Common use of Maintenance Reserve Fund Clause in Contracts

Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit in the Retirement Village by applying a ratio formula determined by dividing the accommodation unit’s total floor space by the total floor space of all accommodation units in the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each accommodation unit. The area of bathrooms, laundries, patios and car spaces are excluded from these calculations. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The Scheme Operator must give written notice to the Resident of adjustments to the Maintenance Reserve Fund Contribution. 7.4. The Resident must pay the Maintenance Reserve Fund Contribution at the same time as the General Services Charge. 7.5. Clauses 5.12 and 5.13 apply to the Maintenance Reserve Fund Contribution as if references in those clauses to the General Services Charge were references to the Maintenance Reserve Fund Contribution. 7.6. As at the date on which the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is shown in Item 9 of the Schedule. 7.7. Subject to the Act, the Scheme Operator reserves the right to vary the method of calculation of the Maintenance Reserve Fund Contribution at any time.

Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit in the Retirement Village by applying a ratio formula determined by dividing the accommodation unit’s total floor space by the total floor space of all accommodation units in the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each accommodation unit. The area of bathroomsdrying areas, laundriesbalconies, patios entries and car spaces courtyard areas are excluded from these calculations. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The Scheme Operator must give written notice to the Resident of adjustments to the Maintenance Reserve Fund Contribution. 7.4. The Resident must pay the Maintenance Reserve Fund Contribution at the same time as the General Services Charge. 7.5. Clauses 5.12 and 5.13 apply to the Maintenance Reserve Fund Contribution as if references in those clauses to the General Services Charge were references to the Maintenance Reserve Fund Contribution. 7.6. As at the date on which the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is shown in Item 9 of the Schedule. 7.7. Subject to the Act, the Scheme Operator reserves the right to vary the method of calculation of the Maintenance Reserve Fund Contribution at any time.

Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit in the Retirement Village by applying a ratio formula determined by dividing in accordance with the accommodation unitScheme Operator’s total floor space by reasonable assessment of the total floor space fair contribution which ought to be made in respect of all accommodation units in the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each constructed accommodation unit. The In the Scheme Operator’s discretion, that apportionment may be based on one or more of the following factors: (i) on a per accommodation unit basis; (ii) in accordance with the size, area or location (or combination) of bathroomsan accommodation unit; (iii) in accordance with the type of accommodation unit; (iv) in accordance with the number of persons residing in an accommodation unit; or (v) any other reasonable method the Scheme Operator considers appropriate. In the Scheme Operator’s discretion, laundries, patios and car spaces are excluded from these calculationsthe Scheme Operator may adopt a different basis of apportionment in respect of any component of the total amount to be paid into the Maintenance Reserve Fund Contribution for each financial year. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, costs and projected requirements of the Maintenance Reserve Fund Fund, and may vary according to anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The Scheme Operator must give written notice to the Resident of adjustments to the Maintenance Reserve Fund Contribution. 7.4. The Resident must pay the Maintenance Reserve Fund Contribution at the same time as the General Services Charge. 7.5. Clauses 5.12 and 5.13 apply to the Maintenance Reserve Fund Contribution as if references in those clauses to the General Services Charge were references to the Maintenance Reserve Fund Contribution. 7.6. As at the date on which the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is shown in Item 9 of the Schedule. 7.7. Subject to the Act, the Scheme Operator reserves the right to vary the method of calculation of the Maintenance Reserve Fund Contribution at any time.

Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit in the Retirement Village by applying a ratio formula determined by dividing the accommodation unit’s total floor space by the total floor space of all accommodation units in the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each accommodation unit. The area of bathrooms, laundries, patios and car spaces are excluded from these calculations. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The Scheme Operator must give written notice to the Resident of adjustments to the Maintenance Reserve Fund Contribution. 7.4. The Resident must pay the Maintenance Reserve Fund Contribution at the same s ame time as the General Services Charge. 7.5. Clauses 5.12 and 5.13 apply to the Maintenance Reserve Fund Contribution as if references in those clauses to the General Services Charge were references to the Maintenance Reserve Fund Contribution. 7.6. As at the date on which the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is shown in Item 9 of the Schedule. 7.7. Subject to the Act, the Scheme Operator reserves the right to vary the method of calculation of the Maintenance Reserve Fund Contribution at any time.

Maintenance Reserve Fund. 7.1. The Resident must pay a recurrent contribution to the Scheme Operator in respect of the fund established and kept by the Scheme Operator for maintaining and repairing the Retirement Village’s capital items (‘Maintenance Reserve Fund’). 7.2. As at the date the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is worked out as follows: 7.2.1. The Maintenance Reserve Fund Contribution is calculated by reference to the Maintenance Reserve Fund budget which is based upon the opinion of an independent quantity surveyor in relation to the expected repair and maintenance costs for the Retirement Village over a 10 year period. 7.2.2. A full report is obtained every third financial year, or in another financial year in which substantial changes are made to the Retirement Village. In all other financial years an update report is obtained. The Maintenance Reserve Fund Contribution is reviewed on 1 July each year. 7.2.3. The amount required to be paid into the Maintenance Reserve Fund for each financial year is apportioned between each accommodation unit apartment in the Retirement Village by applying a ratio formula determined by dividing in accordance with the proportion that the Average Floor Area for the relevant accommodation unit’s total floor space by apartment bears to the total floor space Total Average Floor Area of all accommodation units in apartments at the Retirement Village and then applying an anticipated occupancy factor to the Retirement Village to determine the contribution for each accommodation unitVillage. The area of bathrooms, laundries, patios Average Floor Area and car spaces Total Average Floor Area are excluded from these calculationsdetermined as set out in clause 5.8. The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, costs and projected requirements of the Maintenance Reserve Fund Fund, and may vary according to anticipated annual occupancy rates. 7.2.4. In accordance with the Act, any surplus or deficit for the Maintenance Reserve Fund at the end of a financial year is carried forward and taken into account in determining the Maintenance Reserve Fund Contribution for the next financial year. 7.2.5. If the amount the Scheme Operator must spend on maintaining and repairing the Retirement Village’s capital items at any time is more than the amount held in the Maintenance Reserve Fund, the Scheme Operator will pay the difference between the actual amount to be spent and the amount held in the Maintenance Reserve Fund. Any such amount paid by the Scheme Operator is to be treated as an interest-free loan from the Scheme Operator to the Maintenance Reserve Fund, repayable on demand. 7.3. The Scheme Operator must give written notice to the Resident of adjustments to the Maintenance Reserve Fund Contribution. 7.4. The Resident must pay the Maintenance Reserve Fund Contribution at the same time as the General Services Charge. 7.5. Clauses 5.12 and 5.13 apply to the Maintenance Reserve Fund Contribution as if references in those clauses to the General Services Charge were references to the Maintenance Reserve Fund Contribution. 7.6. As at the date on which the PCD was given to the Resident, the Maintenance Reserve Fund Contribution payable by the Resident is shown in Item 9 of the Schedule. 7.7. Subject to the Act, the Scheme Operator reserves the right to vary the method of calculation of the Maintenance Reserve Fund Contribution at any time.