Common use of Levy Clause in Contracts

Levy. 5.1 The Directors of the Company shall establish and maintain a Levy Fund to which end they shall from time to time make levies upon Shareholders of the Company in such amounts as are in their opinion sufficient for the repair, upkeep, control, management of the Property and administration of the Company and of those portions of the Property for which individual Shareholders are not personally liable, for the payment of rates, taxes and any other local authority charges on the Property, any charges for the supply of electric current gas, water, fuel, sanitary and other services to the Property for which the individual Shareholders are not personally liable, and services required by the Company for 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 and the Company is authorized to employ and remunerate such persons as may be necessary to fulfil any function of maintenance and or control. 5.2 Levies shall be payable in terms of the levy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the policy created by the Board. 5.3 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 Shareholders of the Company equal as nearly as is reasonable 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 or any part thereof. 5.4 You acknowledge being aware of the provision of the MoI of the Company with regard to the levies which will be calculated and raised by the Directors of the Company, and are payable as directed by the Company from time to time. 5.5 The Directors may from time to time levy a special levy upon the Shareholders of the Company in respect of such costs, expenses and requirements as are mentioned herein and such levies may be payable in one sum or by such instalments and / or as the Directors deem fit and at such time as the Directors shall think fit. 5.6 Any amount due by You by way of a levy or instalment of a levy shall be a debt owed by You to the Company and shall be recoverable by the Company and any arrear amounts in respect of the levies may bear interest in terms of clause 22 hereof. The obligations of a Shareholder to pay a levy shall cease upon the lawful termination of the Shareholder’s right of Use, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Shareholder. 5.7 Should You be in arrears with any levy obligation, You shall not be entitled to occupy the Unit for any period until such time as You have paid all Your arrears. 5.8 The Levy contribution per share class can be amended by a special resolution of that class of shareholders at any time and if approved by the Board.

Levy. 5.1 5.1. The Directors of the Company shall establish and maintain a Levy Fund to which end they shall from time to time make levies upon Shareholders members of the Company in such amounts as are in their opinion sufficient for for: 5.1.1. the repair, upkeep, control, and management of the Property and Property; and 5.1.2. the administration of the Company and of those portions of the Property for which individual Shareholders are not personally liable, Company; 5.1.3. for the payment of rates, taxes and any other local authority charges on the Property, any charges for the supply of electric current current, gas, water, fuel, sanitary and other services to the Property for which Property; and 5.1.4. any services or facilities provided to the individual Shareholders are not personally liableScheme by WDHOA or WDE, and services or otherwise required by the Company for the proper administration of the Scheme; and 5.1.5. the covering of any losses suffered by the Company, ; and 5.1.6. the payment of any premiums of insurance and insurance; and 5.1.7. for the discharge of any other obligation of the Company and the Company is authorized authorised to employ and remunerate such persons as may be necessary to fulfil any function of administration, management, maintenance and or and/or control. 5.2 Levies shall be payable in terms of the levy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the policy created by the Board. 5.3 5.2. The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each operational year Calendar Year or any portion thereof, together with the estimated deficiency, if any, as may have resulted from the preceding operational year Calendar Year or portion thereof, and shall make a levy upon the Shareholders members of the Company equal as nearly as is reasonable 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 company's property and for the replacement of any movable Movables or any part thereof. 5.4 You acknowledge 5.3. The Member acknowledges being aware of the provision of the MoI Articles of Association of the Company with regard to the levies which will be calculated and raised by the Directors of the CompanyDirectors, and are payable as directed in terms of the Articles of Association of the company. 5.4. The total levy payable by a Member shall be in accordance with the Member's levy quota, and is payable in respect of each share block owned by the Member, calculated with reference to item 4 on Annexure E. The levy shall be payable monthly in advance, or in the case of the first Calendar Year on the Occupation Date. Should the levy not be paid on the due date the Company from time shall be entitled to timecharge interest on the arrear levies at the Maximum Interest Rate. 5.5 5.5. The Directors may from time to time levy a make special levy levies upon the Shareholders members of the Company in respect of all such costs, expenses and requirements as are mentioned herein in Clause 5.1 and 5.2 and such levies may be payable in one sum or by such instalments and / or as the Directors deem fit and at such time or times as the Directors shall think fit. 5.6 5.6. Notices shall be given in respect of levies payable by members of the company and such notices shall be given in such manner and form as the Directors may determine from time to time. The initial levy payable per month until otherwise decided by the Directors shall be; 5.6.1. R175.00 including VAT per Shareblock if paid via Debit Order monthly in advance, or 5.6.2. R1850.00 including VAT per Shareblock if paid annually in advance. 