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LEASEHOLD CONDOMINIUM CORPORATIONS

Creation

164. (1)

Subject to the regulations made under this Act, a declarant may register a

declaration and description that divide the leasehold estate in the land described in the

description into units and common elements. 1998, c. 19, s. 164 (1).

Type

(2)

The type of corporation created by the registration of a declaration and description

under subsection (1) shall be known as a leasehold condominium corporation. 1998, c. 19,

s. 164 (2).

Application

(3)

Subject to this Part, Parts I to IX and XIV apply with necessary modifications to a

leasehold condominium corporation. 1998, c. 19, s. 164 (3).

Other corporations

(4)

This Part does not apply to a corporation that is not a leasehold condominium

corporation. 1998, c. 19, s. 164 (4).

Leasehold interest of owners

165. (1)

Each leasehold interest in a unit in a leasehold condominium corporation and its

appurtenant common interest is valid even if the lessor is the owner of the leasehold interest and

in that case the legal title and the leasehold interest shall be deemed not to merge. 1998, c. 19,

s. 165 (1).

Same term

(2)

All leasehold interests in units in a leasehold condominium corporation and their

appurtenant common interests shall be for the same term. 1998, c. 19, s. 165 (2).

Term before renewal

(3)

The term of the leasehold interests before a renewal under section 174 shall be not less

than 40 years less a day and not more than 99 years as specified in the declaration. 1998, c. 19,

s. 165 (3).

Lessor’s consent not required

(4)

The owner of a unit in a leasehold condominium corporation may, without the consent

of the lessor, transfer, mortgage, lease or otherwise deal with the leasehold interest in the unit.

1998, c. 19, s. 165 (4).

Transfer of unit

(5)

The owner of a unit in a leasehold condominium corporation may not transfer less than

the whole leasehold interest in the unit and its appurtenant common interest. 1998, c. 19,

s. 165 (5).

Form of transfer

(6)

A leasehold interest in a unit in a leasehold condominium corporation shall be

transferred in accordance with section 105 of the

Land Titles Act

, even if the land included in a

leasehold condominium corporation is situated within the boundaries of a registry division. 1998,

c. 19, s. 165 (6).

Application of

Residential Tenancies Act, 2006