TABLE OF CONTENTS Contract.pdf · ☐ Low Season ☐ Studio, 2 Sleeper ☐ Economy ☐ Weekend / Midweek ☐ Mid-Season ☐ 1 Bedroom, 4 Sleeper ☐ Standard ☐ 1 Week ☐ High-Season

TABLE OF CONTENTS

HOLIDAY NEEDS ANALYSIS ............................................................................................................................................................... 1

QUOTATION ........................................................................................................................................................................................... 1

METHOD OF PAYMENT........................................................................................................................................................................ 1

DEBIT ORDER INSTRUCTION ............................................................................................................................................................. 2

DETAILS OF APPLICANT(S)................................................................................................................................................................. 3

AFFORDABILITY ASSESSMENT ......................................................................................................................................................... 4

CERTIFICATE OF UNDERSTANDING ................................................................................................................................................ 5

PURCHASE AND CREDIT AGREEMENT ........................................................................................................................................... 6

APPLICATION FOR MEMBERSHIP ................................................................................................................................................... 10

CONVERSION OF FLEXI HOLIDAY CLUB MEMBERSHIP ............................................................................................................ 12

TRADE-IN OF A PROPERTY TIMESHARING INTEREST AGREEMENT ..................................................................................... 13

USAGE AGREEMENT AND SPECIAL POWER OF ATTORNEY ................................................................................................... 14

FLEXI HOLIDAY CLUB CONSTITUTION ........................................................................................................................................... 15

FLEXI HOLIDAY CLUB RULES ........................................................................................................................................................... 19

STATUTORY DISCLOSURE OF INFORMATION ............................................................................................................................. 22

Membership Number: Contract Number: 000000 (Head Office Use Only)

Page 1 of 29

HOLIDAY NEEDS ANALYSIS TO DETERMINE YOUR HOLIDAYS NEEDS SELECT ONE ITEM FROM EACH OF THE FOLLOWING 4 COLUMNS.

HOLIDAY SEASON APARTMENT SIZE RESORT QUALITY LENGTH OF STAY

☐ Low Season ☐ Studio, 2 Sleeper ☐ Economy ☐ Weekend / Midweek

☐ Mid-Season ☐ 1 Bedroom, 4 Sleeper ☐ Standard ☐ 1 Week

☐ High-Season ☐ 2 Bedroom, 6 Sleeper ☐ Luxury ☐ 2 Weeks

☐ Peak 1 (e.g., 1st week December) ☐ 3 Bedroom, 8 Sleeper ☐ 3 Weeks

☐ Peak 2 (e.g., September Holidays) ☐ 4 Weeks

☐ Peak 3 (e.g., July & Easter Holidays)

☐ Peak 4 (e.g., Christmas Holidays)

Based on the selection above, to have a holiday each year, Points are required on average.

QUOTATION

ALL FIGURES INCLUDE VAT

FOR THE PURCHASE & CREDIT AGREEMENT WITH CLUB LEISURE DEVELOPMENT

FOR THE MEMBERSHIP & ANNUAL FEES WITH FLEXI HOLIDAY CLUB

A. Purchase Price of New Points R M. New Points Purchased Points

B. less: Deposit R N. add: Current Points Owned Points

C. gives: New Loan / Principal Debt (A - B) R O. add: Points for Conversion Points

D. add: Balance of Previous Loan R P. add: Points for Timeshare Trade-in Points

E. gives: Total Loan / Principal Debt (C + D) R Q. gives : Total Points Owned (M + N + O + P) Points

R. add: Free Usage Points Points

F. Number of Loan Instalments @ % p.a. S. gives : Total Membership Points (Q + R) Points

G. Monthly Loan Repayment R T.

H. add: Monthly Service Fee R T. Club Subs & Refurbishment Reserve R

I. gives: Monthly Loan Instalment (G + H) R U. add: Annual Levy R

V. gives : Total Annual Fees (T + U) R

J. Total Cost of Agreement (F x I) R

K. Total Cost of Service Fees (F x H) R Number of Fee Instalments @ % p.a.

L. Total Cost of Interest (J - K - E) R W. Monthly Fee Instalment R

Credit Cost Multiple ([K + L] ÷ E) :1

X. Contract & Admin Fee (once off) R

Details of Credit Provider Note: Should you already be a club member, your current year’s Annual Fee will not increase with this purchase of additional Points. Any increase will only be effective next year and will be based on item V above plus inflation.

Name:

NCR Reg#:

Physical Address:

Postal Address:

Email Address:

Telephone:

Club Leisure Development (Pty) Ltd

NCRCP2414

1 Crompton Street, Pinetown, 3610

P.O.Box 1583, Pinetown, 3600

[email protected]

031 717 7300

Membership Term: ☐ 7 Years ☐ 9 Years

☐ 12 Years ☐ 15 Years

☐ 20 Years ☐ Perpetuity

☐ Year Term Upgrade

Bonus Points Apply: ☐ Yes ☐ No Membership Benefits: ☐ Explore ☐ Inspire

☐ Elite ☐ Perpetuity

Presenter Name: Date of Presentation:

Advisor Name:

Branch: Presenter: Advisor: Manager:

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METHOD OF PAYMENT

PAYMENT DESCRIPTION AMOUNT METHOD OF PAYMENT NUMBER EFFECT

FROM/ON

Deposit Payment 1 (once off) R ☐Card ☐Cash/EFT ☐Debit Order 1 / /

Deposit Payment 2 (if applicable) (once off) R ☒Debit Order 1 / /

Deposit Payment 3 (if applicable) (once off) R ☒Debit Order 1 / /

Monthly Loan Instalment (Item I on page 1) R ☒Debit Order / /

Monthly Fee Instalment (Item W on page 1) R ☒Debit Order / /

Contract & Admin Fee (Item X on page 1) R ☐Card ☐Cash/EFT ☐Debit Order 1 / /

DEBIT ORDER INSTRUCTION

ACCOUNT HOLDER DETAILS

Account Holder Name:

