Common use of Maintenance Reserve Fund Clause in Contracts

Maintenance Reserve Fund. 5.1 The Scheme Operator has established and will maintain in the Maintenance Reserve Fund and hold amounts to contribute on trust for the benefit of the Residents in a trust account pursuant to the requirements of the Act. 5.2 The Residents of the Village are solely responsible for contribution to the Maintenance Reserve Fund for the purpose of: 5.2.1 maintaining and repairing the Village’s Capital Items; or 5.2.2 paying the quantity surveyor’s reasonable fees for giving a report pursuant to s.98(1) of the Act; or 5.2.3 paying tax on amounts paid into the fund by the Residents. 5.3 Payment of the Maintenance Reserve Fund Contribution will be paid as part of the General Services Charge.

Maintenance Reserve Fund. 5.1 The Scheme Operator has established and will maintain in the Maintenance Reserve Fund and hold amounts to contribute on trust for the benefit of the Residents in a trust account pursuant to the requirements of the Act. 5.2 The Residents of the Village are solely responsible for contribution to the Maintenance Reserve Fund for the purpose of: 5.2.1 maintaining and repairing the Village’s Capital Items; or 5.2.2 paying the quantity surveyor’s reasonable fees for giving a report pursuant to s.98(1) of the Act; or 5.2.3 paying tax on amounts paid into the fund by the Residents. 5.3 Payment of the The Maintenance Reserve Fund Contribution will be paid as part of billed along with the General Services ChargeCharge on a monthly basis.