Common use of Special Fund Clause in Contracts

Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one Special Fund to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b). (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Owner shall pay to the Manager such amount of further periodic contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-transferable. (e) The Manager shall open and maintain at a bank within the meaning of section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The title of the account shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iii), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;

Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one a Special Fund to provide for expenditure of a capital nature or of a kind not expected by it the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the costs and expense of preparing the revised Schedule 9 8 and/or the revised W&I Maintenance Manual under Clause 14.11 14.10(d) (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b)10.9. (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Owner shall pay to the Manager such amount of further periodic contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this DeedDeed so as to maintain the Special Fund at an appropriate level. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-transferable. (e) The Manager shall open and maintain at a bank within the meaning of section Section 2 of the Banking Ordinance (Cap. 155) an interest interest-bearing account. The account shall be designated for the purposes of the Special Fund and the title of the account shall refer to the Special Fund for the Development and all monies received for and contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it the Manager from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iii), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;

Special Fund. (a) The There shall be established and maintained and prepared by the Manager shall establish and maintain as trustee for and on behalf of all Owners one the Owners, a Special Fund for the purposes of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap. 344) to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for the renovation, replacement, improvement and repair of the Common PartsAreas and Facilities, the purchase, setting up, replacement, improvement and addition of installations, systems, plant, equipment, tools, plant tools and machineries for the Common Parts Areas and Facilities and the costs of the relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”services). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit Apart from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment contribution to the Special Fund, unless each Owner shall covenant with the First other Owners also on demand pay to the Manager such further sum in each calendar year (as included in the monthly management contribution) payable in respect of the Unit of which he is the Owner has already paid and at such time as determined by a resolution of the Owners at an Owners’ meeting convened under this Deed to maintain the Special Fund Initial Contribution at such level as the Manager shall recommend PROVIDED THAT such contribution to the further sum shall be in respect proportion to the Management Shares as provided in Part B of that Unit under Clause 10.11(b). (i) the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year financial year, and the time when those contributions shall be payablepayable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Management Shares allocated to the relevant Unit. (iic) If there is no Owners’ CorporationExcept where the First Owner has made payments under this Deed, each Owner being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager such amount of further periodic an initial contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be which contribution is non-refundable and non-transferable. transferable in an amount to be decided by the Manager which amount shall be two (e2) months’ monthly management contribution payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later. The Manager Special Fund shall open be placed in an interest bearing account opened and maintain at a maintained with such bank or banks within the meaning of section Section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The ), the title of the account which shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such that account exclusively for the purpose referred to specified in this Clause 10.4(a). (f) 19. Without prejudice to the generality of Clause 10.4(e)the above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accountsaccounts (“the said segregated account(s)”), each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) . The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) as provided above in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) . Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses management expenses arising from or in connection with the day-to-day management of the Land. (j) Development. The Special Fund Manager shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt without delay pay all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part money received by it in respect of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to into the Development Common Partssaid accounts opened and maintained by it or, or which are for if there is an Owners’ Corporation, the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iiisaid segregated account(s), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;.

Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one a Special Fund to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b). (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Owner shall pay to the Manager such amount of further periodic contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-non- transferable. (e) The Manager shall open and maintain at a bank within the meaning of section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The title of the account shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and; (ii) “Special Fund (CommercialGround Floor Shops)”; and (iii) “Special Fund (Upper Floor Shops)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and; (ii) the Owner Owners of the Commercial Accommodation Ground Floor Shops shall be notionally credited to Special Fund (CommercialGround Floor Shops); and (iii) the Owners of the Upper Floor Shops shall be notionally credited to Special Fund (Upper Floor Shops). (l) Funds notionally credited to each part of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, Flats and the Commercial Accommodation Shops or which is not covered by Clause Clauses 10.4(l)(ii) and Clause 10.4(l)(iiito (iv), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;; “B” is the total number of Management Shares allocated to all Flats; and

