Life Right Endowment

The Life Right of Endowment Agreement is between:

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

v  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 described in the Agreement, until termination of the Agreement

v  Ownership of the cottage or apartment remains vested in MHA at all times

v  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

v  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 by the surviving partner, subject to the Life Right only remaining with those two original individuals

v  It is a condition of the Agreement that the cottage 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.