The offer is open for five years, so we’ll want those options to be available to whoever is the owner during those five years. (e.g.) the purchaser would inherit your option during the five years.

The MOU is legally non-binding at present. If the MOU is approved by Society members, the City will move to formulate and deliver lease modification offers. Once offers are provided to leaseholders those lease modification offers will be binding on the City for five years, and the MOU itself is no longer relevant. […]