Common use of LEVY FUND Clause in Contracts

LEVY FUND. 9.1 The Holder shall pay any charges or expenses for any services made available to the Property, Premises and/or the users thereof in respect of the week during which he is entitled to the use thereof, including without affecting the generality of the foregoing, charges for any recreational and entertainment facilities, telephone calls, transport and any services not recoverable as part of the levy fund. 9.2 The Directors shall establish and maintain a levy fund, to which end they shall from time to time make levies upon members of the Company, for the repair, upkeep, renovation, control, management and administration of the Company and the Property and the Movable Property, including the Premises and/or for the payment of any obligation of the Company in connection therewith, for the payment of any amounts which may from time to time become due in respect of the Property including any rates, taxes and any other local authority charges on the Property, which are payable by the Company, any charges for the supply of electric current, gas, water, fuel, sanitary and other services to the Company and the Property, the Movable Property and the Premises, for which the individual members are not personally liable, for any services or facilities required by the Company and the covering of any losses suffered by the Company, the payment of any premiums of insurance and for the discharge of any other obligation of the Company, including all the costs, fees and payments which become due and payable from time to time to the Manager. 9.3 The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each operational year or any portion thereof, together with the estimated deficiency, if any, as may have resulted from the preceding operational year or portion thereof, and shall make a levy upon the members of the Company equal as nearly as is reasonably practicable to such estimated amount. The Directors may include in such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, such as the expenses to be incurred for the redecoration or renovation of the Company’s Property and for the replacement of any Movable Property or any part thereof or to meet any obligation of the Company in connection therewith. 9.4 All such levies shall be payable to the Company annually in one lump sum within 21(twenty one) days after written request being made by the Company or the Manager and shall be for the Holder’s share of the estimated total expenses of the Company for the forthcoming operational year. Notwithstanding the foregoing, in the event that the Holder is the Developer the annual levies payable in respect of the Share Block shall be paid monthly in arrears commencing on the last day of the first month of the operational year and thereafter on the last day of each successive month. 9.5 The Directors may from time to time make special levies upon the members of the Company in respect of all such costs, expenses and requirements as are either not mentioned in clause 9.2 or are not recoverable pursuant to clauses 9.3 and such levies may be made payable in one sum or by such and at such time or times as the Directors shall think fit. 9.6 Written notices shall be given in respect of levies payable by members of the Company and such notice shall be subject to the provisions relating to notices in the Articles of Association. Standard Low 18 to 25, 31 to 38 16 Standard Mid 3 to 12, 16, 17, 26, 30, 39 to 48 24 Peak High 1 to 2, 13 to 15, 27 to 29, 49 to 52 12 52

LEVY FUND. 9.1 The Holder holder shall pay any charges or expenses for any services made available to the Propertyproperty, Premises the main property, premises and/or the users thereof in respect of the week during which he is entitled to the use thereof, including without affecting the generality of the foregoing, charges for any recreational and entertainment facilities, telephone calls, transport and any services not recoverable as part of the levy fund. 9.2 The Directors directors shall establish and maintain a levy fund, to which end they shall from time to time make levies upon members of the Companycompany, for the repair, upkeep, renovation, control, control management and administration of the Company company and the Property property and the Movable Propertymovable property, including the Premises premises and/or for the payment of any obligation of the Company company in connection therewith, for the payment of any amounts which may from time to time become due in respect of the Property shares held by the company in BSBL, or in respect of the property including any rates, taxes and any other local authority charges on or in respect of the Property, property or levies raised against the company by BSBL in terms of the use agreement and which are payable by the Companycompany, any charges for the supply of electric current, gas, water, fuel, sanitary and other services to the Company company and the Propertyproperty, and the main property for which the company is liable, the Movable Property movable property and the Premisespremises, for which the individual members are not personally liable, for any services or facilities required by the Company company and the covering of any losses suffered by the Companycompany, the payment of any premiums of insurance and for the discharge of any other obligation of the Companycompany, including all the costs, fees and payments which become due and payable from time to time to the Managermanager and any amount that may become payable by the company as a member of BSBL pursuant to the use agreement or at all, including any contribution which the company may agree to pay or for which the company may become liable upon any conversion of the rights of BSBL in respect of the main property to freehold. 9.3 The Directors directors shall estimate the amount which shall be required by the Company company to meet the aforesaid expenses during each operational year or any portion thereof, together with the estimated deficiencydeficit, if any, as may have resulted from the preceding operational year or a portion thereof, and shall make a levy upon the members of the Company company equal as nearly as is reasonably practicable to such estimated amount. The Directors directors may include in such levies an and amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, such as the expenses to be incurred for the redecoration or renovation of the Companycompany’s Property property and for the replacement of any Movable Property movable property or any part thereof or to meet any obligation of the Company company in connection therewiththerewith or arising out of any provision of this agreement. 