Common use of Management of the Estate Clause in Contracts

Management of the Estate. 14.1 The purchaser hereby acknowledges that the purchaser, in common with all property owners at Dunkirk Estate, shall be obliged to become a member of the Dunkirk Estate Homeowners' Association ("the HOA") a company incorporated in terms of Section 21 of the Companies Act. The purchaser shall be obliged to remain a member of the HOA for so long as the purchaser owns the property. Any successor in title shall also be obliged to become a member of the HOA and a condition of title shall be included in the title deeds, incorporating this condition. 14.2 The developer hereby records that Dunkirk Estate shall be managed by the developer or its agent for a period of not less than 5 years from of registration of the General Plan of Dunkirk Estate. The developer shall then have an option to extend the management period for a further 5 year period on such terms and conditions as may be agreed upon between the developer and the agent. At the termination of the two 5 year periods, the managing agents shall be appointed by the directors of Dunkirk Homeowners' Association. The developer or the agents shall, however, be entitled to hand over the management of the Homeowners' Association to the directors of the Homeowners' Association prior to the termination of the first 5 year period, should both parties agree that it is in the best interests of Dunkirk Estate. 14.3 All property owners at Dunkirk Estate shall pay a monthly levy to the HOA to cover security, inclusive of the cost of intercom, estate management, landscaping, upkeep of the common properties, including the amenities, administration and overhead costs of water, refuse removal and the maintenance of the supporting facilities and such other services as are required by the Homeowners of Dunkirk Estate. The levies shall be payable from the date of transfer of the property into the name of the purchaser and the amount shall be determined by the directors of the HOA, from time to time. In the event of the property being a medium density site to accommodate multiple units, levies shall be payable per unit or sub- division allocated to said property from date of transfer. 14.4 Levies shall only be payable in respect of properties to which all services have been installed. The developer shall not be responsible for the payment of any levy in respect of the undeveloped land but shall make a contribution to the administration of the Homeowners' Association, which shall not exceed 10% of the monthly levy, in the case of undeveloped properties. In the case of developed properties, the developer shall pay the same levy as is payable by the purchaser and other owners at Dunkirk Estate. In addition to the monthly levy, the purchaser shall pay a non-refundable amount of R3 000 to a levy stabilisation fund upon registration of transfer of the property into the name of the purchaser. All subsequent purchasers of any property shall be obliged to pay this amount to the fund or such amount as the Directors of the HOA may determine from time to time. In the event that the property being developed to accommodate multiple units, either in terms of a sectional title development or in any other matter, the amount of R3 000-00 shall be payable in respect of each individual unit or sub-division allocated to said property on date of transfer. 14.5 The levy shall not cover the consumption of water and electricity and sewerage or the maintenance of the improvements on the properties. The said expenses shall be for the account of the purchaser. In the event of the purchaser not maintaining his property to the standards laid down by the directors of HOA, then the HOA shall be entitled to, but not obliged to, repair the property and/or the gardens and to charge the owner for such costs. 14.6 The purchaser acknowledges having had the opportunity of inspecting the Memorandum and Articles of Association of the HOA, The purchaser hereby agrees to be bound by the terms and conditions of the Memorandum and Articles of Association.

