Common use of Levy Clause in Contracts

Levy. 12.1 The levy fund referred to Section 13 (1) of the Share Blocks Act (the “levy fund”), shall comprise all and any costs incurred by the Company in managing, controlling and administering the scheme and the corporate existence of the Company, and shall include without limitation any costs or expenses or disbursements for supply of current (except where the same is separately metered), fuel, gas, water (except where the same is separately metered), sanitary and other services, insurance premiums or costs and fees payable to a Managing Agent, if any, and all and any costs of whatsoever nature attributable to the proper management, control and administration of the scheme and the Company. If any charges for any services rendered to a site or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvements. 12.2 The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each year or portion thereof together with the estimated deficiency, if any, as may have resulted from the previous year or portion thereof and shall make a levy upon the members of the Company equal as nearly as is reasonably practical to such estimated amount (“the levy”). The Directors may include in the levy an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including the expenses to be incurred for the renovation of the accommodation, movables. 12.3 All levies shall be payable to the Company in such manner as the Directors may decide and shall be for the members share of the estimated total expense of the Company for the forthcoming year, which shall be attributable to the levy fund. Notwithstanding the aforegoing in the event that the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable to all other shareholders. 12.4 The Directors may from time to time make special levies upon the members of the Company in respect of all such costs, and expense requirements as are not referred to in Article 28.1, and such levies may be made payable in one sum or ten instalments and at such times that the Directors may deem fit and shall not necessarily be applied strictly in the ratio and proportion set out in 12.6. 12.5 The Directors shall be entitled to round off the levy to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereof. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance in 12.1, the Holder of a Share block shall be liable and obliged to contribute to the levy fund referred to in section 13 (1) of the Share Blocks Act, in the proportion the shares comprising his Share block bears to the total capital in respect of those Share blocks which do not contribute to the levy referred to in 12.7. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-one) shall not contribute to the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 The Holder of Share block 51 (fifty one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.

Levy. 12.1 3.2.1 The directors of the company shall establish and maintain a levy fund referred to Section 13 (1) which end they shall from time to time make levies upon members of the Share Blocks Act (company in such amounts as are in their opinion sufficient for the “levy fund”)repair, shall comprise all upkeep, control, management of the property and administration of the company and of those portions of the property for which individual members are not personally liable, for the payment of rates, taxes and any costs incurred by other local authority charges on the Company in managingproperty, controlling and administering any charges for the scheme and the corporate existence of the Company, and shall include without limitation any costs or expenses or disbursements for supply of current (except where the same is separately metered), fuelelectric current, gas, water (except where the same is separately metered)water, fuel, sanitary and other services, insurance premiums or costs and fees payable services to a Managing Agent, if anythe property for which the individual members are not personally liable, and all services required by the company for the covering of any losses suffered by the company, the payment of any premiums of insurance and for the discharge of any costs of whatsoever nature attributable to the proper management, control and administration other obligation of the scheme company and the Company. If company is authorized to employ and remunerate such persons as may be necessary to fulfill any charges for any services rendered to a site function of maintenance and or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvementscontrol. 12.2 3.2.2 The Directors directors shall estimate the amount which shall be required by the Company company to meet the aforesaid expenses during each operational year or any portion thereof thereof, together with the estimated deficiency, if any, as a s may have resulted from the previous preceding operational year or of portion thereof thereof, and shall make a levy upon the members of the Company company equal as nearly as is reasonably practical practicable to such estimated amount (“the levy”)amount. The Directors directors may include in the levy such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including such as the expenses to be incurred for the redecoration or renovation of the accommodation, movablescompany’s property and for the replacement of any movables or any part thereof. 