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The proposed Management Agreement is based on the following general
terms and conditions:
- Term of the Initial Management Agreement: 3 years (additional
3 years option)
- Termination Notice: The apartment owner can give Waldorf
3 months notice. Should the owner decide to sell his apartment,
a 42-day termination notice will suffice. Termination of the Management
Agreement by a unit owner will terminate the Guarantee Agreement.
The Waldorf Group will not be in a position to terminate the agreement
unless the owner is in breach of its lease agreement.
- Management fee: 6.5% of the apartment's gross rental.
- Representation on Owners Corporation Council: Owners
of apartments under management will appoint Waldorf as their representative
on the Owners Corporation Council (this appointment will not preclude
the owner from representing themself personally in any of the
Owners Corporation Council meetings).
The Manager will enter into a Management Agreement with the Body
Corporate for a period of 5 years with various renewal options.
This agreement will enable the Manager to provide additional services
both to the furnished apartments under Management and to the owners
corporation. The Waldorf Apartment Group will not charge the owners
corporation any costs, which relate solely to the furnished apartments
operation, a fact that will not disadvantage apartment owners who
do not wish to participate in the Management Scheme.
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