Independent Living by gyvwpsjkko

VIEWS: 7 PAGES: 44

									     Independent Living
   Agreement for the Acquisition of a
Housing Interest in an Accommodation Unit
                                                                         	
  
                            AGREEMENT	
  FOR	
  THE	
  ACQUISITION	
  
                                                                         	
  
                                                                       of	
  
                                                                         	
  

                     A	
  HOUSING	
  INTEREST	
  IN	
  AN	
  ACCOMMODATION	
  UNIT	
  
                                       (conferring	
  life	
  rights	
  for	
  independent	
  living)	
  
                                                                         	
  
                                                                situated	
  in	
  
                                                                         	
  

                                                        NAPIER	
  VILLAGE	
  
                                                                         	
  
                                                                  between	
  
                                                                         	
  
                   THE	
  TRUSTEES	
  FOR	
  THE	
  TIME	
  BEING	
  OF	
  THE	
  CONVERSION	
  TRUST	
  
     A	
  trust	
  registered	
  with	
  the	
  Master	
  of	
  the	
  High	
  Court,	
  Cape	
  Town,	
  under	
  registration	
  number	
  
                                                               IT5784/2007	
  
                                                               (“the	
  Trust”)	
  
                                                                         	
  
                                                                     and	
  
                                                                         	
  
      THE	
  PERSON	
  WHOSE	
  PARTICULARS	
  ARE	
  SET	
  OUT	
  IN	
  THE	
  ATTACHED	
  SCHEDULE	
  OF	
  
                                                             PARTICULARS	
  
                                                             	
  (“the	
  Holder”)	
  
                                                                         	
  
                                                                     and	
  
                                                                         	
  
                              THE	
  NAPIER	
  VILLAGE	
  MANAGEMENT	
  ASSOCIATION	
  
                       A	
  voluntary	
  association	
  duly	
  established	
  with	
  a	
  written	
  constitution	
  
                                                	
  (“the	
  Management	
  Association”)	
  




Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
                                                                                                                                                                                                INDEX	
  
Clause	
                                 Heading	
  	
                                           	
                                   	
                                  	
                                    	
                                   	
                                   	
                                   	
                                   	
       	
     	
  	
  	
  	
  	
  Page	
  
     1	
                                 INTRODUCTION	
                                                                                                                                                                                                                                                                                                                                               1	
  
     2	
                                 PARTICULARS	
  OF	
  PARTIES	
                                                                                                                                                                                                                                                                                                                               1	
  
     3	
                                 THE	
  ACCOMMODATION	
  UNIT	
                                                                                                                                                                                                                                                                                                                               1	
  
     4	
                                 THE	
  OCCUPANTS	
                                                                                                                                                                                                                                                                                                                                           3	
  
     5	
                                 THE	
  HOUSING	
  INTEREST	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                                                                                                 5	
  
     6	
                                 GRANTING	
  OF	
  THE	
  HOUSING	
  INTEREST	
  TO	
  THE	
  HOLDER	
  	
                                                                                                                                                                                                                                                                                    6	
  
     7	
                                 LOAN	
  CONSIDERATION	
                                                                                                                                                                                                                                                                                                                                      6	
  
     8	
                                 THE	
  HOLDER’S	
  OBLIGATIONS	
  :	
  THE	
  ACCOMMODATION	
  UNIT	
  AND	
  NAPIER	
  VILLAGE	
                                                                                                                                                                                                                                                            8	
  
     9	
                                 THE	
  ACCOMMODATION	
  UNIT	
  :	
  OBLIGATIONS	
  OF	
  THE	
  MANAGEMENT	
  ASSOC	
  	
  	
  	
  	
  	
                                                                                                                                                                                                                                                 11	
  
     10	
                                THE	
  LEVY	
  FUND	
  AND	
  THE	
  MEMBER’S	
  LEVY	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                                                                        12	
  
     11	
                                MANAGEMENT	
  OF	
  NAPIER	
  VILLAGE	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                                            16	
  
     12	
                                ACCESS	
  TO	
  THE	
  ACCOMMODATION	
  UNIT	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                                                                         17	
  
     13	
                                INSURANCE	
  AND	
  INDEMNITY	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                            17	
  
     14	
                                DAMAGE	
  TO	
  OR	
  DESTRUCTION	
  OF	
  THE	
  ACCOMMODATION	
  UNIT	
                                                                                                                                                                                                                                                                                  18	
  
     15	
                                DISPOSAL	
  OF	
  THE	
  HOUSING	
  INTEREST	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                                                                                                                                                             19	
  
     16	
  	
  	
  	
  	
  	
   DEEMED	
  TRANSFER	
  NOTICE	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
                              23	
  
     17	
                                TERMINATION	
  OF	
  LIFE	
  RIGHTS	
                                                                                                                                                                                                                                                                                                                      23	
  
     18	
                                CANCELLATION	
                                                                                                                                                                                                                                                                                                                                             24	
  
     19	
                                CESSION,	
  ASSIGNMENT	
  AND	
  SUB-­‐LETTING	
                                                                                                                                                                                                                                                                                                           24	
  
     20	
                                NOTICES	
  AND	
  DOMICILIUM	
                                                                                                                                                                                                                                                                                                                             25	
  
     21	
                                GENERAL	
                                                                                                                                                                                                                                                                                                                                                  25	
  
     22	
                                TERMINATION	
                                                                                                                                                                                                                                                                                                                                              26	
  
     	
                                  SCHEDULE	
  OF	
  PARTICULARS	
  
                                         SCHEDULE	
  ONE	
                                                                         –	
  	
               STATUTORY	
  INFORMATION	
  
                                         SCHEDULE	
  TWO	
                                                                         –	
  	
               DEFINITIONS	
  
                                         SCHEDULE	
  THREE	
   –	
                                                                                       COMPLETION	
  CERTIFICATE	
  
                                         SCHEDULE	
  FOUR	
   –	
                                                                                        SITE	
  DEVELOPMENT	
  PLAN	
  OF	
  NAPIER	
  VILLAGE	
  
                                         SCHEDULE	
  FIVE	
                                                                        –	
                   PLANS	
  AND	
  SPECIFICATIONS	
  FOR	
  THE	
  ACCOMMODATION	
  UNIT	
  
                                         SCHEDULE	
  SIX	
  	
                                                                     –	
                   LEVY	
  AND	
  SERVICES	
  SCHEDULE	
  
                                                                                                                                                                                                                                  	
  
                                                                                                                                                                                                               *	
  *	
  *	
  *	
  *	
  




Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
1.        INTRODUCTION	
  
	
  
          1.1         A	
   retirement	
   village	
   [comprising	
   twenty-­‐five	
   (25)	
   cottages,	
   seven	
   (7)	
   terraced	
  
                      houses,	
   twenty-­‐five	
   (25)	
   assisted	
   living	
   units,	
   and	
   nineteen	
   (19)	
   health	
   care	
   beds]	
  
                      has	
  been	
  or	
  is	
  being	
  established	
  by	
  the	
  Trust	
  at	
  Erf	
  851	
  and	
  Erf	
  1057,	
  Napier,	
  in	
  the	
  
                      Western	
  Cape	
  Province.	
  	
  In	
  this	
  agreement	
  :	
  
          	
  
                             1.1.1     Those	
  Erven	
  will	
  be	
  referred	
  to	
  as	
  “the	
  Land”.	
  
                             	
  
                             1.1.2     The	
  retirement	
  village	
  will	
  be	
  referred	
  to	
  as	
  “Napier	
  Village”.	
  
	
  
          1.2         The	
  Land	
  is	
  situated	
  in	
  the	
  magisterial	
  district	
  of	
  Napier.	
  
	
  
                      1.2.1            The	
  Trust	
  is	
  the	
  registered	
  owner	
  of	
  the	
  Land.	
  
                      	
  
                      1.2.2            The	
   Land	
   measures	
   sixteen	
   thousand	
   two	
   hundred	
   and	
   sixty	
   eight	
   (16	
  
                                       268)	
  square	
  metres	
  in	
  extent.	
  
	
  
          1.3         The	
  Trust	
  is	
  the	
  developer	
  of	
  Napier	
  Village,	
  and	
  has	
  agreed	
  to	
  grant	
  to	
  the	
  Holder	
  
                      the	
  right	
  to	
  use	
  and	
  occupy	
  one	
  of	
  the	
  dwellings	
  situated	
  in	
  Napier	
  Village,	
  which	
  is	
  
                      managed,	
  controlled	
  and	
  administered	
  by	
  the	
  Management	
  Association.	
  
          	
  
          1.4         The	
  Retirement	
  Act	
  obliges	
  the	
  Trust,	
  the	
  Holder	
  and	
  the	
  Management	
  Association	
  
                      (“the	
  parties”)	
  to	
  record	
  the	
  terms	
  of	
  that	
  agreement.	
  	
  
	
  
          1.5         Those	
  terms	
  are	
  set	
  out	
  in	
  this	
  document	
  and	
  the	
  various	
  schedules	
  attached	
  to	
  it.	
  
          	
  
2.        PARTICULARS	
  OF	
  THE	
  PARTIES	
  
	
  
          The	
  particulars	
  of	
  the	
  parties	
  are	
  set	
  out	
  in	
  the	
  attached	
  Schedule	
  of	
  Particulars.	
  
          	
  
3.        THE	
  ACCOMMODATION	
  UNIT	
  
	
  
          3.1         The	
  exclusive	
  occupation	
  rights	
  acquired	
  by	
  the	
  Holder	
  in	
  terms	
  of	
  this	
  agreement	
  
                      relate	
  to	
  one	
  of	
  the	
  dwellings	
  in	
  Napier	
  Village.	
  
          	
  

Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
                                                                                                                                                                     2
       3.2   The	
  unit	
  number	
  of	
  that	
  dwelling	
  is	
  recorded	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  	
  
	
  
       3.3   If	
   there	
   is	
   a	
   garage	
   adjoining	
   or	
   serving	
   that	
   dwelling,	
   for	
   the	
   exclusive	
   use	
   of	
   the	
  
             Occupants	
  of	
  the	
  dwelling,	
  the	
  number	
  of	
  that	
  garage	
  is	
  set	
  out	
  in	
  the	
  Schedule	
  of	
  
             Particulars.	
  
	
  
       3.4   In	
  this	
  agreement,	
  that	
  dwelling	
  (and	
  the	
  accompanying	
  garage,	
  if	
  applicable)	
  will	
  be	
  
             described	
  as	
  “the	
  Accommodation	
  Unit”.	
  
	
  
       3.5   The	
   location	
   of	
   the	
   Accommodation	
   Unit	
   in	
   Napier	
   Village	
   is	
   shown	
   on	
   the	
   sketch	
  
             plan	
  attached	
  as	
  Schedule	
  Four.	
  
	
  
       3.6   If	
  the	
  Accommodation	
  Unit	
  has	
  already	
  been	
  built,	
  the	
  Holder	
  acknowledges	
  that	
  :	
  
	
  
             3.6.1             The	
  Holder	
  has	
  carried	
  out	
  a	
  thorough	
  inspection	
  of	
  the	
  Accommodation	
  
                               Unit.	
  
             	
  
             3.6.2             Any	
   patent	
   defects	
   in	
   the	
   Accommodation	
   Unit	
   have	
   been	
   remedied	
   by	
  
                               the	
  Trust.	
  
	
  
             3.6.3             The	
  Trust	
  will	
  not	
  be	
  responsible	
  for	
  any	
  defects	
  in	
  the	
  Accommodation	
  
                               Unit	
  detected	
  by	
  the	
  Holder	
  or	
  by	
  either	
  of	
  the	
  Occupants	
  on	
  or	
  after	
  the	
  
                               Commencement	
  Date.	
  
	
  
       3.7   If	
  the	
  Accommodation	
  Unit	
  has	
  not	
  yet	
  been	
  built	
  :	
  
	
  
             3.7.1             The	
   Trust	
   must	
   ensure	
   that	
   the	
   Accommodation	
   Unit	
   is	
   constructed	
   in	
  
                               substantial	
   compliance	
   with	
   the	
   plans	
   and	
   specifications	
   attached	
   as	
  
                               Schedule	
  Five,	
  with	
  materials	
  of	
  good	
  quality.	
  
             	
  
             3.7.2             Within	
   fourteen	
   (14)	
   days	
   after	
   the	
   Commencement	
   Date,	
   the	
   Holder	
  
                               must	
   notify	
   the	
   Trust	
   in	
   writing	
   of	
   any	
   patent	
   defects	
   in	
   the	
  
                               Accommodation	
  Unit.	
  
	
  
             3.7.3             The	
  Trust	
  must	
  remedy	
  those	
  defects	
  at	
  its	
  own	
  cost.	
  	
  Once	
  those	
  defects	
  
                               have	
   been	
   remedied,	
   the	
   Trust	
   will	
   have	
   no	
   responsibility	
   in	
   respect	
   of	
  
                               any	
  defects	
  which	
  may	
  be	
  found	
  in	
  the	
  Accommodation	
  Unit.	
  
                                                                                                                                                                           3
4.     THE	
  OCCUPANTS	
  
	
  
       4.1      In	
  terms	
  of	
  the	
  Retirement	
  Act,	
  the	
  dwellings	
  at	
  Napier	
  Village	
  may	
  be	
  occupied	
  only	
  
                by	
  retired	
  persons,	
  namely	
  people	
  who	
  are	
  fifty	
  (50)	
  years	
  of	
  age	
  or	
  older.	
  
       	
  
       4.2      The	
   Accommodation	
   Unit	
   is	
   designed	
   to	
   be	
   occupied	
   by	
   only	
   two	
   (2)	
   people;	
   both	
  
                those	
  people	
  must	
  be	
  retired	
  persons.	
  
	
  
       4.3      In	
  this	
  agreement	
  :	
  
	
  
                4.3.1              If	
   the	
   Accommodation	
   Unit	
   is	
   occupied	
   by	
   only	
   one	
   (1)	
   person,	
   that	
  
                                   person	
  will	
  be	
  referred	
  to	
  as	
  “the	
  Occupant”.	
  
                	
  
                4.3.2              If	
   the	
   Accommodation	
   Unit	
   is	
   occupied	
   by	
   two	
   (2)	
   people,	
   the	
   second	
  
                                   person	
  will	
  be	
  referred	
  to	
  as	
  “the	
  Co-­‐occupant”.	
  
	
  
       4.4      The	
  Holder	
  appoints	
  as	
  the	
  initial	
  Occupant	
  of	
  the	
  Accommodation	
  Unit	
  the	
  person	
  
                named	
  as	
  such	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  
       	
  
       4.5      If	
  applicable,	
  the	
  Holder	
  appoints	
  as	
  the	
  initial	
  Co-­‐occupant	
  of	
  the	
  Accommodation	
  
                Unit	
  the	
  person	
  named	
  as	
  such	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  
	
  
       4.6      The	
   Holder	
   will	
   be	
   entitled,	
   at	
   any	
   time	
   and	
   from	
   time	
   to	
   time,	
   to	
   appoint	
   any	
   other	
  
                two	
   (2)	
   people	
   of	
   his	
   choice	
   as	
   Occupant	
   and	
   Co-­‐Occupant,	
   to	
   replace	
   the	
   initial	
  
                appointees	
  referred	
  to	
  in	
  the	
  Schedule	
  of	
  Particulars,	
  on	
  condition	
  that	
  :	
  
	
  
                4.6.1              Any	
  such	
  alternative	
  or	
  subsequent	
  Occupant	
  or	
  Co-­‐occupant	
  must	
  be	
  a	
  
                                   retired	
  person.	
  
                	
  
                4.6.2              The	
   Holder	
   may	
   not	
   permit	
   more	
   than	
   two	
   (2)	
   people	
   to	
   reside	
   at	
   the	
  
                                   Accommodation	
  Unit	
  at	
  any	
  time.	
  
	
  
                4.6.3              Before	
   appointing	
   any	
   such	
   alternative	
   or	
   subsequent	
   Occupant	
   or	
   Co-­‐
                                   occupant,	
   the	
   Holder	
   must	
   notify	
   the	
   Management	
   Association	
   in	
   writing	
  
                                   of	
   the	
   Holder’s	
   intention	
   to	
   do	
   so,	
   and	
   in	
   that	
   notice	
   must	
   seek	
   the	
  
                                   written	
  approval	
  of	
  the	
  Management	
  Association	
  for	
  that	
  appointment.	
  
	
  
                                                                                                                                               4
       4.6.4   The	
   Holder	
   must	
   furnish	
   the	
   Management	
   Association	
   with	
   such	
  
               documents	
  and	
  information	
  relating	
  to	
  any	
  such	
  proposed	
  alternative	
  or	
  
               subsequent	
   Occupant	
   or	
   Co-­‐Occupant	
   as	
   the	
   Management	
   Association	
  
               may	
  require.	
  