12.3 All 3.2.2.1 The purchaser acknowledges being aware of the provision of the Articles of Association of the company with regard to the levies which will be calculated and raised by the directors of the company, and are payable in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basis Categories: (i) Cost to be borne exclusively by the holders of share blocks conferring Time-Sharing interest. 3.2.3 The total levy for weeks owned shall be made payable to annually on the Company 1st day of the financial year. The Company’s financial year is the 1st day of February day of particular year. Should the levy not be paid on the 1st day of the financial year then and in such manner as that event the Directors may decide and company shall be for entitled to charge interest on the members share of arrear levies at the estimated total expense of the Company for the forthcoming year, which shall be attributable to the levy fund. Notwithstanding the aforegoing in the event that the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable to all other shareholdersmaximum interest allowed by law. 12.4 3.2.4 The Directors directors may from time to time make special levies upon the members of the Company company in respect of all such costs, expenses and expense requirements as are not referred to mentioned in Article 28.1, Clause 3.2.1 and such levies may be made payable in one sum or ten instalments by such installments and at such times that time as the Directors may deem fit directors shall think fit. 3.2.5 Notices shall be given in respect of levies payable by members of the company and such notice shall be subject to the provision relating to notice in the Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the chalet owned. 3.2.7 Any amount due by the member by way of a levy or installment of a levy shall be a debt owed by the member to the company and shall not necessarily be applied strictly recoverable by the company and any arrear amounts in respect of the levies shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in the ratio Usury Act and proportion set out in 12.6promulgated thereunder by the Minister from time to time. The obligation of a member to pay a levy shall cease upon the lawful termination of the member’s right of use, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the member. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member’s right of occupation. 12.5 The Directors 3.2.8 Should the member be in arrear with any levy obligation, he shall not be entitled to round off occupy the chalet for his period until such time as has paid all his arrears; before a member may exchange, space bank the unit. The levy must be paid up to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereofdate. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance in 12.1, the Holder of a Share block shall be liable and obliged to contribute to the levy fund referred to in section 13 (1) of the Share Blocks Act, in the proportion the shares comprising his Share block bears to the total capital in respect of those Share blocks which do not contribute to the levy referred to in 12.7. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-one) shall not contribute to the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 The Holder of Share block 51 (fifty one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.

Levy. 12.1 5.1. The levy fund referred Directors shall establish and maintain a Levy Fund to Section 13 (1) which end they shall from time to time make levies upon members of the Share Blocks Act (the “levy fund”), shall comprise all and any costs incurred by the Company in managingsuch amounts as are in their opinion sufficient for: 5.1.1. the repair, controlling upkeep, control, and administering management of the scheme and Property; and 5.1.2. the corporate existence administration of the Company; 5.1.3. for the payment of rates, taxes and shall include without limitation any costs or expenses or disbursements other local authority charges on the Property, any charges for the supply of current (except where the same is separately metered), fuelelectric current, gas, water (except where the same is separately metered)water, fuel, sanitary and other services, insurance premiums or costs and fees payable to a Managing Agent, if any, and all and any costs of whatsoever nature attributable services to the Property; and 5.1.4. any services or facilities provided to the Scheme by WDHOA or WDE, or otherwise required by the Company for the proper management, control and administration of the scheme Scheme; and 5.1.5. the covering of any losses suffered by the Company; and 5.1.6. the payment of any premiums of insurance; and 5.1.7. for the discharge of any other obligation of the Company and the Company. If Company is authorised to employ and remunerate such persons as may be necessary to fulfil any charges for any services rendered to a site or a site improvementfunction of administration, are separately meteredmanagement, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvementsmaintenance and/or control. 