Re-classify certain housing payments
Susie Anne and Morris then made housing payments of $700 per month for nine months before they finally became members on 30 October 2009, resulting in 3,722 Class A shares.
Susie Anne and Morris were then members for just three months, before resigning on 31 January 2010.
The current members (Rudy Siegers, Jan Steinman, and Carol Wagner) feel this situation is not entirely in the spirit of the original agreement that allowed them to accrue equity for their housing payments, and that EcoReality had reason to believe their membership would continue for much longer when we agreed to allow them to accrue equity.
On the other hand, the current members do not feel there was any intent to defraud in this arrangement, and that although we believe Susie Anne and Morris acted in good faith toward having a long and lasting membership, it is hardly fair that they should have lived in that space essentially rent-free for twelve months, while only having "habitation rights" as members for three.
In the interest of fairness, the current members agree to allow one month of pre-membership equity for each month of membership, and therefore rescind the equity payments for housing for Susie Anne and Morris for the first six months of their equity payment period. This means:
- The $2,100 that they paid during their member period remains as 1,184 Class A Investment Shares, after interest charges.
- The $2,100 that they paid in the three months immediately prior to their becoming members remains as 1,245 Class A Investment Shares, after interest charges.
- The $4,200 that they paid between 23 January 2009 and 12 August 2009 is simple rent, and results in no Class A Investment Shares being issued. The 2,429 Class A Investment Shares they accrued during that period are rescinded.
|.||Class A Shares|
|under old agreement||4,919|
|under new agreement||2,429|
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