- All residents named as Tenants on leases for any rental unit in any Minto Apartments Ltd. (Minto) residential rental building are automatically enrolled in the Rental Rewards Program (the "Program").
- In order to qualify for the Program, the resident must be the person responsible for paying the rent, occupying the rental unit and responsible for maintaining the rental unit at the time that the resident purchases a new home from Minto.
Residents of a Minto owned residential rental building who are not parties to the lease or who are named as Co-signers on the lease do not qualify for this Program. Only one (1) person per new home purchase is eligible to receive Reward Dollars.
In the event that Tenants terminate a shared lease where both parties are named, the Tenants may choose to evenly divide the Reward Dollars, or one Tenant may forfeit the Reward Dollars to the other Tenant named on the lease, by signing the Minto Tenant Form at the time of purchase. - Reward Dollars and eligibility may NOT be transferred to another person.
- Reward Dollars will be calculated from the date the Tenant occupied the rental unit under the terms of the lease to the date the Tenant closes on the new Minto home. Only the months and years of continuous occupancy prior to the purchase will be counted. Transfers from one Minto rental unit to another are considered to be continuous. If a Tenant had rented an apartment from Minto for five (5) years, moved out for one (1) year, then moved back to a Minto rental unit for the last two (2) years, for the purposes of this Program, the Tenant would only qualify for the most recent two (2) years of continuous tenancy.
- Reward Dollars are calculated by using the following formula and will be pro-rated on a monthly basis: $600 per year up to a maximum of three (3) years of continuous tenancy; and $150 per year for each year after the initial three (3) years of continuous tenancy.
For example, Mr. and Mrs. Richard have been Minto Tenants since December, 1973. Their Reward Dollars have accumulated up to December, 2002 as follows:
3 years at $600 per year $1,800
26 years at $150 per year $3,900
Total Reward Dollars $5,700
Ms. Jane Smith has been a Minto Tenant since August, 1993. Her Reward Dollars have accumulated up to December, 2002 as follows:
3 years at $600 per year $1,800
6 years & 4 months at $150 per year $ 950
Total Reward Dollars $2,750 - Reward Dollars are payable only if the Tenant purchases a new home from Minto. Resale Minto homes do not qualify for this Program.
- The Program is in addition to and not a replacement of any existing or future Minto sales bonus (i.e. early closing, or existing inventory, etc.). Any Minto new home bonus will not cancel out or reduce in any way the Reward Dollars entitlement.
- The Program applies only to rental units owned by Minto or any affiliated company. Tenants of properties managed by but not owned by Minto are not eligible for this Program unless the Owner of said property agrees to participate in the Program. If ownership of a building or participation in the Program changes, the Tenant will be eligible for Reward Dollars accumulated to the date of the change, and will have 12 months to purchase a new home and be eligible to redeem their Reward Dollars. Written notification will be provided of any such change.
- A Tenant may choose to use their Reward Dollars at the Minto Design Centre, or a cheque will be issued to the Tenant on the closing date of the home.
- Reward Dollars cannot be used as a portion of the 5% minimum down payment required by C.M.H.C. in order to qualify under C.M.H.C.'s insured loan guidelines.
- Minto, at its sole discretion, reserves the right to alter or cancel the Program at any time in whole or in part.
In the event the Program is materially altered, the Tenant will receive three (3) months written notice (the "Alteration Notice Period") detailing the alteration(s) to the Program and the date the material alterations are to take effect. Material alterations to the Program are not retroactive and will only take effect for those months of residency occurring after the Alteration Notice Period. All Reward Dollars accumulated prior to the expiry of the Alteration Notice Period will be honoured in full.
In the event the Program is cancelled, Tenants will receive a minimum of 24 months written notice (the "Cancellation Notice Period") of such cancellation. Tenants may purchase a new home from Minto at any time during the Cancellation Notice Period and will be provided with their full Reward Dollars entitlement calculated to the date of closing on the new Minto home. At the end of the Cancellation Notice Period, all outstanding Reward Dollars will expire and have no further value.