17 (1) Subject to subsection (2), the Trust shall offer to sell to the owner of a house within thirty days after the vesting of all title and interest in the house in the owner by the Province of Ontario, a lease for the land on which the house is situate and the land used in connection with the normal enjoyment of the house.  1993, c. 15, s. 17 (1). Same (2) If the house is occupied by a protected occupant, the Trust shall make the offer described in subsection (1) within thirty days after the protected occupant ceases to be entitled to occupy the house.  1993, c. 15, s. 17 (2). Purchase price (3) The purchase price for a land lease that is sold under this section before the first anniversary of the day this Act comes into force shall be, (a) for land on Ward’s Island, $36,000; and (b) for land on Algonquin Island, $46,000.  1993, c. 15, s. 17 (3). Special case (4) The purchase price for a land lease that is sold under this section before the first anniversary of the day this Act comes into force to an owner who is a senior as defined in the regulations and who meets the prescribed requirements shall be, (a) for land on Ward’s Island, $27,000; (b) for land on Algonquin Island, $34,500.  1993, c. 15, s. 17 (4). Adjusted purchase price (5) The purchase price for a land lease that is sold under this section on or after the first anniversary of the day this Act comes into force shall be determined in accordance with the regulations.  1993, c. 15, s. 17 (5). Owner’s options (6) Within thirty days after the receipt of an offer from the Trust to sell a land lease, the owner of the house shall, (a) accept the offer at the price and on the terms offered by the Trust; (b)  Repealed:  1996, c. 15, s. 11 (1). (c) reject the offer and request the Trust to sell the house and the land lease to a new owner; or (d) reject the offer and remove or demolish the house and restore the land.  1993, c. 15, s. 17 (6); 1996, c. 15, s. 11 (1). Option deemed taken (7) Subject to subsection (8), an owner who fails to respond to an offer from the Trust as provided in subsection (6) is deemed to have responded under clause (6) (c).  1993, c. 15, s. 17 (7). Time extension (8) The Trust may extend the time for responding to an offer, either before or after the expiry of the time, if the Trust is satisfied that there are reasonable grounds for the extension.  1993, c. 15, s. 17 (8). Acceptance of offer (9) If the owner accepts the offer, the owner shall pay the purchase price to the Trust within thirty days of accepting the offer and the Trust shall, upon the receipt of the money, vest all the title and interest in the land lease in the owner.  1993, c. 15, s. 17 (9). Joint tenants (10) If the house is owned in joint tenancy, the Trust shall vest the land lease in the owners as joint tenants.  1993, c. 15, s. 17 (10). Distribution of proceeds (11) The Trust shall distribute the proceeds of the sale as follows within thirty days after receiving the proceeds: 1. $2,500 to the Trust. 2.  Repealed:  1996, c. 15, s. 11 (2). 3. The remainder to the City.  1993, c. 15, s. 17 (11); 1996, c. 15, s. 11 (2). Transition, 1996 amendments (12) Despite the termination of the lease to the Trust described in paragraph 2 of subsection 22 (1) of the Toronto Islands Amendment Act, 1996, every land lease sold under this section before subsection 22 (1) of that Act comes into force is continued.  1996, c. 15, s. 11 (3). Section Amendments with date in force (d/m/y) 1996, c. 15, s. 11 (1-3) - 22/07/1996 18 Repealed:  1996, c. 15, s. 12. Section Amendments with date in force (d/m/y) 1996, c. 15, s. 12 - 22/07/1996