Common use of LEVIES Clause in Contracts

LEVIES. 20.1 It is estimated that the initial Levies payable by the Purchaser will be equal to the amount set out in Item 10 of the Information Schedule. 20.2 As from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each month. 20.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses. 20.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser is given in Item 10 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per section, irrespective of the size of the section. A breakdown of the levy components and the basis of their allocation is reflected in Annexure “E”. 20.6 The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given in clause 20.4 above. This limitation is subject to the clarifications set out in clauses 20.3 and 20.4. 20.7 The compulsory minimum Health Care Services which are included in the Levy and some of the optional extra Health Care Services which are available for an additional fee are set out in Annexure “F”. During the Development Period, and depending on demand and uptake, the Seller and/or the Managing Agent reserves the right to add to or substitute (provided such substitution offers a similar facility or service) any of the services listed in Annexure “F”. 20.8 In the event that the Occupation Date is earlier than the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due to the existence of alleged ▇▇▇▇(s). 20.9 In addition to the Levies, and to provide for levy stabilisation, an exit levy of 5% (FIVE PERCENT) of the value of the Property (based on market value or sales price, whichever is higher) is payable to the Body Corporate by the Purchaser on alienation of the Property.

LEVIES. 20.1 It is 18.1. The estimated that the initial Levies payable by the Purchaser to the Body Corporate for a period of 2 (Two) years in advance will be equal to the amount set out in Item 10 Clause 8 of the Information Covering Schedule. 20.2 As , which Levies are payable from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each monthDate. 20.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”18.2. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses. 20.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser is given in Item 10 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per sectionSection, irrespective of the size of the sectionSection. A breakdown of the levy components and the basis of their allocation is reflected in Annexure “E”.E. 20.6 18.3. The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 of the Body Corporate via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given herein. Until the completion of all the phases in clause 20.4 above. This limitation is subject the entire Scheme, the Seller will, in addition to the clarifications set out levies which it will be liable for as owner of sections in clauses 20.3 and 20.4phases which have been completed, cover the income shortfalls to ensure that the expenses of the Body Corporate are covered. 20.7 The compulsory minimum Health Care 18.4. Optional extra Services which are included in will be offered to the Nominated Occupant(s), but the fees due for these optional extra services will not form part of the Levy and some the Purchaser will be charged by the Service Provider for the provisioning and rendering of such optional services to the Nominated Occupant(s) (although the fees may be included on the physical levy statement and collected by the Management Agent on behalf of the optional extra Health Care relevant Services which are available for an additional fee are set out in Annexure “F”Provider). During the Development Period, and depending on demand and uptake, the Seller and/or the Managing Agent reserves the right The Purchaser is therefore advised to add make contractual arrangements with his Nominated Occupant(s) to or substitute (provided recoup such substitution offers a similar facility or service) any of the services listed in Annexure “F”costs if necessary. 20.8 18.5. In the event that the Occupation Date is earlier than the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due to the existence of alleged ▇▇▇▇(s). 20.9 In addition 18.6. The Seller shall, until the date of opening of the Sectional Title Register in the Cape Town Deeds Registry: 18.6.1. keep the Building insured for its replacement value against all risks mentioned in the Rules and against any other risk against which the Seller may deem it prudent; 18.6.2. maintain the Common Property and to keep it in a state of good and serviceable repair; 18.6.3. administer the Common Property and make all payments in respect of rates, taxes and other imposts, electricity and water consumed upon the Common Property and all other charges in connection with the Common Property. 18.7. If the Seller incurs any expenditure between the date of the opening of the Sectional Title Register and the First Meeting, it shall recover such expenditure by way of the Interim Levies, and as follows: 18.7.1. the Interim Levies will be calculated by dividing the monthly expenditure as described in Clauses 18.6.1 to provide for levy stabilisation, an exit levy of 5% (FIVE PERCENT) 18.6.3 above between the various Sections comprising the Scheme in accordance with the Participation Quotas of the value Sections; 18.7.2. the Interim Levy is payable, monthly in advance, from the Occupation Date until the Transfer Date or the date of the Property (based on market value or sales priceFirst Meeting, whichever is higherthe latest. 18.8. After the First Meeting, the Purchaser shall be liable to pay the Levies to the Body Corporate. 18.9. The Levies will be payable monthly in advance on the 1st day of the month, save for the first month after the Transfer Date or the Occupation Date, whichever is the earlier, in which instance the Purchaser will pay for 2 (Two) months in advance. 18.10. The Purchaser confirms that he is aware that the Levies includes a pro-rata Levy payable to the Firgrove Industrial Estate Property Owners Association and that he is jointly and severally liable with the Body Corporate to the Firgrove Industrial Estate Property Owners Association for payment of such pro-rata portion of the Sectional Title Levy. 18.11. The Seller hereby warrants that the Levies payable by the Purchaser to the Body Corporate, as the case may be, for the first 2 (Two) years after the Transfer Date, will not be more than the amounts indicated on alienation of the Property.2 Year Levy Schedule attached hereto as Annexure E.

