We, of Clark Terrace, happen to be living in the only cooperative of its kind in the State of Nevada. This makes us rather unique and calls for an answer to the above question.
Our beautiful complex features a pool, laundry room and it is conveniently located near shopping centers, schools and public transportation.
You, the Members, elect a Board of Directors each year to direct the joint enterprise. Each Membership has one vote in the annual election for the rotating two-year term of the Board of Directors. The Board hires professional management to take care of the day-to-day operation and upkeep.
What you own is not a particular unit, but a membership in the cooperative. Clark Terrace, Inc. holds title to the entire property. Instead of an owner’s title, you hold a proprietary lease, giving you the right to occupy a specific unit for as long as you live up to the basic terms and conditions of the membership agreement.
You don’t pay rent in the usual sense of the word. After purchasing your membership in the cooperative, you pay monthly fees called “Monthly Housing Charges”. These charges may vary from time to time, depending on operating costs.
you have to accept financial terms arranged for the whole project. Likewise, you have to accept the decisions of the group on such matters as what services are to be provided and what house rules and Board of Directors rules are to be imposed. You cannot sub-let, lease, or sell your unit.
All membership applications must be reviewed and family members must be interviewed by The Board of Directors before move-in.
