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04.

Maintaining Your Key Suite

Here's everything you need to know to maintain, renovate and protect your new home.

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A. Maintaining Your Suite

Home sweet home starts with maintaining your Suite in ways that will make it a great place to live and a smart investment.

The Condition of the Suite

Making sure your Suite is in top condition is a shared responsibility between you, Key and the Condominium Corporation. The ORA provides more details.

As the Owner-Resident, you will pay to keep your Suite and all fixtures in good working order. If you decide to move, you also agree to return the Suite and all fixtures in the same condition as when you first moved in.

Once a year, Key is allowed to do an inspection of your Suite. We will give you advance notice and also share the results of the inspection. As your Co-Owner, it gives us a chance to see the condition of the Suite. It will also be helpful input to the regular Suite valuations you'll have access to through the Key App.

ORA Ref: Article 3.7

ORA Ref: Article 3.8

Notification of Defects

You agree to notify Key as soon as you become aware of any damages or defects to your Suite or fixtures.

ORA Ref: Article 3.9

B. Wear and Tear Maintenance

As a new homeowner, we know you will take extra care of your Suite. Even with the best of care, over time, there's sure to be some typical wear and tear maintenance required (maybe a repair to the dishwasher, for example). When that happens, you will be responsible for your portion of the costs. So, if you own 2.5% of your suite, you will pay 2.5% of the wear and tear maintenance costs. Key will work with the Property Owner to pay for the rest.

Now, if you decide to throw a party and damage is done, you will be responsible for covering the full costs of the repairs since that was completely within your control.

ORA Ref: Article 3.10

C. Renovating Your Suite

You're welcome to personalize your Suite. Since we're Co-Owners, you just need to let Key know first, so we can work with the Property Owner and give you written consent. If your plans include any structural changes, the Condominium Corporation will also need to provide written consent. Safety first!

If you want to make any changes to Common Areas or Facilities (like a balcony), you will also need written consent from both Key and the Condominium Corporation first. To make it easy for you, Key will help manage the Condominium Corporation approvals with you.

Once you have consent, Key will make your renovations easy by providing a list of qualified and approved contractors. If you would prefer to work with another supplier, or the work you'd like to do is outside the expertise of these qualified contractors, you can choose an alternative qualified contractor to perform the work. Key will review and provide written approval of your proposed contractor before they start work. Of course, any renovations must follow all Applicable Laws and be inspected and approved in accordance with these laws.

ORA Ref: Article 3.6

Suite Alterations and Additions

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All structural alterations, additions or other changes will become part of the Suite and you cannot remove them when you're ready to move. If they affect the value of the Suite, the benefit or cost (less applicable depreciation) will be added to or subtracted from your proceeds of the sale of your Co-Ownership Interest to Key when you move.

Upon request, Key is happy to provide a non-binding estimate to you of the anticipated impact of any alterations, additions or other changes on the proceeds of sale of your Suite.

ORA Ref: Article 3.6

D. Insuring Your Suite

Key will maintain (or ensure the Condominium Corporation maintains), “all risk”, “public liability” and other insurance deemed advisable to protect your Suite and the Building.

Key may also make additional insurance for your Suite and its contents available to you on terms we both agree to. (Additional Details for Insurance and Coverages are outlined in Schedule E.)

ORA Ref: Article 11.6

Insurance Details

Insuring your home will help preserve your investment. So, in addition to any other insurance you'd like to have, you agree to always have at least $50,000 in contents insurance; at least one million dollars in public liability insurance; plus insurance to cover any additional living expenses that would happen in the very rare case where a hazardous situation meant you had to vacate your home.

To make it easy for you, Key has negotiated preferred rates that you are welcome to benefit from if you'd like.

ORA Ref: Article 11.6

D. Damages

As Co-Owners, we both want a pristine Suite and Building. Since some things are beyond our control, this section addresses how damages will be managed for both your Suite and the Building.

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Suite Entry

Key may enter your Suite to make any necessary repairs, or to correct a situation (like a running tap) that could result in damage or loss to either of us, the Condominium Corporation, the Building or the Suite. Key, or an agent of the Condominium Corporation may determine in our sole discretion whether such a condition exists.

Key will notify you, via the Key App, as soon as is practicable in advance of a condition requiring our entry to the suite.

