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Each month residents pay an amount that covers their share of the operating expenses to the corporation.

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In most cases, members can occupy the apartment for as long as they want.

Members also have a vote in the affairs of the corporation.

Limited equity cooperatives sometimes also have maximum income limits for new members.

These restrictions can usually found in the cooperative's bylaws or lending agreements.

As owners, cooperative members have an exclusive right to live in a specific unit.

This residency is established through an occupancy agreement or proprietary lease.

Cooperative will usually also have their members sign a third document, called an Occupancy Agreement.

Occupancy Agreements are usually very detailed, and describe specific cooperative rules on things like noise and pets.

This often includes the blanket mortgage property taxes, management fees, maintenance costs, insurance premiums, utilities, and contributions to reserve funds.

Carrying charges must be raised every year to keep up with the constantly rising cost of utilities, supplies and services.

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