LEVIES. 20.1 It is estimated that the initial Levies payable by the Purchaser will be equal to the amount set out in Item 10 of the Information Schedule. 20.2 As from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each month. 20.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses. 20.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser is given in Item 10 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per section, irrespective of the size of the section. A breakdown of the levy components and the basis of their allocation is reflected in Annexure “E”. 20.6 The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given in clause 20.4 above. This limitation is subject to the clarifications set out in clauses 20.3 and 20.4. 20.7 The compulsory minimum Health Care Services which are included in the Levy and some of the optional extra Health Care Services which are available for an additional fee are set out in Annexure “F”. During the Development Period, and depending on demand and uptake, the Seller and/or the Managing Agent reserves the right to add to or substitute (provided such substitution offers a similar facility or service) any of the services listed in Annexure “F”. 20.8 In the event that the Occupation Date is earlier than 21.1 After the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due to the existence of alleged ▇▇▇▇(s). 20.9 In addition to the Levies, and to provide for levy stabilisation, an exit levy of 5% (FIVE PERCENT) of the value of the Property (based on market value or sales price, whichever is higher) is payable to the Body Corporate by and/or SCEMHOA, as the case may be.. 21.2 It is estimated that the Levy payable in terms of Clause 21.1 will approximately be equal to the amount described in Clause 5 of the Covering Schedule. 21.3 The Levies will be payable monthly in advance on the 1st first day of the month, save for the first month after the Transfer Date, in which instance the Purchaser on alienation will pay for 2 (Two) months in advance. 21.4 All Levies will be paid directly to SCEMHOA and the Body Corporate. The Sub-Home Owners Association may not collect any Levies or manage any funds. 21.5 The Seller shall, until the First Meeting: 21.5.1 keep the Building insured for its replacement value against all risks mentioned in the Rules and against any other risk against which the Seller may deem it prudent; 21.5.2 maintain the Common Property and to keep it in a state of good and serviceable repair; 21.5.3 keep in a state of good and serviceable repair and maintain the plant, machinery, fixtures and fittings used in connection with the Common Property; 21.5.4 administer the Common Property and make all payments in respect of rates, taxes and other imposts, electricity and water consumed upon the Common Property and all other charges in connection with the Common Property. 21.5.5 If the Seller incurs any expenditure between the date of the Propertyopening of the Sectional Title Register and the First Meeting, it shall recover such expenditure by way of the Interim Levies, as follows: 21.5.5.1 the Interim Levies will be calculated by dividing the monthly expenditure as described in Clauses 21.5.1 to 21.5.4 above between the various Units comprising the Scheme in accordance with the Participation Quotas of the Units; 21.5.5.2 the Interim Levy is payable, monthly in advance, from the Occupation Date until the Transfer Date or the date of the First Meeting, whichever is the latest; 21.5.5.3 it is expected that the Interim Levy may not be equal to the amount described in Clause 5 of the Covering Schedule. The Purchaser will remain obliged to pay the Interim Levy as calculated in terms of this Clause 21.5.5 notwithstanding any difference in the amount.

