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Sonoma Pines is a community located next to Two Eagles Golf Course on Carrington Road.
- What is the term? Unless earlier terminated, the sublease expires: April 30, 2102. At the end of the term, your leasehold interest will expire and you must leave the premises in good condition.
- What type of Lease is it? Sonoma Pines uses a “Lessee Corp” model where the Owner is issued a share in the both the Homeowners Association and a share in the Lessee Corp..
- Is the lease entirely prepaid? YES – However, the Developer has pre-paid the rent for only that portion of the Development which has been completed. In addition, there are additional components which you are responsible for paying on a monthly ongoing basis being: Additional Rent and Home Owners Association dues, which will include common costs for property taxes, utilities, common area maintenance, common area insurance, and common area utilities.
- Other financial obligations under the lease? The rent is pre-paid however, there are additional components which you are responsible for paying on a monthly ongoing basis being such items as: Property Taxes and Utilities are payable to the WFN and Home Owners Association dues are payable (similar to strata fees, and include a 15% administration fee) which will include common costs for property taxes, utilities, common area maintenance, common area insurance, and common area utilities
- Does the lease allow the owner to assign (sell) to a third party? YES – but, prior to assignment (sale) to any third party a certificate of good standing will have to be obtained and a transfer fee will be payable. The Assignment must be registered with WFN.
- Does the lease permit the owner to obtain a mortgage from a bank? Yes – the lease will permit the mortgaging of the Tenant’s interest without consent of the Landlord. The lease also contains those provisions which are required by the CMHC to provide insurance to lenders.
- Does the lease restrict the use of the property? YES – Your use of your property is restricted to residential uses only.
- Are there unique insurance requirements? YES – You are required to insure your premises according to the terms of the Sublease (including adding the Head Landlord, Lessee and Home Owner Association as additional insured)
- Are there provisions for a homeowners association? Similar to a Strata, The Home Owners Association or Sub-landlord may create bylaws and rules and fines may be imposed if you breach those bylaws or rules