Living at Key

As the Owner-Resident, you are in control of whether and when you want to participate in the short-term rental program.

ORA Ref: Schedule C.1

All short-term rentals will be facilitated and coordinated by Key. This will ensure a positive and safe experience for everyone involved. Any failure to coordinate short-term rentals through Key will constitute a breach of the ORA.

ORA Ref: Schedule C.2

If you decide to participate in the short-term rental program, you consent to have Key apply to Municipal Licensing and Standards for registration, and to the collection, use, and potential disclosure of your personal information to the City for the purpose of the administration of the City of Toronto Municipal Code.

ORA Ref: Schedule C.3

Only the entire Suite can be entered into the short-term rental program.

ORA Ref: Schedule C.4

The Suite can be rented for a maximum of 180 days in any calendar year based on the records maintained by Key.

ORA Ref: Schedule C.5

If you decide to rent out your Suite for a short-term rental, you will let Key know the dates that you wish to rent your Suite through the Key App. Key will then list your Suite on public rental platforms which may include Airbnb, VRBO, Expedia and Booking.com.

ORA Ref: Schedule C.6

The minimum period for any short-term rental is two nights.

ORA Ref: Schedule C.7

Your Suite must be clean, vacant and available for guest entry by 4:00pm on the night of the guest's arrival. The Suite will be available for you to return to at 4:00pm the day the guest departs.

ORA Ref: Schedule C.8

Key will make the best efforts to rent your Suite but cannot guarantee it.

ORA Ref: Schedule C.9

Key will set the rental price of the Suite, and have the exclusive right to adjust the price prior to the rental. The rental price will be based on several considerations including:

1. 1

   Suite inspection

2. 2

   Discussion with Owner-Resident

3. 3

   Market pricing for similar Suites, time of year and special event periods

4. 4

   Leveraging revenue management techniques to maximize rental income

ORA Ref: Schedule C.10

Key will be responsible for collecting and distributing all revenue, taxes and fees associated with the short-term rental.

ORA Ref: Schedule C.11

Profit from the Suite rental will be shared 70% to you and 30% to Key.

The “Profit” is the rental revenue received by Key, less cleaning, towel and linen fees, applicable taxes, credit card fees, storage fees and portal fees. Your proceeds from the rental will be deposited into your bank account within five (5) Business Days following the rental period.

ORA Ref: Schedule C.12

You can cancel your rental request at any time prior to the Suite being reserved. However, once a guest has made a reservation, you must honour the commitment.

ORA Ref: Schedule C.13

Key has the right to inspect the Suite prior to and following any rental. You agree that your Suite will be clean and meet the checklist outlined in the Key App prior to the rental period.

You can also choose to have the Suite professionally cleaned for a fee. If Key does not agree that the Suite meets the level of cleanliness or any of the other checklist requirements, Key may refuse to rent your Suite and you will be charged any related fees and cancellation charges.

ORA Ref: Schedule C.14

Prior to guest arrival, Key will provide all bed linens and towels to be used for the duration of their stay and will collect all used bed linens and towels for laundering at the end of their stay.

ORA Ref: Schedule C.15

If you would like, Key will provide a box for storing any valuables that you would prefer not to be in your Suite during the rental period. We will keep the box in a secure location for the duration of the rental.

ORA Ref: Schedule C.16

Key will have your Suite professionally cleaned after the guests leave to ensure your Suite is clean before you return at 4:00pm.

ORA Ref: Schedule C.17

After any short-term rental, you should inspect your Suite and report any damage, beyond normal wear and tear, to Key within 24 hours of guest departure. Key will work with the rental portals and insurance providers to obtain compensation for you for any such damage. Key will use all commercially reasonable efforts to secure such compensation, but will not be responsible or liable to you for any such damage or compensation.

ORA Ref: Schedule C.18

As the Owner-Resident, you agree that you, all Immediate Family Members and any Residents living in your Suite will follow all Condominium Rules and respect your neighbours.

You can learn more by downloading the Condominium Rules specific for your building here:

• Epic - 68 Abell St.
• Edge - 36 Lisgar St.
• Musee - 525 Adelaide St W.
• Ivory - 400 Adelaide St E.
• Wellington - 15 Stafford St.

As the Owner-Resident, as long as you're not in Default, you can enjoy your Suite in ways that respect your neighbours and follow the Condominium Rules.

ORA Ref: Schedule 3.1

In addition to a gorgeous Suite to call home, you have the right to use and enjoy all the amenities and common areas in your building, alongside your neighbours. Of course, you'll need to be respectful and follow the rules of the building your Suite is in.

ORA Ref: Article 3.3

You agree that digital communications through the Key App will be acceptable notice for all dealings between you and Key. As the Owner-Resident, you also agree that electronic funds transfer, including pre-authorized debit, is the only form of financial transaction between you and Key.

ORA Ref: Schedule 3.4

As the Owner-Resident, you agree to assign and cede all voting rights under the Act or the Condominium Rules that belong to the Suite to Key by executing the Power of Attorney. In return, Key will communicate with you prior to meetings of the Condominium Corporation and will use all reasonable efforts to ensure the Owner-Resident is able to attend and participate in (but not vote at) meetings of Suite owners of the Condominium Corporation. Key assumes no responsibility to the Owner-Resident for any decision made or action taken or not taken with respect to the Building or the Suite in the exercise of Key’s voting rights in respect of the Suite.

ORA Ref: Schedule 3.5