Building Construction. a) The Owner may not dispose of any interest in the Residential Floors except (a) by fee simple transfer of the title to all of the Residential Floors (the “Residential Component”), or (b) by lease of the Residential Component for a term of not less than 59 years and no more than 60 years (the “Lease”) to a single purchaser or Lessee that is a non-profit society approved by the Manager, (the “Society”), which Society has agreed in writing with the Owner and the Crown to manage the Residential Floors and has agreed to ensure that all of the Affordable Rental Units are available for rent in accordance with this Agreement. b) The construction of the Residential Floors must be situated within an Air Space parcel to facilitate the division of the Building into a separate commercial floor with Affordable Rental Units on floors 2, 3, 4 and 5 comprising the Residential Component.
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Sources: Housing Agreement, Housing Agreement