The Hermitage was founded in 1972 by the owners of the cottage, and is a 516 acre forested retreat ~15 minutes west of Eganville in Renfrew County, Ontario. There is a mile long 60 acre private lake at the top of the watershed constructed by the shareholders, with 17,000 feet of shoreline and 17 well separated two acre cottage sites. Under the 2007 Shareholders Agreement, each of the 17 (joint) shareholders owns one share of the Hermitage Lake Corporation, and leases his/her two acre site from the Hermitage. All 17 leases are identical 20 year leases, and all are renewed forward annually or none is renewed, (hence virtual perpetuity). No shareholder has ever negated a motion to renew the lease. The owners have enjoyed share #01 and site #01 for the last ~45 years.
Under the 2007 Shareholders Agreement, the cottages, docks, and all leasehold improvements also accrue to the lessees. Our family cottage (2850 sf) leases one of those 17 sites, and has 5 bedrooms and 5 bathrooms, and a small guest cottage (308 sf). There are only 17 families and their cottages on the 17 two acre sites on 17,000 feet of shoreline. A fabulous retreat, and 1½ hours from Ottawa, the capital of Canada. The Township of Bonnechere Valley defines the sites as double lots, which may contain two full service cottages, and two guest cottages for jointly held shares and/or multi-generation families. This arrangement has functioned perfectly for the sale or transfer of ~14 shares and cottages over the last ~45 years.
The Hermitage permits joint ownership of a share. Two friends could share the cottage in summer and a house elsewhere in winter. The two as joint owners would pay half the cost of the share, site, & cottages. The owners designed the main cottage for three families.