Common use of Management fee deposit and debris removal fee Clause in Contracts

Management fee deposit and debris removal fee. (a) Each Owner (save and except the First Owner but subject as provided in Clause 5.9(b) below) shall before he is given possession of his part of the Development by or upon completion of the purchase of his part of the Development from the First Owner, whichever shall be the earlier :- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two (2) months' contribution towards the Management Expenses payable in respect of his part of the Development based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Shares allocated to the Unit or part of the Development of which he is the Owner bears to the total number of Management Shares of all Units in the Development) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of the Development and/or in respect of the Common Areas and Facilities and such sum shall be non-refundable but transferable; (iii) (save and except the Owners of Parking Spaces) pay to the Manager a non-refundable and non-transferable sum not more than one (1) month's contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing shall be credited to the Special Fund; and (iv) pay to the Manager a sum equivalent to two (2) months' contribution towards the Management Expenses payable in respect of his part of the Development based on the first annual management budget on account of payment by him of the first two (2) months' management fees in advance. (b) The First Owner shall in respect of any Unit(s) remaining unsold after (i) three (3) months from the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later :- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two (2) months' contribution towards the Management Expenses payable in respect of such unsold Unit(s) based on the first annual management budget, which deposit shall not be set off against any contribution payable by it under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Shares allocated to such unsold Units or parts of the Development of which the First Owner is the Owner bears to the total number of Management Shares of all Units in the Development) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum not more than one (1) month's contribution towards the Management Expenses payable in respect of such unsold Residential Units based on the first annual management budget as shall be specified by the Manager as debris removal fees PROVIDED THAT such sum paid by the First Owner under this Clause 5.9(b)(iii) shall be transferable by the First Owner to its assignees. Any such fees received by the Manager which are not used for debris removal or special cleaning or clearing shall be credited to the Special Fund. For the purpose of this Clause 5.9(b), a Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such Unit. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed to a sum equivalent to two (2) months' contribution towards the Management Expenses under any current annual management budget payable in respect of his part or parts of the Development. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two (2) months' contribution towards the Management Expenses payable in respect of the relevant part of the Development which he owns based on the current annual budget.

Management fee deposit and debris removal fee. (a) Each Owner (save and except the First Owner but subject as provided in Clause 5.9(bsub- clause (b) below) shall before he is given possession of his part of the Development Unit by or upon completion of the purchase of his part of the Development Unit from the First Owner, whichever shall be the earlier :- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to reimburse the Manager the whole or First Owner a due proportion (being the same proportion as the number of Management Undivided Shares allocated to the his Unit or part of the Development of which he is the Owner bears to the total number of Management Undivided Shares of all Units in the Development) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of by the Development and/or First Owner in respect of the Common Areas and Facilities and such which said sum shall be non-non- refundable but transferable; (iii) (save and except the Owners of Parking Spaces) pay to the Manager a non-refundable and non-transferable sum of not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing collection shall be credited to the Special Fund; and (iv) pay to the Manager a non-refundable and non-transferable sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget on account of payment by him of the first two (2) months' ’ management fees in advance. (b) The First Owner shall in respect of any Unit(s) Unit remaining unsold after (i) three (3) months from (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Undivided Shares attributable to the Units (i.e. when the Consent to Assign or the Certificate of Compliance has been issued), whichever is the later :-later:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him the First Owner under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of such unsold Unit(s) based on the first annual management budget, which deposit shall be non-refundable but transferable and shall not be set off against any contribution payable by it under this Deed;; and (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Shares allocated to such unsold Units or parts of the Development of which the First Owner is the Owner bears to the total number of Management Shares of all Units in the Development) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum of not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of such unsold Residential Units based on the first annual management budget as shall be specified by the Manager as debris removal fees PROVIDED THAT such sum paid by the First Owner under this Clause 5.9(b)(iiisub-clause (b)(ii) shall be transferable by the First Owner to its assignees. Any such fees received by the Manager which are not used for debris removal or special cleaning or clearing collection shall be credited to the Special Fund. For the purpose of this Clause 5.9(bsub-clause (b), a Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such Unit. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed to a sum equivalent to two three (23) months' ’ contribution towards the Management Expenses under any current annual management budget payable in respect of his part or parts of the DevelopmentUnit. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two (2) months' contribution towards the Management Expenses payable in respect of the relevant part of the Development which he owns based on the current annual budget.three

