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proposed unit in excess of the amount actually assessed against the unit. 1998, c. 19, s. 80 (8).

Municipal taxes payable

(9)

If the portion of the monthly occupancy fee that the purchaser has paid on account of

municipal taxes attributable to the proposed unit is insufficient to pay the amount actually

assessed against the unit, the declarant may require the purchaser to pay the difference between

the two amounts. 1998, c. 19, s. 80 (9).

Non-application

(10)

Sections 149, 150, 151, 165, 166 and 167 and Part VII of the

Residential Tenancies

Act, 2006

do not apply to interim occupancy and monthly occupancy fees charged under this

section. 2000, c. 26, Sched. B, s. 7 (6); 2006, c. 17, s. 248 (4).

(11)

Spent: 1998, c. 19, s. 80 (11).

(12)

Spent: 1998, c. 19, s. 80 (12).

Money held in trust

81. (1)

A declarant shall ensure that a trustee of a prescribed class or the declarant’s

solicitor receives and holds in trust all money, together with interest earned on it, as soon as a

person makes a payment,

(a) with respect to reserving a right to enter into an agreement of purchase and sale for the

purchase of a proposed unit;

(b) on account of an agreement of purchase and sale of a proposed unit; or

(c) on account of a sale of a proposed unit. 1998, c. 19, s. 81 (1).

Exception

(2)

Subsection (1) does not apply to money received,

(a) on account of the purchase of personal property included in the proposed unit that is

not to be permanently affixed to the land; or

(b) as an occupancy fee under subsection 80 (4). 1998, c. 19, s. 81 (2).

Reservation money

(3)

If a person has paid money to reserve a right to enter into an agreement of purchase and

sale for the purchase of a proposed unit and subsequently enters into such an agreement with the

declarant, the declarant shall, on entering into the agreement, credit the money received to the

purchase price under the agreement, despite any provision of the agreement. 1998, c. 19,

s. 81 (3).

Trustee

(4)

Upon receiving money that is required to be held in trust under subsection (1), a trustee

of a prescribed class shall hold the money in trust in a separate account in Ontario designated as a

trust account at a bank listed in Schedule I or II to the

Bank Act

(Canada), a trust corporation, a

loan corporation or a credit union. 1998, c. 19, s. 81 (4); 2002, c. 8, Sched. I, s. 7 (1).

Declarant’s solicitor

(5)

Upon receiving money that is required to be held in trust under subsection (1), the

declarant’s solicitor shall hold the money in trust in a trust account in Ontario. 1998, c. 19,

s. 81 (5).