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GLOSSARY OF TERMS |
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LIFE LEASE - a concept in real estate that offers a style of life where you will remain independent with the right to reside in your apartment for as long as you wish. EQUITY CONTRIBUTION - monies which are paid to Fred Douglas Place. Inc. in the form of an Entrance Fee and Optional Additional Payments. ENTRANCE FEE - the minimum amount of equity contribution paid by a Resident which entitles him or her to the benefits of a Life Lease. OPTIONAL ADDITIONAL PAYMENTS - a further sum of money that may be contributed at the option of the Resident in order to reduce monthly payments. MONTHLY PAYMENTS - monthly payment intended to offset the project operating costs and financing burden. |
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