Which document defines the stockholder's exclusive occupancy rights and the term of the lease in a cooperative?

Which document defines the stockholder's exclusive occupancy rights and the term of the lease in a cooperative?

• A. CC&Rs
• B. Bylaws
• C. Occupancy agreement
• D. Proprietary lease

Answer: (D)

In a cooperative, the stockholder’s exclusive right to live in a specific unit and the length of that tenancy are defined in the proprietary lease. This document functions like a lease between the cooperative corporation and the shareholder, granting exclusive occupancy of a designated unit for a set term and outlining related rights and responsibilities. CC&Rs cover general restrictions and covenants affecting the property, while bylaws govern how the association operates. An occupancy agreement may describe rules and day-to-day occupancy terms, but the binding rights to occupy a unit and the lease term are established by the proprietary lease.

In a cooperative, the stockholder’s exclusive right to live in a specific unit and the length of that tenancy are defined in the proprietary lease. This document functions like a lease between the cooperative corporation and the shareholder, granting exclusive occupancy of a designated unit for a set term and outlining related rights and responsibilities.

CC&Rs cover general restrictions and covenants affecting the property, while bylaws govern how the association operates. An occupancy agreement may describe rules and day-to-day occupancy terms, but the binding rights to occupy a unit and the lease term are established by the proprietary lease.