General A. Definitions

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Last Updated:
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Matt Dolf
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Publication details
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November 30, 2019
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Matt Dolf
  1. "Alterations" means all alterations, changes, replacements, substitutes, additions and improvements to the Development.
  2. "Assets" of an Occupant (where "Occupant" includes all persons for whom the Residential Unit serves as the principal residence) means all tangible personal and real property of a potential income earning nature and includes without limitation, accounts in banks, trust companies, etc; stocks and bonds; real estate; equity in a business; Registered Retirement Savings Plans; and cash.
  3. "Below Market Occupant" means a Household comprised of one or more cohabiting adults, with or without co-habiting children, whose collective Income is such that the Market Housing Charge payable for the Residential Unit proposed to be occupied by such Household exceeds a level set by the City, which, as of the Commencement Date, is 30% of such Household's collective Income. This level will be reviewed periodically by the City and may be increased.
  4. "Below Market Occupant Housing Charge Contribution" means the amount an Occupant is obliged to contribute monthly to the Co-op for a Residential Unit based on the Housing Charge Scale.
  5. "Capital Maintenance Reserve" means a reserve to be established, funded and managed by the Co-op of not less than of $60 per Residential Unit per month, as more particularly described in Schedule 8, Clause C.1.
  6. "CHF BC Personnel" means each of the directors, officers, employees, contractors and agents of CHF BC, and their respective heirs, executors, administrators, personal representatives, successors and assigns.
  7. "City Personnel" means each of the elected officials, officers, employees, contractors and agents of the City, and their respective heirs, executors, administrators, personal representatives, successors and assigns.
  8. "Commencement Date" means the date as of which this Agreement and the Lease have both been executed by all parties, and the Lease has been registered in the Land Title Office.
  9. "Consumer Price Index" means the consumer price index published by Statistics Canada (or by a successor or other governmental agency, including a provincial agency, if Statistics Canada stops to publish such data), in respect of the historical cost of the construction of apartment buildings in the Vancouver metropolitan area, or if such consumer price index is no longer published, an index published in substitution for the consumer price index or a replacement index designated by the City, or if no comparative calculation can reasonably be made by reference to any such consumer price index, then by reference to such other analysis which, in the City's opinion, most accurately indicates the changes in the cost of the construction of apartment buildings in the Vancouver metropolitan area during the period in question.
  10. "Co-op Operating Reserve" means a reserve to be established, funded and managed by the Co-op from operating surpluses, in an amount equivalent to:
    1. in the first year of the Term, the annual Operating Budget for that year (exclusive of Leasehold Mortgage costs and Capital Maintenance Reserve contributions); and
    2. thereafter, the total operating costs for the Fiscal Year most recently completed based on the Co-op's audited financial statements (exclusive of Leasehold Mortgage costs and Capital Maintenance Reserve contributions), as more particularly described in Schedule 8, Clause C.2.
  11. "Co-op Personnel" means each of the directors, officers, employees, contractors and agents of the Co-op, and their respective heirs, executors, administrators, personal representatives, successors and assigns.
  12. "Core Need Income Threshold" or "CNIT" is based on the cost of housing in the City of Vancouver such that the tenant/occupant cannot obtain rental/co-op housing in good condition meeting Occupancy Guidelines without paying an amount which, as of the Commencement Date, is more than 30% of Income. This threshold will be reviewed periodically by the City, and if revised, will be communicated to the Co-op.
  13. "Declaration of Income and Assets" means the declaration to be completed by an Occupant as evidence of the Income and Assets of that Occupant as required for the Housing Charge assessment.
  14. "Development" means the multiple unit residential building(s) and all other structures constructed on, and forming part of, the lands comprising the strata corporation known as The Owners, Strata Plan 3905, together with all Alterations or repairs thereto and all improvements from time to time constructed upon or affixed or appurtenant thereto, and includes all 84 strata lots, the civic addresses of which are 153, 155, 157, 159, 161 and 163 West 1st Avenue and 156, 158, 160 and 162 Walter Hardwick Avenue (for the town homes), and 151 West 1st Avenue (for the apartment complex), and all related common property, including five bicycle storage rooms on the P1 level and part of one level of underground parking with 90 parking spaces, of which not less than eight are required by the City's Parking By-law to be set aside for visitors and two for use as class A loading bays.
