Lease Agreement Requirements
The Ontario Trillium Foundation (OTF) supports renovations, repairs, expansions or retrofits of buildings or facilities, the addition of outdoor installations and the installation of fixed equipment.
To demonstrate that the community will benefit from the improvements proposed in an OTF grant application for at least 5 years, applicants are required to provide:
- proof of ownership or a lease agreement with at least 5 years remaining at the time of grant application.
If an existing lease does not have at least 5 years remaining at the time of application:
- Applicants are required to submit a letter from the Lessor documenting the commitment to renew the lease for a minimum of 5 years.
- This letter needs to be submitted with the existing lease and grant application.
Refer to the Capital Grants Policy for more information.
Sections of a lease agreement
A lease agreement should Include the following sections:
- The name, address, and contact information for the Lessor.
- The name, address, and contact information for the Lessee.
- The address/location of the property that is being leased.
- The name, address, and contact information for the property owner (if different from Lessor).
- The Term of the lease – with start and end dates.
- Lease Payment: The Monthly cost of the lease (including deposits, fees, and utilities).
- The Lessor’s Right to Enter Provision.
- Any conditions of the lease agreement – i.e., lease termination clause; lease extension clause.
- Responsibilities of the Lessor (including repair and maintenance responsibilities).
- Insurance coverage clause.
- Indemnity clause.
- Signatures of the Lessor, the Lessee; and the Witness.
- Date of Signatures.