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TARION UPDATE

TARION UPDATE. Mark Bragagnolo Managing Director of High Rise Division PMA Brethour Realty Group. Kathie Anderson Project Administrator Vandyk Group of Companies. Major CHANGES.

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TARION UPDATE

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  1. TARION UPDATE Mark Bragagnolo Managing Director of High Rise Division PMA Brethour Realty Group Kathie Anderson Project Administrator Vandyk Group of Companies

  2. Major CHANGES • Notice Required for Delayed Closing has been changed from “65 days prior written notice” to “AT LEAST 90 DAYS PRIOR WRITTEN NOTICE” • Compensation Payable to Purchaser has changed from $5,000 maximum to $7,500 MAXIMUM • No more 5 Day Grace Period Without Notice. If Firm Closing Date is not met and minimum 10 day notice not given, Compensation payable to the Purchaser is automatically 10 days at $150 per day plus additional costs incurred by the Purchaser as a result of delayed closing.

  3. MAJOR CHANGES Purchaser's Right to Terminate has been extended. Purchaser can terminate the transaction during a window of 30 days from “Outside Closing Date. See Revised Termination Period as outlined in Addendum. New Addendum outlining changes must be inserted in all Agreements of Purchase and Sale. If not completed properly (ie Dates not completed, conditions inserted are not permitted by Tarion as per Schedule A in Addendum), the Agreement of Purchase and Sale is NOT enforceable Thursday, March 27, 2008

  4. FREEHOLD TENTATIVE CLOSING DATE TIMELINES Thursday, March 27, 2008

  5. FREEHOLD FIRM CLOSING DATE TIMELINES Thursday, March 27, 2008

  6. CONDO TENTATIVE OCCUPANCY DATE TIMELINES Thursday, March 27, 2008

  7. CONDO FIRM OCCUPANCY DATE TIMELINES Thursday, March 27, 2008

  8. TARION UPDATE Mark Bragagnolo Managing Director of High Rise Division PMA Brethour Realty Group Kathie Anderson Project Administrator Vandyk Group of Companies

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