Manor Shores Development Corporation is a holding company formed to hold all the land and building assets of the resort. Ten (10) special preferred voting shares will be sold and authorized with a value equal to a one tenth undivided interest in the lands and the exclusive use of the cottage selected at the agreed to purchase price, each share specific to its cottage and issued on closing to the Buyer.
In a nutshell, you own your cottage and share the property. This means you are a are responsible for the upkeep and maintenance of your own cottage but share the common costs such as property taxes, lawn maintenance, waterfront maintenance, and snow removal. At Manor Shores there are 10 structures so the expenses are split 10 ways and everyone pays 10% of these types of costs. If a cottage owner cannot pay the other owners have the right to seize their structure through a series of steps set out in the common ownership agreement (COA). You will need to enter this agreement to be an owner of a cottage at this property.
What you are buying is a share in a company that is tied to a cottage and gives you exclusive use of that cottage and a 1/10 undivided interest in the lands. This makes you a shareholder and you have the right to present and vote on proposed property improvements and yearly budgets at the AGM. At Manor Shores on Lake Cecebe we are trying to build a community of like-minded people. We are hoping these people want to slowly make improvements on the property to create a highly desirable 4 season resort.
If you haven't been to the area I suggest you try to check it out. For starters, the lake system is unbelievable. There are 5 connecting lakes with a lock system at Magnetawan. You can even boat all the way up to Burk's Falls via the Magnetawan River. If you don't have the time to drive up to the area I suggest you check out our website at www.manorshores.com. There is a video there that showcases the Magnetawan area. You can also find a complete guide to the project and property.
The cottages are fully furnished and livable or rent-able.
For full information go to www.manorshores.com
|Body of Water||Cecebe Lake|
|Preferred Sale Type||Newly Formed Share Sale|
|To View||Call 705-999-0787 - Do not go direct.|