Management of the Estate. 14.1 2.1 The purchaser hereby acknowledges that the purchaser, in common with all property owners at Dunkirk Estate, shall be obliged to become a member of the Dunkirk Estate Homeowners' Association ("the HOA") a company incorporated in terms of Section 21 of the Companies Act. The purchaser shall be obliged to remain a member of the HOA for so long as the purchaser owns the property. Any successor in title shall also be obliged to become a member of the HOA and a condition of title shall be included in the title deeds, incorporating this condition. 14.2 2.2 The developer hereby records that Dunkirk Estate shall be managed by the developer or its agent for a period of not less than 5 years from of registration of the General Plan of Dunkirk Estate. The developer shall then have an option to extend the management period for a further 5 year period on such terms and conditions as may be agreed upon between the developer and the agent. At the termination of the two 5 year periods, the managing agents shall be appointed by the directors of Dunkirk Homeowners' Association. The developer or the agents shall, however, be entitled to hand over the management of the Homeowners' Association to the directors of the Homeowners' Association prior to the termination of the first 5 year period, should both parties agree that it is in the best interests of Dunkirk Estate. 14.3 2.3 All property owners at Dunkirk Estate shall pay a monthly levy to the HOA to cover security, inclusive of the cost of intercom, estate management, landscaping, upkeep of the common properties, including the amenities, administration and overhead costs of water, refuse removal and the maintenance of the supporting facilities and such other services as are required by the Homeowners of Dunkirk Estate. The levies shall be payable from the date of transfer of the property into the name of the purchaser and the amount shall be determined by the directors of the HOA, from time to time. In the event of the property being a medium density site to accommodate multiple units, levies shall be payable per unit or sub- sub-division allocated to said property from date of transfer. 14.4 2.4 Levies shall only be payable in respect of properties to which all services have been installed. The developer shall not be responsible for the payment of any levy in respect of the undeveloped land but shall make a contribution to the administration of the Homeowners' Association, which shall not exceed 10% of the monthly levy, in the case of undeveloped properties. In the case of developed properties, the developer shall pay the same levy as is payable by the purchaser and other owners at Dunkirk Estate. In addition to the monthly levy, the purchaser shall pay a non-refundable amount of R3 000 to a levy stabilisation fund upon registration of transfer of the property into the name of the purchaser. All subsequent purchasers of any property shall be obliged to pay this amount to the fund or such amount as the Directors of the HOA may determine from time to time. In the event that the property being developed to accommodate multiple units, either in terms of a sectional title development or in any other matter, the amount of R3 000-00 shall be payable in respect of each individual unit or sub-division allocated to said property on date of transfer. 14.5 2.5 The levy shall not cover the consumption of water and electricity and sewerage or the maintenance of the improvements on the properties. The said expenses shall be for the account of the purchaser. In the event of the purchaser not maintaining his property to the standards laid down by the directors of HOA, then the HOA shall be entitled to, but not obliged to, repair the property and/or the gardens and to charge the owner for such costs. 14.6 2.6 The purchaser acknowledges having had the opportunity of inspecting the Memorandum and Articles of Association of the HOA, The purchaser hereby agrees to be bound by the terms and conditions of the Memorandum and Articles of Association.

Management of the Estate. 14.1 2.1 The purchaser hereby acknowledges that the purchaser, in common with all property owners at Dunkirk Estate, shall be obliged to become a member of the Dunkirk Estate Homeowners' Association ("the HOA") a company incorporated in terms of Section 21 of the Companies Act. The purchaser shall be obliged to remain a member of the HOA for so long as the purchaser owns the property. Any successor in title shall also be obliged to become a member of the HOA and a condition of title shall be included in the title deeds, incorporating this condition. 14.2 2.2 The developer hereby records that Dunkirk Estate shall be managed by the developer or its agent for a period of not less than 5 years from of registration of the General Plan of Dunkirk Estate. The developer shall then have an option to extend the management period for a further 5 year period on such terms and conditions as may be agreed upon between the developer and the agent. At the termination of the two 5 year periods, the managing agents shall be appointed by the directors of Dunkirk Homeowners' Association. The developer or the agents shall, however, be entitled to hand over the management of the Homeowners' Association to the directors of the Homeowners' Association prior to the termination of the first 5 year period, should both parties agree that it is in the best interests of Dunkirk Estate. 14.3 2.3 All property owners at Dunkirk Estate shall pay a monthly levy to the HOA to cover security, inclusive of the cost of intercom, estate management, landscaping, upkeep of the common properties, including the amenities, administration and overhead costs of water, refuse removal and the maintenance of the supporting facilities and such other services as are required by the Homeowners of Dunkirk Estate. The levies shall be payable from the date of transfer of the property into the name of the purchaser and the amount shall be determined by the directors of the HOA, from time to time. In the event of the property being a medium density site to accommodate multiple units, levies shall be payable per unit or sub- division allocated to said property from date of transfer. 14.4 2.4 Levies shall only be payable in respect of properties to which all services have been installed. The developer shall not be responsible for the payment of any levy in respect of the undeveloped land but shall make a contribution to the administration of the Homeowners' Association, which shall not exceed 10% of the monthly levy, in the case of undeveloped properties. In the case of developed properties, the developer shall pay the same levy as is payable by the purchaser and other owners at Dunkirk Estate. In addition to the monthly levy, the purchaser shall pay a non-refundable amount of R3 000 1% of the selling price to a levy stabilisation fund upon registration of transfer of the property into the name of the purchaser. All subsequent purchasers of any property shall be obliged to pay this amount to the fund or such amount as the Directors of the HOA may determine from time to time. In the event that the property being developed to accommodate multiple units, either in terms of a sectional title development or in any other matter, the amount of R3 000-00 1% of the sale price shall be payable in respect of each individual unit or sub-division allocated to said property on date of transfer. 14.5 2.5 The levy shall not cover the consumption of water and electricity and sewerage or the maintenance of the improvements on the properties. The said expenses shall be for the account of the purchaser. In the event of the purchaser not maintaining his property to the standards laid down by the directors of HOA, then the HOA shall be entitled to, but not obliged to, repair the property and/or the gardens and to charge the owner for such costs. 14.6 2.6 The purchaser acknowledges having had the opportunity of inspecting the Memorandum and Articles of Association of the HOA, The purchaser hereby agrees to be bound by the terms and conditions of the Memorandum and Articles of Association.

