Common use of Assignment of Common Areas and Facilities Clause in Contracts

Assignment of Common Areas and Facilities. (i) Upon execution of this Deed, the First Owner shall assign to the Manager free of costs or consideration the whole of the Undivided Shares allocated to the Phase 1 Common Areas and Facilities under this Deed subject to and with the benefit of the Conditions and this Deed. Such Undivided Shares together with the right to hold, use, occupy and enjoy the Phase 1 Common Areas and Facilities shall be held by the Manager as trustee for the benefit all the Owners for the time being and in the event the Manager shall resign or be dismissed or wound up or a receiving order made against it and another manager appointed in its stead in accordance with these presents, then the Manager or the liquidator or the receiver (as the case may be) shall assign free of costs or consideration such Undivided Shares to the new manager upon the same trust PROVIDED THAT if an Owners’ Corporation is formed under the Building Management Ordinance it may require the Manager for the time being or its liquidator or receiver (as the case may be) to assign such Undivided Shares and transfer the management responsibility to it free of costs or consideration and in which event the Manager shall assign free of costs or consideration the Undivided Shares in respect of the Phase 1 Common Areas and Facilities together with the Phase 1 Common Areas and Facilities and transfer free of costs or consideration the management responsibility to the Owners’ Corporation which shall hold such Undivided Shares on trust for the benefit of all the Owners.

Assignment of Common Areas and Facilities. (i) Upon execution of this Deed, the First Owner shall assign to and vested in the Manager free of costs or consideration the whole of as trustee for all Owners the Undivided Shares allocated to the Phase 1 Common Areas and Facilities under this Deed together with the Common Areas and Facilities subject to and with the benefit of the Conditions Government Lease and this Deed. Such The Manager shall hold the Undivided Shares together with allocated to the right to hold, use, occupy and enjoy the Phase 1 Common Areas and Facilities shall be held by together with the Manager as trustee Common Areas and Facilities on trust for the benefit of all the Owners for the time being and in Owners. In the event the Manager shall resign or be dismissed or wound up or a receiving order made against it and another manager appointed in its stead in accordance with these presents, then the Manager or the liquidator or the receiver (as the case may be) shall assign free of costs or consideration such Undivided Shares together with the Common Areas and Facilities to the new manager upon the same trust PROVIDED THAT if an Owners’ Corporation is formed under the Building Management Ordinance it may require the Manager for the time being or its liquidator or receiver (as the case may be) to assign such Undivided Shares together with the Common Areas and Facilities and transfer the management responsibility to it free of costs or consideration and in which event the Manager shall assign free of costs or consideration the Undivided Shares in respect of allocated to the Phase 1 Common Areas and Facilities together with the Phase 1 Common Areas and Facilities and transfer free of costs or consideration the management responsibility to the Owners’ Corporation which shall hold such Undivided Shares and the Common Areas and Facilities on trust for the benefit of all the Owners.. SECTION III

Assignment of Common Areas and Facilities. (i) Upon execution of this Deed, the First Owner Owners shall assign to and vest in the Manager free of costs or consideration the whole of as trustee for all Owners the Undivided Shares allocated to the Phase 1 Common Areas and Facilities under this Deed together with the Common Areas and Facilities subject to and with the benefit of the Conditions Government Lease and this Deed. Such The Manager shall hold the Undivided Shares together with allocated to the right to hold, use, occupy and enjoy the Phase 1 Common Areas and Facilities shall be held by together with the Manager as trustee Common Areas and Facilities on trust for the benefit of all the Owners for the time being and in Owners. In the event the Manager shall resign or be dismissed or wound up or a receiving order made against it and another manager appointed in its stead in accordance with these presents, then the Manager or the liquidator or the receiver (as the case may be) shall assign free of costs or consideration such Undivided Shares together with the Common Areas and Facilities to the new manager upon the same trust PROVIDED THAT if an Owners’ Corporation is formed under the Building Management Ordinance it may require the Manager for the time being or its liquidator or receiver (as the case may be) to assign such Undivided Shares together with the Common Areas and Facilities and transfer the management responsibility to it free of costs or consideration and in which event the Manager shall assign free of costs or consideration the Undivided Shares in respect of allocated to the Phase 1 Common Areas and Facilities together with the Phase 1 Common Areas and Facilities and transfer free of costs or consideration the management responsibility to the Owners’ Corporation which shall hold such Undivided Shares and the Common Areas and Facilities on trust for the benefit of all the Owners.

Assignment of Common Areas and Facilities. (i) Upon execution of this Deed, the First Owner shall assign to the Manager free of costs or consideration the whole of the Undivided Shares allocated to the Phase 1 Common Areas and Facilities under this Deed subject to and with the benefit of the Conditions and this Deed. Such Undivided Shares together with the right to hold, use, occupy and enjoy the Phase 1 Common Areas and Facilities shall be held by the Manager as trustee for the benefit all the Owners for the time being and in the event the Manager shall resign or be dismissed or wound up or a receiving order made against it and another manager appointed in its stead in accordance with these presents, then the Manager or the liquidator or the receiver (as the case may be) shall assign free of costs or consideration such Undivided Shares to the new manager upon the same trust PROVIDED THAT if an Owners’ Corporation is formed under the Building Management Ordinance it may require the Manager for the time being or its liquidator or receiver (as the case may be) to assign such Undivided Shares and transfer the management responsibility to it free of costs or consideration at any time and in which event the Manager shall assign free of costs or consideration the Undivided Shares in respect of the Phase 1 Common Areas and Facilities together with the Phase 1 Common Areas and Facilities and transfer free of costs or consideration the management responsibility to the Owners’ Corporation which shall hold such Undivided Shares on trust for the benefit of all the Owners.. SECTION IV

Assignment of Common Areas and Facilities. (i) Upon execution of this Deed, the First Owner shall assign to the Manager free of costs or consideration the whole of the Undivided Shares allocated to the Phase 1 Common Areas and Facilities under this Deed subject to and with the benefit of the Conditions Government Grant and this Deed. Such Undivided Shares together with the right to hold, use, occupy and enjoy the Phase 1 Common Areas and Facilities shall be held by the Manager as trustee for the benefit all the Owners for the time being and in the event the Manager shall resign or be dismissed or wound up or a receiving bankruptcy order made against it and another manager appointed in its stead in accordance with these presents, then the Manager or the liquidator or the receiver (as the case may be) shall assign free of costs or consideration such Undivided Shares to the new manager upon the same trust PROVIDED THAT if an Owners’ ' Corporation is formed under the Building Management Ordinance it may require the Manager for the time being or its liquidator or receiver (as the case may be) to assign such Undivided Shares and transfer the management responsibility to it free of costs or consideration and in which event the Manager shall assign free of costs or consideration the Undivided Shares in respect of the Phase 1 Common Areas and Facilities together with the Phase 1 Common Areas and Facilities and transfer free of costs or consideration the management responsibility to the Owners’ ' Corporation which shall hold such Undivided Shares on trust for the benefit of all the Owners.