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1. Principle of Contract

LIFE RIGHT CONTRACT: right of occupation is given to the OCCUPANT. Therefore no transfer of property takes place.

2. Legal entities involved in the contract

2.1 The SELLER

2.2 The Purchaser

2.3 The Occupant

The Purchaser can be a(n) individual/ company/ CC/ or trust : no minimum age restriction. The Purchaser nominates an Occupant - at least one must be 65 years old: or himself and life partner on contract signature date/ or someone else / and life partner on contract signature date. Thereafter the PURCHASER has no more “function” with regards to the contract. The nominated Occupant/s is applicable.

3. The life right contract terminates when: (clause 12)

3.1 The Occupant passes away.  If a life partner was nominated at contract signature date, he/she will be entitled to stay on until his/her death.

3.2 Refer to clause 12 pg. 7 of the Contract for further catalysts.

4. Refund of PURCHASE PRICE after contract termination (clause 13)

4.1 The Seller undertakes to market and sell the Life Right forthwith.

4.2 The refundable amount will be original purchase price less the following: agent’s commission as stipulated, cost of repairs (normal wear & tear excluded) and the payable levies (according to cl. 12.2).

4.3 The refundable amount will be deposited into the account of the PURCHASER after the “resale” has been concluded and the purchase price received.

4.4 Take note that the original PURCHASE PRICE is an interest free loan.

5. Levies (clause 7)

5.1 A monthly levy amount is payable from the date of occupation, as determined by the Seller.

5.2 The above mentioned levy will cover everything as stipulated in clause 7. Levies will be revised annually in conjunction with a budget approved by the management committee.

6. Additional cost for own account (clause 10)

6.1 DSTV subscriptions.

6.2 Installation of Telkom phone, if required.

6.3 Telephone costs for all outgoing calls.

6.4 Personal household contents insurance.

6.5 Electricity consumption.

7. In the case of LETTING (clause 16)

7.1 The apartment may however only be leased if the Management receives a written undertaking that the lessee will comply with the conduct rules and stipulated contractual requirements (also age requirement).

7.2 Upon the death (or principles according to clause 12 of the contract) of the nominated OCCUPANT, the abovementioned lease agreement will terminate.
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