PART 1 - SUMMARY

1. Pursuant to a Lease of even date, the Co-op has leased the Development from the City for a term of 60 years.
2. This Agreement supplements the Lease by setting forth details of the agreed day-to-day and long-term operational requirements applicable to the Development.
3. The goal of this Agreement and the Lease is to provide housing for people who meet the criteria set forth in this Agreement and the Lease, as part of the affordable housing legacy of the Vancouver 2010 Winter Olympics committed to by the City's Council.
4. The Development consists of 84 Residential Units that will be made available for persons who are qualified Occupants, and does not include any commercial or retail space.
5. The Co-op assumes financial and operational responsibility for management and administration of the Development, subject to paragraph 6 immediately below.
6. The City has allocated contingency funds to provide the Co-op with short-term operating budget support for specified purposes and for a limited period of time, if such support is required to make the Development financially viable, and has provided the Guarantee.
7. It is intended that as and when operating surpluses allow, further to Schedule "B", affordable Below Market housing in the Development and elsewhere in Vancouver will be increased.
8. The City, the Co-op and CHF BC will work together in good faith to openly confront issues and challenges, and attempt to resolve them expeditiously, always keeping the best interests of the parties to this Agreement and the Occupants in mind.

AGREEMENT

The parties agree as follows for the Term of the Agreement which is dated for reference January 25, 2011.

PART 2 - SERVICE DESCRIPTION

9. The City and the Co-op have agreed that the Co-op will manage the day-to-day and long-term operations of the Development, will preserve and protect the Development, will collect Operating Income and will pay Operating Expenses on the terms and conditions of this Agreement.
10. The City and the Co-op have agreed that the Co-op will abide by the terms and conditions of the Lease with the City.
11. The common goal of the parties is to provide safe, secure, well managed and fairly priced accommodation on a co-operative basis, for qualified Occupants as set out in this Agreement.

PART 3-AGREEMENT

12. TERM. This Agreement is for a term of 60 years commencing on the Commencement Date.
13. PERFORMANCE STANDARDS. The Co-op will meet the Performance Standards and will provide written reports on its achievement of the Performance Standards as required by this Agreement or as otherwise requested from time to time by the City
14. FINANCIAL SUPPORT. The City will provide limited financial support to the Co-op as contemplated by the Lease, the Guarantee and this Agreement.
15. ENTIRE AGREEMENT. All of the Schedules described in the Table of Contents and attached to this Agreement are an integral part of this Agreement.
    This Agreement, the Lease and the Guarantee constitute the entire agreement between the parties with respect to the subject matter of this Agreement.
    No amendment or modification to this Agreement will be effective unless it is in writing and duly executed by the parties except where this Agreement allows for otherwise.

IN WITNESS of which the duly authorized signatories of each of the Co-op, CHF BC and the City have executed this Agreement effective as of the Commencement Date:

FIRST AVENUE ATHLETES VILLAGE HOUSING CO-OPERATIVE

Per its authorized signatory: 

[Signature] Thom Armstrong, Executive Director. May 4, 2011