12.2 5.2. The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each year Calendar Year or any portion thereof thereof, together with the estimated deficiency, if any, as may have resulted from the previous year preceding Calendar Year or portion thereof thereof, and shall make a levy upon the members of the Company equal as nearly as is reasonably practical practicable to such estimated amount (“the levy”)amount. The Directors may include in the levy such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including such as the expenses to be incurred for the redecoration or renovation of the accommodation, movablescompany's property and for the replacement of any Movables or any part thereof. 12.3 All levies shall be payable to the Company in such manner as the Directors may decide and shall be for the members share 5.3. The Member acknowledges being aware of the estimated total expense provision of the Articles of Association of the Company for with regard to the forthcoming yearlevies which will be calculated and raised by the Directors, which and are payable in terms of the Articles of Association of the company. 5.4. The total levy payable by a Member shall be attributable to in accordance with the Member's levy fund. Notwithstanding the aforegoing in the event that the member quota, and is the Share block Developer the levies payable in respect of such each share blockblock owned by the Member, calculated with reference to item 4 on Annexure E. The levy shall be payable monthly in advance as applicable advance, or in the case of the first Calendar Year on the Occupation Date. Should the levy not be paid on the due date the Company shall be entitled to all other shareholderscharge interest on the arrear levies at the Maximum Interest Rate. 12.4 5.5. The Directors may from time to time make special levies upon the members of the Company in respect of all such costs, expenses and expense requirements as are not referred to mentioned in Article 28.1, Clause 5.1 and 5.2 and such levies may be made payable in one sum or ten by such instalments and at such time or times that as the Directors shall think fit. 5.6. Notices shall be given in respect of levies payable by members of the company and such notices shall be given in such manner and form as the Directors may deem fit determine from time to time. The initial levy payable per month until otherwise decided by the Directors shall be; 5.6.1. R175.00 including VAT per Shareblock if paid via Debit Order monthly in advance, or 5.6.2. R1850.00 including VAT per Shareblock if paid annually in advance. 5.7. Any amount due by the Member by way of a levy or instalment of a levy shall be a debt owed by the Member to the Company and shall not necessarily be applied strictly recoverable by the Company and any arrear amounts in respect of the ratio levies shall bear interest at the Maximum Interest Rate. The obligations of a Member to pay a levy shall cease upon the lawful termination of the Member's right of use, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Member. No levies and proportion set out in 12.6no part of any levy paid by a Member shall be refundable by the Company on the termination of a Member's right of occupation. 12.5 The Directors 5.8. Should the Member be in arrear with any levy obligation, he shall not be entitled to round off occupy the levy Unit for his period until such time as he has paid all his arrears and interest. 5.9. The Company shall at all times be and remain the owner of the Movables and the Member agrees that the Member's right to the nearest R10,00 (TEN RAND) to ease use of the calculation and administration thereof. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance in 12.1, the Holder of a Share block Movables shall be liable and obliged to contribute limited to the levy fund referred to in section 13 (1) period of the Share Blocks Act, in Module and that the proportion the shares comprising his Share block bears Member shall not be entitled to the total capital in respect of those Share blocks which do not contribute to the levy referred to in 12.7. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder remove any of the Share block 51 (fifty-one) shall not contribute to Movables from the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 Unit. The Holder of Share block 51 (fifty one) member shall be obliged to maintain exercise reasonable care to ensure that the Movables are maintained in every respect good order and replace where necessaryrepair. If at the end of the Module the Company, in its sole discretion, determines that any of the Movables have been damaged or removed, then the Member shall upon request pay the costs of replacement of or repair of any particular item, which amount shall be payable in addition to the levy, fair wear and tear of the Movables excepted. 5.10. Until such time as the Member has paid any levy due in terms hereof together with any accrued interest or costs in connection therewith he may not exchange his Module or part thereof, or make his Days or part thereof available to any person, without the prior written consent of the Company. 5.11. In the event that the Member is ever, for a lawful reason, denied access to a Unit by the Company, the improvements and movables in Manager, WDE or on WDHOA, then for the site period that such access is denied any right of the Member, or improvements relating any person claiming any such right through or at the instance of the Member, to that Share blockaccess the Estate or facilities thereon, shall be likewise suspended.

