Yes, that is correct. The offer will be extended to all strata leaseholders regardless of their membership in the Society. If more than 25% vote not to accept the option, then the MOU will lapse and no owners will have the option to accept the offer.

No, you are not obligated to do anything if you vote ‘yes’. A ‘yes’ vote is simply agreeing that each owner will be given the option to modify their lease as per the terms of the MOU. Ultimately, if the vote passes each individual strata owner will then receive a lease modification offer […]

No. Voting is limited to Society members (with one vote per strata unit).

If enough Society members vote ‘no’ and the proposal is not approved, an offer will not go forward to any individual strata leaseholders.

Then owners will not be given a choice to accept the City’s offer as it will lapse. All the existing leases will remain as written if the MOU is not accepted in the Extraordinary General Meeting. If the MOU is approved by Society members, then each residential strata leaseholder will have the individual […]

The Memorandum of Understanding (MOU) with the City will lapse. Said differently, the proposal would no longer be valid. This means individual owners will not be given the right to choose for themselves whether they want to accept the terms of this offer.

The Society members will vote on a resolution to approve the MOU such that lease modifications would be offered as an option to all members for individual consideration. If 75% or more of Society members who attend the meeting and vote or vote by proxy vote for the motion the proposal […]