Special Fund. (a) There shall be established and maintained a Special Fund for the purpose of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap.344). The Special Fund shall be held by the Manager shall establish and maintain as trustee for and on behalf of all Owners one Special Fund the Owners, to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for the renovation, replacement, improvement and repair of lifts, installations, plants and equipments in the Common Parts, the purchase, setting up, replacement, improvement Areas and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts Facilities and the costs of the relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”services). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit Apart from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment contribution to the Special Fund, unless each Owner shall covenant with the First Owner has already paid other Owners also to pay to the Manager such further sum in each financial year as further periodic contributions to the Special Fund Initial Contribution payable in respect of that the Unit of which he is the Owner, the amount of which and the time at which such further sum is payable shall be determined by a resolution of the Owners of the Development at an Owners’ meeting convened under Clause 10.11(b). (i) this Deed PROVIDED THAT such contribution to the further sum shall be in proportion to the Undivided Shares as provided in the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the OwnersOwners of the Development, the amount to be contributed to the Special Fund by the Owners of the Development in any Financial Year financial year, and the time when those contributions shall be payablepayable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Undivided Shares allocated to the relevant Unit. (iic) If there is no Owners’ CorporationExcept where the First Owner has made payments under this Deed, each Owner being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager such amount of further periodic an initial contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be which contribution is non-refundable and non-transferable. transferable in an amount to be decided by the Manager which amount shall be equivalent to two (e2) months’ monthly management contribution of first year’s budgeted management expenditure payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later. The Special Fund shall be deposited by the Manager shall open in an interest bearing account opened and maintain at a maintained with such bank or banks within the meaning of section Section 2 of the Banking Ordinance (Cap. 155Cap.155) an interest bearing account. The as the Manager shall think fit, the title of the account which shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such that account exclusively for the purpose referred to in Clause 10.4(a19(a). (f) . Without prejudice to the generality of Clause 10.4(e)the above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accountsaccounts (“the said segregated account(s)”), each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) . The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) as provided above in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) . Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any)Committee. The For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses management expenses arising from or in connection with the day-to-day management of the Land. (j) Development. The Special Fund Manager shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt without delay pay all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part money received by it in respect of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to into the Development Common Partssaid accounts opened and maintained by it or, or which are for if there is an Owners’ Corporation, the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iiisaid segregated account(s), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;.

Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one a Special Fund to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including but is not limited to expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or 8 and the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b). (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Owner shall pay to the Manager such amount of further periodic contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-transferable. (e) The Manager shall open and maintain at a bank within the meaning of section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The title of the account shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and; (ii) “Special Fund (CommercialShops)”; and (iii) “Special Fund (Car Park)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and; (ii) the Owner Owners of the Commercial Accommodation Shops shall be notionally credited to Special Fund (CommercialShops); and (iii) the Owners of the Car Parking Spaces shall be notionally credited to Special Fund (Car Park). (l) Funds notionally credited to each part of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, Flats and the Commercial Accommodation Shops and Car Parking Spaces or which is not covered by Clause Clauses 10.4(l)(ii) and Clause 10.4(l)(iii(iii), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;:

