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Land Lease Fee. COCLT Homeowners lease the land that their home is built on and pays the COCLT $25.00 land lease fee. The continued implementation of the land lease fee keeps the home affordable for every homeowner who may opt to purchase through the COCLT. Listed below are the clauses in the land lease regarding the fee and late payment policy:
Article 5.1 Lease Fee. In consideration of the possession, continued use and occupancy of the Leased Land, Homeowner shall pay to the Land Trust a monthly Lease Fee (the “Lease Fee”) of twenty-five dollars ($25.00)
Article 5.4 Late Payment. If the Land Trust has not received any monthly installment of the Lease Fee on or before the date on which such installment first becomes payable under this Lease (the “Due Date”), the Land Trust may require Homeowner to pay a late fee not to exceed $15.00 per month. Such late fee shall be deemed additional Lease Fee and shall be paid by Homeowner to the Land Trust upon demand; provided, however, that the Land Trust shall waive any such late fee that would otherwise be payable to the Land Trust if such payment of the Lease Fee is received by the Land Trust on or before the thirtieth (30th) day after the Due Date.
We know life changes and things happen, and sometimes we are unable to process your monthly land lease fee as a result. In some cases, there may be issues with your bank being able to process the land lease fee because of incorrect bank account information, and/or the availability of funds to your account balance. We are here to support you in making sure we have the correct information to process your monthly land lease payment.
The land lease automatic withdraw occurs on or around the first five business days of each month. The link to change your banking information can be found HERE.
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