COOP PROJECT APPROVAL QUESTIONNAIRE
Project Name                      
Address         City   County   Zip Code  
Officer Contact         Manager          
Address         Address          
Tel #         Tel #          
PROJECT INFORMATION
Number Percentage
Total Project Units:   Owner Occupied:    
Shareholder Sublet:    
Total Project Shares:   Sponsor Owned:    
Commercial Units:    
Do any shareholders own more than 10% of total shares? Vacant Units:    
Yes ___ No __ TOTAL UNITS    
UNDERLYING MORTGAGE INFORMATION
Lender Name:         Contact:          
Address:         City:     Zip Code:  
Principal Balance     Rate*   Fixed   Adj  
Mo. Payment     Maturity Date   Are all payments current? Yes ___ No ___
* IF ADJUSTABLE RATE PLEASE COMPLETE THE FOLLOWING
Index   Margin   Annual Rate Cap   Lifetime Cap   Next Adjustment Date  
COOPERATIVE FINANCIAL INFORMATION
Monthly Maintenance Per Share$   Special Assessment? Yes ___ No ___ Assessed Amount$    
Total Shareholders More Than 30 Days Delinquent   Total Dollar Amount of Arrearages $     
Total Balance of Replacement Reserve   $    
1. Does the cooperative impose a Flip Tax or Sales Transfer Fee? Yes ___ No ___ If Yes, Amount $    
   A. Is a lender exempt from Flip Tax/Fee in event of foreclosure? Yes ___ No ___
2.  Is the payment of Real Estate Taxes Current? Yes ___ No ___ When were taxes last paid?  
3. Is the cooperative subject to limited equity or income provisions? Yes ___ No ___ If Yes, terms      
4. What percent loan/value financing does the cooperative allow?    
RECENT SALES INFORMATION
Unit # # Shares Sales Price Date Closed Financed Cash
 
           
           
           
           
INVESTOR INFORMATION (To be completed if one or more entity(ies) own(s) 10% or more of total project shares)
Name of Sponsor/Holder/Investor                    
Are the Investor's Maintenance Obligations Current? Yes ___ No ___
Total Number Investor/Holder Shares:     Total Number Investor/Holder Units:    
Investor Monthly Main. Paid:$         Investor Monthly Rent Collected:$       Cash Flow $    
Does Investor Control the Cooperative Board?    Yes ___       No ___ If No, when was control relinquished?      
MISCELLANEOUS INFORMATION
Is the cooperative owned in fee simple title? Yes ___ No ___ If No, is the cooperative subject to a ground lease?   Yes ___  No ___
If the cooperative is subject to a ground lease, please attach a copy of the lease.
What is the expiration date of the unit Proprietary Lease/Occupancy Agreement?    
Is the cooperative Fannie Mae approved? Yes ___ No ___ If so please attach copy of form 1028.
Are shareholders allowed to pledge their shares as collateral for a loan?  Yes ___ No ___
Insurance Agent/Broker:       Contact:     Tel #    
Does the cooperative maintain the Right of First Refusal? Yes ___ No ___
Is the cooperative involved in or currently expecting any litigation ?  Yes___  No___
As an officer/representative of this Cooperative, I certify that the above is true and correct to the best of my knowledge.
           
Date Signature
           
Telephone Printed Name
     
Title
After completing this questionnaire, please attach copies of the following Cooperative documents:
1.Proprietary Lease or Shareholder Lease or Occupancy Agreement or the like
2.  Articles of Incorporation and By-Laws
3. Rules and Regulations
4. Actual budget of receipts and expenditures for previous year and proposed budget for current year
5. Stock Certificate or Membership Certificate or the like
6. Ground Lease (if applicable)
7. Master mortgage documents (if applicable)
    8. Recent property inspection (if available)
Please mail the completed Questionnaire and Cooperative Document copies to:
Coop Review
Mackinac Savings Bank
280 N Congress Ave
Boynton Beach, FL  33426