Member Deposit

1. Paying the Deposit
2. Members must pay a member deposit to the co-op. Members must pay the deposit before moving into their unit.
3. The Amount of the Member Deposit
4. All members have to pay a member deposit of $1250.00, in spite of if they receive a subsidy or not.
5. Returning the Member Deposit

The co-op will return the member deposit 60 days after the member leaves the unit permanently. Before returning the deposit, the co-op can deduct any amount which the member owes because:

• the member did not give enough notice
• the unit was not left in the condition stated in section 5.9 of the Occupancy By-Law
• the member owes money to the co-op, or
• the member did not pay the last month's housing charge.
• the member did not pay the last month's hydro bill
  

    6.   Interest on the Member Deposit

The co-op will not pay interest on the member deposit