Common use of HOME OWNERS ASSOCIATION Clause in Contracts

HOME OWNERS ASSOCIATION. 8.1. The Purchaser acknowledges that he is required, upon the date of occupation, to become a Member of the Home Owners Association and irrevocably agrees to conduct himself strictly in accordance with and to be bound by the Memorandum of Incorporation and Rules of the aforesaid association, copies of which are available for inspection at the offices of the Seller. 8.2. The Purchaser is hereby expressly informed and accordingly acknowledges that he is aware that he will be liable, from the date of occupation, for payment of all contributions (levies) to the fund to be established by the Home Owners Association. 8.3. The Purchaser shall become and remain a member of the Home Owners Association as long as he remains the owner of the property. 8.4. The Purchaser shall not cede, assign or transfer the property to any person who has not bound himself to become a member of the Home Owners Association with effect from date of transfer of the property in that person’s name and the Purchaser is obliged to and undertakes to notice the prospective new owner regarding the compulsory membership of the Home Owners Association. 8.5. The Purchaser declares himself to be aware of the following provisions, in its current or any amended form, to be included in the founding documents of the Home Owners Association: 8.5.1. the developer shall have 100 votes in addition to the votes conferred upon it below, provided however that this provision shall apply during the development period only; 8.5.2. every member, including the developer, in person or by proxy and entitled to vote, shall have 1 (one) vote for each erf registered in his name or in that of a juristic persona that he controls, as the case may be. 8.6. The conditions in clauses 8.3 and 8.4 above, in its current or any amended form, shall be registered as conditions of title of the property and the Purchaser undertakes to sign any documents that may be required for that purpose.

HOME OWNERS ASSOCIATION. 8.1. 8.1 The Purchaser acknowledges that he is required, upon the date of occupation, to become a Member of the Home Owners Association and irrevocably agrees to conduct himself strictly in accordance with and to be bound by the Memorandum of Incorporation and Rules of the aforesaid association, copies of which are available for inspection at the offices of the Seller. 8.2. 8.2 The Purchaser is hereby expressly informed and accordingly acknowledges that he is aware that he will be liable, from the date of occupation, for payment of all contributions (levies) to the fund to be established by the Home Owners Association. 8.3. 8.3 The Purchaser shall become and remain a member of the Home Owners Association as long as he remains the owner of the property. 8.4. 8.4 The Purchaser shall not cede, assign or transfer the property to any person who has not bound himself to become a member of the Home Owners Association with effect from date of transfer of the property in that person’s name and the Purchaser is obliged to and undertakes to notice the prospective new owner regarding the compulsory membership of the Home Owners Association. 8.5. 8.5 The Purchaser declares himself to be aware of the following provisions, in its current or any amended form, to be included in the founding documents of the Home Owners Association: 8.5.1. 8.5.1 the developer shall have 100 votes in addition to the votes conferred upon it below, provided however that this provision shall apply during the development period only; 8.5.2. 8.5.2 every member, including the developer, in person or by proxy and entitled to vote, shall have 1 (one) vote for each erf registered in his name or in that of a juristic persona that he controls, as the case may be. 8.6. 8.6 The conditions in clauses 8.3 and 8.4 above, in its current or any amended form, shall be registered as conditions of title of the property and the Purchaser undertakes to sign any documents that may be required for that purpose.