Advance Payment of Management Expenses:

A sum equivalent to 1 month's Budgeted Management Expenses to be paid in advance upon completion.

Salient Points on Deed of Mutual Covenant and Management Agreement

1. A Deed of Mutual Covenant and Management Agreement will be entered into in respect of the Lot.
2. Common Areas and Facilities shall include, among others, the club house, the recreational facilities, the landscaped garden, the access roads and driveways within the Lot, the external walls, the lobbies and other areas, systems and facilities intended for the common use and benefit by the owners of the Lot.
3. Hong Yip Services Company Limited is the appointed Manager initially for a term of 2 years commencing from the date of the issue of the Occupation Permit. After the initial period, the appointment of the Manager may be terminated by 3 months' notice given by either the Manager or the Owners' Committee. The annual remuneration of the Manager shall be 10% of the total expenses per annum necessarily and reasonably incurred in the course of proper and efficient management of the Development .
4. The owners of the Lot are required to contribute to the management expenses attributable to the Lot pro rate according to the Undivided Shares of the units owned by them. Upon taking up Assignment from the Developer, the owners are required
1. to pay a deposit equivalent to 3 months' Budgeted Management Expenses;
2. to make an initial contribution towards to Capital Equipment Fund equivalent to 2 months’ Budgeted Management Expenses;
3. to pay the Decoration Debris Removal Expenses a sum equivalent to 1 month's Budgeted Management Expenses; and
4. to pay the first month's Budgeted Management Expenses in advance.
5. The owners shall at their own expenses maintain and carry out all works in respect of the slopes and retaining walls within the Lot as shown in the slope plan below of the sales brochure.
6. The Manager is to be given full authority by all the owners to carry out the necessary annual maintenance works on slopes and retaining walls, in accordance with all guidelines issued from time to time by the appropriate governmental authorities and each owner will be obliged to make contributions towards the costs of such works.
7. The following covenants and restrictions, among others, are to be included :
   1. No owner shall make any structural alteration to his unit or alter the external appearance of his unit.
   2. No owner shall keep any dogs within any part of the Development. Further, no owner shall keep any poultry, birds or other animal or live poultry in his unit if the same has been the cause of reasonable complaints by at least 2 owners or occupiers of the Development.
   3. Each owner shall on ceasing to be an owner notify the Manager of such cessation and of the name and address of the new owner.
   4. No clothing or laundry shall be hung outside any part of the Development other than the spaces provided for such purpose.
   5. No part of the Common Areas shall be obstructed nor shall any refuse be placed or left thereon.
   6. No owner shall do anything which will amount to a breach of the Government Lease or the Deed of Mutual Covenant and Management Agreement.

The above information is for reference only. For full details please refer to the Deed of Mutual Covenant and Management Agreement. A full script of the Deed of Mutual Covenant and Management Agreement is available upon request and upon  paying of  the necessary photocopying charges.