Lease Agreement Requirements
Applicants that are installing fixed equipment, adding outdoor installations, or renovating, repairing, or retrofitting facilities or spaces are required to provide proof of ownership or a 5 year lease agreement.
To demonstrate that the community will benefit from the improvements proposed in an OTF grant application for at least 5 years, applicants are required to provide 1 of the following documents:
- Proof of ownership, such as a current year tax bill with roll number, current year Property Assessment Notice with roll number (from MPAC), land transfer document, title or deed; or
- A lease agreement with at least 5 years remaining at the time of the grant application deadline date.
If an existing lease does not have at least 5 years remaining at the time of application:
- Applicants are required to submit a letter from the Lessor documenting the commitment to renew the lease for a minimum of 5 years.
- This letter needs to be submitted with the existing lease and grant application.
- Municipalities need to provide a signed letter from a senior administrator confirming ownership, instead of ownership documents.
- First Nations are not required to provide proof of ownership or lease agreement.
Sections of a lease agreement
A lease agreement should Include the following sections:
- The name, address, and contact information for the Lessor.
- The name, address, and contact information for the Lessee.
- The address/location of the property that is being leased.
- The name, address, and contact information for the property owner (if different from Lessor).
- The Term of the lease – with start and end dates.
- Lease Payment: The Monthly cost of the lease (including deposits, fees, and utilities).
- The Lessor’s Right to Enter Provision.
- Any conditions of the lease agreement – i.e., lease termination clause; lease extension clause.
- Responsibilities of the Lessor (including repair and maintenance responsibilities).
- Insurance coverage clause.
- Indemnity clause.
- Signatures of the Lessor, the Lessee; and the Witness.
- Date of Signatures.