Reservation & Leasing Process - 204-470-3333 for information
1. To reserve a suite at VLP (Vasa Lund Place), please submit an Expression of Interest form (EOI), along with a $1,000 deposit. This enables you to reserve your suite type and location. This deposit is fully refundable should the project not proceed, or if the resident wishes to cancel.
2. Once Vasa Lund Place has determined that there is enough interest to proceed with the project, all those who have reserved suites will be offered a complete leasing package. Private meetings will be arranged so that questions may be answered and the lease documentation is signed. An additional deposit of $4,000 is required at this time. Should the project not proceed, all deposits will be refunded.
3. Private meetings with the interior designer will be arranged for each resident so that decor and upgrade options may be selected.
4. The Entrance Fee (minus the $5000 already paid) is due just prior to the start of construction as indicated in the Life Lease Agreement. Entrance Fees are fully refundable when residents move out. 90 days notice is required. A separate Entrance Fee Refund Fund will be established, to facilitate timely refunds.
5. As an alternative to receiving a full Entrance Fee refund, residents of VLP may choose to assign (sell) their lease, when moving out. This enables the resident to benefit from possible capital appreciation of their suite. Some restrictions and an administrative fee will apply.
Life Lease Concept
To help build and operate VLP (Vasa Lund Place) on a non-profit basis, future residents are being asked to invest in the project through the Life Lease financing mechanism. The primary goal will be to build and operate the project in the most efficient manner possible. Monthly charges will only reflect the actual costs to operate the project.
Life Lease investments, which are fully refundable when moving out, will be used by VLP to help build and operate the project. The Life Lease concept has been used successfully on many similar projects throughout the province, including Vasa Lund Estates. Life Lease has a proven record of success. The Manitoba Government has implemented the Life Leases Act and Regulations which will apply to VLP.
Security of Investment
Entrance Fees paid by future residents prior to construction start will be deposited with a trustee (Concentra Trust). The trustee will release funds to pay for construction costs when the project has met conditions such as, receipt of building permits and adequate financing to complete construction. In addition, the trustee will register a second mortgage in an amount equal to the total of the Entrance Fees paid by the residents. This second mortgage will be in favour of the trustee on behalf of the residents. The second mortgage helps protect the financial interest residents have in the building. Residents will be able to appoint two tenant representatives to sit on the landlord’s Board of Directors and participate in establishing policies and operational procedures for the building.