Bank Name: Branch Name:

Account Number Branch Code:

Account Type ☐ Cheque ☐ Savings ☐ Transmission

PAYMENT ALLOCATIONS

The above amounts will be paid to the following parties:

1. Deposit Payments payable to Club Leisure Development (Pty) Ltd

2. Monthly Loan Instalment payable to Club Leisure Development (Pty) Ltd

3. Monthly Fee Instalment payable to Flexi Holiday Club

4. Contract & Admin Fee payable to Flexi Holiday Club

DEBIT ORDER INSTRUCTION

You, the account holder, authorise Club Leisure Development (Pty) Ltd and Flexi Holiday Club to issue instructions to their bankers for the collection of the debit order payments listed above. You authorise each individual debit order payment instruction to be issued and delivered monthly and/or annually. A debit order payment instruction may only be issued on or after the dates due in terms of this instruction, and the payments will be taken from your bank account on or after the dates listed above. The individual debit order amounts may not be more than what has been agreed above. However, you agree that the debit order payments may be taken from your bank account if the amounts are less than the amounts listed above. Club Leisure Development (Pty) Ltd and Flexi Holiday Club will include your payment reference number on all debit order payment instructions so that both you and they can identify your payment.

You understand that the Total Annual Fees (item V on page 1) may increase each year and that Flexi Holiday Club may revise the debit order payment instruction each year. Flexi Holiday Club will advise you by e-mail of this change in the annual debit order payment amount at least 30 (thirty) days before the amount is debited.

You agree to continue to allow debit order payments under this authority until you have paid all amounts you owe under this agreement. You may cancel this debit order instruction by giving 30 days’ written notice by registered post to P.O. Box 1583, Pinetown, 3600, or by delivering it to 1 Crompton Street, Pinetown, 3610. Should you cancel the debit order instruction, it does not cancel the Purchase and Credit Agreement with Club Leisure Development (Pty) Ltd, or your membership with Flexi Holiday Club. You cannot reclaim amounts paid from your account to Club Leisure Development (Pty) or Flexi Holiday Club under this debit order instruction if those amounts were legally owed to Club Leisure Development (Pty) Ltd or Flexi Holiday Club.

Your bank will treat all debit order payment instructions as though you have issued them yourself. Club Leisure Development (Pty) Ltd and Flexi Holiday Club will not cede or assign any of their rights to draw from your account to any other third party without your express written consent. You may not delegate any of your obligations under this agreement to any other third party without express written consent from Club Leisure Development (Pty) Ltd and Flexi Holiday Club.

Signed at on the day of 20

Account Holder

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DETAILS OF APPLICANT(S) DETAILS APPLICANT 1 APPLICANT 2

First / Entity Name:

Last Name:

ID/Registration Number:

Marital Status: ☐ Married (ANC) ☐ Married (COP) ☐ N/A ☐ Married (ANC) ☐ Married (COP) ☐ N/A

Telephone (Cell):

Telephone (Home):

Telephone (Work):

Email Address:

Physical Address

Address Line 1:

Address Line 2:

Address Line 3:

City/Town Code:. Code:.

Province

Postal Address

Address Line 1:

Address Line 2:

Address Line 3:

City/Town Code:. Code:

Province

Emergency Contact 1

First Name:

Last Name:

Telephone (Cell):

Telephone (Other):

Relationship: ☐ Friend ☐ Family ☐ Work Colleague ☐ Friend ☐ Family ☐ Work Colleague

Emergency Contact 2

First Name:

Last Name:

Telephone (Cell):

Telephone (Other):

Relationship: ☐ Friend ☐ Family ☐ Work Colleague ☐ Friend ☐ Family ☐ Work Colleague

DIRECTORS, MEMBERS OR TRUSTEES (Only applicable if applicant is a legal entity)

First Name:

Last Name:

ID Number:

First Name:

Last Name:

ID Number:

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INITIALS

AFFORDABILITY ASSESSMENT NOT APPLICABLE IF APPLICATION IS MADE IN THE NAME OF A JURISTIC PERSON OR IF PURCHASE PRICE IS BEING PAID IN 12 OR LESS INTEREST-FREE INSTALLMENTS

EXISTING FINANCIAL MEANS AND PROSPECTS APPLICANT 1 APPLICANT 2

1. Are you currently employed (Basic Salary and/or Commissions)? ☐ Yes ☐ No ☐ Yes ☐ No

2. Are you currently self-employed, or do you receive regular income from investments and/or a pension fund?

☐ Yes ☐ No ☐ Yes ☐ No

3. Are you currently insolvent, under administration, or under debt review? ☐ Yes ☐ No ☐ Yes ☐ No

4. Do you have any disputes/judgments listed with a credit bureau? ☐ Yes ☐ No ☐ Yes ☐ No

5. Have you applied for credit in the last 90 days whereby the application for credit was declined for any reason?

☐ Yes ☐ No ☐ Yes ☐ No

6. If you answered yes to either question 4 or 5 above, please provide the details thereof below:

7. If you answered yes to question 1 above, please provide the details of your employment below:

APPLICANT 1 APPLICANT 2

Employer Name:

HR Contact Person:

Employee Number:

Employed Since

EXISTING FINANCIAL OBLIGATIONS APPLICANT 1 APPLICANT 2

Income Basic Salary / Commission (before deductions)…… R R

Allowances / Fringe Benefits…………………...….... R R

Other Regular Monthly Income………………..……. R R

Total Income R R

Deductions Taxes & UIF………………………………….………. R R

Pension Fund…..………………………..…………... R R

Medical Aid………………..………………..………... R R

Living Expenses Groceries & Toiletries……………………....……….. R R

Water & Electricity……………………………..…..… R R

Rates & Levies……..……………………….…..……. R R

Telephone & Cell…………………..…….………..…. R R

Petrol & Diesel………………………….….….……... R R

Insurance Policies…………………………………… R R

DSTV / TV Subscriptions……………………..….….. R R

Dependents School & University Fees…………………..……..… R R

Child Maintenance…………………..……..………... R R

Spousal Maintenance……………………………….. R R

Agreements Bond and/or Rent……………………………………. R R

Car Repayments…………………………………….. R R

Card / Account Repayments…………..…..………... R R

Other Loan Obligations…………………..……..…... R R

Total Expenses R R

Discretionary Income (Total Income – Total Expenses) R R

Combined Discretionary Income (Applicant 1 + Applicant 2) R


Page 5 of 29

CERTIFICATE OF UNDERSTANDING This is to certify that you, the Applicant(s), understand the most critical aspects of your Points purchase with Club Leisure Development (Pty) Ltd set out on pages 7 to 9 and your rights and obligations as a member of Flexi Holiday Club in terms of the Application for Membership set out on pages 10 and 11 and the Club’s Constitution and Rules set out on pages 15 to 21.

PURCHASE OF POINTS INITIAL(S)

1. You have entered into a Purchase Agreement with Club Leisure Development to purchase the Total Membership Points (item S on page 1). The purchase of these Points gives you right of use to Flexi Holiday Club’s holiday property for the Membership Term (as listed on page 1) and entitles you to the Membership Benefits (as listed on page 1) and detailed in The World of Flexi booklet.

2. A Holiday Needs Analysis was performed by Club Leisure Development to determine the average number of Points you require in order to meet your ideal holiday requirements. Should the Total Membership Points (item S on page 1) be lower than the average number of Points you require, then you accept and understand that you may only be able to take your ideal holiday once every two or three years.

3. Should this be a cash purchase, then the Purchase Price of New Points (item A on page 1) is payable by you within 90 days of signature. Should you require finance for this purchase, then this purchase is subject to the Credit Agreement set out on pages 7 to 9, and you agree to pay the Deposit (item B on page 1), and the Monthly Loan Instalment (Item I on page 1) as per the Method of Payment set out on page 2.

4. The Points will be reallocated to you each year on 1 January with an inflationary increase, and if:

a. the Points have been bought in Perpetuity (as selected on page 1), then they are yours for life, your right of use and obligations as a member do not expire, and you may choose to leave these Points to your family or friends in your will.

b. the Points have been bought for a Membership Term of between 7 to 20 years (as selected on page 1), then your right of use and obligations as a member will expire at the end of this term.

5. Flexi Holiday Club is an association of members not for gain. It is not a business formed with the intention of making a profit for either itself or its members. The Points you have bought may only be used by you and your immediate family to enjoy holidays. Points are not intended to be resold at a profit, used for generating rental income, nor for any other business activities, and you confirm that the Points have not been bought by you with the intention of making a profit or generating income.

AFFORDABILITY ASSESSMENT

6. Club Leisure Development is required to do an affordability assessment in order to enter into a Credit Agreement with you. For the purpose of performing an affordability assessment, you explicitly agree to Club Leisure Development sharing your information with a credit bureau and/or any other third parties, and to provide Club Leisure Development with your last 3 month’s bank statements or last 3 months’ payslips within 21 days of signing this agreement.

MEMBERSHIP RIGHTS AND OBLIGATIONS

7. You have also made application to become a member of Flexi Holiday Club, and your right of use to the holiday property and obligations as a member are subject to the Constitution and Club Rules set out on pages 15 to 21.

8. All the holiday property is either owned by or under the control of Club Property Holdings (Pty) Ltd, which is wholly owned by Flexi Holiday Club. The members of Flexi Holiday Club, through the ownership of their Points, have the exclusive right of use to the holiday property.

9. The Points you have purchased will be allocated to you every year on 1 January and added to your points account. When you make a booking, the required number of Points will be deducted from your Points Account.

10. Should you not use all your Points in the year in which they were allocated, then the unused Points will be carried over to the next year and will be accumulated for a maximum of 3 years (year of allocation + 2 additional years). Any unused points from the first year of accumulation will expire after the third year. The managing agent will send you regular reminders to ensure that you use all your Points.

11. All bookings are subject to availability, the payment of the relevant Accommodation Levy, and you having the required number of Points available.

12. All bookings are on a first-come-first-served basis, and there is no guarantee that you will be able to get a particular resort and/or a particular period. Holidays during school holiday periods are in high demand, and it is recommended that you book well in advance for these periods.

13. You may use your Points to book full weeks. Midweeks, weekends and single nights are also available at selected resorts outside of school holidays periods.

ANNUAL FEES

14. The club’s annual fees are determined by the club’s Board of Trustees and ratified by the members at the club’s annual general meeting. Any surplus in the annual fees will be transferred to the club’s reserves.

15. You must pay your first year’s Total Annual Fees when you become a member, after that, you must pay your Total Annual Fees on or before 1 January of each year, whether you have used your Points to make a booking or not. Should you be unable to pay the full amount on or before 1 January, then monthly payment terms are available.

16. Your Total Annual Fees shall increase each year in line with inflation. Flexi Holiday Club will send you an annual notice for any changes to your Total Annual Fees.

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17. The Total Annual Fees (Item V on page 1) are made up as follows:

a. Club Subscription which is a fixed amount used to pay the running costs of the Club.

b. Refurbishment Reserve which is calculated as 0.85% of the purchase price of the Points and is used to pay any special levies and any other related charges for the holiday property.

c. Annual Levy which is calculated as 8.50% of the purchase price of the Points and is used to pay the Club’s resort levies and any other related charges for the holiday property.

d. Both the Refurbishment Reserve and Annual Levy have minimum and maximum amounts payable which may be revised annually. For more information on the current year’s minimum and maximum amounts, please consult the “Find Your Way” booklet.