Levy. 12.1 3.2.1 The directors of the company shall establish and maintain a levy fund referred to Section 13 (1) which end they shall from time to time make levies upon members of the Share Blocks Act (company in such amounts as are in their opinion sufficient for the “levy fund”)repair, shall comprise all upkeep, control, management of the property and administration of the company and of those portions of the property for which individual members are not personally liable, for the payment of rates, taxes and any costs incurred by other local authority charges on the Company in managingproperty, controlling and administering any charges for the scheme and the corporate existence of the Company, and shall include without limitation any costs or expenses or disbursements for supply of current (except where the same is separately metered), fuelelectric current, gas, water (except where the same is separately metered)water, fuel, sanitary and other services, insurance premiums or costs and fees payable services to a Managing Agent, if anythe property for which the individual members are not personally liable, and all services required by the company for the covering of any losses suffered by the company, the payment of any premiums of insurance and for the discharge of any costs of whatsoever nature attributable to the proper management, control and administration other obligation of the scheme company and the Company. If company is authorised to employ and remunerate such persons as may be necessary to fulfil any charges for any services rendered to a site function of maintenance and or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvementscontrol. 12.2 3.2.2 The Directors directors shall estimate the amount which shall be required by the Company company to meet the aforesaid expenses during each operational year or any portion thereof thereof, together with the estimated deficiency, if any, as may have resulted from the previous preceding operational year or portion thereof thereof, and shall make a levy upon the members of the Company company equal as nearly as is reasonably practical practicable to such estimated amount (“the levy”)amount. The Directors directors may include in the levy such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including such as the expenses to be incurred for the redecoration or renovation of the accommodation, movablescompany's property and for the replacement of any movables or any part thereof. 12.3 All 3.2.2.1 The purchaser acknowledges being aware of the provision of the Articles of Association of the company with regard to the levies which will be calculated and raised by the directors of the company, and are payable in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basic Categories: (i) Costs to be borne exclusively by the holders of share blocks conferring syndication interests. (ii) Costs to be borne exclusively by the holders of share blocks conferring whole ownership interest. 3.2.3 The total levy due shall be made payable annually on the 1st day of the financial year. The company's financial year is the 1st day of March to the Company 28th day of February in such manner as a particular year. Should the Directors may decide levy not be paid on the 1st day of the financial year then and in that event the company shall be for entitled to charge interest on the members share arrear levies at the maximum interest allowed by law. The company reserves the right to deny occupation to any member to their lodge or week if their levies are in arrears. It is agreed between the parties that the owners of the estimated total expense of the Company for the forthcoming year, which syndication rights shall be attributable entitled, by prior arrangement with the managing agent, to the levy fund. Notwithstanding the aforegoing pay their levies in the event that the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable to all other shareholderstwelve equal instalments annually. 12.4 3.2.4 The Directors directors may from time to time make special levies upon the members of the Company company in respect of all such costs, expenses and expense requirements as are not referred to mentioned in Article 28.1, Clause 3.2.1 and such levies may be made payable in one sum or ten by such instalments and at such time or times that as the Directors may deem fit and directors shall not necessarily be applied strictly in the ratio and proportion set out in 12.6think fit. 12.5 The Directors 3.2.5 Notices shall be entitled given in respect of levies payable by members of the company and such notices shall be subject to round off the levy to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereof. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance notices in 12.1, the Holder Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the lodge owned. 3.2.7 Any amount due by the member by way of a Share block levy or instalment of a levy shall be liable and obliged to contribute a debt owed by the member to the levy fund company and shall be recoverable by the company and any arrear amounts in respect of the levies shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in section 13 (1) the Usury Act and promulgated thereunder by the Minister from time to time. The obligations of a member to pay a levy shall cease upon the lawful termination of the Share Blocks Actmember's right of use, in the proportion the shares comprising his Share block bears save that any arrear levies to the total capital date of such termination shall nevertheless be recoverable from the member. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member's right of occupation. 3.2.8 Should the member be in respect of those Share blocks which do arrear with any levy obligation, he shall not contribute be entitled to occupy the lodge for his period until such time as he has paid all his arrears; before a member may exchange, space bank the unit, the levy referred must be paid up to in 12.7date. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-one) shall not contribute to the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 The Holder of Share block 51 (fifty one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.

