House Evaluation and Guarantee Plan. Upon subsequent transfer within the Company, an employee will be guaranteed his/her purchase price up to a maximum of four times his/her base salary at the time of the transfer (plus or minus $3,000 for improvements or damages to the property). This guarantee will be for a period of ten years from the date of purchase. Improvements must be verified by receipts and do not include normal painting, decorating and maintenance costs. An employee may not sell his/her house for less than the guaranteed amount without the consent of the Company. If an employee contracts to have a house built in the new location, the Company must arrange for an appraisal of the new principal residence upon completion to establish the "guarantee amount". If an employee who is eligible for the House Evaluation and Guarantee Plan rejects, or does not qualify for, the Company’s Housing Assistance Plan, the following stipulation will apply. The employee must not sell to a third party for a price less than the employee's original purchase price, unless the sale price is approved by the Company. The price level guaranteed by the House Evaluation and Guarantee Plan will be modified downwards in the event of a significant reduction in the level of real estate prices throughout Ontario.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
