The negotiations have now concluded. An agreement was reached regarding the term of lease extensions, rent and rent prepayment, lease end value (also known as LISL or the leaseholders interest in the strata lot) and dispute resolution as set out in the Memorandum of Understanding (MOU) supported by the Board of Directors of the Society and Vancouver City Council. The proposal would give all owners an option to modify their lease and the right to decide on their own to accept the terms of the modifications.