INITIAL(S)

LEVY ACCOUNT

18. Your Annual Levy (Item U on page 1) will be credited to your Levy Account and reflected as a credit. When you make a booking, the Accommodation Levy for that booking will be deducted from your Levy Account. Should you not have a sufficient credit available in your Levy Account to cover the Accommodation Levy, then you will have to pay the difference.

19. Your Annual Levy may be accumulated and held as a credit in your Levy Account for a maximum of 3 years (The year in which the Annual Levy was charged + 2 additional years). Any unused credit in your Levy Account from the first year of accumulation will expire after the third year. The managing agent will send you regular reminders to ensure that you use the credit available in your Levy Account.

COOLING OFF PERIOD CANCELLATION

20. You may cancel your Credit Agreement with Club Leisure Development and your application for membership to Flexi Holiday Club within 14 days of signing them by notifying the parties in writing. When they receive your notice, they will refund you any money that you have paid to them within 7 days of receiving the notice.

POST COOLING OFF PERIOD CANCELLATION

21. You may cancel;

a. the Credit Agreement with Club Leisure Development at any time by providing Club Leisure Development with 21 days written notice. Such cancellation will be subject to all of the following; all amounts owing to Club Leisure Development as at the date of the notice must be paid in full; at least 30% of the Purchase Price of New Points (item A on page 1) must be paid; the cancellation of your membership with Flexi Holiday Club (in terms of clause 21b below).

b. your Membership with Flexi Holiday Club at any time by providing Flexi Holiday Club with 21 days written notice. Such cancellation will be subject to all of the following; your annual fees and any other amount owing to Flexi Holiday Club as at the date of the notice must be paid in full, and the cancellation of any Credit Agreement(s) you may still have with Club Leisure Development (in terms of clause 21a above).

If your written notice of cancellation of your membership is received between 1 January and 30 June, then no cancellation fee will be charged, and cancellation will be made effective at the end of the current year, up until which point you will retain all your membership rights and benefits.

If your written notice of cancellation of your membership is received between 1 July and 31 December, the cancellation will also be subject to the payment of a cancellation fee equal to that the current year’s annual fees and cancellation will be made effective at the end of the next year, up until which point you will retain all your membership rights and benefits.

RECEIPT OF DOCUMENTATION

22. You confirm that you have received the following ticked documents and that the unticked documents will be sent to your chosen address on page 3.

☒ Constitution and Club Rules (pages 15 to 21)

☐ Flexi Holiday Club Destination Directory

☐ Flexi Holiday Club Points Chart

☒ Statutory Disclosure of Information (Pages 22 to 29)

☐ “The World of Flexi” Information Booklet

☐ “Find Your Way” Information Booklet

AGREEMENT ALTERATIONS

23. The information contained within this agreement constitutes the entire agreement. Any verbal representations made at the time of signing that are not contained in this agreement are not valid or binding on either party. Any written changes made to this agreement at the time of signing must first be approved by Club Leisure Development and/or the Flexi Holiday Club Board of Trustees before those changes become effective.

ACCEPTANCE OF THE AGREEMENTS

24. All parties have consented to the official chosen language for these agreements being the language in which they have been drafted.

25. You confirm that you understand the risks, costs, and obligations of the Purchase and Credit Agreement with Club Leisure Development (set out on pages 7 to 9), that you understand your right of use and obligation as a member of Flexi Holiday Club (set out on pages 10 and 11), and that you have entered into these agreements under your own free will and are able to meet the financial commitments.

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Page 7 of 29

PURCHASE AND CREDIT AGREEMENT BETWEEN THE APPLICANT(S) AND CLUB LEISURE DEVELOPMENT (PTY) LTD

PURCHASE AGREEMENT

1. Club Leisure Development agrees to allocate you, the applicant(s), the New Points Purchased (item M on page 1) and the Free Usage Points (item R on page 1). The purchase of these Points gives you right of use to Flexi Holiday Club’s holiday property for the Membership Term (as listed on page 1) and entitles you to the Membership Benefits (as listed on page 1) and detailed in “The World of Flexi” booklet.

2. A Holiday Needs Analysis was performed by Club Leisure Development to determine the average number of Points you require in order to meet your ideal holiday requirements. Should the Total Membership Points (item S on page 1) be lower than the average number of Points you require, then you accept and understand that you may only be able to take your ideal holiday once every two or three years.

3. This purchase is subject to the terms and conditions set out below and your Application for Membership to Flexi Holiday Club on pages 10 and 11 being approved by the Flexi Holiday Club board of trustees.

4. Should this be a cash purchase, then the Purchase Price of New Points (item A on page 1) is payable by you within 90 days of signature. Should you require finance for this purchase, then this purchase is subject to the Credit Agreement set out below.

5. The Points will be reallocated to you each year on 1 January with an inflationary increase, and if:

a. the Points have been bought in Perpetuity (as selected on page 1) then they are yours for life, your rights and obligations as a member do not expire, and you may choose to leave these Points to your family or friends in your will.

b. the Points have been bought for a Membership Term of between 7 to 20 years (as selected on page 1) then your rights and obligations as a member will expire at the end of this term.

6. Flexi Holiday Club is an association of members not for gain. It is not a business formed with the intention of making a profit for either itself or its members. The Points you have bought may only be used by you and your immediate family to enjoy holidays. Points are not intended to be resold at a profit, used for generating rental income, nor for any other business activities, and you confirm that the Points have not been bought by you with the intention of making a profit or generating income.

7. The cost of the Flexi Holiday Club membership is a separate agreement with Flexi Holiday Club and does not form part of the Purchase Agreement nor the Credit Agreement (if applicable) with Club Leisure Development.

