The offer will be available for 5 years from the Effective Date. Payment will be due on acceptance of the lease modification offer – or within a matter of weeks of that acceptance. After acceptance, strata owners and the City will have to sort out any additional paperwork, such as filing in the land title office or mortgages, etc., and that could likely take between two and five weeks. It will also depend on the number of acceptances the City is processing at any one time (i.e.) if there is a backlog.

Said differently, if you exercise a lease modification, the rent is payable then for a benefit that will start to be received in 2036, 2040 or 2046.

Keep in mind that the offer, which is non-binding, is open for five years. Once a strata owner accepts the lease modification offer, the agreement becomes binding and prepayment is due.