This will not be considered a breach of quiet enjoyment.

ORA Ref: Article 3.10

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Resident's absence

If you are not there to let us into your Suite, Key or an agent of the Condominium Corporation can enter without your permission in order to deal with any situation involving damage or loss, or potential damage or loss.

ORA Ref: Article 3.10

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Locks

We will keep a key to all locks on all doors or windows in your Suite. You may not change any locks or add new locks without Key’s prior written consent. As soon as new locks are in place, you will immediately give us a key or code to each new or changed lock.

ORA Ref: Article 3.10

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No Liability

This section does not impose any responsibility on Key or an agent of the Condominium Corporation or any insurers or their agents for the care or supervision of your Suite. That said, we promise to be respectful and treat your Suite like it's ours. After all, we're Co-Owners.

ORA Ref: Article 3.10

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Compensation

As the Owner-Resident, you agree to compensate Key for any damage, loss or injury that you - or any of your occupants, guests or residents - cause to Key, the Condominium Corporation, the Building, your Suite, or to any other persons on the Lands.

ORA Ref: Article 3.10

Termination of Agreement from Damages

It's always best to prepare for the worst, even when it's very unlikely to happen. On that note, if your Suite was destroyed, or damaged by fire or other means, and was uninhabitable for a period of ninety (90) days following the date of the damage, or if the Condominium Corporation otherwise requires, the Agreement may be terminated at the Property Owner's sole discretion. As your liaison, Key will manage the process and communications.

In this situation, you will be paid the fair market value of your Co-Ownership Interest. The value will be based on the Appraisal of the Suite calculation outlined in paragraph 18.2 in the month immediately prior to such destruction or damage, less any outstanding amounts you owe to Key.

Key and the Property Owner will not be held responsible for any destruction or damage caused by any willful, unlawful or negligent act or omission by you or your occupants, guests, invitees, Residents or anyone else whom you are responsible for.

ORA Ref: Article 11.1

Reconstruction and Abatement

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Reconstruction

If the Suite is damaged by fire or other casualty and Key does not so terminate the Agreement, we will diligently repair or reconstruct your Suite or cause the Condominium Corporation to repair or reconstruct the Suite to the extent of the proceeds received by us from our insurers and those received by the Condominium Corporation.

Your Residency Payment will be reduced between the date of the damage and the date when the repairs or reconstruction are substantially completed.

If we, or the Condominium Corporation, reconstruct the Suite, we may use plans, specifications and working drawings other than those used in the original construction of your Suite.

ORA Ref: Article 11.2

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Abatement

If Key determines that the damage to your Suite makes it uninhabitable in part only, for a period that is less than ninety (90) days following the damage, the Agreement will continue to be in effect. We will diligently repair or reconstruct that part of the Suite, or cause the Condominium Corporation to repair or reconstruct that part of the Suite, to the extent of proceeds received by us and/or the Condominium Corporation from insurers. During this period, the Residency Payment will be reduced proportionately.

ORA Ref: Article 11.3

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No Abatement

If in Key's opinion, the damage to your Suite does not make it uninhabitable, for a period that is less than ninety (90) days following the damage, this Agreement continues in effect and the Residency Payment will expected to be paid in full.

ORA Ref: Article 11.4

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No Abatement if Negligence

If in Key's opinion the destruction or damage is caused by any willful, unlawful or negligent act or omission by you, your residents, occupants, guests or those you are responsible for, the Residency Payment will not be reduced under any circumstances.

ORA Ref: Article 11.5

Legal Review of the Owner-Resident Agreement

Seeking independent legal advice can provide added confidence in your decision.

The Owner-Resident Agreement is an important contract and we want to make sure you're comfortable with the commitment you're making. That's why we recommend Owner-Residents seek independent legal advice before signing, so you have added confidence in your decision to become an Owner-Resident with Key.

Independent from the Residential Tenancies Act (Ontario)

Since you are an Owner-Resident and no longer a renter, you agree that we are both bound by the Owner-Resident Agreement and not any aspect of the Residential Tenancies Act (Ontario). Please refer to ORA Article 3.2 for more details.

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Get In Touch

We're here to help

Like any good neighbour, we're always happy to help. So, if you have any questions or want to chat about the ORA, we're only a click away.