8. You may not transfer any of your rights and obligations in terms of this agreement to any other third party without written consent from Club Leisure Development.

9. Only once you have paid the full Purchase Price of New Points (item A on page 1), will you receive a tax invoice for your purchase.

CREDIT AGREEMENT

10. Club Leisure Development agrees to finance you, the applicant(s), for the Total Loan / Principal Debt (item E on page 1). The cost of this finance is detailed in the Quotation on page 1.

11. This Credit Agreement is subject to the terms and conditions set out below and an affordability assessment being performed and approved by Club Leisure Development. Should it be approved, then you accept the terms of finance and understand that you are bound to this Credit Agreement for its duration.

12. The difference between the Purchase Price of New Points (item A on page 1) and the Total Cost of Agreement (item J on page 1) has been explained to you by Club Leisure Development, and you confirm that you understand the difference. You agree to pay the Deposit (item B on page 1), and the Monthly Loan Instalment (Item I on page 1) as per the Method of Payment set out on page 1.

13. The Current Points Owned (item B on page 1), and the Balance of Previous Loan (item D on page 1) are approximate amounts given at the time of quotation and are subject to confirmation by Club Leisure Development. Should there be a decrease in your Monthly Loan Instalment (item I on page 1), then you authorise Club Leisure Development to decrease this amount accordingly. Should there be an increase in your Monthly Loan Instalment (item I on page 1), then a new quotation will be sent to you for approval.

14. The Points you have bought will remain the property of Club Leisure Development until such time as you have paid the Total Loan / Principal Debt (Item E on page 1) including interest in full.

15. Club Leisure Development will send you monthly statements by e-mail. Should you require your monthly statements via post, then please send a written request to Club Leisure Development.

16. Club Leisure Development cannot enter into this Credit Agreement without first: checking your financial means, prospects and obligations; checking your debt repayment history on other Credit Agreements; making sure that you are not over-indebted (You are over-indebted if you are not able to afford all the payments you need to make under all your Credit Agreements); making sure that you understand the risks, costs, and obligations of this Credit Agreement as well as your rights and obligations in this Credit Agreement.

17. Club Leisure Development needs your information to do an affordability assessment to decide whether or not to enter into this Credit Agreement with you. You are required by law to fully and truthfully give them this information, and you confirm that the information provided on pages 3 and 4 is true and correct and that you will provide amendments to such information as and when they occur.

18. For the purpose of performing an affordability assessment, you explicitly agree to Club Leisure Development sharing your information with a credit bureau and/or any other third parties, and to provide Club Leisure Development with your last 3 month’s bank statements or last 3 months’ payslips within 21 days of signing this agreement.

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19. Club Leisure Development may not extend credit recklessly. A Credit Agreement is reckless if they did not do an assessment, or they did do an assessment and still entered into a Credit Agreement with you even though it appeared that you could not afford it and/ or did not understand the risks, costs, and obligations, or entering into this Credit Agreement with you would make you over-indebted. The National Credit Regulator approves the procedures and mechanisms Club Leisure Developments uses. The National Credit Regulator may also publish guidelines for additional procedures and mechanisms. However, Club Leisure Development is not obligated to use these guidelines.

20. Club Leisure Development is allowed to charge interest on any amount that you owe them, and may only debit and claim payment of this interest, after the day that the outstanding amount becomes payable.

21. This Credit Agreement has a fixed interest rate (item F on page 1). You will be charged this interest on the Total Loan / Principle Debt (Item E on page 1) and/or any other outstanding amounts for the duration of this Credit Agreement. The interest rate charged for any other outstanding amounts may not be higher than the interest rate charged on the Total Loan / Principle Debt (Item E on page 1).

22. The interest rate Club Leisure Development charges you on the Total Loan / Principle Debt (Item E on page 1) may not be higher than the maximum interest rates prescribed by the Minister. The Minister may make changes as to how interest is calculated and disclosed. The Minister may prescribe a method for calculating a maximum interest rate that will apply to each category of consumers. The Minister will consider the conditions of the credit market including the cost of credit and the way the market works best, as well as the effect on low-income consumers.

AGREEMENT ALTERATIONS AND CANCELLATION

23. The information contained within this agreement constitutes the entire agreement. Any verbal representations made at the time of signing that are not contained in this agreement are not valid or binding on either party. Any written changes made to this agreement at the time of signing must first be approved by Club Leisure Development before those changes become effective.

24. This Credit Agreement is treated as a large Credit Agreement in terms of the provisions set out in the National Credit Act (Act No. 34 of 2005), and the cancellation of this Credit Agreement is subject to the provisions set out in this act. The provisions for the cancellation of a Fixed Term agreement as defined in the Consumer Protection Act (Act No. 68 of 2008) do not apply to Credit Agreements of any nature.

25. You may cancel this Credit Agreement within 14 days of signing it by notifying Club Leisure Development in writing. When they receive your notice, they will refund you any money that you have paid to them within 7 days of receiving the notice.

26. You may also cancel this Credit Agreement with Club Leisure Development at any time by providing Club Leisure Development with 21 days written notice. Such cancellation will be subject to all of the following; all amounts owing to Club Leisure Development as at the date of the notice must be paid in full; at least 30% of the Purchase Price of New Points (item A on page 1) must be paid; the cancellation of your membership with Flexi Holiday Club.

27. Club Leisure Development may cancel this Credit Agreement if you do not meet any of the terms of this Credit Agreement. Should this Credit Agreement be cancelled by Club Leisure Development, you may have it reinstated at any time by paying them all overdue amounts, plus any other allowed default charges and interest, as well as any costs for enforcing this Credit Agreement.

28. Club Leisure Development may also take the following steps to enforce or cancel this Credit Agreement: write to tell you that you have missed a payment or payments; try to resolve any disputes between you and them; try to assist you in bringing your payments up to date; or suggest you go to a Debt Counsellor, a dispute resolution agent, Consumer Court or Ombudsman.

