License agreement – maintenance fee calculation

Below is an extract from a License agreement setting out the method by which the maintenance fees are calculated:

6. The percentage of the Maintenance Charge payable by the Licensee shall be the same percentage as the net square footage of the dwelling house on the property bears to the aggregate square footage of all completed houses townhouses and condominium units from time to time situate in Sandyport Property. For the purpose of calculating the square footage of any dwelling house Townhouse or condominium unit guest quarters and enclosed porches covered by a fixed roof shall be included and the net square footage shall be calculated by measuring from the outside of external walls and from the middle of party walls (if any) PROVIDED HOWEVER in the event that there is no dwelling house on the Property the Maintenance Charge payable by the Licensee hereunder shall be fifty percent (50%) of the Maintenance Charge payable from time to time by the owner of an Angler Townhouse in the Sandyport Property PROVIDED NEVERTHELESS notwithstanding anything to the contrary herein contained unless and until a dwelling house shall be built on the Property the Licensee shall have the option (which shall be exercised by notice in writing to the Licensor) of declining the use of the Amenity Areas and in such event the Licensee shall only be liable for the payment of the said Indenture Charge.

For the purposes of measuring converted roof space, the following method was adopted by the Board at a meeting on June 6th, 2011:

For the purposes of assessment calculations, the Association shall consider any formed, fitted out, enclosed and floored roof space as a usable space and as such, will be added to the overall square footage of the  overall house square footage, with regards to maintenance charge calculations. Any low, unfinished storage area outside a knee wall, shall be excluded from the overall square footage.

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