5.7. Any amount due by You the Member by way of a levy or instalment of a levy shall be a debt owed by You the Member to the Company and shall be recoverable by the Company and any arrear amounts in respect of the levies may shall bear interest in terms of clause 22 hereofat the Maximum Interest Rate. The obligations of a Shareholder Member to pay a levy shall cease upon the lawful termination of the Shareholder’s Member's right of Useuse, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the ShareholderMember. No levies and no part of any levy paid by a Member shall be refundable by the Company on the termination of a Member's right of occupation. 5.7 5.8. Should You the Member be in arrears arrear with any levy obligation, You he shall not be entitled to occupy the Unit for any his period until such time as You have he has paid all Your arrearshis arrears and interest. 5.8 5.9. The Levy contribution per share class can Company shall at all times be amended by and remain the owner of the Movables and the Member agrees that the Member's right to the use of the Movables shall be limited to the period of the Module and that the Member shall not be entitled to remove any of the Movables from the Unit. The member shall be obliged to exercise reasonable care to ensure that the Movables are maintained in good order and repair. If at the end of the Module the Company, in its sole discretion, determines that any of the Movables have been damaged or removed, then the Member shall upon request pay the costs of replacement of or repair of any particular item, which amount shall be payable in addition to the levy, fair wear and tear of the Movables excepted. 5.10. Until such time as the Member has paid any levy due in terms hereof together with any accrued interest or costs in connection therewith he may not exchange his Module or part thereof, or make his Days or part thereof available to any person, without the prior written consent of the Company. 5.11. In the event that the Member is ever, for a special resolution of that class of shareholders at any time and if approved lawful reason, denied access to a Unit by the BoardCompany, the Manager, WDE or WDHOA, then for the period that such access is denied any right of the Member, or any person claiming any such right through or at the instance of the Member, to access the Estate or facilities thereon, shall be likewise suspended.

Levy. 5.1 3.2.1 The Directors directors of the Company company shall establish and maintain a Levy Fund levy fund to which end they shall from time to time make levies upon Shareholders members of the Company company in such amounts as are in their opinion sufficient for the repair, upkeep, control, management of the Property property and administration of the Company company and of those portions of the Property property for which individual Shareholders members are not personally liable, for the payment of rates, taxes and any other local authority charges on the Propertyproperty, any charges for the supply of electric current current, gas, water, fuel, sanitary and other services to the Property property for which the individual Shareholders members are not personally liable, and services required by the Company company for 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 Company company and the Company company is authorized authorised to employ and remunerate such persons as may be necessary to fulfil any function of maintenance and or control. 5.2 Levies shall be payable in terms of the levy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the policy created by the Board. 5.3 3.2.2 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 deficiency, if any, as may have resulted from the preceding operational year or portion thereof, and shall make a levy upon the Shareholders members of the Company company equal as nearly as is reasonable reasonably practicable to such estimated amount. The Directors 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 company's property and for the replacement of any movable movables or any part thereof. 5.4 You acknowledge 3.2.2.1 The purchaser acknowledges being aware of the provision of the MoI Articles of Association of the Company company with regard to the levies which will be calculated and raised by the Directors directors of the Companycompany, and are payable as directed in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basic Categories: (i) Costs to be borne exclusively by the Company from time to timeholders of share blocks conferring syndication interests. 5.5 (ii) Costs to be borne exclusively by the holders of share blocks conferring whole ownership interest. 3.2.3 The Directors total levy due shall be made payable annually on the 1st day of the financial year. The company's financial year is the 1st day of March to the 28th day of February in a particular year. Should the levy not be paid on the 1st day of the financial year then and in that event the company shall be entitled to charge interest on the arrear levies at the maximum interest allowed by law. The company reserves the right to deny occupation to any member to their lodge or week if their levies are in arrears. It is agreed between the parties that the owners of syndication rights shall be entitled, by prior arrangement with the managing agent, to pay their levies in twelve equal instalments annually. 