29. Notwithstanding clauses 25 to 27 above, this Credit Agreement will automatically be concluded once all amounts owing to Club Leisure Development have been paid in full. The full amount includes the balance of the Total Loan / Principle Debt (item E on page 1), as well as any interest and other costs due at the time.

30. Your membership rights are linked to the ownership of Flexi Holiday Club Points. Should your Credit Agreement be cancelled for any reason whatsoever, this will also cancel the sale of Points. All amounts paid up to the date of cancellation will be forfeited.

31. The provisions set out in the Club’s Constitution and Rules will supersede any conflicting provisions set out in this Purchase and Credit Agreement.

BREACH OF AGREEMENT

32. Should you not pay any amount due to Club Leisure Development, or do not meet any of the terms of this agreement, you will be in breach. If you are in breach, you will be sent a written notice of your breach.

33. If you stay in breach for 14 days after receiving notice, Club Leisure Development reserves their rights to pursue legal action for the enforcement of any of the terms of this agreement.

NOTICES AND COMMUNICATION

34. All parties will accept all notices and legal processes at the physical addresses given in this application. This is what is known in law as domicilia citandi et executandi. We refer to it in this section as a chosen address.

35. All parties may change their chosen address by giving written notice to the other party. The new address will only take effect once the other party has received the notice. The new address must be a physical address and not a box number.

36. All notices and legal processes for either party must be given at their chosen address. These communications must be sent by registered mail. A party can treat a communication as received by the other party 7 days after it has been sent by registered mail. Should a party receive a written communication, it is a valid notice, even if it is not delivered to the chosen address.

37. The chosen address of Club Leisure Development is 1 Crompton Street, Pinetown, 3610; or [email protected].

The chosen address of the Applicant(s) is as per the information provided on page 3.

INITIALS


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PRIVACY POLICY

38. In terms of the Protection of Personal Information Act No. 4 of 2013, Club Leisure Development commits to keeping your personal information confidential, safe and secure, and will not make your personal information available to anyone other than its holding company, its fellow subsidiary companies and affiliates of Club Leisure Development.

WAIVER

39. Either party has a right to enforce their rights immediately, or at a later stage, if the other party breaches the agreement.

40. All consent to change the terms of this agreement must be in writing and signed by both parties to be valid. The consent to change will be valid for that specific instance only, and for the purpose it was given.

41. Either party can bring legal proceedings against the other party in the Magistrate’s Court that has the authority to hear the case. This applies even if the value of the claim is higher than the maximum amount that the Magistrate’s Court is normally allowed to decide on.

I confirm that I understand the risks, costs, and obligations of this Purchase and Credit Agreement.


Applicant 1 Applicant 2 (if applicable)

Signed at 1 Crompton Street, Pinetown on the day of 20

Club Leisure Development (Pty) Ltd

INITIALS


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APPLICATION FOR MEMBERSHIP BETWEEN APPLICANT(S) AND FLEXI HOLIDAY CLUB

1. You, the applicant(s) apply to the Flexi Holiday Club Board of Trustees to become a member of the club. This application is for the Membership Term (as listed on page 1) and the Membership Benefits (as listed on page 1) and detailed in “The World of Flexi” booklet.

2. This application is subject to the terms and conditions set out below, and the purchase of Points from Club Leisure Development on pages 7 to 9.

3. Should your application be approved then:

a. you agree to pay the Total Annual Fees (item V on page 1) and the Contract & Admin Fee (item X on page 1) as per the payment methods detailed on page 2;

b. your right of use to the holiday property and obligations as a member are subject to the Constitution and Club Rules set out on pages 15 to 21; and

c. your membership will be made effective: ☐ This Year ☐ Next Year

4. You may not transfer any of your rights and obligations in terms of this agreement to any other third party without written consent from the Flexi Holiday Club Board of Trustees.

5. Flexi Holiday Club will send you monthly statements by e-mail. Should you require your monthly statements via post, then please send a written request to Flexi Holiday Club.

ANNUAL FEES

6. The club’s annual fees are determined by the club’s Board of Trustees and approved by the members at the club’s annual general meeting. Any surplus in the annual fees will be transferred to the club’s reserves.

7. You must pay your first year’s Total Annual Fees when you become a member, after that, you must pay your Total Annual Fees on or before 1 January of each year, whether you have used your Points to make a booking or not. Should you be unable to pay the full amount on or before 1 January, then monthly payment terms are available.

8. Your Total Annual Fees shall increase each year in line with inflation. Flexi Holiday Club will send you an annual notice for any changes to your Total Annual Fees.

9. The Total Annual Fees (Item V on page 1) are made up as follows:

a. Club Subscription which is a fixed amount used to pay the running costs of the Club.

b. Refurbishment Reserve which is calculated as 0.85% of the purchase price of the Points and is used to pay any special levies and any other related charges for the holiday property.

c. Annual Levy which is calculated as 8.50% of the purchase price of the Points and is used to pay the Club’s resort levies and any other related charges for the holiday property.

d. Both the Refurbishment Reserve and Annual Levy have minimum and maximum amounts payable which may be revised annually. For more information on the current year’s minimum and maximum amounts, please consult the “Find Your Way” booklet.

AGREEMENT ALTERATIONS AND CANCELLATION

10. The information contained within this agreement constitutes the entire agreement. Any verbal representations made at the time of signing that are not contained in this agreement are not valid or binding on either party. Any written changes made to this agreement at the time of signing must first be approved by Flexi Holiday Club Board of Trustees before those changes become effective.

11. You may cancel this application within 14 days of signing it by notifying Flexi Holiday Club in writing. When they receive your notice, they will refund you any money that you have paid to them within 7 days of receiving the notice.

