Leasing of a Peers Village Retirement Cottage
Residents who do not wish to take occupation of their retirement cottage immediately are permitted to lease them, but only for a maximum period of 5 years. The leasing of the retirement cottages is controlled by Resale Agents and only the approved sublease agreement may be used. Tenants need to be at least 65 years of age and must be able to live independently. An assessment by the Village Nursing Manager and the prior approval of the Village Board to any sublease is re-quired. If a sub lease exceeds 5 years then when you take occupation thereafter a “Deemed Sale” will take place where you will be required to pay in the difference between what you paid originally and the then current market value. In addition, the levy will be adjusted to the then current level.