tollendale village

Tollendale Village

A Christian Retirement Community
274 Hurst Drive
Barrie ON, L4N 0Z3
(705) 722-0469

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financial questions

What is the Life Lease Program?

The Life Lease Program is specifically designed for seniors who want to minimize their monthly cost and live in a community setting like Tollendale Village with other like-minded seniors. Under this program a resident purchases the right to occupy a Life Lease Suite.

How does it work?

The resident purchases the right to occupy a suite by paying an Entrance Fee based upon the value of the dwelling suite. Residents pay 100% of the value. For general info on Life Lease, please click here[link to PDF (566 KB)] to download the Life Lease Housing Resource Guide.

Alternatively, you may choose one of the suites which are set aside for rent and simply pay the Occupancy Cost of your suite which includes a monthly rent and the monthly maintenance and other fees.

What are the monthly fees that I will be required to pay?

All Life Lease residents must pay a monthly Maintenance Fee, Reserve Fee, Home Phone and Nursing Services Fee. In addition, if you want to purchase additional services, such as automobile parking, storage locker, internet, etc., additional fees will apply.

What Operating Expenses are covered in the monthly Maintenance Fee?

The Maintenance Fees cover the cost of the following:

  • Repairs & maintenance to buildings and grounds
  • Property taxes
  • Utilities(Electricity, natural gas, and water)
  • Cable television
  • Property & liability insurance (residents must obtain their own tenant’s insurance covering unit contents insurance and liability)
  • Administration & overhead costs

Are there any other charges or fees when I move in?

All of our residents are responsible to supply their own flooring in the halls, living, dining and bedrooms and dens. If you are moving into a suite previously occupied, you may make an arrangement with the previous occupant to purchase their flooring if you wish. If you do not want to assume ownership of the existing flooring, the previous resident is responsible for its removal and your flooring will be put in at your expense.

As a Life Lease tenant do I own my suite?

No. You only purchase the right to occupy the suite. As the sponsor of Tollendale Village, Simcoe County Christian Senior Home Inc retains ownership of the facility.

What happens when I need to vacate the suite?

When you need to vacate your suite, you must provide at least 60 days notice from the beginning of the following month, in which notice was given. During that 60 day period you will remain responsible for all of your monthly fees. Similarly, upon death, your estate remains responsible for the same 60 day period. Upon receiving notification we will immediately start the process of finding a replacement Life Tenant. If a replacement Life Lease Tenant is not immediately available, Tollendale Village has 120 days after the 60 day period has expired to register a new Life Lease Tenant. Upon receipt of the Entrance Fee from the new resident, we will reimburse 99% of the Entrance Fee that you paid when you moved in. The remaining 1% is used to restore the suite to its pre-occupancy condition.

Should a replacement tenant not be available during that 120 day period, where do you obtain the funds to refund my Entrance Fee?

Simcoe County Christian Senior Home Inc, the sponsor of Tollendale Village has established a Refund Fund for that eventuality. The monies in this Fund are to be used explicitly for the purpose of refunding Entrance Fees. It should be noted however, that since the establishment of Tollendale Village in 2000, we have never had to access the Refund Fund for this purpose.

What if the Refund Fund should ever be totally depleted, what then?

Your Life Lease agreement states that should this unlikely event ever occur, Simcoe County Christian Senior Home Inc is obligated to commence paying you principal and interest on the outstanding amount for a maximum of 5 years after which they are obligated to make payment of the remaining balance.

In the event of my death can I direct that the refund of my Entrance fee be paid to specific family members or other individuals?

Yes, that is possible. You can do this by including the names of the individuals to whom you wish to have the payment(s) made in the Life Lease document, and the amount will be evenly divided among these people.

If I don't want to move in yet, or if I plan to be away for an extended period of time can I sublet a suite?

No, we do not allow subletting of any of our suites.

Can I participate when I am not a tenant?

You may wish to provide your parents, relatives or a friend with the funds to rent or Life lease a suite at Tollendale Village. Our contract will be with the actual occupants, and no one else. At certain times there may be an opportsuitey for members of SCCSHI to provide private investments to the project. Please contact us for more details on this.

What steps should I take before entering into the Life Lease Program?

After submitting an application for tenancy in Tollendale Retirement Community you will receive a package of documents which must be reviewed by you and your solicitor and SCCSHI must receive from each applicant written confirmation that he/she has obtained independent legal advice.

How is the Entrance Fee Amount calculated per suite?

Entrance fees are based on current market values and are adjusted annually to reflect market and other conditions.

How often do the Monthly Fees change?

Monthly Fees are subject to review annually and will be adjusted based on anticipated costs. Our normal adjustment date is September 1st of each year and residents are notified 90 days prior to any adjustments.

What are the Reserve Fees used for?

The Reserve fees are used to establish a Capital Reserve Fund. This fund will be used at the discretion of the Board of Directors to cover the cost of extraordinary Capital and other Expenses to ensure that the premises stay in excellent condition. These expenses could include major roof repairs, equipment repairs and/or replacement, other major building repairs, capital enhancements etc.

How do we know that the Capital Reserve Fund is adequate?

Our external auditors review our reserve fund balance as part of our annual audit. Every 5 years we carry out a reserve fund study to determine if the funds we are setting aside are adequate for that purpose.

Am I allowed to register my Life Lease Agreement on title?

No. Our financial institution does not allow the agreements to be registered on title.

What if I need to borrow funds to pay for the Entrance fees? Do financial Institutions not require such registration?

Some Financial Institutions may be prepared to take an Assignment of the Life Lease.

Do I need to provide my own insurance?

Simcoe County Christian Senior Home Inc. carries comprehensive all-risk and liability insurance. However, this insurance does not cover the contents of the occupants nor any liability coverage for the residents if they become liable for an occurrence. We require all residents to carry contents insurance including liability coverage of $2 Million.