  15. "Event of Default" has the meaning set out in this Schedule A, Clause I.
  16. "First Year Contingency Fund" means a fund to be established and managed by the City of not more than $380,241, for the purpose of assisting the Co-op in offsetting operating cash flow shortfalls experienced between the Commencement Date and the one year anniversary of the Commencement Date due to insufficient revenue to meet expenses when due, which may result from delays in achieving full occupancy and one time start-up costs, as more particularly described in Schedule 8, Clause 8.1.a.
  17. "Fiscal Year" means the fiscal year of the Co-op, to be determined in accordance with Schedule A, Clause E. 1.
  18. "Five Year Contingency Fund" means a non-cumulative fund to be established and managed by the City of not more than $1,100 per Residential Unit per year to help offset operating deficits experienced by the Co-op between the Commencement Date and the five year anniversary of the Commencement Date, as more particularly described in Schedule 8, Clause 8.1.b.
  19. "Guarantee" means the guarantee by the City of the Co-op's financial obligations (as mortgagor) under the Leasehold Mortgage
  20. "Household" means one or more cohabiting adults (19 years of age or older), with or without co-habiting children, whose collective Income, divided by 12, does not exceed the income maximums set by the City, which as of the Commencement Date is set at not more than six times the Housing Charge payable, as of the date of occupancy, for the unit occupied by such Occupant(s). The City may increase the income maximums from time to time, and if it does so, will communicate this to the Co-op.
  21. "Housing Charge" means the charge, determined and assessed by the Co-op from time to time, payable monthly by an Occupant pursuant to an Occupancy Agreement for the right to occupy a Residential Unit and maintain membership in the Co-op.
  22. "Housing Charge Scale" means the Housing Charge scale attached as Schedule G as amended pursuant to this Agreement from time to time.
  23. "Housing Registry" means a partnership between the British Columbia Housing Management Commission and other affiliated housing organizations to provide a centralized database with current application information.
  24. "Income" of an Occupant (where "Occupant" includes all persons for whom the Residential Unit serves as the principal residence) means the total annual income before income tax from all sources of the Occupant, calculated as of the date when the Occupant becomes a resident of the Development, and includes without limitation, all income from earnings, including commissions and tips; all income from all public and private pension plans, Old Age Security and Guaranteed Income Supplement; all income received under the Employment and Assistance Act, the Employment and Assistance for Persons with Disabilities Act, or successor legislation; Disabled Veteran's Allowance; alimony; child support; workers' compensation benefits; employment insurance; and actual income from assets; but excludes, the items listed in Schedule G, Clause 8.
  25. "Income Assistance" means income received under the Employment and Assistance Act, the Employment and Assistance for Persons with Disabilities Act, or successor legislation.
  26. "Lease" means the lease agreement entered into concurrently with this Agreement by the City and the Co-op pursuant to which the City agreed to lease the Development to the Co- op for 60 years.
  27. "Leasehold Mortgage" means the mortgage of the Co-op's interest (as lessee) in the Development pursuant to the Lease, and includes all financing agreements entered into by the Operator with the mortgagee related thereto.
  28. "Maintenance Plan" means the maintenance standards and practices required to preserve the Development, both short-tern and long-term, in form and contents pre-approved by the City (see also Schedule A, Clause 8.15 and Schedule 8, Clauses 8.13.h, 8.15 and C.1).
  29. "Market Housing Charge" means the rates charged for the Residential Unit that reflects the prevailing market rent for comparable units.
  30. "Market Occupant" means a Household that pays the Market Housing Charge for a Residential Unit.
  31. "Occupancy Agreement" means an Agreement, lease, license or other right of an Occupant to occupy a Residential Unit that complies with the Schedule E.