Levy. 12.1 3.2.1 The directors of the company shall establish and maintain a levy fund referred to Section 13 (1) which end they shall from time to time make levies upon members of the Share Blocks Act (company in such amounts as are in their opinion sufficient for the “levy fund”)repair, shall comprise all upkeep, control, management of the property and administration of the company and of those portions of the property for which individual members are not personally liable, for the payment of rates, taxes and any costs incurred by other local authority charges on the Company in managingproperty, controlling and administering any charges for the scheme and the corporate existence of the Company, and shall include without limitation any costs or expenses or disbursements for supply of current (except where the same is separately metered), fuelelectric current, gas, water (except where the same is separately metered)water, fuel, sanitary and other services, insurance premiums or costs and fees payable services to a Managing Agent, if anythe property for which the individual members are not personally liable, and all services required by the company for the covering of any losses suffered by the company, the payment of any premiums of insurance and for the discharge of any costs of whatsoever nature attributable to the proper management, control and administration other obligation of the scheme company and the Company. If company is authorised to employ and remunerate such persons as may be necessary to fulfil any charges for any services rendered to a site function of maintenance and or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvementscontrol. 12.2 3.2.2 The Directors directors shall estimate the amount which shall be required by the Company company to meet the aforesaid expenses during each operational year or any portion thereof thereof, together with the estimated deficiency, if any, as may have resulted from the previous preceding operational year or portion thereof thereof, and shall make a levy upon the members of the Company company equal as nearly as is reasonably practical practicable to such estimated amount (“the levy”)amount. The Directors directors may include in the levy such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including such as the expenses to be incurred for the redecoration or renovation of the accommodation, movablescompany's property and for the replacement of any movables or any part thereof. 12.3 All 3.2.2.1 The purchaser acknowledges being aware of the provision of the Articles of Association of the company with regard to the levies which will be calculated and raised by the directors of the company, and are payable in terms of the Articles of Association of the company. 3.2.2.2 The costs of which service fee is raised and consists of two basic Categories: (i) Costs to be borne exclusively by the holders of share blocks conferring Time-Sharing interest. (ii) Costs to be borne exclusively by the holders of share blocks conferring sole or whole ownership interest. 3.2.3 The total levy for weeks owned shall be made payable annually on the 1st day of the financial year. The company's financial year is the 1st day of March to the Company 28th day of February in such manner as a particular year. Should the Directors may decide levy not be paid on the 1st day of the financial year then and in that event the company shall be for entitled to charge interest on the members share of arrear levies at the estimated total expense of the Company for the forthcoming year, which shall be attributable to the levy fund. Notwithstanding the aforegoing in the event that the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable to all other shareholdersmaximum interest allowed by law. 12.4 3.2.4 The Directors directors may from time to time make special levies upon the members of the Company company in respect of all such costs, expenses and expense requirements as are not referred to mentioned in Article 28.1, Clause 3.2.1 and such levies may be made payable in one sum or ten by such instalments and at such time or times that as the Directors may deem fit and directors shall not necessarily be applied strictly in the ratio and proportion set out in 12.6think fit. 12.5 The Directors 3.2.5 Notices shall be entitled given in respect of levies payable by members of the company and such notices shall be subject to round off the levy to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereof. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance notices in 12.1, the Holder Articles of Association. 3.2.6 Every levy which is made by the directors pursuant to these provisions shall be made and levied for each week or portion of week owned by the member and furthermore taking into account the size of the chalet owned. 3.2.7 Any amount due by the member by way of a Share block levy or instalment of a levy shall be liable and obliged to contribute a debt owed by the member to the levy fund company and shall be recoverable by the company and any arrear amounts in respect of the levies shall bear interest at the rate equivalent to a rate equal to the maximum rate referred to in section 13 (1) the Usury Act and promulgated thereunder by the Minister from time to time. The obligations of a member to pay a levy shall cease upon the lawful termination of the Share Blocks Actmember's right of use, in the proportion the shares comprising his Share block bears save that any arrear levies to the total capital date of such termination shall nevertheless be recoverable from the member. No levies and no part of any levy paid by a member shall be refundable by the company on the termination of a member's right of occupation. 3.2.8 Should the member be in respect of those Share blocks which do arrear with any levy obligation, he shall not contribute be entitled to occupy the chalet for his period until such time as he has paid all his arrears; before a member may exchange, space bank the unit, the levy referred must be paid up to in 12.7date. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-one) shall not contribute to the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 The Holder of Share block 51 (fifty one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.

