Common use of Establishment and Maintenance of Special Fund Clause in Contracts

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners (save and except the Manager) for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of the Development Common Areas and Facilities. (b) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Parking Spaces for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (e) Subject to Clause 5.8(f) below, each Owner shall before he is given possession of his part of the Development by or upon completion of the purchase of his part of the Development from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development based on the first annual management budget as an initial contribution to the Special Fund. (f) The First Owner shall in respect of any part or parts of the Development remaining unsold after three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later deposit with the Manager a sum equivalent to two (2) months' contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or parts. For the purpose of this Clause 5.8(f), a part or parts of the Development shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or parts. (g) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (h) If there is an Owners' Corporation, the Owners' Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (i) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) one or more interest-bearing accounts, the title of which shall refer to the relevant Special Fund for the Development, and the Manager shall use that account exclusively for the purpose of that Special Fund. (j) Without prejudice to the generality of Clause 5.8(i) above, if there is an Owners' Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' Corporation in respect of the Special Fund. (k) The Manager shall display a document showing evidence of any account opened and maintained under Clause 5.8(i) or (j) in a prominent place in the Development. (l) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 5.8(i) above; or if there is an Owners' Corporation, the account or accounts opened and maintained under Clause 5.8(j) above. (m) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Development.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for For the purpose of paragraph 4 of Schedule 7 of to the BMO) , there shall be established and maintained by the Manager as trustee one Special Fund with the following separate accounts for different component parts of the Common Areas and on behalf Facilities :- (i) A separate account of all the Owners (save and except the Manager) Special Fund designated for the time being a Special Fund to provide for Development Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Development Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plants and machineries and apparatus in for the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management services. This part of the Development Common Areas and Facilities. (b) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a and such fund shall not be refundable or transferable. (ii) A separate account of the Special Fund to provide designated for the Residential Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Residential Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitationFacilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect services. This part of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Parking Spaces all Residential Units for the time being a and such fund shall not be refundable or transferable. (iii) A separate account of the Special Fund to provide designated for the Commercial Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Commercial Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Carpark Commercial Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitationFacilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Carpark Commercial Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management services. This part of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds managed by the Manager and all sums in the Special Fund shall belong to all Owners, be held by the Manager as trustee for the Owners of Residential all Commercial Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to Except where the First Owner has made payments in accordance with sub-Clause 5.8(f(c) below, , (i) each Owner shall before he is given possession of his part of the Development Unit by or upon completion of the purchase of his part of the Development Unit from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget year's budgeted Development Management Expenses as an initial contribution to the Special Fund. (fii) The First each Owner shall in respect before he is given possession of any part his Residential Unit by or parts upon completion of the Development remaining unsold after three (3) months purchase of his Residential Unit from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)First Owner, whichever is shall be the later earlier, deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his Residential Unit based on the first year's budgeted Residential Management Expenses as an initial contribution to the Special Fund. (iii) each Owner shall before he is given possession of his Commercial Unit by or upon completion of the purchase of his Commercial Unit from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his Commercial Unit based on the first year's budgeted Commercial Management Expenses as an initial contribution to the Special Fund. (c) The First Owner shall in respect of any Unit remaining unsold after three (3) months from the date of this Deed deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or partsUnit. For the purpose of this sub- Clause 5.8(f(c), a part or parts of the Development Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or partsUnit. