Common use of Residency Rights Clause in Contracts

Residency Rights. A resident is granted a long term Lease to occupy a Residence, subject to early termination by death, or if a resident’s health prevents the resident from safely living in the Residence. To qualify for residency in the Village, at least one of the persons occupying the Residence must comply with criteria imposed by specific laws relating to Retirement Villages, including the Retirement Villages Act (WA). Currently, those criteria require that at least one occupant is over the age of 55 years or permanently retired and is capable of maintaining their own safety, health and wellbeing as a resident of the Village. The Village owner reserves the right at its’ sole discretion, to allow a second resident who may be under the age of 55. Residents also have the right to use on a shared basis with other residents the common areas and facilities of the Village. Why a Lease? Leases are widely used by Retirement Village operators in Western Australia as being the most practical and cost effective method for granting residency rights. A lease gives you the security of tenure you reasonably expect and ensures that the whole Village is maintained to a continually high standard by Acacia Living Group in accordance with its responsibilities under the Lease as lessor. Leases reduce development costs as there are no separate freehold titles for residences. Also you do not have to pay freehold acquisition conveyance costs or any Stamp Duty on your lease. This results in lower acquisition costs for you. Your Interests are Protected Your Lease provides a secure and legally binding leasehold estate in your Residence that is protected by the Lease terms, the Retirement Villages Act 1992, a retirement village Memorial registered over the freehold title of the Village and by a statutory first charge over the village land securing your rights to repayment of your Loan under section 20 of the Retirement Villages Act.

Residency Rights. A resident is granted a long term Lease for a period of 45 years to occupy a Residence, subject to early termination by death, or if a resident’s health prevents the resident from safely living in the Residence. To qualify for residency in the Village, at least one of the persons occupying the Residence must comply with criteria imposed by specific laws relating to Retirement Villages, including the Retirement Villages Act (WA). Currently, those criteria require that at least one occupant is over the age of 55 years or permanently retired and is capable of maintaining their own safety, health and wellbeing as a resident of the Village. The Village owner reserves the right at its’ sole discretion, to allow a second resident who may be under the age of 55. Residents also have the right The resident is entitled with other village residents, adjoining Xxxxxxx Village residents and a limited number of Social Users to use on a shared basis with other residents the common areas and facilities of the Village’s extensive Community Amenities, including a community lounge and restaurant, meeting room, a library/computer resource room, an indoor pool and heated spa, a gymnasium, an inter-denominational Chapel, a hairdressing salon, medical consulting room and other facilities. Why a Lease? Leases are widely used by Retirement Village operators in Western Australia as being the most practical and cost effective method for granting residency rights. A lease gives you the security of tenure you reasonably expect and ensures that the whole Village is maintained to a continually high standard by Acacia Living Group in accordance with its responsibilities under the Lease as lessor. Leases reduce development costs as there are no separate freehold titles for residences. Also you do not have to pay freehold acquisition conveyance costs or any Stamp Duty on your lease. This results in lower acquisition costs for you. Your Interests are Protected Your Lease provides a secure and legally binding leasehold estate in your Residence that is protected by the Lease terms, the Retirement Villages Act 1992, a retirement village Memorial registered over the freehold title of the Village and by a statutory first charge over the village land securing your rights to repayment of your Loan under section 20 of the Retirement Villages Act...