Special Fund. (a) The There shall be established and maintained and prepared by the Manager shall establish and maintain as trustee for and on behalf of all Owners one the Owners, a Special Fund for the purposes of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap.344) to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for initial setting up for building management operation, the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, toolsinstallation, plant and machineries for equipment in the Common Parts Areas and Facilities and the costs of the relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”services). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit Apart from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment contribution to the Special Fund, unless each Owner shall covenant with the First Owner has already paid other Owners also on demand pay to the Special Fund Initial Contribution Manager such further sum in any financial year (as included in the monthly management contribution) payable in respect of that the Unit of which he is the Owner and at such time as determined by a resolution of the Owners of the Development at an Owners' meeting convened under Clause 10.11(b). (i) this Deed PROVIDED THAT such contribution to the further sum shall be in proportion to the Management Shares as provided in Part B of the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the OwnersOwners of the Development, the amount to be contributed to the Special Fund by the Owners of the Development in any Financial Year financial year, and the time when those contributions shall be payablepayable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Management Shares allocated to the relevant Unit. (iic) If there is no Owners’ CorporationExcept where the First Owner has made payments under this Deed, each Owner being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager such amount of further periodic an initial contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be which contribution is non-refundable and non-transferable. transferable which amount shall be equal to two (e2) months of the first year’s budgeted management contribution payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later. The Manager Special Fund shall open be placed in an interest bearing account opened and maintain at maintained with a bank within the meaning of section Section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The Cap.155), the title of the account which shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such that account exclusively for the purpose referred to specified in Clause 10.4(a19(a). (f) . Without prejudice to the generality of Clause 10.4(e)the above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accountsaccounts (“the said segregated account(s)”), each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) . The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) as provided above in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) . Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses management expenses arising from or in connection with the day-to-day management of the Land. (j) Development. The Special Fund Manager shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt without delay pay all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part money received by it in respect of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to into the Development Common Partssaid accounts opened and maintained by it or, or which are for if there is an Owners’ Corporation, the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iiisaid segregated account(s), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;.

Special Fund. (a) The Manager shall establish and maintain a Special Fund to provide for expenditure of a kind not expected by him to be incurred annually. The Special Fund will be held by the Manager as trustee for all Owners one Special Fund to provide for expenditure of a capital nature or of a kind not expected by it the Manager to be incurred annually including expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the costs and expense of preparing the revised Schedule 9 7 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase upon assignment of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b)10.11. This Clause 10.4(b) shall not prejudice Clause 10.11. (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Each Owner shall pay covenants with the other Owners to the Manager such amount of make further periodic contribution contributions to the Special Fund at such Fund. The amount to be contributed in each Financial Year and the time as when those contributions will be payable will be determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-transferable. (e) The Manager shall open and maintain at a bank within the meaning of section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The account shall be designated for the purposes of the Special Fund and the title of the account shall refer to the Special Fund for the Development and all monies received for and contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it the Manager from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it the Manager in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following partsaccounts, namely: (i) “Special Fund (FlatsTowers)”; and; (ii) “Special Fund (CommercialHouses)”; and (iii) “Special Fund (Parking)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (FlatsTowers); and; (ii) the Owner Owners of the Commercial Accommodation Houses shall be notionally credited to Special Fund (CommercialHouses); and (iii) the Owners of the Parking Spaces shall be notionally credited to Special Fund (Parking). (l) Funds notionally credited to each part account of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are is for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation Units or which is not covered by Clause Clauses 10.4(l)(ii) and Clause 10.4(l)(iiito (iv), shall only be paid out of different parts accounts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (FlatsTowers) is: where: “A” is shall be in such proportion to the total amount of such Non-Recurrent ExpenditureExpenditure which is the proportion that the Management Shares allocated to all Flats bears to the total number of Management Shares; (2) the amount to be paid out of Special Fund (Houses) shall be in such proportion to the total amount of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Houses bears to the total number of Management Shares; (3) the amount to be paid out of Special Fund (Parking) shall be in such proportion to the total amount of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Parking Spaces bears to the total number of Management Shares; (ii) Non-Recurrent Expenditure relating to the Residential Common Parts, or which is for the common benefit of Owners, occupiers, licensees or invitees of different Residential Units shall only be paid out of different accounts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Towers) shall be in such proportion to the total amount of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Flats bears to the total number of Management Shares allocated to all Residential Units; (2) the amount to be paid out of Special Fund (Houses) shall be in such proportion to the total amount of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Houses bears to the total number of Management Shares allocated to all Residential Units; (iii) Non-Recurrent Expenditure relating to Towers Common Parts, or which is for the common benefit of Owners, occupiers, licensees or invitees of different Flats, shall only be paid out of Special Fund (Towers). (iv) Non-Recurrent Expenditure relating to Parking Common Parts, or which is for the common benefit of Owners, occupiers, licensees or invitees of different Parking Spaces, Visitors’ Parking Spaces and the Loading and Unloading spaces, shall only be paid out of different accounts of the Special Fund as follows: (1) an amount equal to 72.81% of such Non-Recurrent Expenditure shall be paid out of Special Fund (Parking); and (2) an amount equal to 27.19% of such Non-Recurrent Expenditure shall be paid out of different parts of the Special Fund (since the Parking Common Parts serve and benefit, inter alia, Visitors’ Parking Spaces and Loading and Unloading Spaces, which are Residential Common Parts) as follows: (A) the amount to be paid out of Special Fund (Towers) shall be in such proportion to that percentage of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Flats bears to the total number of Management Shares allocated to all Residential Units; and (B) the amount to be paid out of Special Fund (Houses) shall be in such proportion to that percentage of such Non-Recurrent Expenditure which is the proportion that the Management Shares allocated to all Houses bears to the total number of Management Shares allocated to all Residential Units. (m) Unless otherwise specifically provided in this Deed, where any provision of this Deed requires any amount to be credited to the Special Fund, the following provisions shall apply: (i) where the amount is received in relation to the Development Common Parts (including any approval or consent given in relation thereto under this Deed or the Ordinance): (1) the sum to be credited to the Special Fund (Towers) shall be in such proportion referred to in Clause 10.4(l)(i)(1) to the amount received; (2) the sum to be credited to the Special Fund (Houses) shall be in such proportion referred to in Clause 10.4(l)(i)(2) to the amount received; and (3) the sum to be credited to the Special Fund (Parking) shall be in such proportion referred to in Clause 10.4(l)(i)(3) to the amount received; (ii) where the amount is received in relation to the Residential Common Parts (including any approval or consent given in relation thereto under this Deed or the Ordinance): (1) the sum to be credited to the Special Fund (Towers) shall be in such proportion referred to in Clause 10.4(l)(ii)(1) to the amount received; and (2) the sum to be credited to the Special Fund (Houses) shall be in such proportion referred to in Clause 10.4(l)(ii)(2) to the amount received; (iii) where the amount is received in relation to the Towers Common Parts (including any approval or consent given in relation thereto under this Deed or the Ordinance), the amount shall be credited to Special Fund (Towers); and (iv) where the amount is received in relation to the Parking Common Parts (including any approval or consent given in relation thereto under this Deed or the Ordinance):- (1) 72.81% of the amount shall be credited to the Special Fund (Parking);