9.4 All such levies shall be payable to the Company company annually in one lump sum within 21(twenty one21 (TWENTY ONE) days after written request being made by the Company company or the Manager manager and shall be for the Holderholder’s share of the estimated total expenses of the Company company for the forthcoming operational year. Notwithstanding the foregoing, in the event that the Holder holder is the Developer developer the annual levies payable in respect of the Share Block share block shall be paid monthly in arrears arrear commencing on the last day of the first month of the operational year and thereafter on the last day of each successive month. 9.5 The Directors directors may from time to time make special levies upon the members of the Company company in respect of all such costs, expenses expenses, liabilities and requirements as are either not mentioned in clause 9.2 or are not recoverable pursuant to clauses clause 9.3 and such levies may be made payable in one sum or by such installments and at such time or times as the Directors directors shall think fit. 9.6 Written notices shall be given in respect of levies payable by members of the Company company and such notice shall be subject to the provisions relating to notices in the Articles articles of Associationassociation. 9.7 For the purposes of establishing the weekly amount – 9.7.1 week numbers shall be subject to clause 9.7.4 be classified as follows – 9.7.2 the levy amount shall be the percentage of the total annual levy budget bearing reference to the levy class and type of accommodation as stated in this paragraph – Studio 0.0196 0.0275 Two bedroom 0.0245 0.0343 Suite no. Standard Low 18 306 shall be levied as a two bedroom suite. 9.7.3 The directors shall be entitled to 25round the weekly levy amount to ease calculation and administration thereof. In any year in which there is a 53rd Saturday the holders of share blocks in respect of week number 52 shall pay an additional levy in that year for such 53rd week in an amount equivalent to that paid in respect of week number 52. 9.7.4 Notwithstanding the above, 31 the directors in their sole discretion shall be entitled from time to 38 16 Standard Mid 3 time to 12reclassify weeks as standard or peak and vice versa based on school holidays and the consequent preponderance of double occupancy in the suites. The directors shall advise the holders at the annual general meeting of the company of any reclassification. There shall not be more than 12 peak weeks. 9.8 Any amount due by the holder by way of a levy or installment of a levy shall be a debt owed by the holder to the company and shall be recoverable by the company. The obligation of a holder to pay a levy shall cease upon the lawful termination of the holder’s right of use, 16save that any arrear levies to the date of such termination shall nevertheless be recoverable from that holder. No levies and no part of any levy paid by a holder shall be refundable by the company of the termination of a holder’s right of occupation. 9.9 Should the holder fall into arrear with any levy obligation or part thereof or liability in terms of clause 9.9.1 below, 17then without prejudice to any rights the company may have hereunder, 26the holder – 9.9.1 shall automatically become liable for and agrees to pay to the company such reasonable amount as the directors in their discretion shall deem fit from time to time to compensate the company for any inconvenience and loss that the directors or the manager consider the company may suffer by reason of such default, 30together with interest on the amount if the levy obligation or relevant portion thereof reckoned from the due date thereof to date of payment at such rate of interest prescribed by the directors from time to time but not exceeding the maximum permissible rate allowed from time to time by the Usury Act No. 73 of 1968 as amended, 39 and 9.9.2 shall not acquire the right to 48 24 Peak High 1 use the premises during the year in respect of which he so falls into arrears. In this respect, it is agreed that if the holders levy is payable in one lump sum and if it has not been paid to 2the company at least 60 days prior to the commencement date of the week appertaining to the holder’s share block, 13 the holder will have no right to 15use the premises and the subsequent payment of the levy will not, 27 unless the directors or the manager otherwise agree in writing, entitle the holder to 29the use of the premises during his week even if such subsequent payment is made prior to the commencement of the relevant week. Similarly, 49 if the holder’s levy is payable by way of monthly debit order, in the event that the holder’s monthly debit payments fall into arrears at any time within the eight week period immediately prior to 52 12 52the commencement of the week appertaining to his share block, the holder shall have no right to use the premises during the said week nor will the subsequent payment of the arrear levy prior to the commencement of the said week entitle the holder to the use of the premises during that week unless the directors or the manager otherwise agree in writing. In all cases where a holder, pursuant to the provisions of this clause 9.9.2. does not acquire the right to use the premises during a week in any year, he shall nevertheless remain liable for payment of the levy and the company shall be entitled, subject to its own rights under the lease, to let the premises as it deems fit. 9.10 The holder shall have no right to reclaim from the company any amount paid by him by way of any contribution or special levy, but in the event of the holder disposing of his share block, the transferee thereof shall be entitled to any credit which may have accrued to the holder in terms of clause 9.4 above. 9.11 In the event that any other property timeshare scheme should be established or operated in respect of any part of the building or in respect of any addition or extension thereto at any time, the company shall be entitled in the interests of rationalizing its administration for the greater administrative efficiency of the company’s financial structure, and to such an extent and in such a manner as the directors may determine to agree to and implement the merging or consolidation of the administration of the levy fund conducted by the company in terms of this clause 9 in respect of the property, with the administration of any levy fund administered by or in respect of such other timeshare scheme, provided always that the liability of the holder for the time being for any levy in terms of this clause 9 under such consolidated levy fund, shall not exceed the liability of such holder in terms hereof as if such merging and consolidation of the levy funds had not taken place. In the event that any dispute should arise as to the application hereof or as to the liability of any holder hereunder upon such merger or consolidation, such dispute shall be referred for decision to the auditors for the company for the time being who in making such decision shall act as experts and not as arbitrators and whose decision shall be final and binding on the parties hereto.