	
  
       4.6.5   The	
   Holder	
   may	
   not	
   appoint	
   any	
   such	
   alternative	
   or	
   subsequent	
  
               Occupant	
   or	
   Co-­‐Occupant	
   without	
   the	
   prior	
   written	
   consent	
   of	
   the	
  
               Management	
   Association,	
   which	
   consent	
   may	
   not	
   be	
   unreasonably	
  
               withheld.	
  
	
  
       4.6.6   The	
   Holder	
   acknowledges	
   that,	
   on	
   each	
   occasion	
   that	
   the	
   Holder	
   seeks	
  
               the	
   consent	
   of	
   the	
   Management	
   Association	
   for	
   the	
   appointment	
   of	
   an	
  
               alternative	
  or	
  subsequent	
  Occupant	
  or	
  Co-­‐Occupant,	
  and	
  whether	
  or	
  not	
  
               that	
   consent	
   is	
   given,	
   the	
   Holder	
   will	
   be	
   liable	
   for	
   an	
   occupancy	
  
               administration	
   fee,	
   which	
   fee	
   will	
   be	
   determined	
   from	
   time	
   to	
   time	
   by	
  
               the	
  Management	
  Association	
  in	
  its	
  absolute	
  discretion.	
  
	
  
       4.6.7   If	
  the	
  Holder	
  is	
  entitled	
  to	
  be	
  paid	
  rent	
  or	
  any	
  other	
  consideration	
  by	
  the	
  
               Occupant	
   or	
   Co-­‐Occupant	
   in	
   return	
   for	
   permitting	
   them	
   to	
   occupy	
   the	
  
               Accommodation	
  Unit	
  :	
  
	
  
               4.6.7.1          The	
  Holder	
  must	
  arrange	
  for	
  that	
  consideration	
  to	
  be	
  paid	
  by	
  
                                the	
   Occupant	
   and/or	
   Co-­‐occupant	
   to	
   the	
   Management	
  
                                Association,	
   in	
   such	
   manner	
   as	
   the	
   Management	
   Association	
  
                                may	
  stipulate.	
  
               	
  
               4.6.7.2          The	
  Management	
  Association	
  will	
  pay	
  that	
  consideration	
  over	
  
                                to	
  the	
  Holder,	
  less	
  :	
  
	
  
                                4.6.7.2.1                    A	
   monthly	
   rent	
   administration	
   fee,	
   which	
   fee	
  
                                                             will	
   be	
   determined	
   from	
   time	
   to	
   time	
   by	
   the	
  
                                                             Management	
   Association	
   in	
   its	
   absolute	
  
                                                             discretion.	
  
                                	
  
                                4.6.7.2.2                    Any	
  monthly	
  Member’s	
  Levy	
  or	
  other	
  amounts	
  
                                                             contemplated	
   in	
   this	
   agreement	
   which	
   may	
   be	
  
                                                                                                                                                                          5
                                                                                     due	
   and	
   payable	
   by	
   the	
   Holder	
   to	
   the	
  
                                                                                     Management	
  Association.	
  
           	
  
5.         THE	
  HOUSING	
  INTEREST	
  
	
  
           5.1      In	
  this	
  agreement,	
  “the	
  Housing	
  Interest”	
  means	
  the	
  following	
  bundle	
  of	
  rights	
  :	
  
	
  	
  
                           5.1.1       The	
  right	
  of	
  the	
  initial	
  and	
  any	
  subsequent	
  Occupants	
  and	
  Co-­‐occupants	
  
                                       to	
  the	
  exclusive	
  use	
  and	
  occupation	
  of	
  the	
  Accommodation	
  Unit;	
  and	
  
                           	
  
                           5.1.2       The	
  right	
  of	
  the	
  initial	
  and	
  any	
  subsequent	
  Occupants	
  and	
  Co-­‐occupants	
  
                                       to	
   the	
   use,	
   with	
   the	
   other	
   occupants	
   of	
   Napier	
   Village,	
   of	
   the	
   common	
  
                                       property,	
  facilities	
  and	
  services	
  available	
  at	
  Napier	
  Village,	
  in	
  accordance	
  
                                       with	
   the	
   provisions	
   of	
   this	
   agreement,	
   the	
   Conduct	
   Rules	
   and	
   the	
  
                                       Constitution;	
  and	
  
	
  
                           5.1.3       The	
  right	
  of	
  the	
  Holder	
  to	
  a	
  refund	
  of	
  the	
  Loan	
  Consideration	
  when	
  the	
  
                                       Housing	
  Interest	
  is	
  disposed	
  of.	
  
	
  
           5.2      In	
  this	
  agreement	
  :	
  	
  
                    	
  
                           5.2.1       The	
  rights	
  referred	
  to	
  in	
  clauses	
  5.1.1	
  and	
  5.1.2	
  above	
  will	
  be	
  referred	
  to	
  
                                       collectively	
  as	
  “Life	
  Rights”.	
  
                           	
  
                           5.2.2       The	
   right	
   referred	
   to	
   in	
   clause	
   5.1.3	
   will	
   be	
   referred	
   to	
   as	
   “the	
   Refund	
  
                                       Right”.	
  
           	
  
           5.3      The	
  Holder	
  acknowledges	
  that	
  :	
  
           	
  
                           5.3.1       Neither	
  the	
  Housing	
  Interest	
  nor	
  the	
  Life	
  Rights	
  nor	
  the	
  Refund	
  Right	
  are	
  
                                       registrable	
  in	
  terms	
  of	
  the	
  Deeds	
  Registries	
  Act,	
  the	
  Sectional	
  Titles	
  Act	
  or	
  
                                       any	
  other	
  current	
  legislation.	
  
                           	
  
                           5.3.2       The	
   entitlement	
   of	
   the	
   initial	
   and	
   any	
   subsequent	
   Occupants	
   and	
   Co-­‐
                                       occupants	
   to	
   exercise	
   the	
   Life	
   Rights	
   and	
   enjoy	
   the	
   benefits	
   of	
   the	
  
                                       Housing	
  Interest	
  are	
  nonetheless	
  secured	
  by	
  the	
  provisions	
  of	
  :	
  
	
  
                                                                                                                                                                      6
                                    5.3.2.1            The	
  Retirement	
  Act	
  and	
  the	
  Regulations;	
  
                                    	
  
                                    5.3.2.2            This	
  agreement;	
  and	
  
	
  
                                    5.3.2.3            The	
  Constitution.	
  
	
  
6.     GRANTING	
  OF	
  THE	
  HOUSING	
  INTEREST	
  TO	
  THE	
  HOLDER	
  
	
  
       6.1       The	
  Housing	
  Interest	
  will	
  vest	
  in	
  the	
  Holder	
  on	
  the	
  Commencement	
  Date	
  stipulated	
  
                 in	
  the	
  Schedule	
  of	
  Particulars.	
  
       	
  
       6.2       If	
  the	
  Holder	
  is	
  not	
  the	
  Occupant	
  :	
  
	
  
                   6.2.1            The	
   Holder	
   will	
   be	
   deemed	
   to	
  have	
   granted	
   the	
   Life	
   Rights	
   to	
   the	
   initial	
  
                                    Occupant	
   (and	
   the	
   initial	
   Co-­‐occupant,	
   if	
   applicable)	
   on	
   the	
  
                                    Commencement	
  Date.	
  
                   	
  
                   6.2.2            The	
  Holder	
  hereby	
  warrants	
  that	
  both	
  the	
  initial	
  Occupant	
  and	
  the	
  initial	
  
                                    Co-­‐occupant	
  are	
  retired	
  persons.	
  
	
  
                   6.2.3            The	
   Holder	
   agrees	
   and	
   acknowledges	
   that	
   the	
   Life	
   Rights,	
   having	
   been	
  
                                    granted	
   by	
   the	
   Holder	
   to	
   the	
  initial	
   Occupant	
   and	
   the	
   initial	
   Co-­‐occupant,	
  
                                    are	
   transferable	
   by	
   the	
   Holder	
   to	
   a	
   subsequent	
   Occupant	
   or	
   Co-­‐occupant	
  
                                    only	
  in	
  the	
  manner	
  stipulated	
  in	
  clause	
  4.6.	
  
	
  
                   6.2.4            The	
  Holder	
  must	
  ensure	
  that,	
  subject	
  to	
  the	
  provisions	
  of	
  this	
  agreement,	
  
                                    no-­‐one	
   other	
   than	
   a	
   duly	
   appointed	
   Occupant	
   or	
   Co-­‐occupant	
   uses	
   or	
  
                                    occupies	
  the	
  Accommodation	
  Unit,	
  or	
  uses	
  the	
  facilities	
  of	
  Napier	
  Village,	
  
                                    or	
  purports	
  or	
  attempts	
  to	
  exercise	
  the	
  Life	
  Rights.	
  
	
  
                   6.2.5            The	
   initial	
   Occupant	
   (and	
   Co-­‐occupant,	
   if	
   applicable)	
   will	
   be	
   entitled	
   to	
  
                                    exercise	
  the	
  Life	
  Rights	
  with	
  effect	
  from	
  the	
  Commencement	
  Date.	
  
	
  
7.     THE	
  LOAN	
  CONSIDERATION	
  
	
  
       7.1       If	
  the	
  Accommodation	
  Unit	
  has	
  not	
  already	
  been	
  built,	
  it	
  will	
  be	
  constructed	
  shortly,	
  
                 or	
  is	
  in	
  the	
  process	
  of	
  being	
  built.	
  
                                                                                                                                                             7
       	
  
       7.2    The	
  costs	
  of	
  that	
  construction,	
  and	
  the	
  costs	
  of	
  constructing	
  the	
  facilities	
  at	
  Napier	
  
              Village,	
  will	
  be,	
  have	
  been	
  or	
  are	
  being	
  borne	
  by	
  the	
  Trust.	
  
	
  
       7.3    In	
  return	
  for	
  being	
  granted	
  the	
  Housing	
  Interest,	
  the	
  Holder	
  has	
  agreed	
  to	
  lend	
  and	
  
              advance	
  to	
  the	
  Trust	
  an	
  amount	
  determined	
  with	
  reference	
  to	
  the	
  overall	
  costs	
  of	
  
              constructing	
   the	
   Accommodation	
   Unit,	
   and	
   its	
   pro	
   rata	
   share	
   of	
   the	
   costs	
   of	
  
              constructing	
  the	
  facilities	
  at	
  Napier	
  Village.	
  
	
  
       7.4    In	
  this	
  agreement,	
  that	
  loan	
  amount	
  will	
  be	
  referred	
  to	
  as	
  “the	
  Loan	
  Consideration”.	
  
	
  
       7.5    The	
   Loan	
   Consideration	
   payable	
   by	
   the	
   Holder	
   to	
   the	
   Trust	
   is	
   the	
   sum	
   recorded	
   in	
  
              the	
  Schedule	
  of	
  Particulars.	
  
	
  
       7.6    The	
  Holder	
  must	
  pay	
  the	
  Loan	
  Consideration	
  to	
  the	
  Trust	
  as	
  follows	
  :	
  
	
  
              7.6.1            The	
  payment	
  of	
  any	
  part	
  of	
  the	
  Loan	
  Consideration	
  must	
  be	
  made	
  by	
  way	
  
                               of	
  a	
  bank-­‐guaranteed	
  cheque,	
  or	
  by	
  depositing	
  the	
  relevant	
  amount	
  into	
  
                               the	
  following	
  bank	
  account	
  :	
  
	
  
                               7.6.1.1           Name	
  of	
  bank	
  :	
           	
         Standard	
  Bank	
  
                               	
  
                               7.6.1.2           Name	
  of	
  branch	
  :	
  	
   	
           Constantia	
  
                               	
  
                               7.6.1.3           Branch	
  code	
  :	
               	
  	
     025309	
  
	
  
                               7.6.1.4           Name	
  of	
  account	
  :	
  	
               Walton	
  Jessop	
  Attorneys	
  Trust	
  	
  	
  
                                                                                                Account	
  
	
  
                               7.6.1.5           Account	
  number	
  :	
  	
  071738797	
  
	
  
              7.6.2            The	
  Holder	
  must	
  make	
  an	
  Initial	
  Payment	
  of	
  ten	
  (10)	
  percent	
  of	
  the	
  Loan	
  
                               Consideration	
  on	
  the	
  signature	
  date.	
  
	
  
                               7.6.2.1           That	
  Initial	
  Payment	
  must	
  be	
  kept	
  by	
  the	
  Trust	
  in	
  an	
  interest-­‐
                                                 bearing	
   trust	
   call	
   account	
   held	
   by	
   the	
   Attorneys	
   in	
   terms	
   of	
  
                                                 section	
  78(2A)	
  of	
  the	
  Attorneys’	
  Act.	
  
                                                                                                                                                                      8
                                  	
  
                                  7.6.2.2            The	
  interest	
  on	
  the	
  Initial	
  Payment	
  will	
  accrue	
  for	
  the	
  benefit	
  
                                                     of	
  the	
  Holder.	
  
	
  
                                  7.6.2.3            The	
   Trust	
   will	
   be	
   entitled	
   to	
   require	
   the	
   Attorneys	
   to	
   pay	
   the	
  
                                                     Initial	
   Payment	
   to	
   the	
   Trust	
   on	
   the	
   Commencement	
   Date,	
   on	
  
                                                     condition	
  that	
  :	
  
	
  
                                                     7.6.2.3.1              Vacant	
          possession	
              of	
      the	
        completed	
  
                                                                            Accommodation	
  Unit	
  is	
  simultaneously	
  tendered	
  
                                                                            to	
   the	
   Occupant	
   (and	
   the	
   Co-­‐occupant,	
   if	
  
                                                                            applicable).	
  
                                                     	
  
                                                     7.6.2.3.2              The	
   Endorsement	
   Certificate	
   referred	
   to	
   in	
  
                                                                            paragraph	
  3	
  of	
  Schedule	
  One	
  has	
  been	
  issued.	
  
                	
  
                7.6.3             The	
  Holder	
  must	
  pay	
  the	
  remaining	
  balance	
  of	
  the	
   Loan	
  Consideration	
  to	
  
                                  the	
   Trust	
   on	
   or	
   before	
   the	
   Commencement	
   Date,	
   against	
   the	
   Trust’s	
  
                                  tender	
  of	
  vacant	
  possession	
  of	
  the	
  practically	
  completed	
  Accommodation	
  
                                  Unit,	
  and	
  against	
  presentation	
  of	
  a	
  copy	
  of	
  the	
  Endorsement	
  Certificate.	
  
                	
  
       7.7      If	
  the	
  Holder	
  fails	
  to	
  pay	
  any	
  part	
  of	
  the	
  Loan	
  Consideration	
  on	
  due	
  date,	
  that	
  part	
  
                will	
  bear	
  interest	
  at	
  the	
  Prime	
  Rate	
  plus	
  three	
  (3)	
  percent,	
  calculated	
  from	
  the	
  date	
  
                of	
  default	
  to	
  date	
  of	
  payment	
  in	
  full.	
  	
  That	
  interest	
  will	
  be	
  compounded	
  monthly	
  in	
  
                arrear.	
  
       	
  
       7.8      By	
   virtue	
   of	
  section	
  12(c)(i)	
  of	
  the	
  Value-­‐Added	
   Tax	
   Act,	
   No.	
   89	
   of	
   1991,	
   no	
   value-­‐
                added	
  tax	
  is	
  payable	
  in	
  respect	
  of	
  the	
  Loan	
  Consideration.	
  
	
  
       7.9      By	
  virtue	
  of	
  the	
  Refund	
  Right,	
  the	
  Holder	
  will	
  be	
  entitled	
  to	
  a	
  refund	
  of	
  some	
  or	
  all	
  
                of	
  the	
  Loan	
  Consideration	
  when	
  the	
  Housing	
  Interest	
  is	
  transferred	
  to	
  a	
  new	
  holder	
  
                in	
  terms	
  of	
  clause	
  15.	
  
	
  
8.     THE	
  HOLDER’S	
  OBLIGATIONS	
  :	
  THE	
  ACCOMMODATION	
  UNIT	
  AND	
  NAPIER	
  VILLAGE	
  
	
  
       8.1      The	
   Holder	
   must	
   ensure	
   that	
   the	
   Accommodation	
   Unit	
   is	
   used	
   only	
   for	
   residential	
  
                purposes,	
  and	
  for	
  no	
  other	
  purpose	
  whatsoever.	
  
                                                                                                                                                       9
       	
  
       8.2    The	
   Holder	
   must	
   ensure	
   that	
   all	
   Occupants	
   and	
   Co-­‐occupants	
   comply	
   strictly	
   with	
  
              the	
  provisions	
  of	
  this	
  agreement,	
  the	
  Conduct	
  Rules	
  and	
  the	
  Constitution.	
  
