Our History
Since 1997, Garden Park Tower, owned and operated by the Clearbrook Golden Age Society, has provided residents with comfortable, worry-free living in a harmonious community by offering generous-sized housing units by way of Life Lease agreements. Life Lease agreements have been used successfully for many decades in Canada, most notably in Manitoba, where 1 in 50 seniors lives in a Life Lease community. There are different models of Life Lease agreements, so for those interested in what a Life Lease has to offer, the following information to introduce you to the benefits and features we provide residents.
What is Life Lease?
A housing arrangement where an eligible resident is granted the life-time right to occupy a housing unit and to use the common facilities upon payment of a single up-front payment called a Life Lease Capital Payment.
In addition, residents pay monthly Maintenance Charges toward the management and upkeep of the property, and toward a Contingency Reserve Fund.
Upon the termination of the Life Lease, the departing resident or his/her personal representative must deliver vacant possession of the housing unit to the Society and the resident or his/her estate will receive a redemption payment pursuant to the terms of the Life Lease agreement.
Life Leases can vary widely and are not well understood. Seek professional advice before entering into this form of legal agreement.