Common use of RESIDENTS ASSOCIATION Clause in Contracts

RESIDENTS ASSOCIATION. 9.1 The Purchaser acknowledges that: 9.1.1 The Wedgewood development is a sectional title scheme which the Seller intends to establish on the Remaining Extent of Erf 15 Sandown. 9.1.2 The Seller will establish The Wedgewood Residents Association (“Residents Association”), which will be administered by the trustees of the Body Corporate. 9.1.3 The Seller will remain the owner of the Lifestyle Centre and the server room and an agreement will be concluded between the Seller and the Residents Association, in terms of which the Seller agrees to make available to the Residents Association and its members the use of the Lifestyle Centre (collectively the “Lifestyle Centre”) and the Residents Association agrees that in consideration for such use the Residents Association will be liable for the payment of the (1) levies, (2) municipal rates, taxes and availability charges and (3) all and any direct costs proven to have been incurred by the Seller relating to the operating, running and maintenance of the Lifestyle Centre; 9.1.4 The Seller herewith discloses to the Purchaser that the Seller will (or may) make rules by which there will be no liability on the owner of the Lifestyle Centre and server room to make any contribution towards the levies payable to the Body Corporate of the scheme and/or Residents Association on account of the communal facilities; and 9.2 The Purchaser agrees to (1) become a member of the Residents Association (against transfer of the Property into the Purchaser’s name) and (2) be bound by the constitution of the Residents Association (which constitution is available at request).

RESIDENTS ASSOCIATION. 9.1 10.1 The Purchaser acknowledges that: 9.1.1 10.1.1 The Wedgewood Xxxxxxxx development is a one of multiple sectional title scheme schemes which the Seller intends to establish on the Remaining Extent of Erf 15 Sandown.Xxxxx 137, 138, 174, 175, 176 and 177 Linbro Park Extension 168 Township. These sectional title schemes may share certain common access roads and other common areas; 9.1.2 10.1.2 The Seller will establish The Wedgewood established the Xxxxxxxx Residents Association (“Residents Association”), which will be is administered by the trustees of the Body Corporatebody corporates of the separate sectional title schemes, to run the entire development as one sectional title scheme. 9.1.3 10.1.3 The Seller will remain is the owner of the Lifestyle Centre and the server room Server Room and an agreement will be has been concluded between the Seller and the Residents Association, in terms of which the Seller agrees agreed to make available to the Residents Association and its members the use of the Lifestyle Centre (collectively the “Lifestyle Centre”) and the Residents Association agrees agreed that in consideration for such use the Residents Association will be liable for the payment of the (1) levies, (2) municipal rates, taxes and availability charges and (3) all and any direct costs proven to have been incurred by the Seller relating to the operating, running and maintenance of the Lifestyle Centre; 9.1.4 10.1.4 The Seller herewith discloses to the Purchaser that the Seller will (or may) make rules by which there will be no liability on the owner of the Lifestyle Centre and server room to make any contribution towards the levies payable to the Body Corporate of the scheme and/or Residents Association on account of the communal facilities; and 9.2 10.1.5 The Seller may, subject to approval by the Local Authority, construct a hotel and/or apartment on top of the Lifestyle Centre. 10.2 The Purchaser agrees to (1) become a member of the Residents Association (against transfer Transfer of the Property into the Purchaser’s name) and (2) be bound by the constitution of the Residents Association (which constitution is available at request).

RESIDENTS ASSOCIATION. 9.1 10.1 The Purchaser acknowledges that: 9.1.1 10.1.1 The Wedgewood Greenpark development is a one of multiple sectional title scheme schemes which the Seller intends to establish on the Remaining Extent of Erf 15 Sandown.Xxxxx 000, 000 Xxxxxxxxx Xxxxxxxxx 00. These sectional title schemes may share certain common access roads and other common areas; 9.1.2 10.1.2 The Seller will establish The Wedgewood established the Greenpark Residents Association (“Residents Association”), which will be is administered by the trustees of the Body Corporatebody corporates of the separate sectional title schemes, to run the entire development as one sectional title scheme. 9.1.3 10.1.3 The Seller will remain is the owner of the Lifestyle Centre and the server room Server Room and an agreement will be has been concluded between the Seller and the Residents Association, in terms of which the Seller agrees agreed to make available to the Residents Association and its members the use of the Lifestyle Centre (collectively the “Lifestyle Centre”) and the Residents Association agrees agreed that in consideration for such use the Residents Association will be liable for the payment of the (1) levies, (2) municipal rates, taxes and availability charges and (3) all and any direct costs proven to have been incurred by the Seller relating to the operating, running and maintenance of the Lifestyle Centre; 9.1.4 10.1.4 The Seller herewith discloses to the Purchaser that the Seller will (or may) make rules by which there will be no liability on the owner of the Lifestyle Centre and server room to make any contribution towards the levies payable to the Body Corporate of the scheme and/or Residents Association on account of the communal facilities; and 9.2 10.1.5 The Seller may, subject to approval by the Local Authority, construct a hotel and/or apartment on top of the Lifestyle Centre. 10.2 The Purchaser agrees to (1) become a member of the Residents Association (against transfer Transfer of the Property into the Purchaser’s name) and (2) be bound by the constitution of the Residents Association (which constitution is available at request).