The Fine Print

THE

FIN PRINT

Your Deposits are protected:

• All the deposits go in trust to our lawyers (Nelligan

O’Brien) with Deposit Protection (Direct from Tarion) • Deposits paid for condominium units are protected by Tarion up to a maximum of $20,000 and any deposit amounts are protected by the trust provisions of the Condominium Act • Any monies received with respect to reserving a right to enter into an APS for the purchase of a proposed unit (i.e. pursuant to a Reservation

Agreement) and on account of an Agreement of

Purchase and Sale for a proposed unit will be held in a trust account in Ontario by the Declarant’s solicitor or a Trustee of a prescribed class • “Any monies” includes deposits and payments on account of upgrades • Within 10 days of payment of the monies, the

Purchaser is to be provided with written evidence and details of the monies held in trust • The monies cannot be released until the purchase or sale transaction has been completed or until alternate security is provided • Note: This applies to “proposed units” only. Once a condominium has been declared and the unit exists (i.e. no longer proposed), the Vendor/

Declarant can hold the deposits.

Independent Expenses:

• Electricity, Water and Gas will be billed to you based on consumption recorded by your applicable individual meters • Content and Liability Insurance • Cable, phone and internet cost. (See agent to learn about packages offered by suppliers). • Property taxes

Monthly Condominium Fee Expenses*:

• Building insurance • Reserve fund contribution • Upkeep of common areas • Water, Heating & Air Conditioning of common areas Snow removal and landscaping Janitorial services

*See your disclosure statement for full details

Reserve Fund:

• The Ontario Condominium Act requires that a draft condominium budget set aside a minimum of 10% of the operating costs toward reserve funding for future capital replacement in the building. eQ

Homes has established a more precise method of meeting this obligation. An engineering firm was retained to complete a pre-construction

Reserve Fund Study using the existing plan and the construction specifications. The result is that the amount of money set aside for reserve funding in your draft budget is over 30%. This is far better representation of the true costs over time, based on current trends and past experience. • By way of background, the reserve fund is an amount that is reasonably expected to provide sufficient funds for the major repair and replacement of the common elements. The actual

Reserve Fund Study document is composed of a background assessment that describes the timeline for replacement of common elements and includes a spreadsheet describing estimated payments and expenditures. Your pre-construction Reserve Fund

Study also follows this configuration. • A final Reserve Fund Study will be commissioned by the Condo Board within a year of registration.

This updated document will be done by an engineering firm, chosen by the Board of Directors.

The chosen engineering firm provides guidance for your Board of Directors on the proper planning for reserve fund amounts and replacement timing. The reserve fund process is designed to help protect your asset as a condominium owner.

Peace of Mind with Tarion:

• Your condo is covered under Tarion Warranty