	
  
       8.3    The	
  Holder	
  must	
  not	
  do	
  anything,	
  or	
  fail	
  to	
  do	
  anything,	
  which	
  interferes	
  with	
  the	
  
              right	
   of	
   any	
   other	
   person	
   to	
   the	
   peaceful	
   and	
   undisturbed	
   use	
   or	
   occupation	
   of	
  
              Napier	
   Village;	
   and	
   must	
   ensure	
   that	
   all	
   Occupants	
   and	
   Co-­‐occupants	
   similarly	
  
              refrain	
  from	
  any	
  such	
  act	
  or	
  omission.	
  
	
  
       8.4    The	
  Holder	
  must,	
  at	
  the	
  Holder’s	
  own	
  cost	
  :	
  
	
  
              8.4.1            Maintain	
   the	
   whole	
   of	
   the	
   interior	
   of	
   the	
   Accommodation	
   Unit	
   in	
   good	
  
                               order	
  and	
  condition.	
  
              	
  
              8.4.2            Maintain	
   in	
   good	
   working	
   order	
   and	
   condition	
   all	
   electrical	
   and	
  
                               mechanical	
  installations,	
  systems,	
  equipment	
  and	
  facilities	
  at	
  or	
  forming	
  
                               part	
  of	
  the	
  Accommodation	
  Unit,	
  subject	
  only	
  to	
  clause	
  9.2.	
  
              	
  
              8.4.3            Maintain	
   in	
   good	
   order	
   and	
   condition,	
   and	
   free	
   of	
   blockage	
   or	
  
                               obstruction,	
  all	
  drains	
  and	
  sewage	
  systems	
  or	
  facilities	
  at	
  or	
  forming	
  part	
  
                               of	
  the	
  Accommodation	
  Unit.	
  
	
  
       8.5    The	
   Holder	
   must	
   not,	
   without	
   the	
   prior	
   written	
   consent	
   of	
   the	
   Management	
  
              Association,	
   make	
   or	
   permit	
   any	
   alteration	
   or	
   addition	
   (whether	
   structural	
   or	
  
              otherwise)	
  to	
  the	
  Accommodation	
  Unit.	
  
	
  
              8.5.1            The	
   Management	
   Association	
   will	
   have	
   absolute	
   discretion	
   as	
   to	
   whether	
  
                               or	
  not	
  it	
  gives	
  such	
  consent.	
  
              	
  
              8.5.2            If	
   the	
   Management	
   Association	
   gives	
   such	
   consent,	
   the	
   relevant	
  
                               alterations	
  or	
  additions	
  must	
  be	
  carried	
  out	
  :	
  
	
  
                               8.5.2.1           At	
  the	
  Holder’s	
  own	
  cost.	
  
                               	
  
                               8.5.2.2           Strictly	
  in	
  accordance	
  with	
  all	
  applicable	
  laws	
  and	
  subordinate	
  
                                                 legislation,	
  and	
  strictly	
  in	
  terms	
  of	
  plans	
  and	
  specifications	
  duly	
  
                                                                                                                                                               10
                                                 approved	
  in	
  advance	
  in	
  writing	
  by	
  all	
  relevant	
  authorities,	
  and	
  
                                                 by	
  the	
  Management	
  Association.	
  
	
  
                               8.5.2.3           With	
  materials	
  of	
  good	
  quality.	
  
	
  
                               8.5.2.4           To	
  the	
  highest	
  standards	
  of	
  workmanship.	
  
	
  
              8.5.3            The	
   Holder	
   will	
   not	
   be	
   entitled	
   to	
   any	
   compensation	
   for	
   any	
   such	
  
                               alterations	
  or	
  additions.	
  
              	
  
              	
  
              8.5.4            Every	
  such	
  alteration	
  and	
  addition	
  will	
  become	
  the	
  property	
  of	
  the	
  owner	
  
                               of	
  the	
  Land.	
  
       	
  
       8.6    The	
   Holder	
   must	
   not	
   do	
   or	
   fail	
   to	
   do	
   anything	
   (or	
   permit	
   any	
   Occupant	
   or	
   Co-­‐
              occupant	
  to	
  do	
  or	
  fail	
  to	
  do	
  anything)	
  which	
  could	
  cause	
  the	
  destruction	
  or	
  loss	
  of,	
  
              or	
  any	
  damage	
  to,	
  the	
  Accommodation	
  Unit	
  or	
  any	
  part	
  of	
  the	
  Accommodation	
  Unit.	
  
       	
  
       8.7    Any	
  garden	
  which	
  may	
  adjoin	
  or	
  be	
  adjacent	
  to	
  the	
  Accommodation	
  Unit	
  forms	
  part	
  
              of	
   the	
   common	
   property	
   of	
   Napier	
   Village,	
   and	
   does	
   not	
   form	
   part	
   of	
   the	
  
              Accommodation	
  Unit.	
  
	
  
              8.7.1            Subject	
   to	
   clause	
   8.7.2,	
   it	
   is	
   the	
   responsibility	
   of	
   the	
   Management	
  
                               Association	
  to	
  maintain	
  any	
  such	
  garden.	
  
              	
  
              8.7.2            The	
  Holder	
  (or	
  an	
  Occupant	
  or	
  a	
  Co-­‐occupant)	
  may,	
  with	
  the	
  prior	
  written	
  
                               consent	
   of	
   the	
   Management	
   Association,	
   establish	
   a	
   flowerbed	
   or	
  
                               vegetable	
   patch	
   in	
   any	
   such	
   garden,	
   at	
   the	
   Holder’s	
   own	
   cost;	
   on	
  
                               condition	
  that	
  :	
  
	
  
                               8.7.2.1           The	
   Holder	
   must,	
   at	
   the	
   Holder’s	
   own	
   cost,	
   ensure	
   that	
   	
   the	
  
                                                 bed	
   or	
   patch	
   is	
   maintained	
   to	
   a	
   standard	
   determined	
   by	
   the	
  
                                                 Management	
  Association	
  in	
  its	
  absolute	
  discretion.	
  
                               	
  
                               8.7.2.2           The	
   Management	
   Association	
   will	
   be	
   entitled,	
   in	
   its	
   absolute	
  
                                                 discretion,	
  and	
  without	
  providing	
  compensation	
  of	
  any	
  sort	
  to	
  
                                                                                                                                                                    11
                                                     the	
   Holder,	
   or	
   the	
   current	
   Occupant	
   or	
   Co-­‐occupant,	
   to	
  
                                                     remove,	
  alter	
  or	
  grass	
  over	
  any	
  such	
  bed	
  or	
  patch.	
  
       	
  
       8.8     If	
   the	
   Holder	
   fails	
   or	
   refuses	
   to	
   maintain	
   the	
   Accommodation	
   Unit	
   in	
   accordance	
  
               with	
  clause	
  8.4	
  :	
  
	
  
               8.8.1              The	
   Management	
   Association	
   and	
   the	
   Managing	
   Agent	
   will	
   be	
   entitled	
  
                                  themselves	
  to	
  carry	
  out	
  such	
  maintenance.	
  
               	
  
               8.8.2              The	
   Management	
   Association	
   and	
   the	
   Managing	
   Agent	
   (and	
   their	
  
                                  respective	
  employees,	
  agents	
  and	
  contractors)	
  will	
  be	
  entitled	
  to	
  all	
  such	
  
                                  access	
  to	
  the	
  Accommodation	
  Unit	
  as	
  may	
  be	
  necessary	
  for	
  them	
  to	
  carry	
  
                                  out	
  the	
  required	
  repairs	
  and	
  maintenance	
  themselves.	
  
	
  
               8.8.3              The	
  Holder	
  must	
  pay,	
  on	
  demand,	
  the	
  costs	
  incurred	
  by	
  the	
  Management	
  
                                  Association	
  and/or	
  the	
  Managing	
  Agent	
  in	
  carrying	
  out	
  such	
  repairs	
  and	
  
                                  maintenance,	
  or	
  causing	
  them	
  to	
  be	
  carried	
  out.	
  
	
  
9.     THE	
  ACCOMMODATION	
  UNIT	
  :	
  OBLIGATIONS	
  OF	
  THE	
  MANAGEMENT	
  ASSOCIATION	
  
	
  
       9.1     The	
   exterior	
   of	
   the	
   Accommodation	
   Unit	
   must	
   be	
   maintained	
   in	
   good	
   order	
   and	
  
               condition	
  by	
  the	
  Management	
  Association,	
  at	
  its	
  own	
  cost.	
  
       	
  
       9.2     The	
   Management	
   Association	
   must,	
   at	
   its	
   own	
   cost,	
   maintain,	
   repair	
   and,	
   if	
  
               necessary,	
  replace	
  any	
  hot	
  water	
  cylinder	
  at	
  the	
  Accommodation	
  Unit.	
  
	
  
       9.3     If	
   any	
   damage	
   is	
   caused	
   to	
   any	
   part	
   of	
   the	
   Accommodation	
   Unit	
   which	
   the	
  
               Management	
   Association	
   is	
   obliged	
   to	
   maintain,	
   and	
   if	
   such	
   damage	
   is	
   caused	
   by	
  
               the	
   negligent	
   or	
   wilful	
   act	
   or	
   omission	
   of	
   the	
   Holder,	
   an	
   Occupant,	
   a	
   Co-­‐occupant	
   or	
  
               any	
  of	
  their	
  guests	
  or	
  visitors	
  :	
  
	
  
               9.3.1              The	
  Holder	
  will	
  be	
  liable	
  for	
  the	
  reasonable	
  costs	
  of	
  all	
  necessary	
  repairs.	
  
               	
  
               9.3.2              The	
   Holder	
   must	
   pay	
   such	
   costs	
   to	
   the	
   Management	
   Association	
  
                                  immediately	
  on	
  demand.	
  
	
  
	
  
                                                                                                                                                               12
10.    THE	
  LEVY	
  FUND	
  AND	
  THE	
  MEMBER’S	
  LEVY	
  
	
  
       10.1      As	
   required	
   by	
   Regulation	
   9(1)(a),	
   the	
   Management	
   Association	
   must	
   establish	
   and	
  
                 maintain	
  a	
  Levy	
  Fund.	
  
	
  
       10.2      As	
  required	
  by	
  Regulations	
  9(1)(b),	
  (c)	
  and	
  (d),	
  the	
  Management	
  Association	
  	
  	
  must	
  :	
  
	
  
                 10.2.1           Determine	
  from	
  time	
  to	
  time	
  the	
  amounts	
  required	
  for	
  the	
  Levy	
  Fund.	
  
                 	
  
                 10.2.2           Raise	
  those	
  amounts	
  by	
  requiring	
  the	
  Members	
  to	
  pay	
  Members’	
  Levies	
  to	
  the	
  
                                  Management	
   Association,	
   the	
   amount	
   of	
   which	
   Members’	
   Levies	
   will	
   be	
  
                                  determined	
  in	
  terms	
  of	
  clause	
  10.6.	
  
       	
  
       10.3      For	
  as	
  long	
  as	
  the	
  Holder	
  holds	
  the	
  Housing	
  Interest,	
  the	
  Holder	
  :	
  
	
  
                 10.3.1           Will	
  be	
  a	
  Member	
  of	
  the	
  Management	
  Association;	
  and	
  
                 	
  
                 10.3.2           Will	
   be	
   obliged	
   to	
   pay	
   the	
   Holder’s	
   share	
   of	
   any	
   amount	
   which	
   the	
  
                                  Management	
   Association	
   determines	
   is	
   necessary	
   from	
   time	
   to	
   time	
   for	
   the	
  
                                  Levy	
  Fund.	
  
	
  
       10.4      The	
  share	
  payable	
  by	
  the	
  Holder	
  in	
  terms	
  of	
  clause	
  10.3.2	
  will	
  be	
  in	
  the	
  form	
  of	
  a	
  monthly	
  
                 Member’s	
   Levy.	
   	
   The	
   Trust	
   warrants	
   that,	
   for	
   the	
   twenty-­‐four	
   (24)	
   months	
   immediately	
  
                 following	
  the	
  date	
  on	
  which	
  the	
  first	
  residential	
  unit	
  in	
  Napier	
  Village	
  becomes	
  occupied	
  
                 (“Effective	
   Date”),	
   the	
   monthly	
   Member’s	
   Levy	
   payable	
   by	
   the	
   Holder	
   will	
   not	
   exceed	
   the	
  
                 amount	
  recorded	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  
       	
  
       10.5      For	
   as	
   long	
   as	
   the	
   Holder	
   holds	
   the	
   Housing	
   Interest,	
   the	
   Holder	
   must	
   pay	
   to	
   the	
  
                 Management	
   Association,	
   immediately	
   on	
   receipt	
   of	
   a	
   written	
   request	
   to	
   do	
   so,	
   the	
  
                 monthly	
  Member’s	
  Levy	
  determined	
  by	
  the	
  Management	
  Association.	
  
	
  
       10.6      The	
   monthly	
   Member’s	
   Levy	
   payable	
   by	
   the	
   Holder	
   will	
   be	
   determined	
   by	
   applying	
   the	
  
                 relevant	
   Member’s	
   Percentage	
   to	
   any	
   contribution	
   to	
   the	
   Levy	
   Fund	
   which	
   the	
  
                 Management	
  Association	
  determines	
  is	
  necessary.	
  
	
  
       10.7      The	
  	
  Member’s	
  Percentage	
  applicable	
  to	
  the	
  Holder	
  :	
  
	
  
                                                                                                                                                            13
              10.7.1           Must	
  be	
  determined	
  by	
  the	
  Management	
  Association.	
  
              	
  
              10.7.2           Must	
  be	
  expressed	
  to	
  four	
  (4)	
  decimal	
  places.	
  
              	
  
              10.7.3           Must	
   be	
   arrived	
   at	
   by	
   dividing	
   the	
   total	
   floor	
   area	
   (correct	
   to	
   the	
   nearest	
  
                               square	
  metre)	
  of	
  the	
  Accommodation	
  Unit,	
  by	
  the	
  total	
  floor	
  area	
  (also	
  correct	
  
                               to	
   the	
   nearest	
   square	
   metre)	
   of	
   all	
   other	
   residential	
   dwellings	
   (plus	
   garages,	
  
                               where	
  applicable)	
  at	
  Napier	
  Village.	
  
	
  
       10.8   The	
   Management	
   Association	
   will	
   be	
   entitled	
   to	
   prohibit	
   the	
   transfer	
   of	
   the	
   Housing	
  
              Interest	
   unless	
   all	
   Member’s	
   Levies	
   (and	
   all	
   other	
   amounts	
   contemplated	
   in	
   this	
  
              agreement)	
   due	
   to	
   the	
   Management	
   Association	
   by	
   the	
   Holder	
   have	
   been	
   paid,	
   or	
  
              provision	
   has	
   been	
   made	
   for	
   that	
   payment	
   to	
   the	
   satisfaction	
   of	
   the	
   Management	
  
              Association.	
  
	
  
       10.9   The	
  Monthly	
  Member’s	
  Levy	
  will	
  not	
  include	
  the	
  various	
  costs	
  and	
  charges	
  described	
  or	
  
              referred	
   to	
   below,	
   which	
   are	
   payable	
   by	
   the	
   Holder	
   in	
   addition	
   to	
   the	
   Levy.	
   	
   Where	
  
              applicable,	
   the	
   Holder	
   must	
   ensure	
   that	
   all	
   such	
   additional	
   costs	
   and	
   charges	
   are	
   paid	
  
              immediately	
   on	
   presentation	
   of	
   the	
   relevant	
   invoice	
   or	
   statement	
   from	
   the	
  Management	
  
              Association.	
  
	
  
              10.9.1           Interior	
  Maintenance	
  and	
  Insurance	
  
              	
  
                               As	
  appears	
  from	
  clauses	
  8.4	
  and	
  13.1,	
  the	
  Holder	
  is	
  responsible	
  for	
  the	
  costs	
  of	
  
                               maintaining	
   the	
   interior	
   of	
   the	
   Accommodation	
   Unit,	
   and	
   the	
   costs	
   of	
   any	
  
                               insurance	
  covering	
  movable	
  property	
  at	
  the	
  Accommodation	
  Unit.	
  
	
     	
  
              10.9.2           Water	
  and	
  Electricity	
  
              	
  
                               10.9.2.1              If	
  the	
  Accommodation	
  Unit	
  is	
  separately	
  metered	
  for	
  water	
  and	
  
                                                     electricity	
   consumption,	
   the	
   Holder	
   will	
   be	
   liable	
   for	
   all	
   charges	
  
                                                     associated	
  with	
  the	
  consumption	
  of	
  water	
  and	
  electricity	
  at	
  the	
  
                                                     Accommodation	
  Unit,	
  which	
  charges	
  will	
  be	
  reflected	
  on	
  periodic	
  
                                                     statements	
  from	
  the	
  Management	
  Association.	
  
