- 8 - less 6 percent. Each year thereafter, up to 7 years after the date of sale, the repurchase price was reduced by an additional 3 percent of the original price. Anytime after 7 years, the repurchase price was 76 percent of the original price of the cluster home. Lease and maintenance fee payments that were in arrears for more than 60 days would accumulate interest at the rate of 9 percent per annum. Such payments were considered liens on the ownership of the cluster homes and were required to be paid in full with interest prior to, or out of, the repurchase monies. Cluster home owners were required to give 90 days' notice of intent to vacate. Those owners who wished to move into a Highland Farms apartment would receive the appropriate repurchase price, plus a credit towards the apartment's entry fee of 1 percent of the cluster home purchase price per year of cluster home occupancy, up to a maximum of 7 years. Where petitioner allowed structural changes, it required the owners to pay the cost of the addition and amended the original purchase agreement so that the repurchase price would include not less than 76 percent of the cost of the addition. The cluster home purchasers understood that they were required to transfer the cluster home back to petitioner for a percentage of the original purchase price. Petitioner has always honored its repurchase commitment. Petitioner has not and as a practical matter would not have allowed any cluster home owner to sell the cluster home to a third party, nor would petitioner approve an owner's subletting the unit, even if the potentialPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011