Are there advantages to owning in a Cooperative vs. other forms of equity?
Absolutely, here are some of them:

• You actually have equity in the entire resort.
• The rental pool can not only pay for your investment but it can earn you extra income.
• Substantial tax savings – since the resort is taxed as a commercial entity and you only pay a share of that.
• Many restrictions you see with other forms of ownership do not apply. For example if you choose to replace your cabin you can, even if it sits in the shoreline setback area.
• Most maintenance is taken care of.
• When your stay at the resort is finished you can have your cabin cleaned for a small fee.
• Local Government is becoming very restrictive on other forms of resort style planned unit developments. As a result Resort Cooperatives are becoming the only viable way to offer ownership in this type of property.

How is a Cooperative different from other forms of ownership?
With Co-op ownership you actually become a shareholder in the company which owns the resort. The instruments that gives you exclusive use of your cabin or lot are a stock certificate and a proprietary lease. The lease lasts for as long as you want until you choose to sell.

Can I landscape around my cabin or change the cabin in any way?
You are free to add decks, landscape or remodel your cabin however you like as long as you get permission from the Architectural Control Committee.

Is the Architectural Control Committee strict?
They simply administer the rules which you and the other members of the association agree on.

Can I sell my lot or cabin at any time?
You can list it with a Realtor or sell it yourself just as you would your home at any time and for whatever price you determine.

How many times can I use my vacation home?
You can use it as much as you want. When you can not use it, the unit needs to be available in the rental pool.

Can I rent my vacation home directly to someone else?
Yes. You do not have to use a exclusive rental management company. You have the flexibility to rent your unit out yourself or use a property management company. While the association chooses to have a manager at the resort, the manager will be available to administer the rental pool if an owner chooses.

Can I opt out of the rental pool?
No. Your cabin needs to be in the rental pool but you can choose when you want to use it and when you want to rent it.

Are there any charges for cleaning my cabin after it has been rented or after I use it?
You are charged a pre-determined cleaning fee at the end of each stay.

How will management decide which vacation home is for rent and how often?
Owners will advise the manager by a set time every season what dates their cabin will be available for rent. This can be adjusted as the season progresses. Potential renters many times will request a specific cabin. Otherwise every effort will be made to distribute the renters evenly.

What happens if my vacation home is never rented?
It is in the best interest of the management company to do all that is possible to market every unit. It is anticipated that tourism will continue to expand as lake shore property is developed. There is no way of predicting the number of times a specific room type will rent, however, the facility is unique and the customer base is expected to expand.

When do I receive rent payments?
Rental statements and checks are furnished on a monthly basis.

Please call or email Mark Weber with any questions you still may have. Telephone: (763) 458-7890, or Email: mw1163@netzero.com