select the home they wish to buy will be in the same order the household is accepted as a member. Membership agreement will not be accepted until application and initial membership fees are paid.
  10. Participate in decision-making with the group per the bylaws and the CoHo Consensus Process document.
  11. Release from liability and waive the right to demand funds from the officers, directors, members, employees and agents of CoHo and CNHS.

Changes to this Agreement

Members agree to comply with this agreement and any properly amended future changes to this agreement.

Risks and Disclaimers:

  1. All payments made to achieve membership and any additional payments are at risk. If the project is not successfully completed, all or most of the money paid to the project may be lost. Expenditures related to the feasibility of the project may be lost if land proves inadequate or CoHo fails to achieve the membership goals established between CoHo and CNHS.
  2. There are no guarantees or warranties as to the project's timing, cost of development or units, design and size of units, availability of financing, or any other contingencies in this project. It is understood that project financing requirements may require changes to this Membership Agreement. Final design, pricing and size of units will be established at the time a purchase and sale agreement is signed for each unit.

Agreed to by member _____________________________ Date ____________

Agreed to by member _____________________________ Date ____________

Agreed to by member _____________________________ Date ____________

CoHo Membership Committee approval ________________ Date____________

Home Selection Number______________________ Approval Date___________ Membership Agreement_v2.0.rtf