3.2.4 The directors may from time to time levy a make special levy levies upon the Shareholders members of the Company company in respect of all such costs, expenses and requirements as are mentioned herein in Clause 3.2.1 and such levies may be payable in one sum or by such instalments and / or as the Directors deem fit and at such time or times as the Directors directors shall think fit. 5.6 3.2.5 Notices shall be given in respect of levies payable by members of the company and such notices shall be subject to the provisions relating to notices in the Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the lodge owned. 3.2.7 Any amount due by You the member by way of a levy or instalment of a levy shall be a debt owed by You the member to the Company company and shall be recoverable by the Company company and any arrear amounts in respect of the levies may shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in terms of clause 22 hereofthe Usury Act and promulgated thereunder by the Minister from time to time. The obligations of a Shareholder member to pay a levy shall cease upon the lawful termination of the Shareholder’s member's right of Useuse, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Shareholdermember. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member's right of occupation. 5.7 3.2.8 Should You the member be in arrears arrear with any levy obligation, You he shall not be entitled to occupy the Unit lodge for any his period until such time as You have he has paid all Your his arrears; before a member may exchange, space bank the unit, the levy must be paid up to date. 5.8 The Levy contribution per share class can be amended by a special resolution of that class of shareholders at any time and if approved by the Board.

Levy. 5.1 3.2.1 The Directors directors of the Company company shall establish and maintain a Levy Fund levy fund to which end they shall from time to time make levies upon Shareholders members of the Company company in such amounts as are in their opinion sufficient for the repair, upkeep, control, management of the Property property and administration of the Company company and of those portions of the Property property for which individual Shareholders members are not personally liable, for the payment of rates, taxes and any other local authority charges on the Propertyproperty, any charges for the supply of electric current current, gas, water, fuel, sanitary and other services to the Property property for which the individual Shareholders members are not personally liable, and services required by the Company company for 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 Company company and the Company company is authorized authorised to employ and remunerate such persons as may be necessary to fulfil any function of maintenance and or control. 5.2 Levies shall be payable in terms of the levy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the policy created by the Board. 5.3 3.2.2 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 deficiency, if any, as may have resulted from the preceding operational year or portion thereof, and shall make a levy upon the Shareholders members of the Company company equal as nearly as is reasonable reasonably practicable to such estimated amount. The Directors 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 company's property and for the replacement of any movable movables or any part thereof. 5.4 You acknowledge 3.2.2.1 The purchaser acknowledges being aware of the provision of the MoI Articles of Association of the Company company with regard to the levies which will be calculated and raised by the Directors directors of the Companycompany, and are payable as directed in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basic Categories: (i) Costs to be borne exclusively by the Company from time to timeholders of share blocks conferring Time-Sharing interest. 5.5 (ii) Costs to be borne exclusively by the holders of share blocks conferring sole or whole ownership interest. 3.2.3 The Directors total levy for weeks owned shall be made payable annually on the 1st day of the financial year. The company's financial year is the 1st day of March to the 28th day of February in a particular year. Should the levy not be paid on the 1st day of the financial year then and in that event the company shall be entitled to charge interest on the arrear levies at the maximum interest allowed by law. 3.2.4 The directors may from time to time levy a make special levy levies upon the Shareholders members of the Company company in respect of all such costs, expenses and requirements as are mentioned herein in Clause 3.2.1 and such levies may be payable in one sum or by such instalments and / or as the Directors deem fit and at such time or times as the Directors directors shall think fit. 5.6 3.2.5 Notices shall be given in respect of levies payable by members of the company and such notices shall be subject to the provisions relating to notices in the Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the chalet owned. 3.2.7 Any amount due by You the member by way of a levy or instalment of a levy shall be a debt owed by You the member to the Company company and shall be recoverable by the Company company and any arrear amounts in respect of the levies may shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in terms of clause 22 hereofthe Usury Act and promulgated thereunder by the Minister from time to time. The obligations of a Shareholder member to pay a levy shall cease upon the lawful termination of the Shareholder’s member's right of Useuse, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Shareholdermember. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member's right of occupation. 5.7 3.2.8 Should You the member be in arrears arrear with any levy obligation, You he shall not be entitled to occupy the Unit chalet for any his period until such time as You have he has paid all Your his arrears; before a member may exchange, space bank the unit, the levy must be paid up to date. 5.8 The Levy contribution per share class can be amended by a special resolution of that class of shareholders at any time and if approved by the Board.