LEVIES. 20.1 It is estimated that the initial Levies payable by the Purchaser will be equal to the amount set out in Item 10 of the Information Schedule. 20.2 As from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each month. 20.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses. 20.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser is given in Item 10 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per section, irrespective of the size of the section. A breakdown of the levy components and the basis of their allocation is reflected in Annexure “E”. 20.6 The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given in clause 20.4 above. This limitation is subject to the clarifications set out in clauses 20.3 and 20.4. 20.7 The compulsory minimum Health Care Services which are included in the Levy and some of the optional extra Health Care Services which are available for an additional fee are set out in Annexure “F”. During the Development Period, and depending on demand and uptake, the Seller and/or the Managing Agent reserves the right to add to or substitute (provided such substitution offers a similar facility or service) any of the services listed in Annexure “F”. 20.8 In the event that the Occupation Date is earlier than 21.1 After the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due to the existence of alleged ▇▇▇▇(s). 20.9 In addition to the Levies, and to provide for levy stabilisation, an exit levy of 5% (FIVE PERCENT) of the value of the Property (based on market value or sales price, whichever is higher) is payable to the Body Corporate by and/or SCEMHOA, as the case may be.. 21.2 It is estimated that the Levy payable in terms of Clause 21.1 will approximately be equal to the amount described in Clause 5 of the Covering Schedule. 21.3 The Levies will be payable monthly in advance on the 1st first day of the month, save for the first month after the Transfer Date, in which instance the Purchaser on alienation will pay for 2 (Two) months in advance. 21.4 All Levies will be paid directly to SCEMHOA and the Body Corporate. The Sub-Home Owners Association may not collect any Levies or manage any funds. 21.5 The Seller shall, until the First Meeting: 21.5.1 keep the Building insured for its replacement value against all risks mentioned in the Rules and against any other risk against which the Seller may deem it prudent; 21.5.2 maintain the Common Property and to keep it in a state of good and serviceable repair; 21.5.3 keep in a state of good and serviceable repair and maintain the plant, machinery, fixtures and fittings used in connection with the Common Property; 21.5.4 administer the Common Property and make all payments in respect of rates, taxes and other INITIAL imposts, electricity and water consumed upon the Common Property and all other charges in connection with the Common Property. 21.5.5 If the Seller incurs any expenditure between the date of the Propertyopening of the Sectional Title Register and the First Meeting, it shall recover such expenditure by way of the Interim Levies, as follows: 21.5.5.1 the Interim Levies will be calculated by dividing the monthly expenditure as described in Clauses 21.5.1 to 21.5.4 above between the various Units comprising the Scheme in accordance with the Participation Quotas of the Units; 21.5.5.2 the Interim Levy is payable, monthly in advance, from the Occupation Date until the Transfer Date or the date of the First Meeting, whichever is the latest; 21.5.5.3 it is expected that the Interim Levy may not be equal to the amount described in Clause 5 of the Covering Schedule. The Purchaser will remain obliged to pay the Interim Levy as calculated in terms of this Clause 21.5.5 notwithstanding any difference in the amount.