                               	
  
                               	
  
                               	
  
                                                                                                                                              14
                       	
  
                       10.9.2.2             If	
  the	
  Accommodation	
  Unit	
  is	
  not	
  separately	
  metered	
  for	
  water	
  
                                            and	
  electricity	
  consumption	
  :	
  
	
  
                                            •            The	
   charges	
   levied	
   by	
   the	
   local	
   authority	
   or	
   other	
  
                                                         relevant	
   service	
   provider	
   in	
   respect	
   of	
   water	
   and	
  
                                                         electricity	
   consumed	
   at	
   the	
   residential	
   units	
   at	
   Napier	
  
                                                         Village	
  which	
  are	
  not	
  separately	
  metered,	
  will	
  be	
  divided	
  
                                                         pro	
   rata	
   between	
   those	
   units,	
   according	
   to	
   the	
  
                                                         Member’s	
  Percentage	
  which	
  applies	
  to	
  each	
  unit.	
  
                                            	
  
                                            •            The	
  Holder’s	
  pro	
  rata	
  share	
  of	
  those	
  water	
  and	
  electricity	
  
                                                         charges	
   will	
   be	
   reflected	
   on	
   periodic	
   statements	
   from	
  
                                                         the	
  Management	
  Association.	
  
	
     	
  
              10.9.3   Municipal	
  Services	
  
              	
  
                       10.9.3.1             The	
  charges	
  levied	
  by	
  the	
  local	
  authority	
  or	
  other	
  relevant	
  service	
  
                                            provider	
   in	
   respect	
   of	
   refuse	
   removal,	
   sanitation	
   and	
   other	
  
                                            similar	
   services	
   provided	
   to	
   Napier	
   Village,	
   will	
   be	
   divided	
   pro	
  
                                            rata	
   between	
   the	
   various	
   accommodation	
   units	
   making	
   up	
   the	
  
                                            Village,	
  according	
  to	
  the	
  Member’s	
  Percentage	
  which	
  applies	
  to	
  
                                            each	
  unit.	
  
                       	
  
                       10.9.3.2             The	
   Holder’s	
   pro	
   rata	
   share	
   of	
   such	
   service	
   charges	
   will	
   be	
  
                                            reflected	
   on	
   periodic	
   statements	
   from	
   the	
   Management	
  
                                            Association.	
  
              	
  
              10.9.4   Catering	
  Services	
  
              	
  
                       The	
  cost	
  of	
  any	
  meals	
  provided	
  to	
  any	
  Occupant	
  or	
  Co-­‐occupant	
  will	
  be	
  billed	
  
                       in	
   periodic	
   statements	
   from	
   the	
   Management	
   Association,	
   and	
   are	
   payable	
  
                       by	
  the	
  Holder.	
  
              	
  
              	
  
              	
  
              	
  
                                                                                                                                                             15
               10.9.5          Health	
  Care	
  Services	
  
               	
  
                               The	
   cost	
   of	
   health	
   care	
   services	
   available	
   or	
   provided	
   to	
   any	
   Occupant	
   or	
   Co-­‐
                               occupant	
   will	
   be	
   billed	
   in	
   periodic	
   statements	
   from	
   the	
   Management	
  
                               Association,	
  and	
  are	
  payable	
  by	
  the	
  Holder.	
  
               	
  
               10.9.6          Laundry	
  and	
  Cleaning	
  Services	
  
               	
  
                               The	
   cost	
   of	
   laundry	
   and	
   cleaning	
   services	
   provided	
   to	
   any	
   Occupant	
   or	
   the	
  
                               Co-­‐occupant	
   will	
   be	
   billed	
   in	
   periodic	
   statements	
   from	
   the	
   Management	
  
                               Association,	
  and	
  are	
  payable	
  by	
  the	
  Holder.	
  
               	
  
               10.9.7          Telephone	
  
               	
  
                               If	
   an	
   Occupant	
   so	
   requires,	
   a	
   landline	
   and	
   accompanying	
   telephone	
   will	
   be	
  
                               installed	
   at	
   the	
   Accommodation	
   Unit	
   by	
   the	
   Management	
   Association,	
   at	
   the	
  
                               cost	
  of	
  the	
  Holder.	
  
               	
  
               10.9.8          Cable	
  Television	
  Service	
  
               	
  
                               If	
  any	
  Occupant	
  so	
  requires,	
  a	
  cable	
  television	
  connection	
  will	
  be	
  installed	
  at	
  
                               the	
   Accommodation	
   Unit.	
   	
   The	
   costs	
   of	
   that	
   installation	
   and	
   of	
   maintaining	
   a	
  
                               cable	
   television	
   connection	
   to	
   the	
   Accommodation	
   Unit,	
   will	
   be	
   the	
  
                               responsibility	
  of	
  the	
  Holder.	
  
                               	
  
       10.10   Attached	
  as	
  Schedule	
  Six	
  is	
  a	
  document	
  which	
  :	
  
       	
  
               10.10.1         Summarises	
  the	
  costs	
  which	
  are	
  included	
  in	
  the	
  monthly	
  Member’s	
  Levy.	
  
               	
  
               10.10.2         Sets	
   out	
   what	
   amounts	
   are	
   payable,	
   as	
   at	
   the	
   signature	
   date,	
   in	
   respect	
   of	
  
                               certain	
  of	
  the	
  additional	
  charges	
  described	
  in	
  clause	
  10.9.	
  
	
  
               10.10.3         Sets	
   out	
   certain	
   information	
   concerning	
   all	
   the	
   residential	
   units	
   at	
   Napier	
  
                               Village,	
   including	
   the	
   Member’s	
   Percentage	
   applicable	
   to	
   each	
   residential	
  
                               unit.	
  
	
  
                                                                                                                                                    16
       10.11 If	
   the	
   Holder	
   fails	
   to	
   pay	
   any	
   Member’s	
   Levy,	
   or	
   any	
   other	
   amount	
   owed	
   to	
   the	
  
                   Management	
  Association,	
  on	
  due	
  date,	
  the	
  Holder	
  will	
  be	
  liable	
  to	
  pay	
  interest	
  to	
  the	
  
                   Management	
  Association	
  on	
  that	
  overdue	
  Levy	
  or	
  other	
  amount,	
  which	
  interest	
  will	
  be	
  :	
  
	
  
                   10.11.1          Charged	
  at	
  the	
  Prime	
  Rate	
  plus	
  two	
  (2)	
  percent,	
  calculated	
  from	
  the	
  due	
  date	
  
                                    until	
  the	
  date	
  of	
  payment	
  in	
  full;	
  and	
  
                   	
  
                   10.11.2          Will	
  be	
  compounded	
  monthly	
  in	
  arrear.	
  
	
  
11.    MANAGEMENT	
  OF	
  NAPIER	
  VILLAGE	
  
	
  
       11.1        The	
   Management	
   Association	
   is	
   responsible	
   for	
   the	
   control,	
   administration	
   and	
  
                   management	
  of	
  the	
  whole	
  of	
  Napier	
  Village	
  for	
  the	
  benefit	
  of	
  all	
  the	
  Members.	
  
	
  
                   11.1.1           The	
  powers,	
  rights	
  and	
  obligations	
  of	
  the	
  Management	
  Association	
  in	
  relation	
  
                                    to	
  the	
  control,	
  administration	
  and	
  management	
  of	
  Napier	
  Village	
  are	
  set	
  out	
  in	
  
                                    the	
  Constitution.	
  
                   	
  
                   11.1.2           The	
   Management	
   Association	
   must	
   provide	
   the	
   Holder	
   with	
   a	
   copy	
   of	
   the	
  
                                    Constitution	
  on	
  request.	
  
       	
  
       11.2        Most	
   of	
   the	
   day-­‐to-­‐day	
   work	
   involved	
   in	
   the	
   management	
   of	
   Napier	
   Village	
   is	
  
                   carried	
   out	
   on	
   behalf	
   of	
   the	
   Management	
   Association	
   by	
   the	
   Managing	
   Agent,	
  
                   whose	
  appointment	
  is	
  regulated	
  by	
  clause	
  14	
  of	
  the	
  Constitution.	
  
       	
  
       11.3        One	
   of	
   the	
   mechanisms	
   whereby	
   the	
   Management	
   Association	
   and	
   the	
   Managing	
  
                   Agent	
  control	
  and	
  manage	
  Napier	
  Village,	
  is	
  the	
  Conduct	
  Rules.	
  
       	
  
       11.4        The	
  Holder	
  must	
  :	
  
	
  
                   11.4.1           Comply	
   promptly	
   with	
   all	
   the	
   lawful	
   requests	
   and	
   instructions	
   of	
   the	
  
                                    Management	
  Association	
  and	
  the	
  Managing	
  Agent;	
  and	
  
                   	
  
                   11.4.2           Ensure	
  that	
  every	
  Occupant	
  and	
  Co-­‐occupant	
  does	
  likewise.	
  
	
  
	
  
	
  
                                                                                                                                                                      17
	
  
12.    ACCESS	
  TO	
  THE	
  ACCOMMODATION	
  UNIT	
  
	
  
       The	
   Holder	
   must	
   afford	
   the	
   Trust,	
   the	
   Management	
   Association	
   and	
   the	
   Managing	
   Agent,	
  
       and	
   their	
   respective	
   employees,	
   agents	
   or	
   contractors,	
   all	
   such	
   access	
   to	
   the	
  
       Accommodation	
  Unit	
  as	
  may	
  be	
  necessary	
  for	
  any	
  of	
  them	
  to	
  exercise	
  their	
  rights	
  and	
  fulfil	
  
       their	
  functions	
  and	
  obligations	
  in	
  terms	
  of	
  this	
  agreement,	
  any	
  other	
  applicable	
  agreement,	
  
       the	
  Constitution	
  or	
  the	
  Conduct	
  Rules.	
  
	
  
13.    INSURANCE	
  AND	
  INDEMNITY	
  
	
  
       13.1        The	
   Holder	
   will	
   be	
   responsible,	
   at	
   the	
   Holder’s	
   own	
   cost,	
   for	
   obtaining	
   and	
  
                   maintaining	
  any	
  insurance	
  the	
  Holder	
  may	
  wish	
  to	
  put	
  in	
  place	
  to	
  cover	
  any	
  movable	
  
                   property	
  (including	
  any	
  fixtures	
  and	
  fittings)	
  kept	
  or	
  installed	
  at	
  the	
  Accommodation	
  
                   Unit.	
  
       	
  
       13.2        The	
  Management	
  Association	
  must,	
  at	
  its	
  own	
  cost,	
  insure	
  the	
  Accommodation	
  Unit	
  
                   against	
   damage	
   or	
   destruction	
   by	
   fire.	
   	
   The	
   Management	
   Association	
   may,	
   if	
   it	
  
                   deems	
  this	
  necessary,	
  insure	
  the	
  Accommodation	
  Unit	
  against	
  risks	
  other	
  than	
  fire.	
  
	
  
       13.3        The	
  Holder	
  must	
  not	
  do,	
   or	
   fail	
   to	
   do,	
   anything	
   which	
   may	
   invalidate	
   or	
   increase	
   the	
  
                   premiums	
   payable	
   in	
   respect	
   of	
   any	
   insurance	
   policy	
  taken	
  out	
  by	
  the	
  Management	
  
                   Association;	
  and	
  must	
  ensure	
  that	
  no	
  Occupant	
  or	
  Co-­‐occupant	
  makes	
  him/herself	
  
                   guilty	
  of	
  any	
  such	
  act	
  or	
  omission.	
  
	
  
       13.4        Neither	
  the	
  Trust	
  nor	
  the	
  Management	
  Association	
  will	
  be	
  liable	
  for	
  any	
  loss,	
  harm	
  
                   or	
  damages	
  suffered	
  by	
  any	
  person	
  as	
  a	
  result	
  of	
  the	
  interruption	
  or	
  termination	
  of	
  
                   any	
   supply	
   of	
   water,	
   electricity	
   or	
   electronic	
   communications	
   signal	
   to	
   Napier	
  
                   Village,	
   irrespective	
   of	
   how	
   or	
   by	
   whom	
   any	
   such	
   interruption	
   or	
   termination	
   may	
  
                   be	
   caused.	
   	
   The	
   Management	
   Association	
   must,	
   however,	
   use	
   its	
   best	
   efforts	
   to	
  
                   ensure	
  that	
  any	
  such	
  supply	
  is	
  restored	
  as	
  soon	
  as	
  possible.	
  
	
  
       13.5        If	
   the	
   Trust	
   or	
   the	
   Management	
   Association	
   fails	
   to	
   fulfil	
   any	
   obligation	
   provided	
   for	
  
                   in	
  this	
  agreement,	
  the	
  Constitution	
  or	
  the	
  Conduct	
  Rules,	
  and	
  if	
  that	
  failure	
  is	
  as	
  a	
  
                   result	
   of	
   facts,	
   occurrences	
   or	
   circumstances	
   beyond	
   its	
   control,	
   the	
   Trust	
   or	
   the	
  
                   Management	
  Association	
  (as	
  the	
  case	
  may	
  be)	
  will	
  not	
  be	
  liable	
  for	
  any	
  loss,	
  harm	
  or	
  
                   damage	
  suffered	
  by	
  any	
  person	
  as	
  a	
  result	
  of	
  such	
  failure.	
  
                                                                                                                                                                        18
	
  
       13.6     Neither	
  the	
  Trust	
  nor	
  the	
  Management	
  Association	
  will	
  be	
  liable	
  to	
  compensate	
  any	
  
                person	
  for	
  any	
  loss	
  or	
  damage	
  which	
  may	
  result	
  from	
  :	
  
	
  
                13.6.1             The	
  loss	
  or	
  destruction	
  of,	
  or	
  any	
  damage	
  to,	
  any	
  movable	
  property	
  at	
  Napier	
  
                                   Village;	
  or	
  
                	
  
                13.6.2             Any	
  physical	
  injury	
  or	
  death	
  suffered	
  or	
  caused	
  at	
  Napier	
  Village,	
  	
  
	
  
                unless	
   such	
   loss	
   or	
   damage	
   is	
   caused	
   by	
   the	
   wilful	
   act	
   or	
   omission	
   of	
   the	
   Trust	
   or	
   the	
  
                Management	
  Association	
  (as	
  the	
  case	
  may	
  be),	
  or	
  any	
  of	
  their	
  employees.	
  
	
  
14.    DAMAGE	
  TO	
  OR	
  DESTRUCTION	
  OF	
  THE	
  ACCOMMODATION	
  UNIT	
  
	
  
       14.1     If	
  the	
  Accommodation	
  Unit	
  is	
  damaged	
  in	
  such	
  a	
  way,	
  and	
  to	
  such	
  an	
  extent,	
  that	
  it	
  is	
  
                still	
   habitable,	
   the	
   Management	
   Association	
   must	
   arrange	
   to	
   have	
   the	
   damage	
  
                repaired	
  as	
  soon	
  as	
  possible.	
  	
  	
  
	
  
                14.1.1             While	
   those	
   repairs	
   are	
   being	
   carried	
   out,	
   the	
   Holder	
   will	
   remain	
   liable	
   for,	
  
                                   and	
  must	
  continue	
  to	
  pay,	
  the	
  monthly	
  Member’s	
  Levy.	
  
                	
  
                14.1.2             Unless	
   such	
   damage	
   was	
   caused	
   as	
   a	
   result	
   of	
   the	
   Holder	
   committing	
   or	
  
                                   permitting	
   a	
   breach	
   of	
   this	
   agreement,	
   the	
   cost	
   of	
   the	
   repairs	
   will	
   be	
   for	
  
                                   the	
  account	
  of	
  the	
  Management	
  Association.	
  
                	
  
       14.2     If	
  the	
  Accommodation	
  Unit	
  is	
  destroyed	
  or	
  so	
  damaged	
  that	
  it	
  is	
  no	
  longer	
  habitable	
  :	
  
	
  
                14.2.1             The	
  Management	
  Association	
  must	
  arrange	
  to	
  have	
  the	
  Accommodation	
  Unit	
  
                                   rebuilt	
   or	
   repaired	
   as	
   soon	
   as	
   possible.	
   	
   Unless	
   such	
   damage	
   or	
   destruction	
  
                                   resulted	
   from	
   the	
   Holder	
   committing	
   or	
   permitting	
   a	
   breach	
   of	
   this	
  
                                   agreement,	
  such	
  repairs	
  or	
  rebuilding	
  must	
  be	
  carried	
  out	
  at	
  the	
  expense	
  of	
  
                                   the	
  Management	
  Association.	
  
