Q&A Section

Reasons For Resident Ownership

FREQUENTLY ASKED QUESTIONS AND ANSWERS
Q: What are my voting rights in the cooperative association?
A: Each membership certificate is entitled to one vote.
Q: What restrictions exist in the cooperative documents on my right to use my unit?
A: The Unit Owner shall not, without the written consent ofthe Association or such
conditions as the Association may prescribe, occupy or use the Unit or permit the
same or any part thereof to be occupied or used for any purpose other than: (i) as
a private dwelling for Unit Owner or Unit Owner's family in compliance with the
Rules and Regulations of the Association; and (ii) any residential use permitted
under, and subject to compliance with, the Rules, applicable zoning laws, building
codes, or other rules and regulations of governmental authorities having
jurisdiction. In addition to the foregoing, the Unit may be occupied from time to
time by qualifying guests of the Unit Owner as long as such occupancy is not in
violation of applicable zoning laws, building codes, the Rules and Regulations of
the Association, or other rules and regulations of governmental authorities having
jurisdiction. Occupancy by guests of the Unit Owner shall be for a period of time
not exceeding one month unless a longer period is approved in writing by the
Association, but no guests may occupy the Unit unless one or more of the
permitted residents are then in occupancy unless consented to in writing by the
Association.
Q: What restrictions exist in the cooperative documents on the leasing of my unit?
A: Members and Lessees shall not allow any other person or persons to occupy, use,
rent, sublet, lease, or sublease the home, or any portion thereof, or any portion of
the site, for fee or for gratis, without the prior expressed written consent and
approval of the Association. An application, appropriate fees, and a personal
interview shall be completed and approved by the management prior to
occupancy. In all cases, management has the right to refuse prospective tenants or
lessees occupancy in rental properties. Members & Lessees must be community
residents. Those who have lived in the Community for a minimum of two (2)
years, may own up to two homes, and may lease one of the two homes. These
renters (tenants and lessees) may renew the rental agreement on a continuous
basis. Tenants may not sublet rental homes. Home owners are responsible for all
monthly rent or maintenance fees due to the community. Members or lessees, not
tenants, are responsible for maintenance and upkeep on all manufactured homes
and home sites. Failure to properly maintain a home or home site may result in
additional cost to the owner or removal of the home from the community at the
home owner's expense. Tenants must abide by all applicable community rules
and may be evicted by management for violations of these rules. Home owners
are responsible for the conduct of renters and will be required to reimburse any
costs incurred by the community for eviction or repair of damage to community
property. The community assumes no responsibility for lost rent caused by
eviction.
Q: Are there any age restrictions to live in Lakewood Village?
A: No, Lakewood Village is an "all age" community.
Q: What restrictions exist in the cooperative documents regarding pets?
A: Prior written authorization of Management is required before animals may be kept
or housed in the community. All animals must be brought into the Administration
Office to be photographed. The Indian River County License Tag and a copy of
the shot record must be presented to the office before authorization will be given
for the pet to reside in the community. Said animal must be a usual household
animal, pet or otherwise, which is not taller than 20 inches to the withers, and
must be approved by management. No more than two (2) four (4)-footed animals
will be permitted per unit. Aggressive breeds i.e. pit bulls, farm animals and
exotic animals, (such as Vietnamese pot bellied pigs, snakes, etc.), are prohibited.
Caged animals must be kept inside the home or screened room.
Q: How much are my assessments to the cooperative association for my unit type,
and when are they due?
A: Members:
$202.45 + $22.55 (water assessment) =$225.00
Members who prepaid the water assessment $202.25
Renters:
Interior Lots $441.45
ComerlPerimeter Lots $480.41
Lakefront Lots $534.94 All payments are due on the 1 st of each month, and are assessed a late charge of
$35.00 if not paid by the 15^{th of the month. Ifpayment
is not received by the last
day of the month, a second late fee in the amount of$35.00 is assessed.}^{Q: Do I
have to be a member in any other association? If so, what is the name of the
association and what are my voting rights
in that association? Also, how much
are my assessments?
A: Every resident of Lakewood Village is automatically a member of the Lakewood
Village Social
Club. There is one vote per household, and there are no "fees",
"dues", or "assessments"
to belong to that organization.
Q:
Am I required to pay rent or land use fees for recreational or other commonly
used facilities? If so, how much am I obligated
to pay annually?
A: Our recreation
facilities are owned by the Association, there is no annual lease or
fee for these facilities.
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Why should I buy a share in the community?

You control management, you control quality of services, you have all the benefits of real property ownership; you can will or devise the property to heir; you may qualify for a homestead exemption; there will be no outside profit motivated investor owners to deal with; you will receive tax benefits by owning and you have Pride in Ownership. What do I actually own? Due to the structure of cooperative ownership, you own a pro rata share of the entire community including common elements. In our 376 lot community, the participants own 1/376 share of the entire real estate in our community. What if I want to sell my share? There are several options to the sale of your property; The buyer may purchase the home and Membership, paying for the membership in full. The buyer would than pay only the established Cooperative Fee rather than rent;