LEVIES. 20.1 22.1 It is estimated that the initial Levies payable by the Purchaser to the Body Corporate will be equal to the amount set out in out2i6n Item 10 9 of the Information Schedule. 20.2 22.2 As from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each month. 20.3 22.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses.I. 20.4 22.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser (and every owner of a Unit in completed phases of the Scheme) is given in Item 10 9 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 22.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per sectionSection, irrespective of the size of the sectionSection. A breakdown of the levy components and the basis of their allocation is reflected in the Developer’s Determination annexed hereto marked Annexure “E”.K. 20.6 22.6 The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 22.5 via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given in clause 20.4 22.4 above. This limitation is subject . 22.7 The Seller will, in addition to the clarifications set out levies which it will be liable for as owner of sections in clauses 20.3 and 20.4phases which have been completed, cover the income shortfalls for a period of 3 (three) years from date of establishment of the Body Corporate to ensure that the expenses of the Body Corporate are covered. 20.7 22.8 The compulsory minimum Health Care Services which are included in the Levy and some of the optional extra Health Care Services which are available for an additional fee are set out in Annexure “F”. J. During the Development Period, and depending on demand and uptake, the Seller and/or the Estate Manager / Managing Agent reserves the right to add to or substitute (provided such substitution offers a similar facility or service) any of the services listed in Annexure “F”.J. 20.8 22.9 In the event that the Occupation Date is earlier than the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due . 22.10 The Seller shall prior to the existence establishment of alleged ▇▇▇▇(s)the Body Corporate: 22.10.1 keep the Buildings insured for their replacement value against all risks mentioned in the Rules and against any other risk which the Seller may deem it prudent to insure; 22.10.2 maintain the Common Property and to keep it in a state of good and serviceable repair; 22.10.3 keep in a state of good and serviceable repair and maintain the plants, machinery, fixtures and fittings used in connection with the Common Property; and 22.10.4 administer the Common Property and make all payments in respect of rates, taxes and other charges in connection with the Common Property. 20.9 22.11 Should transfer of the Property form part of the first batch of transfers at the Scheme, with the result that the Body Corporate is not yet in existence and the Purchaser has taken occupation prior to the Transfer Date, then the Seller will be entitled to recoup a pro-rata share of the costs and expenses listed in clause 22.10 from the Purchaser, and the Purchaser shall pay those costs and expenses to the Conveyancers on demand. The pro-rata costs will be determined by the auditor of the Seller, who shall make such determination as an expert, and such determination shall be final and binding on the Parties. 22.12 In addition to the Levies, and to provide for levy stabilisation, as well as for future upgrades, an exit levy of 525% (TWENTY FIVE PERCENT) of the value of difference between the Property (based on market value or sales initial purchase price and the Selling price, whichever is higher) after deduction of reasonable costs of improvements / enhancements and deduction of agents commission, is payable to the Body Corporate by the Purchaser on alienation of the Property. For sake of clarity improvements are defined as anything that adds value to the property and would be allowed as a deduction in terms of Capital Gains Tax. IN THE EVENT THAT THE PROPERTY IS SOLD BY THE MORTGAGEE BY WAY OF DISTRESSED SALE OR FORECLOSURE AND SHOULD THERE NOT BE SUFFICIENT FUNDS TO COVER THE BOND CANCELLATION AMOUNT AND THE LEGAL FEES INCURRED BY THE MORTGAGEE, THIS SUB CLAUSE 22.12 SHALL BE WAIVED BY THE BODY CORPORATE. 22.13 Notwithstanding clause 22.12 above, in the event that the property is transferred to an heir in terms of a Last Will and Testament, the Deceased Estate shall be exempt from paying the exit levy. 22.14 The Body Corporate, assisted by the Managing Agent and/or Estate Manager, will administer the levy fund for the benefit of the Scheme.