                	
  
                14.2.2             The	
   Management	
   Association	
   must	
   use	
   its	
   best	
   efforts	
   to	
   find	
   suitable	
  
                                   alternative	
   accommodation	
   for	
   the	
   current	
   Occupant	
   (and	
   Co-­‐occupant,	
   if	
  
                                   applicable),	
  while	
  the	
  Accommodation	
  Unit	
  is	
  being	
  rebuilt	
  or	
  repaired.	
  
	
  
                                                                                                                                             19
                14.2.3             The	
   Management	
   Association	
   will	
   be	
   responsible	
   for	
   the	
   costs	
   of	
   that	
  
                                   alternative	
  accommodation;	
  the	
  Management	
  Association	
  must	
  take	
  out	
  and	
  
                                   maintain	
   an	
   insurance	
   policy	
   which	
   provides	
   sufficient	
   cover	
   to	
   enable	
   the	
  
                                   Management	
  Association	
  to	
  pay	
  such	
  costs.	
  
	
  
                14.2.4             While	
   the	
   Accommodation	
   Unit	
   is	
   being	
   rebuilt	
   or	
   repaired,	
   the	
   Holder	
   will	
  
                                   remain	
  liable	
  for,	
  and	
  must	
  continue	
  to	
  pay,	
  the	
  monthly	
  Member’s	
  Levy.	
  
	
  
15.    DISPOSAL	
  OF	
  THE	
  HOUSING	
  INTEREST	
  
	
  
       15.1     The	
   Holder	
   will	
   not	
   be	
   entitled	
   to	
   transfer,	
   sell	
   or	
   otherwise	
   dispose	
   of	
   the	
   Housing	
  
                Interest,	
  except	
  as	
  permitted	
  in	
  terms	
  of	
  this	
  clause	
  15.	
  
                	
  
       15.2     The	
   Holder	
   will	
   be	
   entitled,	
   at	
   any	
   time,	
   to	
   deliver	
   a	
   notice	
   in	
   writing	
   (“the	
   Transfer	
  
                Notice”)	
  to	
  the	
  Trust,	
  instructing	
  the	
  Trust	
  to	
  dispose	
  of	
  the	
  Housing	
  Interest.	
  	
  In	
  disposing	
  
                of	
   the	
   Housing	
   Interest,	
   the	
   Trust	
   will	
   be	
   entitled	
   to	
   appoint	
   as	
   its	
   agent	
   any	
   person	
   of	
   its	
  
                choice,	
  including	
  but	
  not	
  limited	
  to	
  the	
  Managing	
  Agent.	
  
	
  
       15.3     A	
   Transfer	
   Notice	
   will	
   constitute	
   a	
   power	
   of	
   attorney	
   by	
   the	
  Holder	
   in	
   favour	
   of	
   the	
  Trust	
  
                to	
  transfer	
  the	
  Housing	
  Interest	
  in	
  the	
  manner	
  stipulated	
  in	
  this	
  agreement.	
  
	
  
       15.4     The	
   Holder	
   may	
   withdraw	
   or	
   revoke	
   a	
   Transfer	
   Notice,	
   by	
   way	
   of	
   written	
   instruction	
   to	
  
                the	
  Trust,	
  at	
  any	
  time	
  before	
  the	
  Trust	
  causes	
  a	
  Transfer	
  Agreement	
  to	
  be	
  concluded	
  in	
  
                respect	
  of	
  the	
  Housing	
  Interest.	
  
	
  
       15.5     On	
  receipt	
  of	
  a	
  Transfer	
  Notice	
  the	
  Trust	
  :	
  
	
  
                15.5.1             Will,	
  in	
  consultation	
  with	
  the	
  Holder,	
  determine	
  the	
  market-­‐related	
  value	
  of	
  
                                   the	
  Housing	
  Interest.	
  
                	
  
                15.5.2             Will	
  determine	
  the	
  terms	
  on	
  which	
  the	
  Housing	
  Interest	
  will	
  be	
  offered	
  to	
  a	
  
                                   third	
   party	
   acquirer;	
   on	
   condition	
   that	
   such	
   terms	
   must	
   be	
   substantially	
  
                                   similar	
  to	
  the	
  provisions	
  of	
  this	
  agreement,	
  and	
  must	
  include	
  an	
  obligation	
  on	
  
                                   the	
   part	
   of	
   the	
   third	
   party	
   acquirer	
  to	
   pay	
   loan	
   consideration	
   in	
   an	
   amount	
  
                                   not	
  less	
  than	
  the	
  market	
  value	
  referred	
  to	
  in	
  clause	
  15.5.1.	
  
	
  
                                                                                                                                                                       20
       15.6    If	
  there	
  is	
  more	
  demand	
  for	
  accommodation	
  at	
  Napier	
  Village	
  than	
  there	
  is	
  supply	
  to	
  
               satisfy	
   it,	
   the	
   Trust	
   will	
   cause	
   the	
   Managing	
   Agent	
   to	
   establish	
   and	
   maintain	
   one	
   or	
  
               more	
  waiting	
  lists.	
  
       	
  
       15.7    The	
   Trust	
   must	
   use	
   its	
   best	
   efforts	
   to	
   dispose	
   of	
   the	
   Housing	
   Interest	
   as	
   soon	
   as	
  
               possible,	
  it	
  being	
  the	
  intention	
  that	
  it	
  be	
  disposed	
  of	
  within	
  no	
  more	
  than	
  one	
  (1)	
  year	
  
               after	
  the	
  receipt	
  of	
  the	
  Transfer	
  Notice.	
  	
  	
  
	
  
               15.7.1             The	
   Trust	
   will	
   first	
   offer	
   the	
   Housing	
   Interest	
   for	
   sale	
   to	
   the	
   applicable	
  
                                  people	
  on	
  any	
  waiting	
  lists.	
  	
  	
  
               	
  
               15.7.2             If	
  none	
  of	
  them	
  accept	
  the	
  offer,	
  the	
  Trust	
  will	
  offer	
  the	
  Housing	
  Interest	
  to	
  
                                  the	
  general	
  public.	
  
	
  
       15.8    An	
   agreement	
   for	
   the	
   transfer	
   of	
   the	
   Housing	
   Interest	
   which	
   is	
   concluded	
   between	
  
               the	
   Trust	
   (in	
   the	
   name	
   of	
   the	
   Holder)	
   and	
   any	
   third	
   party	
   acquirer	
   in	
   compliance	
   with	
  
               the	
  provisions	
  of	
  this	
  clause	
  15	
  will	
  be	
  :	
  
	
  
               15.8.1             Valid	
  and	
  enforceable;	
  	
  
               	
  
               15.8.2             Binding	
  on	
  the	
  Holder;	
  and	
  
	
  
               15.8.3             Referred	
  to	
  in	
  this	
  agreement	
  as	
  a	
  “Transfer	
  Agreement”.	
  
	
  
       15.9    In	
  this	
  agreement,	
  the	
  loan	
  consideration	
  paid	
  to	
  the	
  Trust	
  in	
  respect	
  of	
  the	
  Housing	
  
               Interest	
   in	
   terms	
   of	
   a	
   Transfer	
   Agreement	
   will	
   be	
   referred	
   to	
   as	
   “the	
   Transfer	
  
               Consideration”.	
  
       	
  
       15.10   The	
  Trust	
  must	
  deal	
  with	
  and	
  allocate	
  the	
  Transfer	
  Consideration	
  as	
  follows	
  :	
  
	
  
               15.10.1            The	
   first	
   charge	
   against	
   the	
   Transfer	
   Consideration	
   will	
   be	
   the	
   applicable	
  
                                  contribution	
   to	
   the	
   Levy	
   Fund,	
   which	
   must	
   be	
   paid	
   to	
   the	
   Management	
  
                                  Association	
  for	
  payment	
  into	
  that	
  Fund.	
  
               	
  
                                  15.10.1.1               If	
   the	
   Housing	
   Interest	
   is	
   disposed	
   of	
   within	
   one	
   (1)	
   year	
   after	
  
                                                          the	
   Commencement	
   Date,	
   the	
   contribution	
   to	
   the	
   Levy	
   Fund	
  
                                                                                                                              21
                                       will	
   be	
   three	
   comma	
   five	
   (3,5)	
   percent	
   of	
   the	
   Transfer	
  
                                       Consideration.	
  
                 	
  
                 15.10.1.2             If	
  the	
  Housing	
  Interest	
  is	
  disposed	
  of	
  within	
  two	
  (2)	
  years	
  after	
  
                                       the	
   Commencement	
   Date,	
   the	
   contribution	
   to	
   the	
   Levy	
   Fund	
  
                                       will	
  be	
  four	
  comma	
  five	
  (4,5)	
  of	
  the	
  Transfer	
  Consideration.	
  
	
  
                 15.10.1.3             If	
  the	
  Housing	
  Interest	
  is	
  disposed	
  of	
  within	
  three	
  (3)	
  years	
  after	
  
                                       the	
   Commencement	
   Date,	
   the	
   contribution	
   to	
   the	
   Levy	
   Fund	
  
                                       will	
   be	
   five	
   comma	
   five	
   (5,5)	
   percent	
   of	
   the	
   Transfer	
  
                                       Consideration.	
  
                 	
  
                 15.10.1.4             If	
  the	
  Housing	
  Interest	
  is	
  disposed	
  of	
  within	
  four	
  (4)	
  years	
  after	
  
                                       the	
   Commencement	
   Date,	
   the	
   contribution	
   to	
   the	
   Levy	
   Fund	
  
                                       will	
   be	
   six	
   comma	
   five	
   (6,5)	
   percent	
   of	
   the	
   Transfer	
  
                                       Consideration.	
  
	
  
                 15.10.1.5             If	
   the	
   Housing	
   Interest	
   is	
   disposed	
   of	
   after	
   the	
   expiry	
   of	
   the	
  
                                       period	
   of	
   four	
   (4)	
   years	
   which	
   starts	
   on	
   the	
   Commencement	
  
                                       Date,	
   the	
   contribution	
   to	
   the	
   Levy	
   Fund	
   will	
   be	
   seven	
   comma	
  
                                       five	
  (7,5)	
  percent	
  of	
  the	
  Transfer	
  Consideration	
  
       	
  
       15.10.2   The	
  second	
  charge	
  against	
  the	
  Transfer	
  Consideration	
   will	
  be	
  seven	
  comma	
  
                 five	
   (7,5)	
   percent	
   of	
   the	
   Transfer	
   Consideration,	
   as	
   a	
   sales,	
   marketing	
   	
   and	
  
                 management	
  fee,	
  which	
  must	
  be	
  paid	
  to	
  the	
  Trust.	
  
       	
  
       15.10.3   The	
   third	
   charge	
   against	
   the	
   Transfer	
   Consideration	
   will	
   be	
   any	
   taxes	
   or	
  
                 duties	
   which	
   may	
   be	
   payable	
   to	
   any	
   lawful	
   authority	
   in	
   respect	
   of	
   that	
  
                 Consideration.	
  	
  
       	
  
       15.10.4   The	
  fourth	
  charge	
  will	
  be	
  all	
  amounts	
  of	
  whatever	
  description	
  which	
  may	
  be	
  
                 due	
  and	
  payable	
  by	
  the	
  Holder	
  to	
  the	
  Management	
  Association.	
  
	
  
       15.10.5   The	
  fifth	
  charge	
  will	
  be	
  all	
  amounts	
  of	
  whatever	
  description	
  (other	
  than	
  the	
  
                 charge	
   referred	
   to	
   in	
   clause	
   5.10.2)	
   which	
   may	
   be	
   due	
   and	
   payable	
   by	
   the	
  
                 Holder	
  to	
  the	
  Trust.	
  
	
  
                                                                                                                                                               22
               15.10.6           The	
   sixth	
   charge	
   will	
   be	
   the	
   cost	
   of	
   all	
   repairs	
   which	
   may	
   be	
   necessary	
   to	
  
                                 restore	
   the	
   Accommodation	
   Unit	
   to	
   the	
   condition	
   it	
   was	
   in	
   prior	
   to	
   the	
  
                                 Commencement	
  Date,	
  while	
  making	
  an	
  appropriate	
  allowance	
  for	
  fair	
  wear	
  
                                 and	
  tear;	
  this	
  cost	
  must	
  be	
  paid	
  to	
  the	
  Management	
  Association.	
  
	
  
               15.10.7           The	
  seventh	
  charge	
  will	
  be	
  the	
  costs	
  of	
  cleaning	
  the	
  whole	
  of	
  the	
  interior	
  of	
  
                                 the	
   Accommodation	
   Unit;	
   these	
   costs	
   must	
   be	
   paid	
   to	
   the	
   Management	
  
                                 Association.	
  
	
  
       15.11   The	
   whole	
   of	
   the	
   remainder	
   of	
   the	
   Transfer	
   Consideration,	
   after	
   all	
   the	
   charges	
  
               referred	
  to	
  in	
  15.10	
  have	
  been	
  paid,	
  must	
  be	
  paid	
  to	
  the	
  Holder,	
  as	
  a	
  refund	
  of	
  the	
  
               Loan	
  Consideration.	
  
	
  
       15.12   If	
  the	
  total	
  amount	
  refunded	
  to	
  the	
  Holder	
  in	
  terms	
  of	
  clause	
  15.11	
  is	
  greater	
  than	
  
               the	
   Loan	
   Consideration,	
   the	
   excess	
   amount	
   will	
   be	
   deemed	
   to	
   be	
   interest	
   on	
   the	
  
               Loan	
  Consideration.	
  
       	
  
       15.13   Apart	
  from	
  any	
  excess	
  which	
  may	
  be	
  paid	
  to	
  the	
  Holder	
  in	
  terms	
  of	
  clause	
  15.11,	
  the	
  
               Loan	
  Consideration	
  will	
  not	
  attract	
  or	
  bear	
  interest.	
  
	
  
       15.14   If	
   no	
   excess	
   is	
   available	
   as	
   contemplated	
   in	
   clause	
   15.12,	
   and	
   even	
   if	
   the	
   amount	
  
               refunded	
   to	
   the	
   Holder	
   in	
   terms	
   of	
   clause	
   15.11	
   is	
   less	
   than	
   the	
   Loan	
   Consideration,	
  
               that	
   refund	
   will	
   constitute	
   repayment	
   in	
   full	
   of	
   the	
   Loan	
   Consideration,	
   and	
   the	
  
               Holder	
  will	
  have	
  no	
  claim	
  against	
  the	
  Trust	
  or	
  the	
  Management	
  Association	
  for	
  any	
  
               further	
  interest,	
  refund	
  or	
  repayment.	
  
	
  
       15.15   Until	
   the	
   date	
   on	
   which	
   a	
   third	
   party	
   acquirer	
   becomes	
   the	
   holder	
   of	
   the	
   Housing	
  
               Interest	
   in	
   terms	
   of	
   a	
   Transfer	
   Agreement	
   (“the	
   Transfer	
   Date”),	
   the	
   Holder	
   (or	
   the	
  
               Holder’s	
   executor,	
   liquidator,	
   trustee	
   or	
   administrator)	
   must	
   continue	
   paying	
   the	
  
               monthly	
  Member’s	
  Levy,	
  and	
  all	
  other	
  costs	
  and	
  charges	
  for	
  which	
  the	
  Holder	
  may	
  be	
  
               liable	
  in	
  terms	
  of	
  this	
  agreement,	
  the	
  Constitution	
  or	
  the	
  Conduct	
  Rules.	
  
	
  
	
  
	
  
	
  
	
  
	
  
                                                                                                                                                              23
16.    DEEMED	
  TRANSFER	
  NOTICE	
  
	
  
       The	
  Holder	
  will	
  be	
  deemed	
  to	
  have	
  delivered	
  an	
  irrevocable	
  Transfer	
  Notice	
  to	
  the	
  Trust	
  if	
  :	
  
	
  
       16.1        The	
   Holder	
   dies	
   or	
   is	
   provisionally	
   or	
   finally	
   sequestrated;	
   or	
   is	
   made	
   subject	
   to	
   an	
  
                   administration	
   order;	
   or	
   commits	
   an	
   act	
   of	
   insolvency;	
   or	
   is	
   wound	
   up,	
   dissolved	
   or	
  
                   deregistered.	
  
                   	
  
       16.2        The	
  Holder	
  fails	
  to	
  pay	
  on	
  due	
  date	
  any	
  amount	
  payable	
  in	
  terms	
  of	
  this	
  agreement,	
  the	
  
                   Constitution	
  or	
  the	
  Conduct	
  Rules.	
  
