LONG-TERM LEASE OF LOCKERS

This Rule should be read with By-Law No. 7. The Rule sets out the terms and conditions under which the Board of Directors will approve long-term leasing of lockers by owners and the conditions under which the Board will lease out the Corporation's lockers.

General Clauses:

1. An assignment or long-term lease of a locker by an owner or by the Corporation, made in accordance with By-Law No. 7 and this Rule, may only be made to the owner of a unit or to the Corporation.

2. The Corporation maintains a register of lockers, which is an updated version of Schedule "F" of the Declaration modified to reflect the assignments or leases which have been effected in accordance with By-Law No. 7 and this Rule. This register may be consulted at the office of the Corporation.

3. Nothing in this Rule may be construed as any warranty or representation by the Corporation that any such assignment or lease is valid in law (whether or not contemplated in accordance with the forms attached as Samples "A", "B" and "C"). Any assignee or lessee therefore assumes all risk that the assignment or lease may not be valid and binding.

Assignments of Lease by an Owner:

4. An owner can assign or lease the locker attributed to that owner's unit in Schedule "F" of the Declaration (if that locker has not already been assigned or leased) or any other locker which has been assigned or leased to the owner in accordance with By-Law No. 7 and this Rule.

5. The form of assignment or lease which is attached as Sample "A" to this Rule has been approved as a form acceptable to the Board as contemplated by By-Law No. 7.

6. Any assignment or lease in accordance with By-Law No. 7 shall be an assignment or lease of the particular locker from the owner of a unit to the owner of another unit ("the second unit"). This assignment or lease is subject to any further assignment or lease of the locker in accordance with By-Law No. 7 and this Rule. Any subsequent sale of the second unit shall include the rights of the locker under the assignment or lease, subject to any further assignment or lease of that locker.

7. The assignment or lease will only be effective once it has been registered on the title to the unit(s) affected and this registration shall not be the responsibility of nor at the expense of the Corporation.

Lease by the Corporation:

8. Upon the request of an owner, the Corporation may lease to an owner, as a locker, a portion of the common elements that have not been attributed for exclusive use of a unit.

9. Each lease by the Corporation must be approved by the Board of Directors and must be effected in the form set out in Sample "B". If a lease is required by an owner to the Corporation, as contemplated in paragraph 11, it must be effected in the form set out in Sample "C".

10. A notice informing owners that the Board of Directors is considering leasing such portion of the common elements to an owner must be posted twenty-one (21) days prior to the meeting at which the Board will consider the request.

11. The Board of Directors may, at its discretion, require that as part of the terms of the lease, the locker attributed to that owner's unit in Schedule "F" (or any other locker which has been assigned or leased to the owner in accordance with By-Law No. 7 and this Rule) be leased to another owner or to the Corporation, in accordance with By-Law No. 7 and this Rule, for a period not exceeding that for which the lease is granted by the Corporation.

12. The "General Clauses" and the provisions on "Assignment of Lease" by an Owner of this Rule apply to a lease requested by the Board pursuant to paragraph 11, with the necessary modifications.

13. Any assignment or lease by the Corporation in accordance with By-Law No. 7 and this Rule shall be an assignment or lease to the owner of a unit, subject only to further assignment or lease of the locker in accordance with By-Law No. 7 and this Rule. Any subsequent sale of the unit shall include the rights to the locker under the lease subject to any further lease of that locker.

14. A lease by the Corporation will only be effective once it is registered on the title of the unit affected, and on the common elements for the Condominium Corporation.

15. The registration of any lease made pursuant to paragraph 8 or 11 shall be the responsibility of, and be effected at the sole expense of, the owner(s) who requested the lease, unless the Board of Directors has determined that the lease was effected in the best interest of the Corporation.