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155Cap.155 of the Laws of Hong Kong) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-Clause (a) above. (jg) Without prejudice to the generality of sub-Clause 5.8(i(f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under sub-Clause 5.8(i(f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under sub-Clause 5.8(i(f) above; or if there is an Owners' ’ Corporation, the account or accounts opened and maintained under sub-Clause 5.8(j(g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners (save and except the Manager) for the time being a the Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of the Development Land and the Building including the Common Areas and Facilities. (b) There . The Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Parking Spaces for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds fund managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development Building except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to sub-Clause 5.8(f(c) below, each Owner shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget as an initial contribution to the Special Fund. (fc) The First Owner shall in respect of any part or parts of the Development Building remaining unsold after three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or parts. For the purpose of this sub-Clause 5.8(f(c), a part or parts of the Development Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or parts. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-Clause (a) above. (jg) Without prejudice to the generality of sub-Clause 5.8(i(f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under sub-Clause 5.8(i(f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under sub-Clause 5.8(i(f) above; or if there is an Owners' ’ Corporation, the account or accounts opened and maintained under sub-Clause 5.8(j(g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners (save and except the ManagerOwner of the Common Areas and Facilities) for the time being a the Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of the Development Land and the Building including the Common Areas and Facilities. (b) There . The Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Parking Spaces for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds fund managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development Building except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to Clause 5.8(fExcept where the First Owner has made payments in accordance with sub-clause (c) below, each Owner shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ ' contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget as an initial contribution to the Special Fund. (fc) The First Owner shall in respect of any part or parts of the Development Building remaining unsold after three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later deposit with the Manager a sum equivalent to two (2) months' contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or parts. For the purpose of this Clause 5.8(fsub-clause (c), a part or parts of the Development Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or parts. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' Corporation, the Owners' Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-clause (a) above. (jg) Without prejudice to the generality of Clause 5.8(isub-clause (f) above, if there is an Owners' Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under Clause 5.8(isub-clause (f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under Clause 5.8(isub-clause (f) above; or if there is an Owners' Corporation, the account or accounts opened and maintained under Clause 5.8(jsub-clause (g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners (save and except the Manager) for the time being a the Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of the Development Land and the Building including the Common Areas and Facilities. (b) There . The Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Parking Spaces for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds fund managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development Building except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to sub-Clause 5.8(f(c) below, each Owner shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget as an initial contribution to the Special Fund. (fc) The First Owner shall in respect of any part or parts of the Development Building remaining unsold after three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or parts. For the purpose of this sub-Clause 5.8(f(c), a part or parts of the Development Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or parts. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155Cap.155 of the Laws of Hong Kong) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-Clause (a) above. (jg) Without prejudice to the generality of sub-Clause 5.8(i(f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under sub-Clause 5.8(i(f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under sub-Clause 5.8(i(f) above; or if there is an Owners' ’ Corporation, the account or accounts opened and maintained under sub-Clause 5.8(j(g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for For the purpose of paragraph 4 of Schedule 7 of to the BMO) , there shall be established and maintained by the Manager as trustee one Special Fund with the following separate accounts for different component parts of the Common Areas and on behalf Facilities :- (i) A separate account of all the Owners (save and except the Manager) Special Fund designated for the time being a Special Fund to provide for Development Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Development Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plants and machineries and apparatus in for the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management services. This part of the Development Common Areas and Facilities. (b) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a and such fund shall not be refundable or transferable. (ii) A separate account of the Special Fund to provide designated for the Residential Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Residential Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitationFacilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect services. This part of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Parking Spaces all Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to Except where the First Owners have made payments in accordance with sub-Clause 5.8(f(c) below, , (i) each Owner shall before he is given possession of his part of the Development Unit by or upon completion of the purchase of his part of the Development Unit from the First OwnerOwners, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget year's budgeted Development Management Expenses as an initial contribution to the Special Fund. (fii) The First each Owner shall in respect before he is given possession of any part his Residential Unit by or parts upon completion of the Development remaining unsold after three (3) months purchase of his Residential Unit from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)First Owners, whichever is shall be the later earlier, deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his Residential Unit based on the first year's budgeted Residential Management Expenses as an initial contribution to the Special Fund. (c) The First Owners shall in respect of any Unit remaining unsold after three (3) months from the date of this Deed deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or partsUnit. For the purpose of this sub- Clause 5.8(f(c), a part or parts of the Development Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner Owners in respect of such part or partsUnit. