XXXXXXXX ESTATE CLUBHOUSE Sample Clauses

XXXXXXXX ESTATE CLUBHOUSE. 26.1 It is recorded that the Developer intends refurbishing the original homestead into a Clubhouse and erecting further Buildings and developing amenities on the Land and on the Estate, inter alia, a restaurant/bar, tennis court, basketball court, cricket nets, swimming pool, jogging track, change rooms and braai areas for the use and enjoyment of all owners of property on the Estate. 26.2 The aforesaid facilities shall be owned and/or managed by the Association, and operated by the Association or his agent. 26.3 The Purchaser shall be obliged to become and remain a member of the Clubhouse for the duration of the Purchaser’s ownership of the Property. Membership of the Clubhouse shall entitle the Purchaser and his invitees to utilize the facilities of the Clubhouse, subject to the Association’s rules and regulations and the payment of the relevant fees. Where the Purchaser is a syndicate or partnership of respective co-owners, each such co-owner shall be required to become a member of the Clubhouse. Where the Purchaser is an artificial person (such as a close corporation, company or trust) these conditions of membership will apply in respect of each individual nominee of the Purchaser. 26.4 The Purchaser shall make payment of the non-refundable entrance fee as referred to in Item N1 of the Schedule. It is recorded that every subsequent owner of the Property shall be required to pay an entrance fee to the Clubhouse as laid down by the Association from time to time. 26.5 The Purchaser shall commence payment of the monthly subscription as determined in Item N2 of the Schedule on the Date of Occupation, which shall be incorporated into the monthly levy payable to the Association. 26.6 The aforesaid subscription may be escalated by the Association annually, in its sole and absolute discretion, provided that such escalation shall not exceed 10% or the rate (expressed as a percentage) by which the consumer price index for all categories and for the whole of the Republic of South Africa, shall have escalated (on a year on year and not on an average basis) over the preceding calendar year, whichever is the greater. 26.7 It is recorded that the Clubhouse is an Association facility and that the Purchaser (or any other member) shall not be entitled to partake in the management of the Clubhouse. 26.8 In the event of the Purchaser (or any member), breaching the rules or regulations of the Clubhouse, the Association shall be entitled to suspend such membership, which su...
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XXXXXXXX ESTATE CLUBHOUSE. 9.1 The Purchaser shall be obliged to become and remain a member of the Clubhouse for the duration of the Purchaser’s ownership of the Property. Membership of the Clubhouse shall entitle the Purchaser and his invitees to utilize the facilities of the Clubhouse, subject to the Association’s rules and regulations and the payment of the relevant fees. Where the Purchaser is a syndicate or partnership of respective co-owners, each such co-owner shall be required to become a member of the Clubhouse. Where the Purchaser is an artificial person (such as a close corporation, company or trust) these conditions of membership will apply in respect of each individual nominee of the Purchaser. 9.2 The Purchaser shall make payment of the non-refundable entrance fee as referred to in clause

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  • Xxxxxxx, Esq If to the Executive, to him at the offices of the Company with a copy to him at his home address, set forth in the records of the Company. Any person named above may designate another address or fax number by giving notice in accordance with this Section to the other persons named above.

  • Xxxxxx, Esq Anyone to whom a notice may be given under this Agreement may designate a new address by notice to that effect given to the other party in accordance with this subsection (b). Each such notice shall be deemed given upon the receipt thereof when delivered in person and on the second business day after the mailing when sent by mail as aforesaid. (c) You understand that, upon exercise of this Option, you may recognize income for tax purposes in an amount equal to the excess of the then fair market value of the Shares purchased over the Option Price for such Shares. Your employer may withhold tax from your current compensation with respect to such income or any other income which it deems you to have received in connection therewith; to the extent that your then current compensation is insufficient to satisfy the withholding tax liability, you will be required to make a cash payment to cover such liability as a condition of exercise of this Option. (d) If this Option shall be mutilated, lost, stolen or destroyed, the Company shall issue in exchange and substitution for and upon cancellation of the mutilated Option, or in lieu of and in substitution for the Option lost, stolen or destroyed, a new Option of like tenor and denomination, but only upon receipt of evidence satisfactory to the Company of such loss, theft or destruction of such Option and such indemnity and, if requested by the Company, such bond, as shall in each case be satisfactory to the Company. You must also comply with such other reasonable requirements and pay such other reasonable charges as the Company may prescribe in connection with such issuance. (e) This Option shall be governed and construed in accordance with the substantive laws of the State of New York applicable to contracts executed, delivered and to be fully performed in the State of New York, without giving effect to contrary provisions regarding conflict of laws. (f) This Agreement shall inure to the benefit of and shall be binding upon your heirs, executors, administrators and legal representatives, and shall inure to the benefit of and be binding upon the Company and its successors and assigns. You may not assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement, or any of your rights hereunder except if and to the extent expressly permitted by Section 8 of this Agreement, and any such attempted prohibited delegation or disposition shall be null and void and without effect. (g) This Agreement constitutes the complete understanding between the parties with respect to the subject matter hereof, and no statement, representation, warranty or covenant has been made by either party with respect thereto except as expressly set forth herein. This Agreement shall not be altered, modified, amended or terminated except by written instrument signed by each of the parties hereto. (h) This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. (i) The section headings contained herein are for the purposes of convenience only, are not intended to define or limit the contents of said sections and are not part of this Agreement. (j) By signing below, you hereby accept this Option subject to all of the terms and provisions hereof and acknowledge all of the representations, warranties and agreements set forth above. This Option shall not be effective until you have signed this Option and delivered it to the Company.

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