Life Right Endowment

The Life Right of Endowment Agreement is between:

  • MHA
  • The Occupant
  • The Co-Occupant (being the Occupant’s spouse or partner)

 

  1. The “Life Right” means the right of the Occupant and the Co-Occupant at the time of purchase, or the survivor of them, to occupy the cottage or apartment described in the Agreement, until termination of the Agreement
  2. Ownership of the cottage or apartment remains vested in MHA at all times
  3. In return for payment of the amount required to purchase the Life Right, the Occupant and Co-Occupant acquire the right of occupation which commences on the agreed occupation date
  4. The Agreement allows for the Co-Occupant to be an established partner, as opposed to a Spouse, and MHA’s policy allows continued occupation of a cottage or apartment by the surviving partner, subject to the Life Right only remaining with those two original individuals
  5. It is a condition of the Agreement that the cottage or apartment be permanently occupied by the Occupant and/or Co-Occupant; there needs to be a sufficient degree of continuity of occupation as opposed to merely temporary or occasional occupation.