A Reserve Fund Contribution. A Reserve Fund Contribution is required to cover the cost of major and infrequent repairs, replacements and renovations in the Village so as to maintain the high standards of the Village and to maximise Residence values in the long term. It is calculated at 1% of the New Loan paid for the Residence or failing that the Outgoing Market Value of the Residence multiplied by number of elapsed Fee Days to a maximum of 3,650 Fee Days and divided by 365. Hence the Contribution is capped at a maximum of 10% (after ten years residency) of the Outgoing Market Value or New Loan paid.
Appears in 6 contracts
Samples: Ownership and Management, Ownership and Management, Ownership and Management
