Unit Upgrade Information

A high quality property results in better returns

Life Cycles

The hospitality environment in which we operate here at Panorama bears little comparison to either a home or private-use vacation home environment where FF&E items are not generally subject to the same level of wear and tear. Having said that, wear and tear is not predictable; therefore, the life of various furniture items, appliances and electronic equipment can also be uncertain. However, guest expectations are predicated on certain standards and, as such, certain standards have been and are being introduced in an effort to meet those expectations. We thank many of you for your tremendous cooperation to date with respect to the various refurbishment programs that have been initiated and we look forward to working with you as the process continues on an ongoing basis.

Repairs and Replacements

Furniture fixtures & equipment repairs & replacements. 

Rental Pool / Program Management Agreements specify how repairs and replacements of FF&E items and damages are to be dealt with. The following are excerpts from “standard” agreements, with the exception of The Lookout due to its fractional ownership structure.

Management Responsiblities

Repairs and Replacements (Section 5.4) 
The Owner shall be responsible for all maintenance and repairs of the Unit and contents thereof except as otherwise specifically provided for in this Agreement, including without limitation, any structural repair or painting of the Unit.  The Owner hereby authorizes the Manager to make or cause to be made at the sole cost and expense of the Owner any minor repairs, including any item requiring attention due to normal wear and tear, provided that the cost of any single repair does not exceed $500.00 and that the total cost of such repairs does not exceed $1,000.00 in a calendar year, and any emergency repairs to the Unit or the contents thereof as the Manager may determine are necessary, and to deduct the cost of such repairs from the Owner’s Net Rental Revenue.  The Owner will reimburse the Manager in respect of any amount incurred in connection with such repairs that is not deducted from the Owner’s Net Rental Revenue forthwith upon receipt by the Owner of the Manager’s invoice therefore.  Under no circumstances will the Manager be obligated to make or cause to be made any repairs to the Unit or the contents thereof except as set out in section. In the event of an emergency or disaster, the Owner authorizes the Manager to provide or contract for services necessary to mitigate additional damage, provided that the Manager provides the Owner with an estimate or estimates of such repair costs.  The Owner acknowledges and agrees that the Manager will be entitled to a handling charge for management of the repair effort in the case of repairs necessitated by an emergency or disaster.
Damage to Unit (Section 5.3)

The Manager will notify the Owner promptly of any material damage to the Unit.  If the Manager deems the Unit to be unfit for rental for any reason whatsoever at any time during the Term, the Manager will notify the Owner of such condition and take such steps, as directed in writing by the Owner, as are reasonably necessary to remedy such condition, provided that such steps will be taken at the sole cost and expense of the Owner and the Manager will not be obligated to advance or utilize any of its own funds, including the Management Fee or any other amount owing to the Manager pursuant to this Agreement, in respect thereof.  Notwithstanding the above, the Manager will be responsible and will pay for the repair of any damage (other than that due to normal wear and tear or for an item that is beyond its life cycle) to the Unit or the contents thereof, caused by any renter of the Unit pursuant to the Rental Pool/Program, by any guest of any renter of the Unit, or by any employee or agent of the Manager.  If the unit is damaged by an external cause not controllable by the Manager the unit will not share rental revenue until the problem is remedied and the unit is once again in an occupiable condition. The Manager will pay the insurance deductible up to $1000 when a theft of property of the Owner occurs when a guest is occupying the Unit.

Reporting Policy 
Frequently, incoming reservations make it necessary for the Rooms Maintenance Department to move quickly to complete repairs or to replace FF&E items, in terms of the authorization contained within each Rental Management Agreement. However, The Homeowner Experience Department will use its best endeavors to notify Owners before any material repairs or replacements over $200 are done, if at all possible. If it is not possible to contact Owners and the option of repair or replacement exists, then the manager may opt for replacement if the item is considered to have reached or be approaching its estimated life expectancy, or it is estimated that repair costs will exceed a reasonable proportion of replacement cost.

OWNER RESPONSIBILITIES

Furniture Fixtures and Equipment (section 6.2) 
The Owner will furnish, maintain and equip the Unit and keep it furnished, maintained and equipped as a high quality rental unit to a standard befitting the Development and comparable to that maintained in other Strata Lots within the Development which are similar to the Unit and in the Rental Pool/Program.  The Owner hereby acknowledges and agrees that it is a condition of the Owner participating in the Rental Pool/Program that the Unit be furnished and equipped with the standard furniture and equipment package (or one of the furniture and equipment packages) offered by the developer of the Development in connection with the sale of the Unit, and the Owner further acknowledges and agrees not to alter the bed configuration of any such furniture and equipment package.

Without limiting the generality of the foregoing, the Owner will be solely responsible for the cost of repairing, maintaining or replacing any item of furniture, fixtures, equipment and supplies as necessary to maintain the Unit in a first-class, occupiable condition to the satisfaction of the Manager.

The Owner will also be solely responsible for all repair, maintenance, restoration, redecorating and other expenses arising as the result of the rental or use of the Unit including normal wear and tear.  For the purposes of this Agreement, “normal wear and tear” costs will include upkeep and maintenance expenditures necessitated due to the use of the Unit for short term vacation use in the manner contemplated in this Agreement, the Owner acknowledging that “normal wear and tear” upkeep and maintenance expenditures resulting from such rental occupancy of the Unit will exceed the “normal wear and tear” upkeep and maintenance expenditures which would be incurred by the Owner if the Unit was utilized solely for residential purposes or the Owner’s personal use.

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