  32. "Occupancy Guidelines" means the guidelines for household sizes of a Below Market Occupant relative to the number of bedrooms in a Residential Unit. Unless otherwise agreed in writing by the City, the following guidelines apply:
    1. no more than two and no less than one person per bedroom;
    2. spouses and couples may share a bedroom;
    3. parents do not share a bedroom with their children;
    4. dependents aged 18 or over do not share a bedroom; and
    5. dependents of the opposite sex age five or over do not share a bedroom.
  33. "Occupant" means the person or persons legally entitled to reside in a Residential Unit pursuant to an Occupancy Agreement, including any person residing in a Residential Unit who is not named in the Occupancy Agreement.
  34. "Operating Budget" means the annual budget for the Development prepared by the Co-op in accordance with Schedule 8, Clause A.
  35. "Operating Expenses" means all sums, costs, expenses, outgoings and other amounts, other than Basic Rent (as defined in the Lease), payable in respect of the Development, including, without limitation, Realty Taxes, payments in lieu of Realty Taxes, Utilities, insurance, salaries and benefits paid to staff engaged in providing services to the Development or an Occupant pursuant to this Agreement or the Lease, principal, interest and fees payable pursuant to the Mortgage, amounts payable by the Lessee under Permitted Encumbrances (each as defined in the Lease), amounts payable pursuant to the Strata Property Act  (British Columbia) in respect of the Strata Corporation, contributions to the Capital Maintenance Reserve and such other items as are described in Schedule 8, Clause A.3.a.
  36. "Operating Income" means all gross income, revenue, sums and other amounts, directly or indirectly, collected by or credited to the Co-op pursuant to this Agreement or the Lease (other than the First Year Contingency Fund or the Five Year Contingency Fund or pursuant to the Mortgage), including, without limitation, Housing Charges, Utilities, parking fees, vending machine revenue, laundry machine revenue and other lees and charges payable by Occupants for use of the Development, amounts payable to the City (other than in its regulatory capacity as a municipal corporation) under Permitted Encumbrances (as defined in the Lease) which by the terms of this Lease are payable to the Lessee instead.
  37. "Operating Surplus" means any surplus Operating Income remaining after payment of all Operating Expenses as more particularly described in Schedule 8, Clause D.
  38. "Performance Standards" means those required practices and standards of performance that the Co-op must meet in accordance with this Agreement.
  39. "Realty Taxes" means all assessments for taxes, rates, duties (including school taxes, local improvement rates and other charges levied pursuant to the Hospital District Finance Act (British Columbia), the Municipal Finance Authority Act (British Columbia) or otherwise, including by or for Translink, BC Assessment and Metro Vancouver) and all other charges for services used in or supplied to the Development (including penalties and interest) that now are or will or may be levied, rated, charged or assessed against the Development, and all other structures, machinery, equipment, facilities and other property of any nature whatsoever located thereon or therein, charged by any municipal, parliamentary, legislative, regional, school or other authority during the Term.
  40. "Reciprocal Easements Agreement" means the Reciprocal Easements for Support, Access, Utility Systems and Other Uses, Section 219 Covenant, Equitable Charges, and Cost Sharing Agreement dated for reference May 5, 2010 between, among others, the City as registered and beneficial owner of the Development and the predecessor in title to the air space parcel from which the strata corporation known as The Owners, Strata Plan BCS3818 was created, registered in the Land Title Office under numbers BB1660410 to BB1660418 on may 13, 2010, and under further numbers BB1660657 to BB16600671 of May 14, 2010.
  41. "Residential Unit" means a self-contained residential dwelling within the Development.
  42. "Strata Corporation" means the strata corporation known as The Owners, Strata Plan BCS3905, including all strata lots and common property contained therein.
  43. "Term" means the 60 year period from the Commencement Date.
  44. "Utilities" means all charges, rates and levies on account of utilities, including for heat, electricity, gas, telephone, television, internet and other costs and expenses of a similar nature, and, if not included in Realty Taxes, for water and garbage collection.
  45. "WorkSafeBC" means the Workers' Compensation Board of British Columbia, an agencycreated in 1917 to promote workplace safety, and is that agency's familiar name.

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