"All eligible members, upon receipt of an offer to occupy a residential unit, will have to enter a contract with the Cooperative by signing a Residential Property Occupancy Agreement; 8.2. Upon occupying a residential unit, all members will have to pay a monthly occupancy charge (property rent) calculated according to the following formula: Purchase price of the residential unit less the value of member shares (members’ Preference Shares) FMV rental x ________________________________________________________________________ Total Purchase Value of the Residential Unit (IHC, being the legal owner, reserves the right to increase the rent of Residential Units annually to an amount congruent with the provincial/territorial law). 8.3. All occupant members must pay a monthly administration fee of $ 20.00 in Ontario and $ 30.00 in all other provinces/territories of the country payable on the first day of every month; 8.4. All members/occupants will be responsible to pay all expenses related to residential unit they occupy. These expenses may include but are not limited to payments of charges such as hydro, gas, water, any/all other utilities, common area/condominium/strata fees, municipal (realty) taxes, insurance, legal fees, repairs, material, labour, landscaping, garbage/snow removal, cleaning, liens, special levies etc."
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