Letter to Purchasers
Mogul Park, Inc. is a cooperative community of 35 families formed in 1968. Although the housing units are spread across 16.7 acres, ownership is basically the same as in apartment building or garden apartment coops elsewhere. A corporation owns the land, buildings and recreation facilities, and residents purchase shares and receive a proprietary lease for occupancy of an individual unit. Mogul Park is limited to personal residence use – no businesses or long term investment subletting is permitted.
A detailed description of the coop’s rules and requirements is presented in the Mogul Park Guide, which should be provided to all prospective purchasers by the seller/broker. Please read this over before your interview so you will be familiar with how we operate.
The coop is managed by a volunteer Board of Directors made up of fellow residents elected by the members. While this keeps the cost of management down, Mogul Park depends on members’ offering skills and experience to help keep the business running, such as legal, accounting, construction, insurance, pool operation, tree care, etc.
Attached are an application form and authorization to obtain a credit report and background inquiry. Please fill out both forms completely and legibly and submit them to our transfer agent identified below. All people and pets who will occupy the unit must be identified in the application, which must be signed by each prospective owner/purchaser. Each owner and spouse must fill out and sign the credit report authorization form as well. Your non-refundable $500 check payable to Mogul Park, Inc. for the application fee should be mailed to our transfer agent with these forms. In addition, you must send $40 payable to Mogul Park, Inc. for the background check to our transfer agent. Also include a check payable to Mogul Park, Inc. for the credit report, which costs $50 for a married couple and/or $35 for each individual. Once this is received, the transfer agent will assist your loan processing with necessary forms and records. These fees are not refunded in the event your purchase does not close for any reason.
Once the Board receives a copy of your purchase contract, application, credit report authorization, application fee and credit report, an interview will be scheduled for you to meet with the Board. All adults who will be residing in the unit, whether purchasers or not, need to attend this interview. Please arrange for someone to babysit children under 14 so that the interview can be conducted in an expeditious and businesslike manner.
Sincerely,
Board of Directors
Submit application, application fee $500, credit report & background authorization & fee, dog contract (if applicable), and all lender documents in one complete package to:
Mogul Park Inc
C/O Maureen Bossio
1644 Mogul Drive
Mohegan Lake, NY 10547
Mogul Park, Inc. is a cooperative community of 35 families formed in 1968. Although the housing units are spread across 16.7 acres, ownership is basically the same as in apartment building or garden apartment coops elsewhere. A corporation owns the land, buildings and recreation facilities, and residents purchase shares and receive a proprietary lease for occupancy of an individual unit. Mogul Park is limited to personal residence use – no businesses or long term investment subletting is permitted.
A detailed description of the coop’s rules and requirements is presented in the Mogul Park Guide, which should be provided to all prospective purchasers by the seller/broker. Please read this over before your interview so you will be familiar with how we operate.
The coop is managed by a volunteer Board of Directors made up of fellow residents elected by the members. While this keeps the cost of management down, Mogul Park depends on members’ offering skills and experience to help keep the business running, such as legal, accounting, construction, insurance, pool operation, tree care, etc.
Attached are an application form and authorization to obtain a credit report and background inquiry. Please fill out both forms completely and legibly and submit them to our transfer agent identified below. All people and pets who will occupy the unit must be identified in the application, which must be signed by each prospective owner/purchaser. Each owner and spouse must fill out and sign the credit report authorization form as well. Your non-refundable $500 check payable to Mogul Park, Inc. for the application fee should be mailed to our transfer agent with these forms. In addition, you must send $40 payable to Mogul Park, Inc. for the background check to our transfer agent. Also include a check payable to Mogul Park, Inc. for the credit report, which costs $50 for a married couple and/or $35 for each individual. Once this is received, the transfer agent will assist your loan processing with necessary forms and records. These fees are not refunded in the event your purchase does not close for any reason.
Once the Board receives a copy of your purchase contract, application, credit report authorization, application fee and credit report, an interview will be scheduled for you to meet with the Board. All adults who will be residing in the unit, whether purchasers or not, need to attend this interview. Please arrange for someone to babysit children under 14 so that the interview can be conducted in an expeditious and businesslike manner.
