LEASE RENEWALS

released by the Home Owners – April 25th, 2018

The Association has reconfirmed the information previously circulated; that is that clauses in the “old” leases with respect to property tax, water billing and snow clearing will be honoured. Following our previous update as to how leases that have already been renewed would be handled, we have learned that Parkbridge have now adopted the simpler method of amending the lease itself. We have seen an actual completed instance of this and it does indeed restore the status quo with respect to these three items. This, of course, is to be taken in conjunction with the recent announcement by Parkbridge that the installation of water meters will only happen for new residents.

We expect that future renewals will be based on a new “standard” lease. This will – in the first draft that we have seen – have a specific clause laying out the various charges applicable to a given resident and will, in other clauses, have wording to be struck out and initialled by both parties. Thus it would be useable for both renewals and new residents. The Association expects to have an opportunity to review the final version of this lease before residents are contacted for renewing. That being said, since this will, practically speaking, be a completely new lease, we recommend that residents should take time to review it before signing and may wish to consult a lawyer. The Association, of course, will be happy to discuss with individual residents if so desired.