At the time of closing with Townhouse Plaza, and after the purchase closing has taken place, each Member indicates they will be residing in the unit. Members join the Cooperative by signing the Occupancy Agreement and understand and agree to the By Laws, Occupancy Agreement and the Book of Rules and Regulations of Townhouse Plaza Cooperative.

Any other residents who will be living in the unit with the Member must also be approved by the Board of Directors and may sign the Occupancy Agreement as a resident. All Members will be responsible for the residents who also must agree to live in the Cooperative according to the above mentioned requirements. This agreement of membership will stipulate responsibilities and obligations and the Membership Certificate certifies the membership ownership rights in Townhouse Plaza Cooperative.

In addition to the purchase price of the unit, the purchaser must pay a one-time membership fee to Townhouse Plaza Cooperative.

With regard to the outgoing member, any monies owing the cooperative at the time of closing must be paid in full before the sale can be finalized. Until that time, monthly carrying charges and any monies owing will continue to be owed to the Cooperative from the seller until paid in full.