Levy. 12.1 5.1 The levy fund referred to Section 13 (1) Directors of the Share Blocks Act (the “levy fund”), Company shall comprise all establish and any costs incurred by maintain a Levy Fund to which end they shall from time to time make levies upon Shareholders of the Company in managingsuch amounts as are in their opinion sufficient for the repair, controlling and administering the scheme and the corporate existence upkeep, control, management of the CompanyProperty and administration of the Company and of those portions of the Property for which individual Shareholders are not personally liable, for the payment of rates, taxes and shall include without limitation any costs or expenses or disbursements other local authority charges on the Property, any charges for the supply of electric current (except where the same is separately metered)gas, water, fuel, gas, water (except where the same is separately metered), sanitary and other services, insurance premiums or costs and fees payable services to a Managing Agent, if anythe Property for which the individual Shareholders are not personally liable, and all services required by the Company for the covering of any losses suffered by the Company, the payment of any premiums of insurance and for the discharge of any costs of whatsoever nature attributable to the proper management, control and administration other obligation of the scheme Company and the Company. If Company is authorized to employ and remunerate such persons as may be necessary to fulfil any charges for any services rendered to a site function of maintenance and or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge control. 5.2 Levies shall be payable in such manner as the Directors may decide. In the case of insurance in respect terms of the site improvementslevy policy, but shall at all times be payable three calendar months prior to occupation whereafter te Company reserves its rights to mitigate its damages in accordance with the Company shall undertake such insurance for such amount as policy created by the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvementsBoard. 12.2 5.3 The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each operational year or any portion thereof thereof, together with the estimated deficiency, if any, as may have resulted from the previous preceding operational year or portion thereof thereof, and shall make a levy upon the members Shareholders of the Company equal as nearly as is reasonably practical reasonable practicable to such estimated amount (“the levy”)amount. The Directors may include in the levy such levies an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including such as the expenses to be incurred for the redecoration or renovation of the accommodation, movablesCompany’s Property and for the replacement of any movable or any part thereof. 12.3 All levies shall be payable to the Company in such manner as the Directors may decide and shall be for the members share 5.4 You acknowledge being aware of the estimated total expense provision of the MoI of the Company for the forthcoming year, which shall be attributable with regard to the levy fund. Notwithstanding levies which will be calculated and raised by the aforegoing in Directors of the event that Company, and are payable as directed by the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable Company from time to all other shareholderstime. 12.4 5.5 The Directors may from time to time make levy a special levies levy upon the members Shareholders of the Company in respect of all such costs, expenses and expense requirements as are not referred to in Article 28.1, mentioned herein and such levies may be made payable in one sum or ten by such instalments and / or as the Directors deem fit and at such times that time as the Directors may deem fit shall think fit. 5.6 Any amount due by You by way of a levy or instalment of a levy shall be a debt owed by You to the Company and shall not necessarily be applied strictly recoverable by the Company and any arrear amounts in respect of the ratio and proportion set out levies may bear interest in 12.6terms of clause 22 hereof. The obligations of a Shareholder to pay a levy shall cease upon the lawful termination of the Shareholder’s right of Use, save that any arrear levies to the date of such termination shall nevertheless be recoverable from the Shareholder. 12.5 The Directors 5.7 Should You be in arrears with any levy obligation, You shall not be entitled to round off occupy the levy to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereofUnit for any period until such time as You have paid all Your arrears. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance in 12.1, the Holder of 5.8 The Levy contribution per share class can be amended by a Share block shall be liable and obliged to contribute to the levy fund referred to in section 13 (1) of the Share Blocks Act, in the proportion the shares comprising his Share block bears to the total capital in respect of those Share blocks which do not contribute to the levy referred to in 12.7. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-one) shall not contribute to the levy in respect special resolution of that Share block, except where class of shareholders at any charges for any services to time and if approved by the site or any site improvement are separately madwortBoard. 12.8 The Holder of Share block 51 (fifty one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.

