Maintenance Charges

The Management Company shall as soon as practicable after the 1st day of January in each year prepare estimates of the sums to be spent on the matters specified further on and shall forthwith thereafter notify the Buyer of such Estimated Management Costs. 

The Buyer shall within 14 days of receipt of demand therefor pay to the Management Company the Maintenance Charge.

That in the event of the Maintenance Charge (or any part thereof) remaining unpaid seven days after the same shall have become due (whether formally demanded or not) the Buyer shall pay interest at the rate of 4 per cent per annum above the Base Rate of National Westminster Bank plc prevailing from time to time upon the amount remaining unpaid from.

If any dispute difference or question shall arise between the Buyer and the Management Company in relation to the provisions of this Schedule then such dispute difference or question shall be referred by either party thereto to the determination and award of a Chartered Surveyor acting as an expert to be chosen by the said parties (or in default of an agreement to be nominated by the President for the time being of the Royal Institution of Chartered Surveyors) whose determination and award shall be final and binding on both parties and whose fees and expenses shall be borne by the parties in such proportion as the said Chartered Surveyor shall determine.

All sums paid by the Management Company for the repair maintenance cleaning lighting security and managing of the Amenity Areas and Service Installations comprised therein whether or not the Management Company was liable to incur the same under its covenants herein contained. 

Any tax (including Value Added Tax) paid or payable by the Management Company to the extent that the same is not recoverable by the Management Company.

Any interest or other charges incurred by the Management Company in borrowing money (including the cost of procuring any guarantee or bond for repayment) for the purpose of any of the matters referred to in this Schedule.

The costs incurred by the Management Company in bringing or defending any actions or other proceedings against or by any person whomsoever.

Such sum as the Management Company shall determine as desirable to be set aside in any year towards a reserve fund to make provision for expected future substantial capital expenditure including (without prejudice to the generality of the foregoing) the re-surfacing of the roads and footpaths comprised in the Amenity Areas. 

It is incurred by the Management Company in the recovery of any arrears of Maintenance Charge whether as a result of Court proceedings or otherwise.