Life-Time Lease & Monthly Service FeesLife-Time Lease Agreement
The residents of Village East will enjoy benefits uncommon to home ownership and its usual worries. A one time prepaid life-time lease covers the entire residency period. Residents are NOT required to turn their assets or estates over to Village East in order to qualify for residency, now or later. Village East will provide maintenance-free living for the residences, buildings and grounds allowing you much more time to do the things you?ve looked forward to.
Monthly Service Fee (2011) (see cost comparison at bottom of this page)
The monthly service fee includes:
· Use, cleaning and upkeep of all common facilities. · Use of arts and crafts, recreation areas at our community center. · Maintenance on buildings and upkeep of grounds. · Proportionate cost of insurance. · Community taxes on all community facilities. · Cost of utilities in common areas. · Water, sewer and garbage removal. · Security Services. · Extended Basic Cable TV. · Replacement of amenities as needed. · Management and administration.
Village East townhomes will have their own electric meter and each resident will pay their own electricity, telephone and annual taxes on their townhome.
*The monthly service fee is an estimated cost. Since Village East is a nonprofit, corporation adjustments may be necessary, but service will be kept as low as possible. Currently there will be a 2.5% increase every January 1st of each year. Refund after Termination of Agreement:
Upon termination of the agreement, Village East will make its best efforts to enter into a new Residency Agreement with a new resident for the best cash price obtainable and as soon as reasonably possible. The sale proceeds will be shared by the previous owner and Village East on the following basis:
(i) 2% depreciation per year for the first 5 years not to exceed 10% of the original cost fee retained by Village East and (ii) If the townhome should sell above the original cost fee, the appreciated amount will be divided equally between the resident and Village East. Townhome Plans:
v Pricing starts in the $ 70,000 upper range. Homes range in size from 1000sf to 2400sf v All town homes are minimum 2-bedroom/2 baths . v Standard Features and Options page for further details. (Prices are subject to change) Construction Cost Fee (CCF): The cost fee is related to the projected construction cost of the townhome, and does not include any extras or amenities you may wish to add above the allowance provided. Financing the Townhome:$1,000 Intial Fee (non-refundable) at the time 10% of the CCF 15 days prior to construction 30% 30 days after construction has begun 30% 60 days after constuction has begun Remaining balance 90 days after constuction has begun
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Village East
A Christian Retirement Community