Management of the Estate. 14.1 The purchaser hereby acknowledges that the purchaser, in common with all property owners at Dunkirk Estate, shall be obliged to become a member of the Dunkirk Estate Homeowners' Association ("the HOA") a company incorporated in terms of Section 21 of the Companies Act. The purchaser shall be obliged to remain a member of the HOA for so long as the purchaser owns the property. Any successor in title shall also be obliged to become a member of the HOA and a condition of title shall be included in the title deeds, incorporating this condition. 14.2 The developer hereby records that Dunkirk Estate shall be managed by the developer or its agent for a period of not less than 5 years from of registration of the General Plan of Dunkirk Estate. The developer shall then have an option to extend the management period for a further 5 year period on such terms and conditions as may be agreed upon between the developer and the agent. At the termination of the two 5 year periods, the managing agents shall be appointed by the directors of Dunkirk Homeowners' Association. The developer or the agents shall, however, be entitled to hand over the management of the Homeowners' Association to the directors of the Homeowners' Association prior to the termination of the first 5 year period, should both parties agree that it is in the best interests of Dunkirk Estate. 14.3 All property owners at Dunkirk Estate shall pay a monthly levy to the HOA to cover security, inclusive of the cost of intercom, estate management, landscaping, upkeep of the common properties, including the amenities, administration and overhead costs of water, refuse removal and the maintenance of the supporting facilities and such other services as are required by the Homeowners of Dunkirk Estate. The levies shall be payable from the date of transfer of the property into the name of the purchaser and the amount shall be determined by the directors of the HOA, from time to time. In the event of the property being a medium density site to accommodate multiple units, levies shall be payable per unit or sub- sub-division allocated to said property from date of transfer. 14.4 Levies shall only be payable in respect of properties to which all services have been installed. The developer shall not be responsible for the payment of any levy in respect of the undeveloped land but shall make a contribution to the administration of the Homeowners' Association, which shall not exceed 10% of the monthly levy, in the case of undeveloped properties. In the case of developed properties, the developer shall pay the same levy as is payable by the purchaser and other owners at Dunkirk Estate. In addition to the monthly levy, the purchaser shall pay a non-refundable amount of R3 000 to a levy stabilisation fund upon registration of transfer of the property into the name of the purchaser. All subsequent purchasers of any property shall be obliged to pay this amount to the fund or such amount as the Directors of the HOA may determine from time to time. In the event that the property being developed to accommodate multiple units, either in terms of a sectional title development or in any other matter, the amount of R3 000-00 shall be payable in respect of each individual unit or sub-division allocated to said property on date of transfer. 14.5 The levy shall not cover the consumption of water and electricity and sewerage or the maintenance of the improvements on the properties. The said expenses shall be for the account of the purchaser. In the event of the purchaser not maintaining his property to the standards laid down by the directors of HOA, then the HOA shall be entitled to, but not obliged to, repair the property and/or the gardens and to charge the owner for such costs. 14.6 The purchaser acknowledges having had the opportunity of inspecting the Memorandum and Articles of Association of the HOA, The purchaser hereby agrees to be bound by the terms and conditions of the Memorandum and Articles of Association.