Levy. 12.1 The levy fund referred to Section 13 (1) of the Share Blocks Act (the “levy fund”), shall comprise all and any costs incurred by the Company in managing, controlling and administering the scheme and the corporate existence of the Company, and shall include without limitation any costs or expenses or disbursements for supply of current (except where the same is separately metered), fuel, gas, water (except where the same is separately metered), sanitary and other services, insurance premiums or costs and fees payable to a Managing Agent, if any, and all and any costs of whatsoever nature attributable to the proper management, control and administration of the scheme and the Company. If any charges for any services rendered to a site or a site improvement, are separately metered, such charge shall be payable by the Holder of the Share block relating to such site or site improvement. Such charge shall be payable in such manner as the Directors may decide. In the case of insurance in respect of the site improvements, the Company shall undertake such insurance for such amount as the directors may decide from time to time, provided that a Holder may by notice require the directors to insure the improvements which relate to such Holders Share blocks for such amount as such Holder may require. In all cases a Holder shall be liable, as part of his levy, for his proportionate share of such insurance premiums in the proportion the insured value of the Holders site improvements bears to the total insured value of all the site improvements. 12.2 The Directors shall estimate the amount which shall be required by the Company to meet the aforesaid expenses during each year or portion thereof together with the estimated deficiency, if any, as may have resulted from the previous year or portion thereof and shall make a levy upon the members of the Company equal as nearly as is reasonably practical to such estimated amount (“the levy”). The Directors may include in the levy an amount to be held in reserve to meet any anticipated future expenditure not of an annual nature, including the expenses to be incurred for the renovation of the accommodation, movables. 12.3 All levies shall be payable to the Company in such manner as the Directors may decide and shall be for the members share of the estimated total expense of the Company for the forthcoming year, which shall be attributable to the levy fund. Notwithstanding the aforegoing in the event that the member is the Share block Developer the levies payable in respect of such share block, shall be payable in advance as applicable to all other shareholders. 12.4 The Directors may from time to time make special levies upon the members of the Company in respect of all such costs, and expense requirements as are not referred to in Article 28.1, and such levies may be made payable in one sum or ten instalments and at such times that the Directors may deem fit and shall not necessarily be applied strictly in the ratio and proportion set out in 12.6. 12.5 The Directors shall be entitled to round off the levy to the nearest R10,00 (TEN RAND) to ease the calculation and administration thereof. 12.6 Subject to 12.7 and 12.8, and the provisions relating to insurance in 12.1, the Holder of a Share block shall be liable and obliged to contribute to the levy fund referred to in section 13 (1) of the Share Blocks Act, in the proportion the shares comprising his Share block bears to the total capital in respect of those Share blocks which do not contribute to the levy referred to in 12.7. 12.7 Subject to 12.1 relating to insurance, and subject to 12.7, the Holder of the Share block 51 (fifty-fihy- one) shall not contribute to the levy in respect of that Share block, except where any charges for any services to the site or any site improvement are separately madwort. 12.8 The Holder of Share block 51 (fifty fihy one) shall be obliged to maintain in every respect and replace where necessary, the improvements and movables in or on the site or improvements relating to that Share block.