What is the financial responsibility of the municipality if the development defaults?
The Units are not on leased land, so they are not “leasehold”. The Units are owned in FEE SIMPLE. The interests of the Unit Owners will be represented by the Condominium’s Board of Directors, who will be elected by the Unit owners. The Board of Directors will hire a management company to handle the day to day activities of the Condominium, such as maintenance of the common elements [sewer system, water system, roads etc]. The resort business will be operated by a Cottage Advisors of Canada as a for-profit Corporation that will manage the rental “pool” of cottages, the sports facilities, restaurant etc; and share the revenue with the Unit Owners to provide them with an income stream to offset the carrying costs of their individual cottages.
