Life Lease Occupancy Agreement

Life rental buildings have more extensive facilities to create a stronger sense of community. With age, support services may also be available to allow them to maintain their independence for a longer period of time. It has also been designed to improve the quality of life for residents through facilities such as a 24-hour emergency system, a fitness centre and simple features such as wider doors, accessible shower stalls with molded seats and support bars. Under a life rental agreement, residents have exclusive use of their units, an opportunity to return market value and many of the same benefits as traditional housing. The interest in life rental also offers a resident the sharing of all common areas and real estate facilities, as well as other residents. This royalty, which is similar to a real estate commission, provides the means to coordinate the transfer and takes care of the buyer and/or his lawyer to ensure that all documents are provided, as well as funds for the commercialization of the current project. Any excess of the administrative and replacement sum becomes the sponsor`s assets and may be devoted to facilities and services for the elderly in accordance with its mandate. Buyers can sell or transfer their life rental interest at any time at a sale price they have set. Paragraph 35.5 of the Life Lease Occupancy Agreement provides that the St. John`s McNicoll Centre receives a 5% administration and repurchase fee. The advantage of the Life Lease model is that projects can be controlled by non-profit or not-for-profit sponsors to ensure an aging and mature adult community. Life rental projects are aimed at working adults with similar interests and backgrounds to take full advantage of their retirement years, without having the headaches associated with maintaining a detached home and to gain a place to live in communities adapted to their changing needs.