Common Interest Development – Stock Cooperative: Monarch Pines Homeowners Association, Inc., is a Stock Cooperative governed by an elected Board of Directors, with each Resident/Member owning one share of voting stock. Under a Stock Cooperative, the Association owns all of the real property in the Park, and each Member owns his/her own coach.
To help promote the safety, security and financial interests of the Association and its Members, the Board requires credit, Department of Motor Vehicles, and background checks (including information on whether the applicant has been convicted of a crime) before being allowed to purchase a share. This approval must take place prior to close of escrow or the transfer of any ownership interest. This requirement has been imposed with the following objectives:
Although it cannot guarantee the safety and security of all of Members, the Board wants to take reasonable care in providing a safe environment for its Residents.
The Board wants to take reasonable care to confirm the likelihood that an applicant will have the ability to pay, in a timely manner, all assessments and property taxes owed. This is important because unpaid assessments and property taxes will result in an increased financial burden on all other Members.
The Board is required to make sure that all applicants comply with regulations associated with senior housing restrictions.
This policy is NOT intended to establish selection criteria concerning an applicant’s general character. Rather, the intent of this policy is to prevent harm (physical or financial) to other Members. The Board reserves the right to exclude, under appropriate circumstances, an applicant who poses a threat to the safety, security and financial interests of the Association and its Members. The Board would like to emphasize that it is sensitive to privacy concerns of applicants. Information obtained from through the application process will be treated as strictly confidential.
