Section 987.93 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.93
. Where the property consists of a cooperative dwelling unit:
(a) The purchaser's right to occupy the property under its
contract with the department shall not be subject to consent or
approval by the stock cooperative, as defined in subdivision (m) of
Section 1351 of the Civil Code, nor shall there be any fee or
surcharge imposed by the stock cooperative as a result of the right
of occupancy, provided that the foregoing shall not affect the rights
that the stock cooperative may have under the applicable cooperative
dwelling unit ownership documents to approve the initial acquisition
of the cooperative dwelling unit by the department on behalf of the
purchaser.
(b) As a condition to taking title to a cooperative dwelling unit,
the department shall require that the stock cooperative enter into
an agreement directly with the department, which agreement shall be
in a form established by the department and shall provide for such
matters as the department may determine relating to (1) the
enforcement by the stock cooperative of its rights in the event that
the purchaser defaults under the cooperative dwelling unit ownership
documents, (2) the enforcement by the department of its rights in the
event the purchaser defaults under its contract with the department,
and (3) such other matters as the department may determine to be
necessary to reasonably protect its interest in the property.