LEVIES. 20.1 22.1 It is estimated that the initial Levies payable by the Purchaser to the Body Corporate will be equal to the amount set out in Item 10 9 of the Information Schedule. 20.2 22.2 As from the Transfer Date the Purchaser shall be liable to pay the Levy to the Body Corporate. Levies shall be payable monthly in advance before or on the 1st day of each month. 20.3 22.3 An estimate, for a period of 3 (THREE) years in advance, of the total expenditure for the control, management and administration of the Scheme (including all common amenities and facilities contained therein) and for the provisioning and availability of the compulsory minimum Health Care Services is given in Annexure “D”. This estimate reflects only the total expenses to be paid out by the Body Corporate, and not the building up of financial reserves from time to time which remain under the control of the Body Corporate to fund future expenses.I. 20.4 22.4 An estimate, for a period of 2 (TWO) years in advance, of the Levy payable by the Purchaser (and every owner of a Unit in completed phases of the Scheme) is given in Item 10 9 of the Information Schedule. This estimate does not include any taxes, levies or charges that are or may be imposed on the Purchaser in its capacity as owner of the Property by Government (such as rates and CSOS levies). 20.5 22.5 In accordance with a determination made by the Developer in terms of section 32(4) of the erstwhile Sectional Titles Act (now section 11(2) of the Sectional Titles Schemes Management Act), certain components of the Levy will be based on the Floor Area (or participation quota) of the Section, and other components will be charged per sectionSection, irrespective of the size of the sectionSection. A breakdown of the levy components and the basis of their allocation is reflected in the Developer’s Determination annexed hereto marked Annexure “E”.K. 20.6 22.6 The Purchaser (along with other members of the Body Corporate) shall be liable for the payment of the expenditure mentioned in clause 20.3 22.5 via the Levies raised and charged on it as owner of the Property, but the Purchaser shall, during the abovementioned 2 (TWO) year period, not be liable for the payment of any such expenditure over and above such levy estimate given in clause 20.4 22.4 above. This limitation is subject . 22.7 The Seller will, in addition to the clarifications set out levies which it will be liable for as owner of sections in clauses 20.3 and 20.4phases which have been completed, cover the income shortfalls for a period of 3 (three) years from date of establishment of the Body Corporate to ensure that the expenses of the Body Corporate are covered. 20.7 22.8 The compulsory minimum Health Care Services which are included in the Levy and some of the optional extra Health Care Services which are available for an additional fee are set out in Annexure “F”. J. During the Development Period, and depending on demand and uptake, the Seller and/or the Estate Manager / Managing Agent reserves the right to add to or substitute (provided such substitution offers a similar facility or service) any of the services listed in Annexure “F”.J. 20.8 22.9 In the event that the Occupation Date is earlier than the Transfer Date, the Purchaser shall be liable to pay the Levies or alternatively, to reimburse the Seller on demand for all Levies that the Seller may have paid on the Property between the Occupation Date and the Transfer Date. Under no circumstances may Levies be withheld, particularly due . 22.10 The Seller shall prior to the existence establishment of alleged ▇▇▇▇(s)the Body Corporate: 22.10.1 keep the Buildings insured for their replacement value against all risks mentioned in the Rules and against any other risk which the Seller may deem it prudent to insure; 22.10.2 maintain the Common Property and to keep it in a state of good and serviceable repair; 22.10.3 keep in a state of good and serviceable repair and maintain the plants, machinery, fixtures and fittings used in connection with the Common Property; and 22.10.4 administer the Common Property and make all payments in respect of rates, taxes and other charges in connection with the Common Property. 20.9 22.11 Should transfer of the Property form part of the first batch of transfers at the Scheme, with the result that the Body Corporate is not yet in existence and the Purchaser has taken occupation prior to the Transfer Date, then the Seller will be entitled to recoup a pro-rata share of the costs and expenses listed in clause 22.10 from the Purchaser, and the Purchaser shall pay those costs and expenses to the Conveyancers on demand. The pro-rata costs will be determined by the auditor of the Seller, who shall make such determination as an expert, and such determination shall be final and binding on the Parties. 22.12 In addition to the Levies, and to provide for levy stabilisation, as well as for future upgrades, an exit levy of 525% (TWENTY FIVE PERCENT) of the value of difference between the Property (based on market value or sales initial purchase price and the Selling price, whichever is higher) after deduction of reasonable costs of improvements / enhancements and deduction of agents commission, is payable to the Body Corporate by the Purchaser on alienation of the Property. For sake of clarity improvements are defined as anything that adds value to the property and would be allowed as a deduction in terms of Capital Gains Tax. IN THE EVENT THAT THE PROPERTY IS SOLD BY THE MORTGAGEE BY WAY OF DISTRESSED SALE OR FORECLOSURE AND SHOULD THERE NOT BE SUFFICIENT FUNDS TO COVER THE BOND CANCELLATION AMOUNT AND THE LEGAL FEES INCURRED BY THE MORTGAGEE, THIS SUB CLAUSE 22.12 SHALL BE WAIVED BY THE BODY CORPORATE. 22.13 Notwithstanding clause 22.12 above, in the event that the property is transferred to an heir in terms of a Last Will and Testament, the Deceased Estate shall be exempt from paying the exit levy. 22.14 The Body Corporate, assisted by the Managing Agent and/or Estate Manager, will administer the levy fund for the benefit of the Scheme.