Sincerely,
Board of Directors
Submit application, application fee $500, credit report & background authorization & fee, dog contract (if applicable), and all lender documents in one complete package to:
Mogul Park Inc
C/O Maureen Bossio
1644 Mogul Drive
Mohegan Lake, NY 10547
Information for Prospective Buyers & Lenders
Click the links below to access current documents related to unit resales and refinancing. Lenders are asked to communicate with Mogul Park Board, identified on the Contact Us page and below.
Application to Purchase Unit
These forms should be provided to your prospective purchaser(s) after a contract of sale and a signed loan commitment has been signed by sellers and buyers. The purchaser(s) should also receive from the seller a copy of the text portion of the Mogul Park Guide, the Proprietary Lease and the ByLaws of the co-op (see below). After reading these documents, the purchaser(s) should fill in the information on the Application form and Credit Report Authorization. Send these signed forms to Mogul Park Inc with a check payable to Mogul Park, Inc. to the address below for these amounts:
$500 Application fee made payable to Mogul Park Inc.
$40 Background Inquiry fee made payable to Mogul Park Inc.
$35 Credit Report fee for individual or $50 for two purchasers made payable to Mogul Park Inc.
Mail Completed Application with all associated fees to:
Mogul Park Inc
C/O Maureen Bossio
1644 Mogul Drive
Mohegan Lake, NY 10547
Note: These fees are paid to outside servicers and thus are not refundable if a purchase fails to proceed to closing for any reason.
After credit and background reports are obtained and references have been contacted, the Board will schedule an interview with the purchaser(s).
Mogul Park Resale Procedures (see below for printable checklist)
1. Listing unit
Step 1: Seller gives written notice of intent to sell to Board Secretary
Step 2: Seller gives Broker website address to access lease, bylaws, MP Guide, etc. to be provided to buyers/lenders
Step 3: Seller negotiates Sale Contract with Buyer
2. Application
Step 1: Buyer submits Application form with non-refundable $500 to Mogul Park Board
Step 2: Buyer submits Credit Report authorization with non-refundable $30(single)/50(cople) to Mogul Park Board
Step 3: Buyer submits Background Check authorization with non-refundable $40 to Mogul Park
Step 4: Buyer submits signed Contract of Sale to Transfer (see contact info above)
Step 5: Mogul Park Board obtains Credit & Background reports & sends to Secretary
Step 6: Transfer Agent responds to inquiries from loan processor & appraiser
Step 7: Board interviews Buyer
Step 8: Secretary sends letter approving/denying resale to Buyer, Seller and Transfer Agent
Application, Sales Checklist & Procedures Documents for Sellers
| application_to_purchase_revised_10_2020.docx_-_google_docs.pdf |
| sale_check_list_updated_august_2020.docx |
| closing_procedures_2020__1_.docx |
| sale_duties_and_procedures.docx |
Mogul Park Guide & Lease Information
The links below contains the rules and procedures applicable to shareholder/residents, and MUST be read by all purchasers prior to their Board interview.
| mp_guide_2010_w-o_appendix.pdf |
| mp_proprietary_lease_as_amended.doc |
Pet Information:
Mogul Park does allow dogs. Owners are required to complete a contract for dogs which can be downloaded and completed using the following link. Please have this complete and bring to buyer interview.
| dog_contract_mogul_park_2020.docx |
Shareholder Intent to Sell Letter
| seller_notice_to_board__1.docx |
LENDER FAQs:
This is intended to address most of the routine questions asked by lenders reviewing the coop.
► Most coop documents (proprietary lease, by-laws, house rules, etc.) can be downloaded from our website: http://www.MogulPark.net
►Management is handled by a Board of Directors elected by the shareholder residents.
► Our transfer agent is:
Shapiro, Gettinger, Waldinger, & Montelone, LLP
118 N. Bedford Road, Suite 300
Mt. Kisco, NY 10549
► Mogul Park, Inc. is a New York corporation formed under the NY Business Corp. Law on March 26, 1968.
► The coop was converted from summer bungalow housing and was 100% complete at conversion.
► There are no rent-regulated tenants.
► There is no subsidized coop tax exemption or financing (J-51, etc.).
► There is no remaining sponsor ownership or involvement in Mogul Park, Inc. (all units were sole soon after conversion).
