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Terminated agreements

(7)

If an agreement of purchase and sale provides that a purchaser is entitled to a return of

money paid under the agreement upon termination of the agreement and the agreement is

terminated, the declarant shall pay interest at the prescribed rate to the purchaser on the money

returned. 1998, c. 19, s. 82 (7).

Excess interest

(8)

The declarant is entitled to the excess of all interest earned on money held in trust over

the interest it is required to pay under this section. 1998, c. 19, s. 82 (8).

L

EASE OF

U

NITS

Notification by owner

83. (1)

The owner of a unit who leases the unit or renews a lease of the unit shall, within

30 days of entering into the lease or the renewal, as the case may be,

(a) notify the corporation that the unit is leased;

(b) provide the corporation with the lessee’s name, the owner’s address and a copy of the

lease or renewal or a summary of it in the form prescribed by the Minister; and

(c) provide the lessee with a copy of the declaration, by-laws and rules of the corporation.

1998, c. 19, s. 83 (1).

Termination of lease

(2)

If a lease of a unit is terminated and not renewed, the owner of the unit shall notify the

corporation in writing. 1998, c. 19, s. 83 (2).

Record of notices

(3)

A corporation shall maintain a record of the notices that it receives under this section.

1998, c. 19, s. 83 (3).

PART VI

OPERATION

C

OMMON

E

XPENSES

Contribution of owners

84. (1)

Subject to the other provisions of this Act, the owners shall contribute to the

common expenses in the proportions specified in the declaration. 1998, c. 19, s. 84 (1).

Common surplus

(2)

A common surplus in a corporation shall be applied either against future common

expenses or paid into the reserve fund, and except on termination, shall not be distributed to the

owners or mortgagees of the units. 1998, c. 19, s. 84 (2).

No avoidance

(3)

An owner is not exempt from the obligation to contribute to the common expenses

even if,

(a) the owner has waived or abandoned the right to use the common elements or part of

them;

(b) the owner is making a claim against the corporation; or