Special Fund. (a) The Manager shall establish and maintain a special fund (the "Special Fund") which will be held by the Manager as trustee for all the Owners one Special Fund (save and except the Owner of the Government Accommodation) to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including (which includes but is not limited to, expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, toolsinstallation, plant and machineries for equipment in the Common Parts Areas and Facilities and the costs of the relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”services). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit Apart from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment contribution to the Special Fund, unless each Owner (save and except the First Owner has already paid of the Special Fund Initial Contribution Government Accommodation) shall covenant with the other Owners also on demand pay to the Manager such further sum in each calendar year (as included in the monthly management contribution) payable in respect of that the Unit of which he is the Owner and at such time as determined by a resolution of the Owners of the Development at an Owners' meeting convened under Clause 10.11(b). (i) this Deed PROVIDED THAT such contribution to the further sum shall be in proportion to the Undivided Shares as provided in the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year financial year, and the time when those contributions shall be payablepayable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Undivided Shares allocated to the relevant Unit. (iic) If there is no Owners’ CorporationExcept where the First Owner has made payments under this Deed, each Owner (save and except the Owner of the Government Accommodation) being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager such amount of further periodic an initial contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be which contribution is non-refundable and non-transferable. transferable which amount shall be equal to two (e2) months' of the first year’s budgeted management contribution payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later. The Manager shall open and maintain at a bank within the meaning of section Section 2 of the Banking Ordinance (Cap. 155Cap.155) an interest interest-bearing account. The , the title of the account which shall refer to the Special Fund for the Development Development, and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such that account exclusively for the purpose referred to in Clause 10.4(a22(a). (f) . Without prejudice to the generality of Clause 10.4(e)the above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accountsaccounts (“the said segregated account(s)”), each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) . The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) as provided above in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) . Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses management expenses arising from or in connection with the day-to-day management of the LandDevelopment. The Manager shall without delay pay all money received by it in respect of the Special Fund into the accounts opened and maintained as provided above or, if there is an Owners’ Corporation, the said segregated account(s). (jd) The FSI as the Owner of the Integrated Family Service Centre, the Special Fund Child Care Centre cum Early Education and Training Centre, the District Support Centre, the Day Care Centre for the Elderly and the Community Hall shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions contribute to the Special Fund (including such sum for the avoidance reimbursement of doubt all capital expenditure, as shall first be approved by the GPA or person nominated by the Director for this purpose, in respect of facilities and services which actually serve the Integrated Family Service Centre, the Special Fund Initial ContributionsChild Care Centre cum Early Education and Training Centre, the District Support Centre, the Day Care Centre for the Elderly and the Community Hall or are used by the occupier thereof, his servants, contractors, agents or visitors PROVIDED THAT any contribution by FSI under this sub-clause (d) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating subject to the Development Common Parts, same principles or which are for the common benefit conditions as set out in proviso (d) of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iii), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;19.

