DEVELOPMENT EXPENDITURE. 24.1 The COMPANY will secure funds on loan account from the Developer for the purposes of financing the building of the APARTMENTS, and the COMPANY'S total LOAN OBLIGATION shall not exceed the amount so advanced to it. Such loans will not exceed the cost of the building of the APARTMENTS and common facilities, the single lease premium pad by the developer and the furnishing of the APARTMENTS and shall be repayable on such terms as are not more onerous than applied by the Banks in respect of loans secured by First Mortgage Bonds on urban immovable property. 24.2 Any dispute concerning any matter arising out of the provisions of 25.1 shall be decided by an architect appointed by two umpires, one of whom shall be appointed by each of the COMPANY and the member The architect shall act as an expert and not an arbitrator and his decision shall be final and binding on all parties to this agreement.
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Sources: Use and Occupation Agreement, Use and Occupation Agreement