Management fee deposit and debris removal fee. (a) Each Owner (save and except the First Owner Owners but subject as provided in sub-Clause 5.9(b(b) below) shall before he is given possession of his part of the Development Unit by or upon completion of the purchase of his part of the Development Unit from the First OwnerOwners, whichever shall be the earlier :-earlier:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to the his Unit or part of the Development of which he is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of the Development Unit and/or in respect of the Common Areas and Facilities and such sum shall be non-refundable but transferableFacilities; (iii) (save and except the Owners of Parking Spaces) pay to the Manager a non-refundable and non-transferable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing shall be credited to the Special Fund; and (iv) pay to the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Unit based on the first annual management budget on account of payment by him of the first two (2) months' ’ management fees in advance. (b) The First Owner Owners shall in respect of any Unit(s) Unit remaining unsold after (i) three (3) months from the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)Deed, whichever is the later :-later:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of such unsold Unit(s) Unit based on the first annual management budget, which deposit shall not be set off against any contribution payable by it under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to such unsold Units or parts of the Development of which the First Owner is the Owner bears to the total number of Management Undivided Shares of all Units in (excluding the DevelopmentUndivided Shares of the Common Areas and Facilities)) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of such unsold Residential Units Unit based on the first annual management budget as shall be specified by the Manager as debris removal fees fee PROVIDED THAT such sum paid by the First Owner Owners under this Clause 5.9(b)(iiiparagraph (iii) shall be transferable by the First Owner Owners to its their assignees. Any such fees received by the Manager which are is not used for debris removal or special cleaning or clearing shall be credited to the Special Fund. For the purpose of this sub-Clause 5.9(b(b), a Unit shall be considered as remaining unsold where no assignment has been executed by the First Owner Owners in respect of such Unit. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed to a sum equivalent to two three (23) months' ’ contribution towards the Management Expenses under any current annual management budget payable in respect of his part or parts of the DevelopmentBuilding. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two three (23) months' ’ contribution towards the Management Expenses payable in respect of the relevant part of the Development Building which he owns based on the current annual budget.

Management fee deposit and debris removal fee. (a) Each Owner (save and except where the First Owner but subject as provided has made payments in Clause 5.9(baccordance with sub-clause (b) below) shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier :- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to the Unit or part of the Development Building of which he is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of the Development Building and/or in respect of the Common Areas and Facilities and such sum shall be non-refundable but transferableFacilities; (iii) (save and except the Owners of Parking Spaces and Motorcycle Parking Spaces) pay to the Manager a non-refundable and non-transferable sum not more than one (1) month's contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing shall be credited to the Special Fund; and (iv) pay to the Manager a sum equivalent to two (2) months' contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget on account of payment by him of the first two (2) months' management fees in advance. (b) The First Owner shall in respect of any Unit(s) part or parts of the Building remaining unsold after (i) three (3) months from the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later :- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' contribution towards the Management Expenses payable in respect of such unsold Unit(s) part or parts of the Building based on the first annual management budget, which deposit shall not be set off against any contribution payable by it under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to such unsold Units or parts of the Development Building of which the First Owner is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum not more than one (1) month's contribution towards the Management Expenses payable in respect of such unsold Residential Units Unit based on the first annual management budget as shall be specified by the Manager as debris removal fees PROVIDED THAT such sum paid by the First Owner under this Clause 5.9(b)(iii) shall be transferable by the First Owner to its assigneesfee. Any such fees received by the Manager which are is not used for debris removal or special cleaning or clearing shall be credited to the Special Fund; (iv) pay to the Manager a sum equivalent to two (2) months' contribution towards the Management Expenses payable in respect of such unsold Unit based on the first annual management budget on account of payment by him of the first two (2) months' management fees in advance. Notwithstanding the above the First Owner shall make payments and contributions for those expenses which are of a recurrent nature for those Units unsold. For the purpose of this Clause 5.9(bsub-clause (b), a Unit part or parts of the Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such Unitpart or parts. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed so as to a sum equivalent make it up to two not more than twenty five per cent (225%) months' contribution towards of the Management Expenses under any current annual management budget payable in respect of his part or parts of the DevelopmentBuilding. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two three (23) months' contribution towards the Management Expenses payable in respect of the relevant part of the Development Building which he owns based on the current annual budget.

