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Life Lease

A Life Lease is at the perfect option for seniors that feel they are ready to leave behind the responsibilities and maintenance that go along with purchasing a home. It permits the greatest flexibility in creating a quality community and offers a sound real estate investment. This program will minimize the cost of monthly accommodation and service fees, offer liquidity upon end of the lease. The affordable suites and services combine to make this a value packed opportunity.

Two Lifestyle Plans are Available

A long-term lease creates a 49-year right to occupy a suite in the Renaissance Community as well as enjoy all the benefits that this membership brings. At the end of the lease or when you decide to terminate your stay at Renaissance Wellness Suites, we will buy back your unit at the original purchase price less a one time 6% administration fee. This 49 year lease is paid in advance, in one lump sum. The experience is much like a condominium purchase however, the benefit is a corporate commitment to the Renaissance Suites’ multitude of services and amenities, expanded maintenance, and life-style programs designed to promote the health and well-being of all of our residents.

During your occupancy at Renaissance, a monthly fee is paid to cover operating costs, including the maintenance costs of the common facilities, health services and continuing upgrades to our existing MEPS program. This monthly fee also covers all food costs, heat, water, hydro, basic cable TV and the property taxes for your unit. Additional fees that are not covered by your monthly fee are your personal telephone costs and the home owner’s content insurance for your suite.

The Life Lease procedure is simple and is easy to understand. We will be happy to meet with you or direct you to professionals that can guide you through the process to your satisfaction.

First, an offer to lease is signed, with a $3,000 deposit submitted to hold the selected suite. Options and enhancements will be determined at that time or just prior to the start of construction. You will be advised as to the timing for taking possession so you may prepare for the sale of your current home.

You may, if you wish, register the lease on title to ensure you are aware of any restrictions, easements, or mortgages that are placed on the property.

When the building of the Renaissance Wellness Suites is completed, you will be asked for the remainder of the lease price and the first Monthly Fee.

Additional Costs not included in your lease:

• MEPS Program Supplements
• Transfer Fee – A one-time fee of 6%
• Indoor and Outdoor Parking – Available on a first come first reserve
• Phone Service
• Personal Support Worker Services
• Personal Laundry Services
• Annual Fee Increase-Cost of living Index
• The Renaissance Suites Corporation pays for building insurance for the building and its suites. Residents pay for "content insurance" for their own possessions.

We will help you to coordinate the move to ensure the smoothest possible transition into your new home.

Once our occupancy has been satisfied, a member’s council will be set up for the benefit of the residents of Renaissance Wellness Suites.

Your Lifestyle Plan
Choose Your Program:

Leaving Renaissance Suites

When you decide to move out of Renaissance Wellness Suites, the corporation does the actual buying of your suite. The corporation will repurchase your suite for the original purchase price less a one time 6% administration fee. You or your estate will receive these funds in 60 days of vacating your suite. This is similar to a regular real estate sale. The corporation retains 6% of the sale price and covers all of your legal fees.