reported in Building Committee notes for 5-16-2006
“Prospective owners will sign a new lease, containing an option to purchase a share in an LEHC or other ownership entity. This agreement will contain the participation requirements, and will require a nonrefundable membership fee that will apply to the purchase of a share. Ian will send a NCLT sample lease. The people who sign and pay into the lease will become the managers of the LAEV buildings as an unincorporated association, and will elect a working board to administer the transfer process. Next, the association will consider signing a property-management agreement with CRSP. The people who participated today are empowered to approve a lease-option agreement and association bylaws.”