► The corporation owns both the land and the buildings (there is no leased land).
► The coop has no underlying mortgage or other debt.
► There are 35 units, which collectively hold 3,150 shares. All units are individual detached homes except for 3 duplexes (6 units).
► There are no commercial units or income in the coop.
► Only 1 unit has 10% or more of the shares (Unit 19 has 336 shares).
1
► There are no other related projects or buildings.
► The coop collects 2% of the transfer sale price at closing.
► Sublets to non-family members are limited to two years out of five, and a $70/month sublet fee is required. Currently all but 3 units are owner-occupied.
► Amenities include an in-ground pool, tennis/basketball and handball courts.
► Insurance coverage includes a 3.5 million commercial casualty/fire ($1,000 deductible), $5 million liability umbrella, $1 million D&O, and $1 million fidelity policies. Since each unit is a separate or attached unit with independent heat, there is no coop-owned boiler so no boiler insurance policy is applicable.
Our insurance agent is:
Analisa M. Bastiani-Jesco, CISR CLCS, Client Service Manager Senior
Arthur J. Gallagher & Co.
677 Broadway, 4th Floor, Albany, NY 12207
Phone: 518.533.6841 Fax: 518.533.6857
Analisa_Jesco@ajg.com
► Mogul Park is not in a flood zone.
► To communicate with the Board Secretary, contact:
Jennifer Gurahian, Secretary
Board@MogulPark.net
1619 Mogul Drive
Mohegan Lake, NY 10547
(914) 528-9081
Rachel Heater, President: RHeater@MogulPark.net
Maureen Bossio, Vice President: MoBossio@MogulPark.net
Amendments to Proprietary lease
Articles of Incorporation
By-Laws
Casualty Insurance Policy
Mogul Park's $6 million Vermont Mutual Insurance policy covers fire/storm damage to the dwelling units, with a $1,000 deductible per claim (this uncovered amount is the responsibility of the unit owner, as are the personal property & contents). Because the coop unit numbers omit building 13 and the policy treats the duplexes as single structures, the structure numbers shown on the policy declarations pages do not match the unit numbers (but the street addresses are correct). In addition, we have a $5 million umbrella liability policy, Directors & Officers Liability, Fidelity Bond, Workers Compensation and Disability insurance coverage.
VERMONT MUTUAL INSURANCE COMPANY DOCUMENTS 2020-2021
|
Commercial Umbrella Liability
|
Certificate of Liability Insurance
Business Owners Policy Declarations
Policy Changes Effective 09/17/2020
Previous Insurance Policies |
Employee Theft Fidelity
|
| ||
| fire_policy_building_replacement_cost_valuations.pdf |
2016-7 Vermont Mutual Liability Insurance Certificate
Original Offering Plan
Note, in the 40+ years since Mogul Park was converted to coop ownership, much has changed, rendering most of the information contained in the offering plan obsolete. For example, there is no longer any sponsor ownership or involvement in our management. Also, all of the units have been structurally modified in various ways, winterizing, expanding, and adding second floors to some. Also, ten of the original duplex units have since been merged, reducing the number of units from 40 to 35. The coop no longer supplies cooking fuel or water as a part of maintenance. The recreational facilities have been rebuilt since the coop was formed. However, many real estate attorneys and loan processors insist on receiving this document despite its VERY LIMITED relevance to modern conditions at Mogul Park, so it is made available with the foregoing caveats. Numerous schedules containing obsolete information having no current relevance have been omitted from the pdf document attached for downloading.
Questions Frequently Asked by Lenders/Appraisers
Recent Annual Financial Statements
Mogul Park's independent auditor's report and financial statements from previous years.
| mogul_budget_2020__1_.pdf |
| 2012_financials0001.pdf |
| 2011_profit__loss_statement.jpg |
| 2010_mp_financial_statements.pdf |
Lost Stock Affidavit
This form must be completed before closing is the seller or his.her lender has lost the stock certificate.
Lost Lease Affidavit
This form must be completed before closing if the seller or his/her lender has lost the shareholder copy of the Proprietary Lease. There is a $100 charge to issue a replacement lease.
| 2008_financials0001.pdf |
| 2011_budget.xls |
| deed.pdf |
| title_policy.pdf |