12. You may also cancel your membership in terms of clause 38 of the Club Rules set out on pages 19 to 21.

13. The Flexi Holiday Club Board of Trustees may cancel your membership if you do not meet any of the terms of membership. Should your membership be cancelled by the Flexi Holiday Club Board of Trustees, you may have it reinstated by paying all overdue amounts, plus any other allowed default charges and interest, as well as any costs for enforcing this agreement, provided that such payment is received before the end of the current year.

14. Your membership rights are linked to the ownership of Flexi Holiday Club Points. Should your membership be cancelled for any reason whatsoever, this will also cancel the sale of Points. All amounts paid up to the date of cancellation will be forfeited.

15. The provisions set out in the Club’s Constitution and Rules will supersede any conflicting provisions set out in this Application for Membership.

BREACH OF AGREEMENT

16. Should you not pay any amount due to Flexi Holiday Club, or do not meet any of the terms of this agreement, you will be in breach. If you are in breach, you will be sent a written notice of your breach.

17. If you stay in breach for 14 days after receiving notice, Flexi Holiday Club reserves their rights to pursue legal action for the enforcement of any of the terms of this agreement.

NOTICES AND COMMUNICATION

18. All parties will accept all notices and legal processes at the physical addresses given in this application. This is what is known in law as domicilia citandi et executandi. We refer to it in this section as a chosen address.

19. All parties may change their chosen address by giving written notice to the other party. The new address will only take effect once the other party has received the notice. The new address must be a physical address and not a box number.

INITIALS


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20. All notices and legal processes for either party must be given at their chosen address. These communications must be sent by registered mail. A party can treat a communication as received by the other party 7 days after it has been sent by registered mail. Should a party receive a written communication, it is a valid notice, even if it is not delivered to the chosen address.

21. The chosen address of Flexi Holiday Club is 1 Crompton Street, Pinetown, 3610; or [email protected].

The chosen address of the Applicant(s) is as per the information provided on page 3.

PRIVACY POLICY

22. In terms of the Protection of Personal Information Act No. 4 of 2013, Flexi Holiday Club commits to keeping your personal information confidential, safe and secure, and will not make your personal information available to anyone other than its managing agent and developer.

WAIVER

23. Either party has a right to enforce their rights immediately, or at a later stage, if the other party breaches the agreement.

24. All consent to change the terms of this agreement must be in writing and signed by both parties to be valid. The consent to change will be valid for that specific instance only, and for the purpose it was given.

25. Either party can bring legal proceedings against the other party in the Magistrate’s Court that has the authority to hear the case. This applies even if the value of the claim is higher than the maximum amount that the Magistrate’s Court is normally allowed to decide on.

I confirm that I understand my rights of use and obligations of this application for membership.




Flexi Holiday Club

INITIALS


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CONVERSION OF FLEXI HOLIDAY CLUB MEMBERSHIP THIS SECTION IS ONLY APPLICABLE TO EXISTING FLEXI HOLIDAY CLUB MEMBERS WANTING TO CHANGE THEIR EXISTING MEMBERSHIP TYPE

EXISTING MEMBERSHIP NEW MEMBERSHIP

Existing Membership Number:

Membership Term: ☐ Access ☐ 7 Years ☐ 9 Years Membership Term: ☐ 7 Years ☐ 9 Years ☐ 12 Years

☐ 12 Years ☐ 15 Years ☐ 20 Years ☐ 15 Years ☐ 20 Years

☐ Perpetuity

Points Owned Points Points for Conversion Points

Free Usage Points Points Free Usage Points for Conversion Points

Total Membership Points Points Total Membership Points Points

1. You, the applicant(s), apply to the Flexi Holiday Club Board of Trustees to convert your Existing Membership (detailed above) to the New Membership (detailed above).

2. This conversion is subject to the terms and conditions set out below, the purchase of additional Points from Club Leisure Development on pages 7 to 9, and a new Application for Membership to Flexi Holiday Club on pages 10 and 11 being approved by the Flexi Holiday Club board of trustees.

3. Your current annual fees are subject to change and will now be calculated on the Total Points Owned (Item Q on page 1).

4. Should the purchase of additional point from Club Leisure Development be a cash purchase, then the Purchase Price of New Points (item A on page 1) is payable by you within 90 days of signature. Should you require finance for this purchase, then this purchase is subject to the Credit Agreement on pages 7 to 9.

5. Should you currently have an existing credit agreement in place with Club Leisure Development for a previous purchase of Points, the Balance of Your Previous Loan (Item D on page 1) will be included in the Total Loan / Principal Debt (item E on page 1). Your existing credit agreement with Club Leisure Development will be cancelled, and Club Leisure Development will enter into a new credit agreement with you.




Flexi Holiday Club Club Leisure Development (Pty) Ltd


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TRADE-IN OF A PROPERTY TIMESHARING INTEREST AGREEMENT BETWEEN THE APPLICANT(S), CLUB PROPERTY HOLDINGS (PTY) LTD AND FLEXI HOLIDAY CLUB

THIS SECTION IS ONLY APPLICABLE TO INDIVIDUALS TRADING IN A PROPERTY TIMESHARING INTEREST FOR POINTS IN FLEXI HOLIDAY CLUB

WEEK OWNED 1 WEEK OWNED 2 WEEK OWNED 3 WEEK OWNED 4

Resort Name:

Week Number:

Unit Number:

Unit Size: Bed Sleeper Bed Sleeper Bed Sleeper Bed Sleeper

Amount Owed: R R R R

Space Banked: ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No

Rental Pool: ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No

Levy Paid: ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No

Pre-Allocated: ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No ☐ Yes ☐ No

Points Allocated: A Points B Points C Points D Points

Total Membership Points (A + B + C + D) Points Membership Term: ☐ 7 Years ☐ 9 Years

- Ownership Points Split Points ☐ 12 Years ☐ 15 Years

- Free Usage Points Split Points ☐ 20 Years

1. You, the applicant(s), hereby agree to transfer the above week(s) into the name of Club Property Holdings (Pty) Ltd in exchange for the allocation of the Total Membership Points above in Flexi Holiday Club.

