Trust agreement

The Trust Agreement will serve in the cases of partial or total destruction of the building. The syndicate of co-owners must first decide on whether or not it is appropriate to repair or rebuild the building. If their decision is to repair or rebuild, the insurer of the condominium building will then pay out the proceeds of insurance to the syndicate of co-owners, such amount may thereafter be deposited into the trust account held by an independant third party who will supervise the implementation of the work and accordingly pay the contractors and sub-contractors performing the work. The independant third party can be a notary.