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155Cap.155 of the Laws of Hong Kong) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-Clause (a) above. (jg) Without prejudice to the generality of sub-Clause 5.8(i(f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under sub-Clause 5.8(i(f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under sub-Clause 5.8(i(f) above; or if there is an Owners' ’ Corporation, the account or accounts opened and maintained under sub-Clause 5.8(j(g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There shall be established and maintained (for For the purpose of paragraph 4 of Schedule 7 of to the BMO) , there shall be established and maintained by the Manager as trustee one Special Fund with the following separate accounts for different component parts of the Common Areas and on behalf Facilities :- (i) A separate account of all the Owners (save and except the Manager) Special Fund designated for the time being a Special Fund to provide for Development Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Development Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management office, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plants and machineries and apparatus in for the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management services. This part of the Development Common Areas and Facilities. (b) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a and such fund shall not be refundable or transferable. (ii) A separate account of the Special Fund to provide designated for the Residential Common Areas and Facilities towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Residential Common Areas and Facilities, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitationFacilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect services. This part of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) held by the Manager as trustee for and on behalf of all the Owners of Parking Spaces all Residential Units for the time being a and such fund shall not be refundable or transferable. (iii) A separate account of the Special Fund to provide designated for the Commercial Common Areas and Facilities for Shop C and Shop D towards payment of expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including relating to the Commercial Common Areas and Facilities for Shop C and Shop D, which includes but is not limited to to, expenses for the renovation, improvement and repair of the Carpark Commercial Common Areas and Facilities and/or for the efficient management Shop C and maintenance of the Carpark Common Areas and Facilities which includes, without limitationShop D, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Carpark Commercial Common Areas and Facilities for Shop C and Shop D and the costs of the relevant investigation works and professional services and/or in connection with the management services. This part of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds managed by the Manager and all sums in the Special Fund shall belong to all Owners, be held by the Manager as trustee for the Owners of Residential Units Shop C on 1/F and Owners of Parking Spaces (as the case may be) Shop D on 2/F for the time being of the Land and the Development except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to Except where the First Owner has made payments in accordance with sub-Clause 5.8(f(c) below, , (i) each Owner shall before he is given possession of his part of the Development Unit by or upon completion of the purchase of his part of the Development Unit from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget year's budgeted Development Management Expenses as an initial contribution to the Special Fund. (fii) The First each Owner shall in respect before he is given possession of any part his Residential Unit by or parts upon completion of the Development remaining unsold after three (3) months purchase of his Residential Unit from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)First Owner, whichever is shall be the later earlier, deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his Residential Unit based on the first year's budgeted Residential Management Expenses as an initial contribution to the Special Fund. (iii) each Owner of Shop C on 1/F and Shop D on 2/F shall before he is given possession of his Commercial Unit by or upon completion of the purchase of his Commercial Unit from the First Owner, whichever shall be the earlier, deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his Commercial Unit based on the first year's budgeted Commercial Management Expenses for Shop C and Shop D as an initial contribution to the Special Fund. (c) The First Owner shall in respect of any Unit remaining unsold after three (3) months from the date of this Deed deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or partsUnit. For the purpose of this sub- Clause 5.8(f(c), a part or parts of the Development Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or partsUnit. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the Manager. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155Cap.155 of the Laws of Hong Kong) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the DevelopmentBuilding, and the Manager shall use that account exclusively for the purpose of that Special Fundreferred to in sub-Clause (a) above. (jg) Without prejudice to the generality of sub-Clause 5.8(i(f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under sub-Clause 5.8(i(f) or (jg) in a prominent place in the DevelopmentBuilding. (li) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under sub-Clause 5.8(i(f) above; or if there is an Owners' ’ Corporation, the account or accounts opened and maintained under sub-Clause 5.8(j(g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the DevelopmentBuilding.

