Section 98 Agreement Sample

There are two different options when it comes to Section 98 agreements. In some cases, a unit owner may enter into an agreement with the company. Sometimes the agreement covers a certain proposed amendment, such as the installation of a ramp or pool, while at other times the agreement covers all changes made by the owner as long as the terms of Section 98 are met (i.e. board approval). The main advantage of these agreements is that they can be adapted to the circumstances. For example, drawings or specifications may be attached to the agreement, so that the proposed amendment and any obligations that result from it are clearly described. The Section 98 agreement will not enter into force until all of the steps described above and the agreement against ownership of the owner`s unit have been registered. This means that even if the company signed the agreement and passed all the other steps described above, if the co-ownership lawyer did not register the agreement against the ownership of the unit, the agreement is not effective and does not protect the company. You should make sure that your lawyer has prepared the agreement and is responsible for the registration.

Costs should be borne by the unit owner. The court recognized that a unit owner can only make an amendment, complement or improvement of common elements after obtaining the company`s agreement and having reached an agreement with the condo company on this matter. The court found that the bridge constituted an amendment, complement or improvement of the common elements and, therefore, was subject to section 98 of the Act. A Section 98 agreement is required when an owner wishes to change the common elements. This agreement between the company and the owner will be: In addition to the above, the agreement will generally be termination requirements for both the owner and the company, the compensation clauses and a variety of legal conditions necessary to make the agreement legally binding for the parties. A Section 98 agreement, also known as a “compensation agreement” or “amendment agreement,” is required in all cases where a unit owner proposes to complete, modify or improve the common elements of a condominium (together the “improvement”).