	
  
17.    TERMINATION	
  OF	
  LIFE	
  RIGHTS	
  
	
  
       17.1        Unless	
  they	
  have	
  terminated	
  earlier	
  for	
  any	
  reason	
  contemplated	
  in	
  this	
  agreement,	
  the	
  
                   Life	
  Rights	
  of	
  an	
  Occupant	
  will	
  terminate	
  automatically	
  and	
  immediately	
  :	
  
	
  
                   17.1.1            On	
   the	
   Transfer	
   Date,	
   namely	
   the	
   date	
   on	
   which	
   a	
   third	
   party	
   acquirer	
  
                                     becomes	
   the	
   holder	
   of	
   the	
   Housing	
   Interest	
   pursuant	
   to	
   a	
   Transfer	
  
                                     Agreement.	
  
                   	
  
                   17.1.2            When	
  the	
  Occupant	
  dies.	
  
	
  
                   17.1.3            If	
   and	
   when	
   the	
   Occupant	
   becomes	
   disqualified	
   from	
   living	
   at	
   the	
  
                                     Accommodation	
  Unit	
  for	
  any	
  reason	
  contemplated	
  in	
  the	
  Constitution.	
  
	
  
                   17.1.4            If	
  the	
  Holder	
  so	
  notifies	
  the	
  Occupant.	
  
	
  
       17.2        The	
  Life	
  Rights	
  of	
  a	
  Co-­‐occupant	
  will	
  terminate	
  automatically	
  and	
  	
  	
  immediately	
  :	
  
	
  
                   17.2.1            At	
  the	
  same	
  time	
  as	
  the	
  Life	
  Rights	
  of	
  the	
  Occupant	
  terminate,	
  except	
  where:	
  
                                                        	
  
                                     17.2.1.1           The	
   Occupant	
   dies,	
   or	
   becomes	
   disqualified	
   from	
   living	
   at	
   the	
  
                                                        Accommodation	
   Unit	
   for	
   any	
   reason	
   contemplated	
   in	
   the	
  
                                                        Constitution;	
  and	
  	
  
                                     	
  
                                     17.2.1.2           The	
   Co-­‐occupant	
   is	
   capable	
   of	
   continuing	
   to	
   live	
   independently	
  
                                                        at	
  the	
  Accommodation	
  Unit.	
  
                                                                                                                                                                        24
                	
  
                17.2.2            When	
   the	
   Co-­‐occupant	
   dies,	
   or	
   becomes	
   disqualified	
   from	
   living	
   at	
   the	
  
                                  Accommodation	
  Unit	
  for	
  any	
  reason	
  contemplated	
  in	
  the	
  Constitution.	
  
                	
  
                17.2.3            If	
  the	
  Holder	
  so	
  notifies	
  the	
  Co-­‐occupant.	
  
	
  
       17.3     In	
   order	
   to	
   avoid	
   doubt	
   it	
   is	
   recorded	
   that	
   the	
   termination	
   of	
   the	
   Life	
   Rights	
   of	
   an	
  
                Occupant	
  or	
  a	
  Co-­‐occupant	
  does	
  not	
  imply	
  or	
  result	
  in	
  the	
  loss	
  of	
  the	
  Holder’s	
  Refund	
  
                Right.	
  
	
  
18.    CANCELLATION	
  
	
  
       18.1     If	
   any	
   party	
   (“the	
   defaulting	
   party”)	
   commits	
   a	
   breach	
   of	
   any	
   provision	
   of	
   this	
  
                agreement	
  before	
  the	
  Commencement	
  Date,	
  and	
  fails	
  to	
  remedy	
  that	
  breach	
  with	
  three	
  
                (3)	
   days	
   after	
   receipt,	
   from	
   either	
   of	
   the	
   other	
   parties,	
   of	
   a	
   written	
   demand	
   to	
   do	
   so,	
  
                either	
  of	
  the	
  other	
  parties	
  will	
  be	
  entitled,	
  without	
  prejudice	
  to	
  any	
  other	
  right	
  it	
  may	
  
                have	
  in	
  law	
  or	
  in	
  terms	
  of	
  this	
  agreement,	
  to	
  cancel	
  this	
  agreement.	
  
	
  
       18.2     If	
  this	
  agreement	
  is	
  cancelled	
  after	
  the	
  Initial	
  Payment	
  has	
  been	
  paid,	
  and	
  if	
  the	
  Holder	
  
                is	
   the	
   defaulting	
   party,	
   the	
   Trust	
   will	
   be	
   entitled	
   to	
   retain	
   the	
   Initial	
   Payment,	
   and	
   all	
  
                interest	
  which	
  accrues	
  on	
  it,	
  as	
  agreed,	
  liquidated	
  damages.	
  
	
  
19.    CESSION,	
  ASSIGNMENT	
  AND	
  SUB-­‐LETTING	
  
	
  
       19.1     Except	
   to	
   the	
   extent	
   expressly	
   permitted	
   in	
   this	
   agreement	
   the	
   Holder	
   will	
   not	
   be	
  
                entitled,	
  without	
  the	
  prior	
  written	
  consent	
  of	
  the	
  Management	
  Association	
  :	
  
       	
  
                19.1.1            To	
   cede,	
   assign,	
   pledge,	
   let,	
   sub-­‐let	
   or	
   in	
   any	
   way	
   encumber	
   any	
   of	
   the	
   rights	
  
                                  making	
  up	
  the	
  Housing	
  Interest;	
  or	
  
                	
  
                19.1.2            To	
  transfer	
  or	
  delegate	
  any	
  of	
  the	
  Holder’s	
  obligations	
  under	
  this	
  agreement.	
  
                	
  
       19.2     The	
  Holder	
  must	
  ensure	
  that	
  no	
  Occupant	
  or	
  Co-­‐occupant	
  carries	
  out,	
  or	
  purports	
  
                to	
  carry	
  out,	
  any	
  act	
  which	
  is	
  prohibited	
  by	
  clause	
  19.1.	
  
       	
  
       19.3     If	
  the	
  Management	
  Association	
  gives	
  its	
  consent	
  as	
  envisaged	
  in	
  clause	
  	
  	
  19.1	
  :	
  
       	
  
                                                                                                                                           25
                 19.3.1           The	
   Management	
   Association	
   will	
   be	
   entitled	
   to	
   impose	
   any	
   terms	
   and	
  
                                  conditions	
  it	
  chooses.	
  
                 	
  
                 19.3.2           The	
   Holder	
   must	
   ensure	
   that	
   any	
   such	
   terms	
   and	
   conditions	
   are	
   complied	
  
                                  with.	
  
	
  
        19.4     The	
  Trust	
  will	
  be	
  entitled,	
  in	
  its	
  absolute	
  discretion,	
  and	
  without	
  the	
  consent	
  of	
  either	
  of	
  
                 the	
  other	
  parties,	
  to	
  sell,	
  cede,	
  assign,	
  transfer,	
  pledge	
  or	
  otherwise	
  encumber	
  any	
  of	
  its	
  
                 rights	
  in	
  terms	
  of	
  this	
  agreement.	
  
	
  
20.     NOTICES	
  AND	
  DOMICILIUM	
  
	
  
        20.1     Each	
  party	
  appoints	
  the	
  relevant	
  physical	
  address	
  set	
  out	
  in	
  the	
  Schedule	
  of	
  Particulars	
  
                 as	
   that	
   party’s	
  domicilium	
   citandi	
   et	
   executandi,	
   namely	
   the	
   address	
   at	
   which	
   that	
   party	
  
                 will	
  accept	
  service	
  of	
  all	
  legal	
  process	
  arising	
  from	
  or	
  contemplated	
  in	
  this	
  agreement.	
  
	
  
        20.2     Each	
   party	
   agrees	
   to	
   accept	
   delivery	
   of	
   any	
   notice	
   contemplated	
   in	
   this	
   agreement	
   at	
  
                 that	
  party’s	
  domicilium	
  address.	
  	
  In	
  addition,	
  the	
  parties	
  appoint	
  the	
  respective	
  e-­‐mail	
  
                 addresses	
   and	
   fax	
   numbers	
   set	
   out	
   in	
   the	
   Schedule	
   of	
   Particulars	
   for	
   the	
   purpose	
   of	
  
                 accepting	
  delivery	
  of	
  any	
  notice	
  contemplated	
  in	
  this	
  agreement.	
  
	
  
        20.3     All	
  notices	
  must	
  be	
  in	
  writing.	
  
        	
  
        20.4     Any	
  party	
  may	
  change	
  its	
  domicilium	
  address	
  or	
  chosen	
  e-­‐mail	
  address	
  or	
  fax	
  number	
  
                 from	
  time	
  to	
  time	
  by	
  written	
  notice	
  to	
  the	
  other	
  parties.	
  	
  Any	
  domicilium	
  address	
  must	
  
                 be	
  a	
  physical	
  address	
  within	
  the	
  Republic	
  of	
  South	
  Africa.	
  
	
  
21.     GENERAL	
  
	
  
        21.1     The	
  headnotes	
  to	
  the	
  various	
  clauses	
  of	
  this	
  agreement,	
  and	
  the	
  index,	
  have	
  been	
  
                 included	
   for	
   reference	
   purposes	
   only,	
   and	
   must	
   not	
   be	
   taken	
   into	
   account	
   when	
  
                 interpreting	
  the	
  agreement.	
  
       	
  
        21.2     This	
   document	
   constitutes	
   the	
   sole	
   record	
   of	
   the	
   agreement	
   between	
   the	
   parties	
  
                 relating	
  to	
  its	
  subject	
  matter;	
  	
  and	
  cancels	
  and	
  novates	
  any	
  prior	
  verbal	
  or	
  written	
  
                 communications	
   relating	
   to	
   such	
   subject	
   matter,	
   whether	
   express	
   or	
   implied,	
  
                 including	
  any	
  letters,	
  draft	
  agreements,	
  memoranda	
  or	
  minutes.	
  
                                                                                                                                                           26
        21.3   No	
   amendment	
   or	
   consensual	
   termination	
   of	
   this	
   agreement	
   will	
   be	
   of	
   force	
   or	
  
               effect	
  unless	
  recorded	
  in	
  writing	
  and	
  signed	
  by	
  all	
  the	
  parties.	
  
	
  
        21.4   No	
  extension	
  of	
  time,	
  latitude	
  or	
  other	
  indulgence	
  which	
  may	
  be	
  given	
  or	
  allowed	
  
               by	
  any	
  party	
  to	
  any	
  other,	
  will	
  constitute	
  a	
  waiver	
  or	
  novation	
  of	
  this	
  agreement,	
  or	
  
               affect	
   such	
   party’s	
   rights,	
   or	
   prevent	
   such	
   party	
   from	
   strictly	
   enforcing	
   due	
  
               compliance	
  with	
  each	
  and	
  every	
  provision	
  of	
  this	
  agreement.	
  
	
  
22.     TERMINATION	
  
	
  
        22.1   The	
  provisions	
  of	
  this	
  clause	
  22	
  will	
  override	
  any	
  other	
  inconsistent	
  or	
  contradictory	
  
               provision	
  of	
  this	
  agreement.	
  
       	
  
        22.2   If	
  the	
  Accommodation	
  Unit	
  has	
  not	
  yet	
  been	
  built	
  as	
  at	
  the	
  signature	
  date,	
  the	
  Trust	
  
               will	
   be	
   entitled,	
   in	
   its	
   absolute	
   discretion,	
   at	
   any	
   time	
   before	
   the	
   Commencement	
  
               Date,	
  to	
  decide	
  not	
  to	
  proceed	
  with	
  the	
  construction	
  of	
  the	
  Accommodation	
  Unit.	
  
	
  
        22.3   If	
   the	
   Trust	
   decides	
   not	
   to	
   proceed	
   with	
   the	
   construction	
   of	
   the	
   Accommodation	
  
               Unit	
  :	
  
	
  
               22.3.1          The	
  Trust	
  must	
  notify	
  the	
  Holder	
  and	
  the	
  Management	
  Association	
  in	
  writing	
  
                               accordingly.	
  
               	
  
               22.3.2          The	
  Trust	
  must	
  arrange	
  for	
  the	
  Initial	
  Payment,	
  and	
  all	
  accrued	
  interest,	
  to	
  be	
  
                               paid	
  to	
  the	
  Holder.	
  
	
  
               22.3.3          This	
   agreement	
   will	
   terminate	
   automatically	
   on	
   delivery	
   of	
   the	
   notice	
  
                               referred	
   to	
   in	
   clause	
   22.3.1,	
   and	
   no	
   party	
   will	
   have	
   any	
   claim	
   against	
   any	
  
                               other	
   arising	
   from	
   this	
   agreement	
   or	
   its	
   termination,	
   except	
   the	
   Holder’s	
  
                               claim	
  for	
  payment	
  in	
  terms	
  of	
  clause	
  22.3.2.	
  
	
  
	
  
	
  
	
  
                                                                                                                                                                                                                                                                                                                       27
	
  
SIGNED	
  at	
  	
     	
     	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  this	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  day	
         	
                 	
  	
  	
  	
  	
  	
  	
  	
     	
  	
  	
  	
  	
  	
  2010.	
  
	
  
	
  
AS	
  WITNESSES	
  :	
  
	
  
	
  
	
  1.	
  	
   	
      	
     	
   	
                                                     	
  
	
  
	
             	
      	
     	
   	
                                                      	
                                                                                                                           	
                                                                                            	
  
	
  2.	
  	
           	
     	
                                                       	
                                                                                                                               The	
  Trust	
  	
  
	
  
	
  
	
  
SIGNED	
  at	
  	
     	
     	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  this	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  day	
         	
                 	
  	
  	
  	
  	
  	
  	
  	
     	
  	
  	
  	
  	
  	
  2010.	
  
	
  
	
  
	
  
AS	
  WITNESSES	
  :	
  
	
  
	
  
	
  1.	
  	
   	
      	
     	
   	
                                                     	
  
	
  
	
             	
      	
     	
   	
                                                      	
                                                                                                                           	
                                                                                            	
  
	
  2.	
  	
           	
     	
                                                       	
                                                                                                                               The	
  Holder	
  
	
  
	
  
	
  
SIGNED	
  at	
  	
     	
     	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  this	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  day	
         	
                 	
  	
  	
  	
  	
  	
  	
  	
     	
  	
  	
  	
  	
  	
  2010.	
  
	
  
	
  
	
  
AS	
  WITNESSES	
  :	
  
	
  
	
  
	
  1.	
  	
   	
      	
     	
   	
                                                     	
  
	
  
	
             	
      	
     	
   	
                                                      	
                                                                                                                           	
                                                                                            	
  
	
  2.	
  	