Management fee deposit and debris removal fee. (a) Each Owner (save and except the First Owner but subject as provided in sub-Clause 5.9(b(b) below) shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier :-earlier:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to the Unit or part of the Development Building of which he is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of the Development Building and/or in respect of the Common Areas and Facilities and such sum shall be non-refundable but transferableFacilities; (iii) (save and except the Owners of Parking Spaces) pay to the Manager a non-refundable and non-transferable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing shall be credited to the Special Fund; and (iv) pay to the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget on account of payment by him of the first two (2) months' ’ management fees in advance. (b) The First Owner shall in respect of any Unit(s) part or parts of the Building remaining unsold after (i) three (3) months from the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)Deed, whichever is the later :-later:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of such unsold Unit(s) part or parts of the Building based on the first annual management budget, which deposit shall not be set off against any contribution payable by it under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to such unsold Units or parts of the Development Building of which the First Owner is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of such unsold Residential Units Unit based on the first annual management budget as shall be specified by the Manager as debris removal fees fee PROVIDED THAT such sum paid by the First Owner under this Clause 5.9(b)(iiiparagraph (iii) shall be transferable by the First Owner to its assignees. Any such fees received by the Manager which are is not used for debris removal or special cleaning or clearing shall be credited to the Special Fund. For the purpose of this sub-Clause 5.9(b(b), a Unit part or parts of the Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such Unitpart or parts. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed to a sum equivalent to two three (23) months' ’ contribution towards the Management Expenses under any current annual management budget payable in respect of his part or parts of the DevelopmentBuilding. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two three (23) months' ’ contribution towards the Management Expenses payable in respect of the relevant part of the Development Building which he owns based on the current annual budget.

Management fee deposit and debris removal fee. (a) Each Owner (save and except the First Owner but subject as provided in sub-Clause 5.9(b(b) below) shall before he is given possession of his part of the Development Building by or upon completion of the purchase of his part of the Development Building from the First Owner, whichever shall be the earlier :-earlier:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget which said sum shall be non-refundable but transferable and shall not be set off against any contribution payable by him under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to the Unit or part of the Development Building of which he is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of his part of the Development Building and/or in respect of the Common Areas and Facilities and such sum shall be non-refundable but transferableFacilities; (iii) (save and except the Owners of Parking Spaces) pay to the Manager a non-refundable and non-transferable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of his Residential Unit based on the first annual management budget as shall be specified by the Manager as a debris removal fee. Any such fee received by the Manager which is not used for debris removal or special cleaning and clearing shall be credited to the Special Fund; and (iv) pay to the Manager a sum equivalent to two (2) months' ’ contribution towards the Management Expenses payable in respect of his part of the Development Building based on the first annual management budget on account of payment by him of the first two (2) months' ’ management fees in advance. (b) The First Owner shall in respect of any Unit(s) part or parts of the Building remaining unsold after (i) three (3) months from the date of this Deed or (ii) the date on which it is in a position validly to assign those Management Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued)Deed, whichever is the later :-later:- (i) deposit with the Manager as security for the due payment of all amounts which may be or become payable by him under this Deed a sum equal to two three (23) months' ’ contribution towards the Management Expenses payable in respect of such unsold Unit(s) part or parts of the Building based on the first annual management budget, which deposit shall not be set off against any contribution payable by it under this Deed; (ii) pay to the Manager the whole or a due proportion (being the same proportion as the number of Management Undivided Shares allocated to such unsold Units or parts of the Development Building of which the First Owner is the Owner bears to the total number of Management Undivided Shares of all Units in the DevelopmentBuilding) of all water meter deposits and electricity deposits and all utility and other deposits which have already been paid in respect of such unsold Units or parts and/or in respect of the Common Areas and Facilities; (iii) pay to the Manager a non-refundable sum not more than one (1) month's ’s contribution towards the Management Expenses payable in respect of such unsold Residential Units Unit based on the first annual management budget as shall be specified by the Manager as debris removal fees fee PROVIDED THAT such sum paid by the First Owner under this Clause 5.9(b)(iiiparagraph (iii) shall be transferable by the First Owner to its assignees. Any such fees received by the Manager which are is not used for debris removal or special cleaning or clearing shall be credited to the Special Fund. For the purpose of this sub-Clause 5.9(b(b), a Unit part or parts of the Building shall be considered as remaining unsold where no assignment has been executed by the First Owner in respect of such Unitpart or parts. (c) Each Owner shall also on demand pay to the Manager such additional amount as may be necessary to increase the deposit as security for payment of sums due under this Deed to a sum equivalent to two three (23) months' ’ contribution towards the Management Expenses under any current annual management budget payable in respect of his part or parts of the DevelopmentBuilding. (d) Notwithstanding the foregoing (and without prejudice to the rights of the Manager generally under this Deed), the Manager shall have the right to set off the deposit under Clause 5.09(a)(i) against any sums payable by an Owner under this Deed. The Manager shall be under no obligation to exercise such right of set off and, in any proceedings by the Manager against an Owner in respect of a payment default, such Owner shall have no right to require the Manager to mitigate its loss by exercising its right of set-off prior to its exercising its other rights under this Deed in respect of such default. If the Manager has exercised its right of set-off under this Clause, it shall have the right to require the relevant Owner or his successor in title to replenish the deposit to an amount equivalent to two three (23) months' ’ contribution towards the Management Expenses payable in respect of the relevant part of the Development Building which he owns based on the current annual budget.