You may have heard about a form of home ownership described as a life lease. The documents creating the life lease arrangement may not be labeled as a “Life Lease”, but may be called a “Right to Occupy” or “Equity Agreement”. The important issues are not the labels that attach to this form of property ownership so much as the rights and responsibilities that go with the arrangement. You may also be interested to know, while life leases are relatively new in North America, the purchase of a long term right to occupy has been used as a form of ownership in Europe for hundreds of years.
Life Lease is a generally accepted term to describe a form of property ownership. The Uptown has developed a form of life lease which entails the right to occupy a residential unit for as long as you live and the right to the equity in the unit at the end of your occupation, whatever the reason for termination. The Uptown will also provide rental units with various models from full rental to full ownership. Ask about our options for a 50% ownership/rental model!
There are two very important ingredients to this arrangement, firstly the exclusive right to occupy the unit and secondly the right to equity when the right to occupy is terminated for any reason.
The Uptown is an integrated facility strategically designed to address the changing needs and sequential level of care required by our senior population. The options for accommodations have been planned to better address changing health and care requirements through the aging process. This project offers increasing levels of care from independent living in a condo-like environment for individuals and couples who are healthy enough to manage their lives with minimal help through to our Assisted Living(Comfort Suites) in simpler, homelike suites to full and maximum care for individuals requiring round-the-clock nursing and personal care.
The Uptown project’s three phases are tailored for these changing needs. Significantly, we have achieved this within one campus-style facility that makes the transitions easier. Moving from Independent Living to our Assisted Living (Comfort Suites) to Maximum Care can be seamlessly accomplished in one location so friendships are maintained within the complex. When couples require different levels of care, they are not geographically separated. The project recognizes the importance of keeping family members as well as friends in familiar, accessible and convenient homelike surroundings. The site provides not only amenities for a comfortable daily life, but also access to the natural environment outside the walls of the buildings with gardens, trees, walkways and sitting areas which are an important component of maintaining a healthy lifestyle.