Lease Agreement Requirements

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: 

1. The name, address, and contact information for the Lessor.
2. The name, address, and contact information for the Lessee.
3. The address/location of the property that is being leased.
4. The name, address, and contact information for the property owner (if different from Lessor).
5. The Term of the lease – with start and end dates.
6. Lease Payment: The Monthly cost of the lease (including deposits, fees, and utilities).
7. The Lessor’s Right to Enter Provision.
8. Any conditions of the lease agreement – i.e., lease termination clause; lease extension clause.
9. Responsibilities of the Lessor (including repair and maintenance responsibilities).
10. Responsibilities of the Lessee (including repair and maintenance responsibilities); notice of what the Lessee can and cannot do in terms of use of the facility or upgrades/changes).
11. Insurance coverage clause.
12. Indemnity clause.
13. Signatures of the Lessor, the Lessee; and the Witness.
14. Date of Signatures.