PROVISIONS PENDING ESTABLISHMENT OF BODY CORPORATE. 20.1 From the date of occupation until the Body Corporate is established, the PURCHASER shall: 20.1.1 on demand by the SELLER pay the Consumption Deposit to the Managing Agent , and the account for electricity consumed in the section in accordance with the consumption of electricity as shown on the sub-meter of the section. The PURCHASER agrees that, should separate water meters be installed at any stage in the building, the PURCHASER shall on demand by the SELLER pay to the SELLER the costs of water consumed in the section; 20.1.2 be liable for and pay to the SELLER monthly in advance on the first day of each and every month, an estimated monthly levy as set out in the schedule hereto; and 20.1.3 not do or permit to be done anything as a result of which any insurance policy held by the SELLER in respect of the buildings may be rendered void or voidable, or as a result of which the premiums in respect thereof may be increased. 20.2 It is recorded that for the purpose of Clause 20.1 above the SELLER may at any time re-estimate the total costs, and in that case the SELLER may increase the monthly levy accordingly or impose a special levy to make good any shortfall. 20.3 It is recorded that the SELLER intends, until the Body Corporate comes into existence, to insure the buildings against such risks and for such amounts as it may in it's sole discretion determine.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
