MUNICIPAL RATES. (1) Municipal Rates payable to the City in relation to the Development Area will be amounts determined in accordance with the succeeding provisions of this clause.
(2) Subject to subclause (3) Municipal Rates for the Rating Year in which Project Completion occurs will be the lesser of —
(a) $700,000.00; and
(b) the amount which would have been assessed for Municipal Rates on the basis of a rate of .053692 of the GRV.
(3) If Project Completion occurs otherwise than on the first day of a Rating Year, Municipal Rates payable in respect of the Rating Year in which Project Completion occurs shall be the aggregate of —
(a) Municipal Rates which but for the provisions of this Agreement are payable in respect of that Rating Year;
(b) that proportion of the amount by which the Base Amount exceeds the amount referred to in paragraph (a) as is the same as the proportion which the number of days from Project Completion to the end of the then current Rating Year bears to 365.
(4) (a) In the 19 Rating Years following the Rating Year in which Project Completion occurs, the Municipal Rates payable shall be the amount payable in the preceding Rating Year increased by the same percentage as the annual percentage increase in the CPI during the immediately preceding Rating Year increased by the lesser of —
(i) the same percentage of the annual percentage increase in the CPI during the immediately preceding Rating Year; or
(ii) the percentage increase in the City’s rates for that year; assuming the Municipal Rates payable in the Rating Year in which Project Completion occurred were the Base Amount;
MUNICIPAL RATES. 15.1 In addition to the levies payable in terms of paragraph 8.3 of this schedule, the Purchaser shall furthermore be liable to make a pro- rata contribution, calculated in accordance with the Participation Quota of the Purchaser’s unit, towards municipal rates and taxes.
15.2 The actual amount payable by the Purchaser in terms of paragraph
15.1 herein above, shall increase immediately upon an increase in the amount levied by the municipality.
15.3 Notice of any increase in the amount payable in terms hereof shall be given in writing to the Purchaser by the Management Association of KINGSHURST. between and (the “purchaser”) and (the “previous holder of the right of occupation”) Relating to the purchase of a right of occupation, as defined hereunder, in respect of the KINGSHURST as defined hereunder.
1. Introduction 16
2. Definitions 16
3. Right of occupation 21
4. Consumer Protection Act 68 of 2008 21 5. Nomination 23 6. Term 23 7. Consideration 24 8. Management 25 9. Powers and duties of management association 25 10. Management liaison committee 26 11. Qualifications for occupation of a unit 28 12. Levies 29 13. Health care 29 14. Obligations of occupant 30
MUNICIPAL RATES. 8.1 In addition to the levies payable in terms of paragraph 5.3 of this schedule, the Purchaser shall furthermore be liable to make a pro-rata contribution, calculated in accordance with the Participation Quota of the Purchaser’s unit, towards municipal rates and taxes.
8.2 The actual amount payable by the Purchaser in terms of paragraph 9.1 herein above, shall increase immediately upon an increase in the amount levied by the municipality.
8.3 Notice of any increase in the amount payable in terms hereof shall be given in writing to the Purchaser by the Management Association of KINGSHURST. between and (the “purchaser”) Relating to the purchase of a right of occupation, as defined hereunder, in respect of the KINGSHURST as defined hereunder. PAGE
1. Introduction 10 2. Definitions 10 3. Right of occupation 14 4. Nomination 14 5. Term 14 6. Consideration 15 7. Management 16 8. Powers and duties of management association 18