LEVY FUND. 9.1 The Holder shall pay any charges or expenses for any services made available to the Property, Premises and/or the users thereof in respect of the week Week during which he is entitled to the use thereof, including without affecting the generality of the foregoing, charges for any recreational and entertainment facilities, telephone calls, transport and any services not recoverable as part of the levy fund. 9.2 The Directors shall establish and maintain a the levy fund, to which end fund and for this purpose they shall from time to time make levies upon the members of the Company, for the maintenance, repair, upkeep, renovation, control, management and administration of the Company and the Chalet Property and the Movable Property, Property (including the Premises Premises) and/or for the payment of any obligation of the Company in connection therewith, for the payment of any amounts which may from time to time become due in respect of the Property (including any rates, taxes and any other local authority charges charges) which may from time to time become due by the Company as a result of the erection of improvements on the Chalet Property, which are payable by for the Company, payment of any charges for the supply of electric current, gas, water, fuel, sanitary and other services to the Company Chalet Property and/or the Premises and the Property, the Movable Property and the Premises, for which the individual members are not personally liable, for any services or facilities required by the Company exclusively for the Chalet Property, the Chalets or the occupants thereof and the covering of to cover any losses suffered by the CompanyCompany in respect thereof, for the payment of any premiums of insurance in respect of the Chalet Property and the Movable Property and for the discharge of any other obligation of the CompanyCompany relating to Chalet, including the Chalet Property and the Movable Property, and all the costs, fees and other payments which become due and payable from time to time to the ManagerManager in terms of the lease and Management Agreement and for such portion of the costs of and incidental to the administration of the Company and the maintenance of its corporate existence, and any other costs of whatever nature which may otherwise or for any other reason whatever be incurred by the Company and which are attributable in whole or in part to the conduct by the Company of a timesharing scheme on the Property or to the existence of the shares in its capital or the Use Agreements with the Company's members, provided that the provisions hereof shall not be construed as entitling the Company to debit the levy with any portion of the expenses which are solely attributable to the conduct on the property of a Hotel business and which would not have been incurred had such timesharing scheme not been in operation. 9.3 The costs of and incidental to the maintenance, repair, upkeep, control, management and administration of any additional improvements on the Property after the date hereof (other than Chalets and other improvements to the Chalet property) will, if available for the common use of occupants of the Chalets and guests of the Hotel, be partly attributed to the levy fund being apportioned in the proportion that the number of completed Chalets from time to time bears to the number of guest rooms available on the Hotel portion, to the extent to which such charges are not separately specified and recoverable in terms of the Management Agreement. As and when any further Chalets are completed, the attribution of such costs may be adjusted or alternatively, the Directors will be entitled in making any estimate for the purpose of 9.3, to allocate costs to the levy fund on a basis determined by them to be reasonable and which takes account of the completion of any such further Chalets during the year in question. 9.4 The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each operational year or any portion thereof, together with the estimated deficiency, if any, as may have resulted from the preceding operational year or portion thereof, and shall make a levy upon the members of the Company equal as nearly as is reasonably practicable to such estimated amount. The Directors may include in such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, such as the expenses to be incurred for the redecoration or renovation of the Company’s Property 's property and for the replacement of any Movable Property or any part thereof or to meet any obligation of the Company in connection therewith. 9.4 9.5 All such levies shall be payable to the Company annually in one lump sum within 21(twenty one30 (thirty) days after written request being made by the Company or the Manager and shall be for the Holder’s 's share of the estimated total expenses of the Company for the forthcoming operational yearyear and which shall be attributed to the levy fund. Notwithstanding the foregoing, in the event that the Holder is the Developer the annual levies payable in respect of the Share Block shall be paid monthly in arrears commencing on the last day of the first month of the operational year and thereafter on the last day of each successive month. 9.5 9.6 The Directors may from time to time make special levies upon the members of the Company in respect of all such costs, expenses and requirements as are either not mentioned in clause 9.2 9.2, 9.3 or are not recoverable pursuant to clauses 9.3 9.4 and such levies may be made payable in one sum or by such installments and at such time or times as the Directors shall think fitfit and shall not necessarily be applied directly in the ratio of mid and high season weeks as set out in this clause 9. 9.6 9.7 Written notices shall be given in respect of levies payable by members of the Company and such notice shall be subject to the provisions relating to notices in the Articles of Association. . 9.8 For the purposes of establishing the weekly levy amount - 9.8.1 Week numbers shall initially and subject to 9.8.4 be classified as follows - Standard Low 18 2 to10, 15 to 25, 31 30 to 38 16 Standard Mid 3 49 40 Peak 1, 11 to 1214, 16, 17, 26, 30, 39 to 48 24 Peak High 1 to 2, 13 to 15, 27 26 to 29, 49 50 to 52 12 52