Levy. 5.1 3.2.1 The Directors directors of the Company company shall establish and maintain a Levy Fund levy fund to which end they shall from time to time make levies upon Shareholders members of the Company company in such amounts as are in their opinion sufficient for the repair, upkeep, control, management of the Property property and administration of the Company company and of those portions of the Property property for which individual Shareholders members are not personally liable, for the payment of rates, taxes and any other local authority charges on the Propertyproperty, any charges for the supply of electric current current, gas, water, fuel, sanitary and other services to the Property property for which the individual Shareholders members are not personally liable, and services required by the Company company for 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 Company company and the Company company is authorized to employ and remunerate such persons as may be necessary to fulfil fulfill any function of maintenance and or control. 5.2 Levies shall be payable in terms of the levy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the policy created by the Board. 5.3 3.2.2 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 deficiency, if any, as a s may have resulted from the preceding operational year or of portion thereof, and shall make a levy upon the Shareholders members of the Company company equal as nearly as is reasonable reasonably practicable to such estimated amount. The Directors 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 Companycompany’s Property property and for the replacement of any movable movables or any part thereof. 5.4 You acknowledge 3.2.2.1 The purchaser acknowledges being aware of the provision of the MoI Articles of Association of the Company company with regard to the levies which will be calculated and raised by the Directors directors of the Companycompany, and are payable as directed in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basis Categories: (i) Cost to be borne exclusively by the Company from time to timeholders of share blocks conferring Time-Sharing interest. 5.5 3.2.3 The Directors total levy for weeks owned shall be made payable annually on the 1st day of the financial year. The Company’s financial year is the 1st day of February day of particular year. Should the levy not be paid on the 1st day of the financial year then and in that event the company shall be entitled to charge interest on the arrear levies at the maximum interest allowed by law. 3.2.4 The directors may from time to time levy a make special levy levies upon the Shareholders members of the Company company in respect of all such costs, expenses and requirements as are mentioned herein in Clause 3.2.1 and such levies may be payable in one sum or by such instalments and / or as the Directors deem fit installments and at such time as the Directors directors shall think fit. 5.6 3.2.5 Notices shall be given in respect of levies payable by members of the company and such notice shall be subject to the provision relating to notice in the Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the chalet owned. 3.2.7 Any amount due by You the member by way of a levy or instalment installment of a levy shall be a debt owed by You the member to the Company company and shall be recoverable by the Company company and any arrear amounts in respect of the levies may shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in terms of clause 22 hereofthe Usury Act and promulgated thereunder by the Minister from time to time. The obligations obligation of a Shareholder member to pay a levy shall cease upon the lawful termination of the Shareholdermember’s right of Useuse, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Shareholdermember. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member’s right of occupation. 5.7 3.2.8 Should You the member be in arrears arrear with any levy obligation, You he shall not be entitled to occupy the Unit chalet for any his period until such time as You have has paid all Your his arrears; before a member may exchange, space bank the unit. The levy must be paid up to date. 5.8 The Levy contribution per share class can be amended by a special resolution of that class of shareholders at any time and if approved by the Board.