1. THE UNIT COMPRISES OF:
A Unit is one of 25 freehold, detached, cottages, located on a large farm near the sea coast in Petit Trou, St. David.
2. UNIT MANAGED UNDER MANAGEMENT PROGRAM:
after obtaining Economic Citizenship and having the title to Unit transferred into Owner’s name,
St. David Agro Inc., would manage the Unit for the Owner under its Management Program.
3. The Unit is a 1000 square feet, fully furnished and equipped Cottage on a lot Three Thousand Five Hundred and Sixty-Six (3,566 Sq. Ft.) Square Feet English Statute Measure / Three Hundred and Thirty-One (331 Sq. M) Square Meters.
4. BUYER COVENANTS TO RENTAL PROGRAM:
The Buyer upon purchasing, covenants to place the Unit in a Rental Program managed by the Rental Manager – St. David Agro Inc.
Seller shall arrange and place sufficient building and contents insurance on the Unit to cover contents, building repair and replacement cost, at its own expense. The Rental Management shall place and maintain said level of insurance for as long as the Buyer owns the Unit.
6. CHATTELS INCLUDED IN THE PROJECT:
Electrical light fixtures, security bars and screens, faucet and shower head, solar water heater, water pumps, fridge, stove, linens, kitchen utensils, pots, pans, dishes, automatic garage door opener and all other permanent fixtures attached to the Unit.
A Cottage in a gated community
Shower- glass block enclosure
6,000-gallon water tank under flooring
Mahogany doors & kitchen cabinets
Security doors & locking hardware
Regular faucets and plumbing fixtures
Mahagony counter top
Mahagony wood flooring on concrete slab
Mahogany floor at porch
Roof - structural timber
Solar water heater, solar system, batteries
light fixtures – solar powered
Aluminium roofing with baked on paint
Vinyl or wood windows
Roof tied down with metal ties
Automatic water pumps
Electric wiring throughout 110 amps
Gravelled & grass yard and walkway
All concrete to have reinforcing steel
Screens at windows
8. EXCERPS FROM RENTAL MANAGEMENT AGREEMENT: - ST. DAVID AGRO INC.
a. Unit Placed in a Rental Program
Upon purchasing the Unit Owner enters into a Management Agreement with St. David Agro Inc. (the Rental Manager) and places the Rental Unit in a Rental Program.
b. Net Rental Revenue Allocated
The Rental Program is operated as a rental pool in which all Gross Rental Revenue from the rental of all Rental Units in the Rental Program will be pooled and commingled and the Net Rental Program Revenue will be allocated among all Rental Program participants.
c. Owner Receives 50% of Rental Income
The Owner shall receive Fifty percent (50%) of the gross Rental Program Revenue to the Rental Manager in exchange for his participation in the Rental Program. The Owner shall be paid the amount due him semi-annually on the 30th day of June and on the 31st day of December of each year.
d. Owner and Guest’s Occupancy
the Owner and the Owner's immediate family shall be allowed to occupy the Unit for two (2) weeks per calendar year; during that 2 weeks, the Owner shall not be charged an accommodation charge.
e. Maintenance of the Unit
a. maintain the entire grounds around the Unit, cut the grass
b. maintain the solar grid and its grid system, batteries and other equipment in each Unit
d maintain the water storage system
f. paint the entire exterior of the Unit at least every 2 years
g keep furniture, appliances, dishwasher, televisions, in a good state of repair.
h. maintain the road to the beach, keep good for pedestrians and vehicles
f. Housekeeping Services.
The Rental Manager shall provide daily cleaning of the Unit during any guest stay. The costs and expenses incurred by Rental Manager pursuant to this shall be the Rental Manager cost.
g. Owner’s Mail
The Rental Manager shall gather all mail belonging to the Owner and keep same in a safe place
h. conveyance and delivery of the unit:
The Unit shall be conveyed to the Buyer and registered with Inland Revenue within 60 days following the date the Buyer has paid the full amount of the Investment and has obtained his Economic Citizenship.
i. All Expenses Paid by Seller
Land Transfer Tax, all Legal Fees for such conveyance, registration and closing shall be all paid for by the Seller. The Seller shall within 60 days of such conveyance, deliver to the Buyer the Title Deed, copy of survey of the Unit and rules of the Rental Management.
j. Seller shall pay rates:
The Seller shall pay to the proper Authorities before the date fixed for completion of this Agreement all such rates and/or other assessments as may be done in respect of the said hereditaments or any part thereof up to and including such date.
k. Owner Wanting to Sell the Unit / Notice of Sale.
The Owner agrees to notify the Rental Manager in writing in the event the Owner wishes to sell the Unit.