Establishment and Maintenance of Special Fund. (a) There The Manager shall establish and maintain a Special Fund to provide for expenditure of a capital nature or a kind not expected by it to be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) incurred annually. The Special Fund will be held by the Manager as trustee for and on behalf of all the Owners (save and except the Manager) for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Development Common Areas and Facilities and/or for the efficient management and maintenance of the Development Common Areas and Facilities which includes, without limitation, the setting up of the management officeFacilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systemsequipment, tools, plant and machineries and apparatus in for the Development Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of the Development Common Areas and Facilities. (b) There services. The Special Fund shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Residential Units for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Residential Common Areas and Facilities and/or for the efficient management and maintenance of the Residential Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Residential Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Residential Common Areas and Facilities and such parts of such expenses in respect of the Carpark Common Areas and Facilities which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (c) There shall be established and maintained (for the purpose of paragraph 4 of Schedule 7 of the BMO) by the Manager as trustee for and on behalf of all the Owners of Parking Spaces for the time being a Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Carpark Common Areas and Facilities and/or for the efficient management and maintenance of the Carpark Common Areas and Facilities which includes, without limitation, the purchase, setting up, replacement, improvement and addition of installations, systems, plants and equipments, systems, tools, machineries and apparatus in the Carpark Common Areas and Facilities and the costs of the relevant investigation works and professional services and/or in connection with the management of Carpark Common Areas and Facilities but excludes such parts of such expenses which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces which shall be covered by the Special Fund in respect of the Residential Common Areas and Facilities. (d) The Special Funds established under Clauses 5.8(a), 5.8(b) and 5.8(c) shall be trust funds fund managed by the Manager and all sums in the Special Fund shall belong to all Owners, Owners of Residential Units and Owners of Parking Spaces (as the case may be) for the time being of the Land and the Development except the Owner of the Common Areas and Facilities and such fund shall not be refundable or transferable. (eb) Subject to Clause 5.8(fExcept where the First Owner has made payments in accordance with sub- clause (c) below, each Owner shall before he is given possession upon assignment of his part of the Development by or upon completion of the purchase of his part of the Development Unit from the First Owner, whichever shall be the earlier, Owner deposit with the Manager a sum equivalent to two (2) months’ contribution towards the Management Expenses payable in respect of his part of the Development based on the first annual management budget as an initial contribution to the Special Fund. (fc) The First Owner shall in respect of any part or parts of the Development Unit remaining unsold after three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or the Certificate of Compliance has been issued), whichever is the later deposit with the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses based on the first annual management budget as an initial contribution to the Special Fund in respect of such unsold part or partsUnit. For the purpose of this Clause 5.8(fsub-clause (c), a part or parts of the Development Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such part or partsUnit. (gd) Each Owner shall also on demand pay to the Manager for the ensuing years such further sum as his contributions to the Special Fund in such amounts and at such time as shall be determined and approved by a resolution of the Owners at a an Owners’ meeting of the Owners convened under this Deed having regard to the reasonable recommendation by the ManagerDeed. (he) If there is an Owners' ’ Corporation, the Owners' ’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any financial year, and the time when those contributions shall be payable. (if) The Manager shall open and maintain at a bank within the meaning of Section 2 of the Banking Ordinance (Cap.155) one or more an interest-bearing accountsaccount, the title of which shall refer to the relevant Special Fund for the Development, and the Manager shall use that account exclusively for the purpose of that referred to in sub-clause (a) above and all monies received for the Special FundFund must be deposited by the Manager with such bank in such interest-bearing account. (jg) Without prejudice to the generality of Clause 5.8(isub-clause (f) above, if there is an Owners' ’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners' ’ Corporation in respect of the Special Fund. (kh) The Manager shall display a document showing evidence of any account opened and maintained under Clause 5.8(isub-clause (f) or (jg) in a prominent place in the Development. (li) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 5.8(isub-clause (f) above; or above or, if there is an Owners' ’ Corporation, the account or accounts opened and maintained under Clause 5.8(jsub-clause (g) above. (mj) Except as herein provided or in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners' ’ Committee (if any). For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land and the Development.