Special Fund. (a) The There shall be established and maintained and prepared by the Manager shall establish and maintain as trustee for and on behalf of all Owners one the Owners, a Special Fund for the purposes of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap. 344) to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for the renovation, replacement, improvement and repair of the Common PartsAreas and Facilities, the purchase, setting up, replacement, improvement and addition of installations, systemsplant, equipment, tools, plant tools and machineries for the Common Parts Areas and Facilities and the costs of the relevant investigation works and professional services and the expense of preparing the revised Schedule 9 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”services). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on the date of completion of the purchase of his Unit Apart from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment contribution to the Special Fund, unless each Owner shall covenant with the First other Owners also on demand pay to the Manager such further sum in each calendar year (as included in the monthly management contribution) payable in respect of the Unit of which he is the Owner has already paid and at such time as determined by a resolution of the Owners of the Development at an Owners’ meeting convened under this Deed to maintain the Special Fund Initial Contribution at such level as the Manager shall recommend PROVIDED THAT such contribution to the further sum shall be in respect of that Unit under Clause 10.11(b). (i) proportion to the Undivided Shares as provided in the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the OwnersOwners of the Development, the amount to be contributed to the Special Fund by the Owners of the Development in any Financial Year financial year, and the time when those contributions shall be payablepayable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Undivided Shares allocated to the relevant Unit. (iic) If there is no Owners’ CorporationExcept where the First Owner has made payments under this Deed, each Owner being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager such amount of further periodic an initial contribution to the Special Fund at such time as determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be which contribution is non-refundable and non-transferable. transferable in an amount to be decided by the Manager which amount shall be two (e2) months’ monthly management contribution payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when the Consent to Assign or Certificate of Compliance has been issued), whichever is the later. The Manager Special Fund shall open be placed in an interest bearing account opened and maintain at a maintained with such bank or banks within the meaning of section Section 2 of the Banking Ordinance (Cap. 155) an interest bearing account. The Cap.155), the title of the account which shall refer to the Special Fund for the Development and all contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such that account exclusively for the purpose referred to specified in this Clause 10.4(a). (f) 19. Without prejudice to the generality of Clause 10.4(e)the above, if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accountsaccounts (“the said segregated account(s)”), each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) . The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) as provided above in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) . Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The For the avoidance of doubt, the Manager shall not use the Special Fund or any part or parts thereof for the payment of any outstanding Management Expenses management expenses arising from or in connection with the day-to-day management of the Land. (j) Development. The Special Fund Manager shall be notionally divided into the following parts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (Commercial)”. (k) Contributions to the Special Fund (including for the avoidance of doubt without delay pay all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner of the Commercial Accommodation shall be notionally credited to Special Fund (Commercial). (l) Funds notionally credited to each part money received by it in respect of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to into the Development Common Partssaid accounts opened and maintained by it or, or which are for if there is an Owners’ Corporation, the common benefit of the Owners, occupiers, licensees or invitees of different Flats, and the Commercial Accommodation or which is not covered by Clause 10.4(l)(ii) and Clause 10.4(l)(iiisaid segregated account(s), shall only be paid out of different parts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;.

Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one Special Fund to provide for expenditure of a capital nature or of a kind not expected by it to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the costs and expense of preparing the revised Schedule 9 8 and/or the revised W&I Maintenance Manual under Clause 14.11 (in this Clause 10.4, the “Non-Recurrent Expenditure”). (b) Each Owner (except the First Owner) shall, in respect of each Unit which he has the Right to Occupy, pay to the Manager on upon the date of completion of the purchase assignment of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11(b10.10(b). This Clause 10.4(b) shall not prejudice Clause 10.10. (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable. (ii) If there is no Owners’ Corporation, each Each Owner shall pay covenants with the other Owners to the Manager such amount of make further periodic contribution contributions to the Special Fund at such Fund. The amount to be contributed in each Financial Year and the time as when those contributions will be payable will be determined by a resolution of Owners at an Owners’ meeting convened under this Deed. (d) All contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be non-refundable and non-transferable. (e) The Manager shall open and maintain at a bank within the meaning of section 2 of the Banking Ordinance (Cap. 155) an interest bearing accountaccount designated for the purposes of the Special Fund. The title of the account shall refer to the Special Fund for the Development and all contributions to monies received for the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) and all other amounts required by this Deed to be credited to the Special Fund shall be deposited by the Manager into the account. The Manager shall use such account exclusively for the purpose referred to in Clause 10.4(a). (f) Without prejudice to the generality of Clause 10.4(e), if there is an Owners’ Corporation, the Manager shall open and maintain one or more segregated interest-bearing accounts, each of which shall be designated as a trust account or client account, for holding money received by it from or on behalf of the Owners’ Corporation in respect of the Special Fund. (g) The Manager shall display a document showing evidence of any account opened and maintained under Clause 10.4(e) or (f) in a prominent place in the Development. (h) The Manager shall without delay pay all money received by it in respect of the Special Fund into the account opened and maintained under Clause 10.4(e) or, if there is an Owners’ Corporation, the account or accounts opened and maintained under Clause 10.4(f). (i) Except in a situation considered by the Manager to be an emergency, no money shall be paid out of the Special Fund unless it is for a purpose approved by a resolution of the Owners’ Committee (if any). The Manager shall not use the Special Fund for the payment of any outstanding Management Expenses arising from or in connection with the day-to-day management of the Land. (j) The Special Fund shall be notionally divided into the following partsaccounts, namely: (i) “Special Fund (Flats)”; and (ii) “Special Fund (CommercialParking)”. (k) Contributions to the Special Fund (including for the avoidance of doubt all Special Fund Initial Contributions) made by: (i) the Owners of the Flats shall be notionally credited to Special Fund (Flats); and (ii) the Owner Owners of the Commercial Accommodation Parking Spaces shall be notionally credited to Special Fund (CommercialParking). (l) Funds notionally credited to each part account of the Special Fund shall be applied as follows: (i) Non-Recurrent Expenditure relating to the Development Common Parts, or which are for the common benefit of the Owners, occupiers, licensees or invitees of different Flats, Flats and the Commercial Accommodation different Parking Spaces or which is not covered by Clause Clauses 10.4(l)(ii) and Clause 10.4(l)(iii(iii), shall only be paid out of different parts accounts of the Special Fund as follows: (1) the amount to be paid out of Special Fund (Flats) is: where: “A” is the total amount of such Non-Recurrent Expenditure;; “B” is the total number of Management Shares allocated to