Cooloola Waters Management Pty. Ltd. has agreed to manage and administer the Retirement Village on behalf of the Residents and is prepared to do so on behalf of the Resident upon the terms and conditions contained in this Agreement and upon the terms and conditions contained in the Management Agreement entered into by Cooloola Waters Management Pty. Ltd. with the body corporate.
Cooloola Waters Management Pty. Ltd. will manage and administer the day to day conduct of the Retirement Village including the communal facilities and will attend to the comfort and reasonable requests of the Resident and other Residents of the Retirement Village in accordance with the terms of this Freehold Residence Contract and Freehold Residence Contract with other Residents.
Cooloola Waters Management Pty. Ltd. will ensure that the Resident has quiet possession and enjoyment of the Resident’s lot and quiet possession and enjoyment of the Communal Facilities to an extent that is consistent with:-
(a) The reasonable exercise of such rights by other Residents of the Retirement Village;
(b) The performance by Cooloola Waters Management Pty. Ltd. of its obligations to the other Residents of the Retirement Village under other Freehold Residence Contract;
(c) The performance by Cooloola Waters Management Pty. Ltd. of its obligations under the Management Agreements;
(d) The physical characteristics of the Retirement Village.
Cooloola Waters Management Pty. Ltd. will ensure that proper and adequate insurance, including public risk insurance, is effected and renewed in relation to:-
(a) the Communal Facilities;
(b) any building or part of the Retirement Village that has not been insured and is not required to be insured by a Body Corporate under the Body Corporate Act or Body Corporate Regulation Module;
(c) any matter or thing that must be insured according to law.
Cooloola Waters Management Pty. Ltd. will apply any insurance moneys received for damage to property or buildings as soon as practicable to the repair, reinstatement or replacement of the damaged property or buildings.
Cooloola Waters Management Pty. Ltd. will perform its obligations and discharge its duties to other Residents of the Retirement Village under the Freehold Residence Contracts and to the Body Corporate under The Management Agreement.
Cooloola Waters Management Pty. Ltd. will ensure that separate accounts are kept for the retirement village’s capital replacement fund and maintenance reserve fund.
Cooloola Waters Management Pty. Ltd. will ensure that a quarterly financial statement about the income and expenditure of the capital replacement fund and the maintenance reserve (in an auditable format) are available to the owner upon a request made by the owner in accordance with the clauses herein below.
Cooloola Waters Management Pty. Ltd. must establish and keep trust accounts at a financial institution in accordance with the Retirements Villages Xxx 0000.
Cooloola Waters Management Pty. Ltd. will grant to the Resident the right to the reasonable use and enjoyment of the communal facilities in common with other residents of the Retirement Village or any other person authorised by Cooloola Waters Management Pty. Ltd. during the time that the Resident is a resident of the Retirement Village.
