HARRY HUGHES, Governor

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(4)  INSURE PERSONAL PROPERTY TO BE MOVED; AND

(5)  DISCONNECT AND RECONNECT UTILITIES SUCH AS
TELEPHONE SERVICE, GAS, WATER, AND ELECTRICITY.

(O) (l) "PROPRIETARY LEASE" MEANS AN AGREEMENT WITH THE
COOPERATIVE HOUSING CORPORATION UNDER WHICH A MEMBER HAS AN
EXCLUSIVE POSSESSORY INTEREST IN A UNIT AND A POSSESSORY INTEREST
IN COMMON WITH OTHER MEMBERS IN THAT PORTION OF A COOPERATIVE
PROJECT NOT CONSTITUTING UNITS AND WHICH CREATES A LEGAL
RELATIONSHIP OF LANDLORD AND TENANT BETWEEN THE COOPERATIVE
HOUSING CORPORATION AND THE MEMBER, RESPECTIVELY.

(2) "PROPRIETARY LEASE" INCLUDES, IF THERE IS NO
OTHER DOCUMENT THAT SATISFIES PARAGRAPH (1) OF THIS SUBSECTION, A
MEMBERSHIP CERTIFICATE.

(P) "RESIDENTIAL RENTAL FACILITY" MEANS PROPERTY CONTAINING
AT LEAST 10 DWELLING UNITS LEASED FOR RESIDENTIAL PURPOSES.

(Q) "UNIT" MEANS A PORTION OF THE COOPERATIVE PROJECT
LEASED FOR EXCLUSIVE OCCUPANCY BY A MEMBER UNDER A PROPRIETARY
LEASE.

5-6B-02.

(A)  A CONTRACT FOR THE INITIAL SALE OF A COOPERATIVE
INTEREST TO A MEMBER OF THE PUBLIC FOR RESIDENTIAL USE IS NOT
ENFORCEABLE AGAINST THE INITIAL PURCHASER UNLESS:

(1)  THE INITIAL PURCHASER IS GIVEN AT OR BEFORE THE
TIME A CONTRACT IS ENTERED INTO BETWEEN THE DEVELOPER AND THE
INITIAL PURCHASER, A PUBLIC OFFERING STATEMENT CONTAINING ALL OF
THE INFORMATION REQUIRED BY THIS SECTION; AND

(2)  THE CONTRACT CONTAINS, IN CONSPICUOUS TYPE, A
NOTICE OF THE INITIAL PURCHASER'S RIGHT TO RECEIVE A PUBLIC
OFFERING STATEMENT AND THE RESCISSION RIGHTS PROVIDED UNDER THIS
TITLE.

(B)  THE PUBLIC OFFERING STATEMENT SHALL CONTAIN AT LEAST
THE FOLLOWING:

(1)  THE NAME AND ADDRESS OF THE DEVELOPER;

(2)  THE FOLLOWING STATEMENTS:

(I) A BOUNDARY SURVEY OR METES-AND-BOUNDS
DESCRIPTION OF THE COOPERATIVE PROJECT TOGETHER WITH A LOCATION
SURVEY OF ALL IMPROVEMENTS, INCLUDING RECREATIONAL FACILITIES,
STREETS, AND ROADS, AND A DRAWING OF ANY PROPOSED IMPROVEMENTS
NOT YET CONSTRUCTED WITHIN THE COOPERATIVE PROJECT;