           	
     	
                                                       	
                                                                                                                               The	
  Management	
  Association	
  
	
  
	
  
	
  
	
  
	
  
	
  
                                                                                                                                                                                       *	
  *	
  *	
  *	
  *	
  	
  
                    AGREEMENT	
  FOR	
  THE	
  ACQUISITION	
  OF	
  A	
  
                 HOUSING	
  INTEREST	
  IN	
  AN	
  ACCOMMODATION	
  UNIT	
  
                             SITUATED	
  IN	
  NAPIER	
  VILLAGE	
  
                                SCHEDULE	
  PARTICULARS	
  
	
  
1.	
      PARTICULARS	
  OF	
  THE	
  PARTIES	
  
	
  
          1.1        The	
  full	
  name/s	
  of	
  the	
  Holder	
  is/are	
  :	
  ______________________________	
  
          	
  
          1.2        If	
  the	
  Holder	
  is	
  a	
  natural	
  person,	
  the	
  Holder’s	
  identity	
  number	
  is	
  :	
  
                     ___________________________________	
  
	
  
          1.3        If	
  the	
  Holder	
  is	
  a	
  company	
  :	
  
	
  
                     1.3.1                The	
  Holder’s	
  registration	
  number	
  is	
  :	
  ________________________	
  
                     	
  
                     1.3.2                The	
  full	
  names	
  of	
  all	
  the	
  directors	
  of	
  the	
  Holder	
  are	
  :	
  
                                          ______________________________________________________	
  
	
  
                     1.3.3                The	
  full	
  names	
  of	
  all	
  the	
  shareholders	
  of	
  the	
  Holder	
  are	
  :	
  
                                          ______________________________________________________	
  
	
  
          1.4        If	
  the	
  Holder	
  is	
  a	
  close	
  corporation	
  :	
  
	
  
                     1.4.1           The	
  Holder’s	
  registration	
  number	
  is	
  :	
  ________________________	
  
                     	
  
                     1.4.2           The	
  full	
  names	
  of	
  the	
  members	
  of	
  the	
  Holder	
  are	
  :	
  
                                          ______________________________________________________	
  
	
  
          1.5        If	
  the	
  Holder	
  is	
  a	
  trust	
  :	
  
	
  
                     1.5.1           The	
  Holder’s	
  registration	
  number	
  is	
  :	
  ________________________	
  
                     	
  
                     1.5.2           The	
  full	
  names	
  of	
  all	
  the	
  trustees	
  of	
  the	
  Holder	
  are	
  :	
  
                                          ______________________________________________________	
  
	
  
Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
                                                                                                                           2

         1.6        The	
  Holder’s	
  physical	
  residential	
  or	
  business	
  address	
  is	
  	
  :	
  
	
  
                    _____________________________________________________________	
  	
  
                    	
  
                    _____________________________________________________________	
  
                    	
  
                    _____________________________________________________________	
  
                    	
  
         1.7        The	
  Holder’s	
  telephone	
  number	
  is	
  	
  :	
  _______________________________	
  
         	
  
         1.8        The	
  Holder’s	
  email	
  	
  address	
  is	
  	
  :	
  __________________________________	
  	
  
	
  
         	
  
         1.9        The	
  Holder’s	
  fax	
  number	
  	
  is	
  	
  :	
  ____________________________________	
  
	
  
2.	
     THE	
  TRUST	
  
	
  
         2.1        The	
  physical	
  business	
  address	
  of	
  the	
  Trust	
  is	
  :	
  
	
  
                    Prescient	
  House,	
  Westlake	
  Business	
  Park,	
  Otto	
  Close,	
  Westlake,	
  7945	
  
                    	
  
         2.2        The	
  telephone	
  number	
  of	
  the	
  Trust	
  	
  is	
  	
  :	
  	
  (021)	
  700	
  3600	
  
         	
  
         2.3        The	
  email	
  	
  address	
  of	
  the	
  Trust	
  is	
  	
  :	
  chris@prescient.co.za	
  
         	
  
         2.4        The	
  fax	
  number	
  of	
  the	
  Trust	
  is	
  	
  :	
  	
  (021)	
  700	
  5420	
  
                    	
  
3.	
     THE	
  MANAGEMENT	
  ASSOCIATION	
  
	
  
         3.1        The	
  physical	
  business	
  address	
  of	
  the	
  Management	
  Association	
  is	
  :	
  
	
  
                    _____________________________________________________________	
  	
  
                    	
  
                    _____________________________________________________________	
  	
  
                    	
  
                    _____________________________________________________________	
  
                                                                                                                                                                    3

                         	
  
         3.2             The	
  telephone	
  number	
  of	
  the	
  Management	
  Association	
  	
  is	
  	
  :	
  
                         _____________________________________________________________	
  
         	
  
         3.3             The	
  email	
  	
  address	
  of	
  the	
  Management	
  Association	
  is	
  	
  :	
  
                         _____________________________________________________________	
  
         	
  
         3.4             The	
  fax	
  number	
  of	
  the	
  Management	
  Association	
  is	
  	
  :	
  
                         _____________________________________________________________	
  
	
  
4.	
     THE	
  INITIAL	
  OCCUPANT	
  
         	
  
         The	
   Holder	
   appoints	
   the	
   following	
   person	
   as	
   the	
   initial	
   Occupant	
   of	
   the	
   Accommodation	
  
         Unit	
  :	
  
         	
  
         4.1             Full	
  names	
  :	
  ____________________________________________________	
  
         	
  
         4.2             Identity	
  number	
  :	
  ________________________________________________	
  
	
  
5.	
     THE	
  INITIAL	
  CO-­‐OCCUPANT	
  
         	
  
         If	
   applicable,	
   the	
   Holder	
   appoints	
   the	
   following	
   person	
   as	
   the	
   initial	
   Co-­‐occupant	
   of	
   the	
  
         Accommodation	
  Unit	
  :	
  
         	
  
         5.1             Full	
  names	
  :	
  ____________________________________________________	
  
         	
  
         5.2             Identity	
  number	
  :	
  ________________________________________________	
  	
  
         	
  
6.	
     THE	
  ACCOMMODATION	
  UNIT	
  
         	
  
         6.1             The	
  unit	
  number	
  of	
  the	
  Accommodation	
  Unit	
  is	
  	
  :	
  ______________________	
  	
  	
  
         	
  
         6.2             If	
   there	
   is	
   a	
   garage	
   forming	
   part	
   of	
   the	
   Accommodation	
   Unit,	
   its	
   number	
   is	
   :	
  
                         ______________________________________________________________	
  
         	
  
         	
  
                                                                                                                                                                      4

7.	
      THE	
  COMMENCEMENT	
  DATE	
  
          	
  
          The	
   Commencement	
   Date,	
   namely	
   the	
   date	
   from	
   which	
   the	
   initial	
   Occupant	
   and	
   Co-­‐
          occupant	
  will	
  be	
  entitled	
  to	
  exercise	
  their	
  Life	
  Rights	
  in	
  terms	
  of	
  this	
  agreement,	
  is	
  	
  	
  1	
  July	
  
          2010	
  or	
  such	
  earlier	
  or	
  later	
  date,	
  determined	
  by	
  the	
  Trust	
  in	
  its	
  entire	
  discretion,	
  as	
  may	
  be	
  
          notified	
  to	
  the	
  Holder	
  in	
  writing	
  by	
  the	
  Trust.	
  
          	
  
8.	
      THE	
  LOAN	
  CONSIDERATION	
  
          	
  
          The	
  Loan	
  Consideration	
  is	
  the	
  sum	
  of	
  :	
  R___________________________________	
  
	
  
9.	
      THE	
  MEMBERS’	
  LEVY	
  
          	
  
          For	
   the	
   twenty-­‐four	
   (24)	
   months	
   immediately	
   following	
   the	
   Effective	
   Date,	
   the	
   monthly	
  
          Members’	
  Levy	
  payable	
  by	
  the	
  Holder	
  will	
  not	
  exceed	
  :	
  R_______________	
  
	
  
10.	
     EXTENT	
  OF	
  THE	
  ACCOMMODATION	
  UNIT	
  
          	
  
          The	
  dwelling	
  which	
  comprises	
  the	
  Accommodation	
  Unit	
  measures,	
  in	
  extent	
  :	
  
          	
  
          ____________________________________________________	
  square	
  metres.	
  
	
  
11.	
     COST	
  ESTIMATE	
  FOR	
  ADMINISTRATION	
  OF	
  NAPIER	
  VILLAGE	
  
          	
  
          The	
   Trust	
   estimates	
   that,	
   for	
   the	
   period	
   of	
   three	
   (3)	
   years	
   which	
   immediately	
   follows	
   the	
  
          signature	
   date,	
   the	
   costs	
   of	
   controlling,	
   managing	
   and	
   administrating	
   Napier	
   Village,	
   and	
  
          providing	
  and	
  maintaining	
  the	
  services	
  and	
  facilities	
  at	
  Napier	
  Village,	
  will	
  be	
  as	
  follows	
  :	
  
          	
  
          •            Year	
  1	
                                                                    •    R	
  3	
  200	
  000	
  
          •            Year	
  2	
                                                                    •    R	
  3	
  488	
  000	
  
          •            Year	
  3	
  	
                                                                •    R	
  3	
  801	
  920	
  
          	
  
          	
  
          	
  
          	
  
          	
  
                                                                           *	
  *	
  *	
  *	
  *	
  	
  
                                             SCHEDULE	
  ONE:	
  
                                         STATUTORY	
  INFORMATION	
  
                     	
  
1.        The	
  Land	
  :	
  Mortgage	
  Bond	
  
	
  
          1.1        The	
  Land	
  is	
  encumbered	
  by	
  a	
  mortgage	
  bond.	
  	
  	
  
          	
  
          1.2        The	
   mortgage	
   bond	
   is	
   registered	
   in	
   favour	
   of	
   Standard	
   Bank	
   Limited	
   (“the	
  
                     Bondholder”).	
  
	
  
          1.3        The	
  address	
  of	
  the	
  Bondholder	
  is	
  	
  :	
  	
  
                     _________________________________________________________________	
  
                     	
  
                     ________________________________________________________________	
  
	
  
          1.4        The	
  outstanding	
  balance	
  owing	
  to	
  the	
  Bondholder	
  in	
  terms	
  of	
  the	
  mortgage	
  bond,	
  as	
  
                     at	
  the	
  signature	
  date,	
  is	
  	
  :	
  R___________________________	
  .	
  
          	
  
          1.5        R_____________________	
  of	
  the	
  Loan	
  Consideration	
  will	
  be	
  applied	
  by	
  the	
  Trust	
  in	
  
                     reduction	
   of	
   the	
   outstanding	
   balance	
   owed	
   by	
   the	
   Trust	
   in	
   terms	
   of	
   the	
   mortgage	
  
                     bond.	
  
	
  
          1.6        The	
   Trust	
   undertakes	
   that	
   it	
   will	
   not	
   further	
   encumber	
   the	
   Land	
   by	
   way	
   of	
   an	
  
                     additional	
  mortgage	
  bond.	
  
	
  
2.        The	
  Completion	
  Certificate	
  
	
  
          2.1        The	
   Trust	
   warrants	
   that,	
   on	
   or	
   before	
   the	
   Commencement	
   Date,	
   the	
   Architect	
   will	
  
                     issue,	
  in	
  respect	
  of	
  that	
  part	
  of	
  Napier	
  Village	
  in	
  which	
  the	
  Accommodation	
  Unit	
  is	
  
                     situated,	
   a	
   certificate	
   in	
   terms	
   of	
   section	
   6(1)(a)	
   of	
   the	
   Retirement	
   Act	
   [“the	
  
                     Completion	
   Certificate”],	
   to	
   the	
   effect	
   that	
   such	
   part	
   of	
   Napier	
   Village	
   has	
   been	
  
                     erected	
   substantially	
   in	
   accordance	
   with	
   the	
   applicable	
   officially-­‐approved	
   building	
  
                     plans	
   and	
   town-­‐planning	
   scheme,	
   and	
   in	
   accordance	
   with	
   all	
   applicable	
   local	
  
                     authority	
   by-­‐laws,	
   and	
   is	
   sufficiently	
   completed	
   for	
   the	
   purposes	
   of	
   utilisation	
   of	
   the	
  
                     Housing	
  Interest.	
  
          	
  
Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
                                                                                                                                                                               2
       2.2           As	
   is	
   required	
   by	
   section	
   6(1)(b)	
   of	
   the	
   Retirement	
   Act,	
   a	
   copy	
   of	
   the	
   Completion	
  
                     Certificate	
   will	
   be	
   attached	
   to	
   this	
   agreement	
   as	
   Schedule	
   Three,	
   as	
   soon	
   as	
   the	
  
                     Certificate	
  is	
  issued.	
  
	
  
3.     The	
  Endorsement	
  Certificate	
  
	
  
       The	
  Trust	
  warrants	
  that	
  the	
   Attorneys	
  have	
  issued	
  or	
  will	
  issue	
  a	
  certificate	
  as	
  contemplated	
  
       in	
   sections	
   6(1)(c)	
   and	
   4C	
   of	
   the	
   Retirement	
   Act	
   (“the	
   Endorsement	
   Certificate”),	
   to	
   the	
  
       effect	
   that	
   the	
   title	
   deed	
   of	
   the	
   Land	
   has	
   been	
   endorsed	
   by	
   the	
   Registrar	
   of	
   Deeds	
   to	
   reflect	
  
       that	
  the	
  Land	
  is	
  subject	
  to	
  a	
  housing	
  development	
  scheme	
  in	
  terms	
  of	
  the	
  Retirement	
  Act.	
  
	
  
4.     The	
  Conduct	
  Rules	
  
	
  
       4.1           The	
   Conduct	
   Rules,	
   and	
   any	
   amendments	
   to	
   the	
   Conduct	
   Rules,	
   will	
   be	
   displayed	
   on	
  
                     the	
   notice	
   board	
   at	
   the	
   Napier	
   Village	
   Club	
   House,	
   and	
   may	
   be	
   viewed	
   during	
   the	
  
                     Club	
  House’s	
  opening	
  hours.	
  
       	
  
       4.2           A	
  copy	
  of	
  the	
  Conduct	
  Rules	
  may	
  be	
  obtained	
  from	
  the	
  Managing	
  Agent.	
  
	
  
5.     Napier	
  Village	
  Facilities	
  and	
  Services	
  
	
  
       5.1           The	
  Club	
  House	
  
       	
  
                     5.1.1              The	
   Club	
   House	
   is	
   centrally	
   located	
   in	
   Napier	
   Village,	
   and	
   offers	
   the	
  
                                        following	
  facilities	
  :	
  
	
  
                                        •             A	
   television	
   lounge	
   for	
   residents	
   living	
   independently,	
   and	
  
                                                      another	
  television	
  lounge	
  for	
  assisted	
  living	
  residents.	
  
                                        	
  
                                        •             A	
   main	
   dining	
   room	
   for	
   residents	
   living	
   independently,	
   and	
   a	
  
                                                      second	
  dining	
  room	
  for	
  assisted	
  living	
  residents.	
  
	
  
                                        •             A	
   library	
   (including	
   an	
   internet	
   lounge)	
   for	
   residents	
   living	
  
                                                      independently,	
  and	
  a	
  second	
  library	
  for	
  assisted	
  living	
  residents.	
  
	
  
                                        •             A	
  covered	
  terrace.	
  
	
  
                                                                                                                                                                          3
              5.1.2             The	
   Club	
   House	
   will	
   be	
   available	
   for	
   use	
   by	
   the	
   Occupants	
   from	
   the	
  
                                Commencement	
  Date.	
  
              	
  
              5.1.3             The	
   Occupants	
   will	
   be	
   entitled	
   to	
   the	
   use	
   of	
   all	
   the	
   facilities	
   at	
   the	
   Club	
  
                                House,	
   without	
   payment	
   of	
   any	
   additional	
   fee	
   or	
   compensation,	
   subject	
  
                                to	
  the	
  provisions	
  of	
  :	
  
	
  
                                •             This	
  agreement;	
  
                                	
  
                                •             The	
  Conduct	
  Rules;	
  and	
  
	
  
                                •             The	
  Constitution.	
  
	
  
       5.2    Health	
  Care	
  
       	
  
              5.2.1             If	
   the	
   Occupants	
   are	
   living	
   independently,	
   the	
   following	
   health	
   care	
  
                                services	
   will	
   be	
   available,	
   to	
   be	
   provided	
   by	
   the	
   staff	
   of	
   the	
   Napier	
   Village	
  
                                Health	
  Care	
  Centre	
  (“HCC”)	
  :	
  
                         	
  
                                5.2.1.1              A	
   fortnightly	
   clinic	
   conducted	
   by	
   a	
   doctor	
   at	
   the	
   HCC,	
   for	
  
                                                     routine	
  check-­‐ups	
  and	
  primary	
  health	
  care.	
  
                                	
  
                                5.2.1.2              A	
  twenty-­‐	
  four	
  (24)	
  hour	
  emergency	
  nursing	
  service.	
  
	
  
              5.2.2             If	
  the	
  Occupants	
  are	
  living	
  in	
  an	
  assisted	
  living	
  unit,	
  the	
  following	
  health	
  
                                care	
  services	
  will	
  be	
  provided	
  by	
  the	
  HCC	
  :	
  
                         	
  
                                5.2.2.1              A	
  twenty-­‐	
  four	
  (24)	
  hour	
  emergency	
  nursing	
  service.	
  
                                	
  
                                5.2.2.2              A	
  weekly	
  health	
  check.	
  
	
  
                                5.2.2.3              Daily	
  monitoring.	
  
	
  
                                5.2.2.4              Daily	
  carer	
  assistance.	
  
	
  
              5.2.3             A	
  frail	
  care	
  facility	
  is	
  also	
  available	
  at	
  the	
  HCC.	
  
              	
  
                                                                                                                                                                        4
                   5.2.4              The	
   health	
   care	
   services	
   referred	
   to	
   above	
   will	
   be	
   available	
   as	
   from	
   the	
  
                                      Commencement	
  Date.	
  
                   	
  
                   5.2.5              The	
  fees	
  and	
  charges	
  which	
  will	
  be	
  payable	
  by	
  the	
  Holder	
  for	
  the	
  health	
  
                                      care	
   services	
   referred	
   to	
   above,	
   are	
   available	
   on	
   request	
   from	
   the	
   HCC.	
  	
  
                                      Those	
   fees	
   and	
   charges	
   will	
   be	
   payable	
   in	
   addition	
   to	
   the	
   monthly	
  
                                      Member’s	
  Levy.	
  
