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Lease agreement template for FFS
Lease agreement template for FFS

SCHEDULE 4: Review of Monthly Charge

The Monthly Charge shall be adjusted at any time upwards by the Society or increased voluntarily by the Member to take account of the variations in the Society’s operating costs including the costs of management of the Premises, maintenance of the Premises, provision of services to the Premises and the costs of financing the Society’s mortgage.
The Society shall have the right to raise the Member’s Monthly Charge and/or allocate further Equity Shares to the Member (in addition to the increase in Clause 1 above) where the costs of the Society’s meeting its obligations under Clause 4 below or the costs of financing the Society’s mortgage have increased and for the benefit of all the Members of the Society, the Society feels it is prudent to increase the Member’s Monthly Charge immediately.
The Society must give the Member one month’s prior notice in writing of any increase or decrease in the Monthly Charge pursuant to Clauses 1 and 2 above.
The Monthly Charge shall include (by way of illustration and not limitation) contribution to the following costs incurred by the Society:
The cost to the Society of financing its loan and mortgage repayments.
The cost to the Society of managing the Development.
The cost to the Society of insurance maintenance and charges including those costs incurred complying with its obligations under Clause 5.2 of this Lease.
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