Useful for commercial landlords, CMHC`s standard rent reduction contract is expressly related to the final approval of the lessor`s CECRA loan application. The agreement has no effect or effect unless the lessor`s CECRA loan application has received final approval. This allows landlords to apply for relief for affected tenants without having to commit to reducing their rent and may have their application rejected. «Large landowners» refer to applicants with more than 20 properties or to a landowner who owns only one property but has more than 50 affected tenants. Given the additional complexity of this type of application, the owner who meets these criteria can contact CMHC`s CECRA team for more information. Applicants should be aware that the online portal involves only a maximum of 50 tenants per application. In such cases, applicants should contact their «ambassador» for the application to be processed manually. Do not pay more than $50,000 per site in gross monthly rent, which is enforceable by a valid rental agreement; Landowners can be contacted by MCAP or CTF and should keep in mind that the approval process can take up to two weeks. In anticipation of the imminent introduction of the CECRA programme, CMHC has published the following four agreements, which will be required as part of the owner`s application: (i) a certificate of ownership; (ii) a tenant or subtenant certificate; (iii) a tenancy agreement to reduce rent; and (iv) a forgivable loan agreement. These agreements are detailed below and legal versions of these agreements are available on the CECRA application portal. The CMHC also provided the following information: Are there any assistance mechanisms for homeowners with several characteristics that require CECRA, allowing them to be put in touch with an interlocutor or «ambassador» to help implement the program? Property owner based in Atlantic Canada, British Columbia, Alberta and Quebec City, with up to 10 tenants eligible for the program In the form of the Property Owner Attestation, the owner/owner must confirm that: A non-standard lease for rent reduction must be accompanied by a driver to ensure that it meets the requirements of the CECRA program. The driver has imposed himself in case of contradictions with the terms of the non-standard rent reduction contract.
A third party may be considered the owner of CECRA for the financing of CECRA where there are long-term commercial leases with third parties for the operation of the property (for example. B airports); And the deadline for landowners to file applications for CECRA for small businesses was September 30, 2020. For homeowners who have already applied, the reporting deadline for additional funding is October 30, 2020. Note that in cases where the rent was collected by the tenant before receiving the authorization of the program, the owner of the property is required to reimburse the rent paid by the Little Tenant for the corresponding period. However, if the landlord and tenant agree, the owner of the land can give the tenant a credit for the rent for a month to come. Rent is expressly defined as the sum of all the recurring sums that the tenant concerned must pay for the eligible programming period, depending on the terms of a valid and enforceable rent or subletting, without taking into account a deferral agreement or rent reduction. Is the change of ownership or sale of shares (at the economic level of ownership) under Section 9 of the Forgivable Loan Agreement («Delayed Payment Events») a restructuring? What types of corporate restructurings are prohibited? The Prime Minister announced CECRA for the first time on 24 April 2020 that an agreement in principle had been reached with all provinces and territories to support small businesses across the country.