OCCUPATION RIGHT AGREEMENT Sample Clauses
An Occupation Right Agreement is a legal contract that grants an individual the right to reside in a specific property, typically within a retirement village or similar managed community, without transferring ownership of the property itself. This agreement outlines the terms under which the resident may occupy the unit, including conditions of use, fees payable, and the rights and responsibilities of both the resident and the operator. Its core practical function is to provide security of tenure for the resident while allowing the property owner to retain ultimate control and ownership, thereby balancing the interests of both parties and clarifying the nature of the resident's rights.
OCCUPATION RIGHT AGREEMENT. The Resident or his or her legal personal representative shall surrender to the Operator the Unit following termination pursuant to clause 16. The Operator's obligation to pay the Capital Repayment Entitlement is subject to the Operator issuing a new Occupation Right Agreement for the Unit to a third party. The Capital Repayment Entitlement comprises two components as detailed in 17.2 and 17.3 below and is subject to deductions as detailed in 18.1 below. The Capital Repayment Entitlement shall be payable to the Resident no later than 5 Working Days after the date that a new Occupation Right Agreement has been entered into and the Operator has received full payment for it. The Resident acknowledges and agrees that the Operator will not receive payment for such new Occupation Right Agreement until such payment is authorised by the Statutory Supervisor in accordance with the Deed of Supervision, which requires amongst other matters that the cooling off period prescribed by the Act for such new Occupation Right Agreement has expired (“Repayment Date”). The Operator shall be entitled to deduct from the Capital Repayment Entitlement any monies (including GST) owing to the Operator by the Resident under this Occupation Right Agreement or in relation to any other services the Resident has been provided by the Operator.
OCCUPATION RIGHT AGREEMENT. Code of Practice
OCCUPATION RIGHT AGREEMENT. 3.1 The Operator grants you the Right to Occupy the Unit in consideration of you:
(a) Entering into this Occupation Right Agreement
(b) Paying the Entry Fee to the Operator; and
(c) Complying with all of your obligations in the Agreement and making all payments due under the Agreement, including the Annual Administration Charge, Service Charges and the Deferred Management Fee.
3.2 You shall be entitled to occupy the Unit on the Commencement Date of this Agreement, provided the Commencement Date shall not occur until after the expiry of the cooling off period in clause 4 below.
3.3 You shall be entitled to use and enjoy the Common Property from the Commencement Date of this Agreement, such right being appurtenant to and not severable from your Right to Occupy the Unit.
3.4 The Operator shall not unnecessarily interrupt your use of the Unit whilst you duly and punctually observe and perform the terms and conditions in this Agreement.
3.5 The rights granted to you in this Agreement are personal contractual rights only. Nothing in this Agreement gives you any ownership right or interest in the Village, the Unit or the Common Property. This Agreement does not give you any tenancy or leasehold rights to the Unit.
3.6 You agree not to require registration of the Occupation Right Agreement and not to caveat or otherwise encumber the title to the Village, the Unit, the Common Property or the land on which the Rest Home and Hospital is situated.
3.7 It is further agreed by the Resident:
(a) Only the Resident has the Right to Occupy the Unit and no other person has any right to occupy the Unit.
(b) Not to transfer their interest in the Unit.
(c) Not to mortgage or otherwise secure borrowing against their interest in the Unit without the prior written consent of the Operator.
(d) Not to grant a security interest in the termination proceeds, such proceeds being the sum the Resident will receive on termination of the Occupation Right Agreement less the deductions in clause 37 of this Agreement.
OCCUPATION RIGHT AGREEMENT. The Resident or his or her legal personal representative shall surrender to the Operator the Unit following termination pursuant to clause 16. The Operator's obligation to pay the Capital Repayment Entitlement is subject to the Operator issuing a new Occupation Right Agreement for the Unit to a third party.