WFN-Tesoro Arca- Townhomes for Toys Lease FAQ
Tesoro Arca is a townhome community located around the corner from Two Eagles Golf Course on Cougar Road in West Kelowna.
What is the term?
Unless earlier terminated, the sublease expires September 29, 2106. Upon termination of the lease, your leasehold interest will expire and you must remove all belongings and leave the premises in good condition. A lease may be terminated prior to the end of the term in the event of an uncured default of either the sublease or the head lease.
Is the lease entirely prepaid?
YES- however you are responsible for paying additional components on a monthly ongoing basis such as Property Taxes, Utilities, and Home Owners Association dues.
Other financial obligations under the lease?
The rent is pre-paid however, as with other strata-type properties, there are additional components which you are responsible for paying on a monthly ongoing basis such as: Property Tax and Utilities which are payable to Westbank First Nations (WFN), and Home Owner Associate dues are payable (similar to strata fees) which will include common costs for property taxes, 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 may 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 use and home office use which are indoor and ancillary to your residential use.
Are there unique insurance requirements?
You are required to insure your premises and its contents 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.