Lease Modernization Updates

Lakeridge Park Residential Corporation has been working to create more options for residents to modernize and extend their sublease. We are also sending an attached list of updated frequently asked questions.
The following list contains an overview of the modernized lease:

• The referendum was passed December 8, 2021 to create a new coinciding 125 year lease
• The lease is between WFN and Lakeridge Park Residential Corp., the general partner of WFN Development LP
• Subleases are between Lakeridge and the residents, and purchased as a 73 year extension
• Benefits include CMHC insurance approval, enhanced financing, and less restrictions
• Annual Service Fees become optimized and used for maintenance and infrastructure
• Annual rent as an ASF and potential source default is removed upon modernizing

The following options are now available for residents purchasing the sublease extension:

1. Prepayment for the extension currently calculated at 30% of the 2021 land assessment
2. Upon selling your home, sales proceeds from assignment are used to pay for the sublease as an addendum
3. Internal financing option with 10% down minimum, 3% interest, 15 year term

The information statement and copy of the modernized lease are now published on the lakeridgepark.ca website under homeowners. Please contact our sales representative for detailed information on the lease options, Jeff Leishman, VLS Developments at 250-863-6416 or email jeff@vlsdevelopments.com. Feel free to contact us directly at the Ntityix Development office through info@lakeridgepark.ca.

See the full letter in the link below.