Common use of RETENTION FEE Clause in Contracts

RETENTION FEE. (a) In consideration of the grant of the right to occupy the Unit or Rest Home Apartment and the supply of other domestic goods and services and subject to clause 6.3, the Resident agrees to pay to the Operator a Retention Fee on termination of this Occupation Right Agreement, on the day which is the Repayment Date, as per clause 17.2 of this Occupation Right Agreement. The Retention Fee shall be satisfied by way of deduction by the Operator from the Valuation Amount repayable to the Resident. (b) The Retention Fee shall be: (i) for Rest Home Apartments an amount equal to 2.0% plus GST per annum of the Valuation Amount which shall accrue every 12 months from the date of this Occupation Right Agreement until the date the Resident permanently vacates the Rest Home Apartment (provided that this amount excluding GST shall be no greater than the Weekly Rebate accrued in favour of the Resident); or (ii) for Units an amount equal to 20% including GST (if any) of the Valuation Amount which shall accrue over 36 months from the date of this Occupation Right Agreement, or until the Repayment Date or the date of transfer to a Rest Home Apartment if earlier. The maximum sum payable by the Resident as a Retention Fee for Units shall be an amount equal to 20% including GST (if any) of the Valuation Amount. (c) If the Unit or Rest Home Apartment has been damaged or destroyed through no fault of the Resident and is uninhabitable, and the Operator does not provide temporary accommodation to the Resident, the Retention Fee shall stop accruing from the date of the damage or destruction, and if this Occupation Right Agreement is not terminated, the Retention Fee shall resume accruing from the date the Unit is repaired or replaced by another unit and ready for occupation.

RETENTION FEE. (a) In consideration of the grant of the right to occupy the Unit or Rest Home Apartment and the supply of other domestic goods and services and subject to clause 6.3, the Resident agrees to pay to the Operator a Retention Fee on termination of this Occupation Right Agreement, on the day which is the Repayment Date, as per clause 17.2 of this Occupation Right Agreement. The Retention Fee shall be satisfied by way of deduction by the Operator from the Valuation Amount repayable to the Resident. (b) The Retention Fee shall be: (i) for Rest Home Apartments an amount equal to 2.0% plus GST per annum of the Valuation Amount which shall accrue every 12 months from the date of this Occupation Right Agreement until the date the Resident permanently vacates the Rest Home Apartment (provided that this amount excluding GST shall be no greater than the Weekly Rebate accrued in favour of the Resident); or (ii) for Units an amount equal to 2025% including GST (if any) of the Valuation Amount which shall accrue over 36 months from the date of this Occupation Right Agreement, or until the Repayment Date or the date of transfer to a Rest Home Apartment if earlier. The maximum sum payable by the Resident as a Retention Fee for Units shall be an amount equal to 2025% including GST (if any) of the Valuation Amount. (c) If the Unit or Rest Home Apartment has been damaged or destroyed through no fault of the Resident and is uninhabitable, and the Operator does not provide temporary accommodation to the Resident, the Retention Fee shall stop accruing from the date of the damage or destruction, and if this Occupation Right Agreement is not terminated, the Retention Fee shall resume accruing from the date the Unit is repaired or replaced by another unit and ready for occupation.

RETENTION FEE. (a) In consideration of the grant of the right to occupy the Unit or Rest Home Apartment and the supply of other domestic goods and services and subject to clause 6.3, the Resident agrees to pay to the Operator a Retention Fee on termination of this Occupation Right Agreement, on the day which is the Repayment Date, as per clause 17.2 of this Occupation Right Agreement. The Retention Fee shall be satisfied by way of deduction by the Operator from the Valuation Amount repayable to the Resident. (b) The Retention Fee shall be: (i) for Rest Home Apartments an amount equal to 2.0% plus GST per annum of the Valuation Amount which shall accrue every 12 months from the date of this Occupation Right Agreement until the date the Resident permanently vacates the Rest Home Apartment (provided that this amount excluding GST shall be no greater than the Weekly Rebate accrued in favour of the Resident); or (ii) for Units an amount equal to 20% including GST (if any) of the Valuation Amount which shall accrue over 36 months from the date of this Occupation Right Agreement, or until the Repayment Date or the date of transfer to a Rest Home Apartment if earlier. The maximum sum payable by the Resident as a Retention Fee for Units shall be an amount equal to 20% including GST (if any) of the Valuation Amount. (c) If the Unit or Rest Home Apartment has been damaged or destroyed through no fault of the Resident and is uninhabitable, and the Operator does not provide temporary accommodation to the Resident, the Retention Fee shall stop accruing from the date of the damage or destruction, and if this Occupation Right Agreement is not terminated, the Retention Fee shall resume accruing from the date the Unit is repaired or replaced by another unit and ready for occupation.