	
  
       5.3         Security	
  
       	
  
                   5.3.1              The	
   Occupants	
   will,	
   without	
   payment	
   of	
   any	
   additional	
   fee	
   or	
  
                                      compensation,	
  enjoy	
  the	
  benefit	
  of	
  a	
  security	
  service	
  which	
  comprises	
  :	
  
                               	
  
                                      5.3.1.1             Security	
  fencing	
  or	
  walls	
  around	
  the	
  whole	
  of	
  Napier	
  Village.	
  
                                      	
  
                                      5.3.1.2             Twenty-­‐four	
   (24)	
   hour	
   security	
   access	
   control	
   at	
   the	
   sole	
  
                                                          entrance	
  to	
  Napier	
  Village.	
  
	
  
                                      5.3.1.3             Night-­‐time	
  security	
  patrols	
  within	
  Napier	
  Village.	
  
       	
  
                   5.3.2              The	
  security	
  service	
  will	
  be	
  operation	
  from	
  the	
  Commencement	
  Date.	
  
	
  
       5.4         Catering	
  Service	
  
       	
  
                   5.4.1              If	
  the	
  Occupants	
  are	
  living	
  independently,	
  they	
  may	
  choose	
  to	
  eat	
  meals	
  
                                      at	
  the	
  Club	
  House.	
  
                   	
  
                   5.4.2              If	
   the	
   Occupants	
   are	
   living	
   in	
   an	
   assisted	
   living	
   unit,	
   certain	
   daily	
   meals	
  
                                      will	
  be	
  provided	
  to	
  them.	
  
	
  
                   5.4.3              Particulars	
  are	
  available	
  on	
  request	
  from	
  the	
  Management	
  Association.	
  
	
  
6.     Official	
  Language	
  
	
  
       The	
  Holder	
  has	
  chosen	
  English	
  as	
  the	
  language	
  in	
  which	
  this	
  agreement	
  will	
  be	
  written.	
  
	
  
	
  
                                                                                                                                                                  5
7.     Occupation	
  Date	
  
	
  
       The	
  initial	
  Occupants	
  will	
  be	
  entitled	
  to	
  use	
  and	
  occupy	
  the	
  Accommodation	
  Unit	
  with	
  effect	
  
       from	
  the	
  Commencement	
  Date	
  recorded	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  
	
  
8.     Endowment	
  Levy	
  
	
  
       No	
   endowment,	
   betterment	
   or	
   enhancement	
   levy,	
   or	
   development	
   contribution	
   or	
   any	
  
       similar	
   imposition	
   (as	
   contemplated	
   in	
   section	
   4(1)(t)	
   of	
   the	
   Retirement	
   Act)	
   is	
   payable	
   by	
  
       any	
  person	
  in	
  respect	
  of	
  the	
  Land.	
  
	
  
9.     Costs	
  of	
  this	
  Agreement	
  
	
  
       The	
  costs	
  of	
  drafting	
  this	
  agreement	
  will	
  be	
  paid	
  by	
  the	
  Trust.	
  
	
  
10.    Three-­‐Year	
  Expenditure	
  Estimate	
  
	
  
       10.1         The	
  Trust’s	
  estimate,	
  for	
  the	
  period	
  of	
  three	
  (3)	
  years	
  which	
  immediately	
  follows	
  the	
  
                    signature	
   date,	
   of	
   the	
   costs	
   of	
   controlling,	
   managing	
   and	
   administering	
   Napier	
  
                    Village,	
  and	
  providing	
  and	
  maintaining	
  the	
  services	
  and	
  facilities	
  at	
  Napier	
  Village,	
  is	
  
                    set	
  out	
  in	
  the	
  Schedule	
  of	
  Particulars.	
  
       	
  
       10.2         The	
  Management	
  Association	
  will	
  be	
  liable	
  for	
  the	
  payment	
  of	
  those	
  costs.	
  
	
  
       10.3         Except	
  to	
  the	
  extent	
  that	
  those	
  costs	
  are	
  incorporated	
  in	
  the	
  Member’s	
  Levy	
  payable	
  
                    by	
   the	
   Holder	
   in	
   terms	
   of	
   this	
   agreement	
   and	
   the	
   Constitution,	
   or	
   in	
   any	
   other	
  
                    charge	
  or	
  amount	
  payable	
  by	
  the	
  Holder	
  in	
  terms	
  of	
  this	
  agreement	
  or	
  the	
  Conduct	
  
                    Rules,	
  the	
  Holder	
  will	
  not	
  be	
  liable	
  for	
  the	
  payment	
  of	
  those	
  costs.	
  
	
  
       10.4         To	
   the	
   extent	
   that	
   those	
   costs	
   exceed	
   the	
   estimate	
   recorded	
   in	
   the	
   Schedule	
   of	
  
                    Particulars,	
  they	
  must	
  be	
  paid	
  by	
  the	
  Trust.	
  
	
  
11.    The	
  Member’s	
  Levy	
  
	
  
       The	
   basis	
   on	
   which	
   the	
   monthly	
   Member’s	
   Levy	
   payable	
   by	
   the	
   Holder	
   is	
   calculated,	
   is	
   set	
  
       out	
  in	
  clause	
  10	
  of	
  this	
  agreement.	
  
	
  
                                                                                                                                                                   6
12.    Cancellation	
  of	
  this	
  Agreement	
  
	
  
       Sections	
   4(3),	
   8	
   and	
   9	
   of	
   the	
   Retirement	
   Act	
   confer	
   certain	
   rights	
   and	
   remedies	
   on	
   the	
  
       Holder	
  in	
  relation	
  to	
  the	
  cancellation,	
  or	
  possible	
  cancellation,	
  of	
  this	
  agreement.	
  
	
  
13.    Percentage	
  of	
  Housing	
  Interests	
  Reserved	
  for	
  Retired	
  People	
  
	
  
       All	
  the	
  Housing	
  Interests	
  in	
  respect	
  of	
  all	
  the	
  residential	
  units	
  at	
  Napier	
  Village	
  are	
  reserved	
  
       for	
  occupation	
  by	
  retired	
  people,	
  namely	
  people	
  aged	
  fifty	
  (50)	
  or	
  older.	
  
	
  
14.    Trust’s	
  Interest	
  in	
  the	
  Managing	
  Agent	
  
	
  
       The	
  Trust	
  has	
  no	
  direct	
  or	
  indirect	
  interest	
  in	
  the	
  Managing	
  Agent.	
  
	
  
15.    Movables	
  Provided	
  as	
  part	
  of	
  the	
  Housing	
  Interest	
  
	
  
       Neither	
  the	
  Trust	
  nor	
  the	
  Management	
  Association	
  will	
  be	
  under	
  any	
  obligation	
  to	
  provide	
  
       any	
   movable	
   property	
   to	
   the	
   Holder,	
   except	
   to	
   the	
   extent	
   that	
   provision	
   of	
   any	
   service	
   or	
  
       facility	
  contemplated	
  in	
  this	
  agreement	
  involves	
  the	
  provision	
  of	
  movable	
  property.	
  
	
  
16.    Involvement	
  in	
  any	
  other	
  Housing	
  Development	
  Scheme	
  
	
  
       16.1           The	
   Trust	
   has	
   not	
   been	
   involved,	
   directly	
   or	
   indirectly,	
   in	
   any	
   capacity,	
   in	
   any	
  
                      housing	
   development	
   scheme	
   other	
   than	
   Napier	
   Village,	
   whether	
   as	
   architect,	
  
                      developer,	
  estate	
  agent,	
  legal	
  practitioner,	
  quantity	
  surveyor	
  or	
  otherwise.	
  
       	
  
       16.2           However,	
   the	
   Trust	
   intends	
   in	
   future	
   acting	
   as	
   developer	
   in	
   respect	
   of	
   other	
  
                      developments	
  similar	
  to	
  Napier	
  Village.	
  
	
  
17.    Use	
  of	
  Napier	
  Village	
  Residential	
  Accommodation	
  
	
  
       All	
   residential	
   accommodation	
   on	
   the	
   Land	
   is	
   being	
   utilised	
   for	
   the	
   purposes	
   of	
   Napier	
  
       Village.	
  
                                                                                   	
  
                                                                                   	
  
                                                                        *	
  *	
  *	
  *	
  *	
  
                                    SCHEDULE	
  TWO:	
  
               DEFINITIONS	
  OF	
  TERMS	
  USED	
  IN	
  THIS	
  AGREEMENT	
  
	
  
In	
  this	
  agreement,	
  unless	
  the	
  context	
  clearly	
  indicates	
  otherwise	
  :	
  
	
  
1.            “the	
  Accommodation	
  Unit”	
                                      means	
   the	
   dwelling	
   unit	
   (and	
   garage,	
   if	
  
                                                                                    applicable)	
  in	
  Napier	
  Village	
  described	
  in	
  clause	
  
                                                                                    3.	
  
	
  
2.            “additional	
  fee	
  or	
  compensation”	
                           means	
   a	
   payment	
   other	
   than	
   the	
   Loan	
  
                                                                                    Consideration	
  and	
  the	
  other	
  levies	
  or	
  payments	
  
                                                                                    which	
   are	
   expressly	
   provided	
   for	
   in	
   this	
  
                                                                                    agreement,	
   the	
   Conduct	
   Rules	
   or	
   the	
  
                                                                                    Constitution.	
  
	
  
3.            “the	
  Architect”	
                                                  means	
   the	
   architect	
   or	
   architects	
   appointed	
   by	
  
                                                                                    the	
   Trust	
   to	
   design	
   and	
   oversee	
   the	
  
                                                                                    construction	
  of	
  Napier	
  Village.	
  
	
  
4.            “the	
  Attorneys”	
                                                  means	
   the	
   Trust’s	
   attorneys,	
   namely	
   Walton	
  
                                                                                    Jessop	
  Attorneys	
  of	
  Westlake,	
  Cape	
  Town.	
  
	
  
5.            “the	
  Bondholder”	
                                                 means	
   the	
   bank	
   or	
   other	
   financial	
   institution	
  
                                                                                    referred	
  to	
  in	
  paragraph	
  1.2	
  of	
  Schedule	
  One.	
  
	
  
6.            “the	
  Club	
  House”	
                                              means	
   the	
   club	
   house	
   described	
   in	
   paragraph	
  
                                                                                    5.1	
  of	
  Schedule	
  One.	
  
	
  
7.            “the	
  Commencement	
  Date”	
                                       means	
   the	
   date	
   stipulated	
   in	
   the	
   Schedule	
   of	
  
                                                                                    Particulars.	
  
	
  
8.            “the	
  Completion	
  Certificate”	
                                  means	
   the	
   certificate	
   referred	
   to	
   in	
   paragraph	
  2	
  
                                                                                    of	
  Schedule	
  One.	
  
	
  
9.            “Conduct	
  Rules”	
                                                  means	
  the	
  rules	
  contemplated	
  in	
  clause	
  11.3.	
  
	
  

Napier Village – Independent Life Rights – P.137
Napier – Independent Living P137     22.04.10 [1]
                                                                                                                               2
10.    “Constitution”	
                     means	
   the	
   constitution	
   of	
   the	
   Management	
  
                                            Association.	
  
	
  
11.    “Co-­‐occupant”	
                    means	
   the	
   person	
   (if	
   applicable)	
   named	
   in	
   the	
  
                                            Schedule	
  of	
  Particulars.	
  
	
  
12.    “Effective	
  Date”	
                means	
  the	
  date	
  stipulated	
  in	
  clause	
  10.4.	
  
	
  
13.    “the	
  Housing	
  Interest”	
       means	
   the	
   bundle	
   of	
   rights	
   described	
   in	
   clause	
  
                                            5.1.	
  
	
  
14.    “the	
  Initial	
  Payment”	
        means	
  the	
  payment	
  described	
  in	
  clause	
  7.6.2.	
  
	
  
15.    “the	
  Land”	
                      means	
   Erf	
   1694,	
   Napier,	
   Western	
   Cape	
  
                                            Province.	
  
	
  
16.    “the	
  Levy	
  Fund”	
              means	
  the	
  fund	
  referred	
  to	
  in	
  clause	
  10.	
  
	
  
17.    “Life	
  Rights”	
                   means	
   the	
   rights	
   described	
   or	
   referred	
   to	
   in	
  
                                            clause	
  5.2.1.	
  
	
  
18.    “the	
  Loan	
  Consideration”	
     means	
  the	
  loan	
  amount	
  referred	
  to	
  in	
  clause	
  7.	
  
	
  
19.    “the	
  Managing	
  Agent”	
         means	
   the	
   person	
   to	
   be	
   appointed	
   as	
   such,	
   as	
  
                                            contemplated	
  in	
  clause	
  11.2.	
  
	
  
20.    “Member”	
                           means	
   a	
   member	
   of	
   the	
   Management	
  
                                            Association.	
  
	
  
21.    “the	
  Member’s	
  Levy”	
          means	
  the	
  levy	
  described	
  in	
  clause	
  10.	
  
	
  
22.    “Napier	
  Village”	
                means	
   the	
   retirement	
   village	
   in	
   which	
   the	
  
                                            Accommodation	
  Unit	
  is	
  situated,	
  as	
  described	
  in	
  
                                            clause	
  1.1	
  
	
  
23.    	
  “the	
  parties”	
               means	
   the	
   Trust,	
   the	
   Management	
   Association	
  
                                            and	
  the	
  Holder.	
  
                                                                                                                                                           3
	
  
24.    “the	
  Prime	
  Rate”	
                                            means	
   the	
   rate	
   of	
   interest	
   charged	
   by	
   the	
  
                                                                           Trust’s	
   bankers	
   from	
   time	
   to	
   time,	
   to	
   their	
  
                                                                           favoured	
   clients,	
   on	
   unsecured	
   overdraft	
  
                                                                           facilities.	
  	
  
	
  
25.    “the	
  Refund	
  Right”	
                                          means	
  the	
  right	
  described	
  in	
  clause	
  5.1.3.	
  
	
  
26.    “the	
  Regulations”	
                                              means	
   the	
   regulations	
   to	
   the	
   Retirement	
   Act	
  
                                                                           published	
   as	
   Government	
   Notice	
   R1351	
   in	
  
                                                                           Government	
  Gazette	
  11979	
  of	
  30	
  June	
  1989,	
  as	
  
                                                                           amended	
   by	
   Government	
   Notice	
   R2091	
  
                                                                           published	
  in	
  Government	
  Gazette	
  12717	
  of	
  31	
  
                                                                           August	
  1990.	
  
	
  
27.    “the	
  Retirement	
  Act”	
                                        means	
   the	
   Housing	
   Development	
   Schemes	
   for	
  
                                                                           Retired	
  Persons	
  Act,	
  no.	
  65	
  of	
  1988.	
  
	
  
28.    “the	
  signature	
  date”	
                                        means	
   the	
   date	
   on	
   which	
   this	
   agreement	
   is	
  
                                                                           signed	
  by	
  the	
  last	
  of	
  the	
  parties	
  to	
  do	
  so.	
  
	
  
29.    “Transfer	
  Agreement”	
                                           means	
  an	
  agreement	
  referred	
  to	
  in	
  clause	
  15.	
  
	
  
30.    “the	
  Transfer	
  Date”	
                                         means	
  the	
  date	
  on	
  which	
  a	
  third	
  party	
  acquirer	
  
                                                                           becomes	
   the	
   holder	
   of	
   the	
   Housing	
   Interest	
   in	
  
                                                                           terms	
  of	
  a	
  Transfer	
  Agreement.	
  
	
  
31.    “Transfer	
  Notice”	
                                              means	
  a	
  notice	
  referred	
  to	
  in	
  clause	
  15.2.	
  
	
  
32.    “Transfer	
  Consideration”	
                                       means	
   the	
   consideration	
   referred	
   to	
   in	
   clause	
  
                                                                           15.9.	
  
	
  
33.    “working	
  day”	
                                                  means	
   any	
   day	
   except	
   a	
   Saturday,	
   Sunday	
   or	
  
                                                                           South	
  African	
  public	
  holiday.	
  
	
  
34.    References	
  to	
  people	
  include	
  references	
  to	
  corporate	
  bodies,	
  and	
  vice	
  versa.	
  
	
  
                                                                                                                                                              4
35.    The	
   singular	
   includes	
   the	
   plural,	
   and	
   vice	
   versa,	
   and	
   reference	
   to	
   any	
   gender	
   includes	
   a	
  
       reference	
  to	
  the	
  other	
  genders.	
  
	
  
36.    Any	
  reference	
  to	
  a	
  statutory	
  provision	
  includes	
  a	
  reference	
  to	
  that	
  provision	
  as	
  modified,	
  
       amended,	
  replaced	
  or	
  re-­‐enacted	
  from	
  time	
  to	
  time.	
  
                 	
  
                 	
  
                 	
  
	
  
                                                                    *	
  *	
  *	
  *	
  *	
  

								
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