2. This trade-in is subject to the terms and conditions set out below, the purchase of Points from Club Leisure Development on pages 7 to 9, the Application for Membership to Flexi Holiday Club on pages 10 and 11 being approved by the Flexi Holiday Club Board of Trustees, and all cost for the above week(s) having been paid for in full by you up to the date of signature below.

3. You will no longer be required to pay the levies for the week(s) detailed above. These levies will now be paid by Club Property Holdings (Pty) Ltd, and you will instead be required to pay the Total Annual Fees (item V on page 1) to Flexi Holiday Club.

4. Should the usage rights of the above week(s) be for a limited term, then the Points allocated to you will be for the same term and will expire on the same date that the usage rights of the above week(s) expire.

5. Should the above week(s) be traded-in 10 weeks or more prior to the occupation date, and the week(s) is available for use by Flexi Holiday Club, then you will receive a credit to your Points Account equal to the value of that week(s), and a credit to your Levy Account equal to any levies which you may have already paid for that week(s).

6. Should the above week(s) be traded in 10 weeks or less prior to the occupation date, then the week(s) will not be used by Flexi Holiday Club. You will still be required to pay the levies on that week(s), and you may use that week(s) in the usual manner.

7. The above week(s) where you have selected pre-allocated as “Yes” will be automatically to you at the beginning of each year and Flexi Holiday Club will deduct the Points from your Points Account and the Accommodation Levy from you Levy Account.Should you not wish to use this week(s), then you must send Flexi Holiday Club written notice at least 6 months prior to the date of occupation. When they receive this written notice, they will credit your Points Account and Levy Account accordingly, which may then be used to book alternative Holiday Property.

8. You agree to pay any conveyancing fees, transfer duty, or any other transfer fees and costs which may be required to effect the transfer of the above week(s) into the name of Club Property Holdings (Pty) Ltd. You agree to provide Flexi Holiday Club with a Usage Agreement authorising Flexi Holiday Club to use the week(s) between the date of signature below and the date of transfer. You agree to provide Managing Agent of Flexi Holiday Club with a special power of attorney to enable them to attend to the transfer of the above week(s). You agree to the Managing Agent of Flexi Holiday Club making the necessary corrections to above details in the event that you have given the incorrect details.

9. The Points for Timeshare Trade-In (Item P on page 1) is an approximate amount given at the time of quotation and are subject to confirmation by Club Leisure Development (Pty) Ltd. Should there be a decrease in your Total Annual Fees (item V on page 1), then you authorise Flexi Holiday Club to decrease this amount accordingly. Should there be an increase in your Total Annual Fees (item V on page 1), then a new quotation will be sent to you for approval.




Flexi Holiday Club Club Property Holdings (Pty) Ltd


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USAGE AGREEMENT AND SPECIAL POWER OF ATTORNEY THIS SECTION IS ONLY APPLICABLE TO INDIVIDUALS TRADING IN A PROPERTY TIMESHARING INTEREST FOR POINTS IN FLEXI HOLIDAY CLUB

To whom it may concern,

This letter hereby serves to confirm that I have acquired Points in Flexi Holiday Club in exchange for the transfer of my rights, title and interest in the property timesharing interest detailed below.

WEEK OWNED 1 WEEK OWNED 2 WEEK OWNED 3 WEEK OWNED 4

Resort Name:

Week Number:

Unit Number:

Unit Size: Bed Sleeper Bed Sleeper Bed Sleeper Bed Sleeper

RIGHT OF USE

Club Leisure Holdings (Pty) Ltd will contact you in the near future regarding this transfer. In the interim, pending the transfer of the above week(s), I give Club Property Holdings (Pty) Ltd the exclusive use to this property timesharing interest. Please also liaise with them regarding the payment of any levies accruing from the below date of signature.

CHANGE OF ADDRESS

Please note that, with immediate effect, all future correspondence relating to the week(s) detailed above must be addressed to:

Club Property Holiday (Pty) Ltd P.O.Box 1583 Pinetown 3600

SPECIAL POWER OF ATTORNEY

I also hereby nominate, constitute and appoint Anthony Nicholas Ridl, or a person duly authorised in writing by the Directors of Club Property Holdings (Pty) Ltd, with the power to substitution, to be my lawful nominee, proxy, attorney and agent in my place and stead to:

1. Sign all documentation necessary to give effect to the transfer of the property timesharing interest entitling me to the use and occupation of the week(s) detailed above. Such documentation may include, but is not limited to, the following:

a. A CM42 securities transfer form;

b. A cession of use and occupation agreement;

c. A cession of loan account;

d. Application for SARS purposes;

e. Resort sales agreement;

f. Indemnity for lost share certificates;

2. Attend all meetings including any adjournment thereof, of shareholders and/or directors of the Resort(s) and to be my duly authorised proxy at such meetings and to attend, speak on my behalf, and to vote on my behalf.

3. I confirm that my nominee is therefore authorised to sign any documents and do anything required to achieve the transfer referred to above and I support any changes to the documents that may be required for this purpose.


Name of Owner 1 Name of Owner 2 (If applicable)

Signature of Owner 1 Signature of Owner 2 (If applicable)

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FLEXI HOLIDAY CLUB CONSTITUTION Key terms used in the Constitution

Words defined in the Constitution, and the Club Rules, have the meaning given in that definition unless it is clear that they mean something else. Any reference to the singular includes the plural and plural includes the singular. Any reference to a gender includes the other gender.

Applicant means a person, trust, company or organisation that applies to be accepted by the Club as a Member.

Club means the Flexi Holiday Club.

Club Subscriptions means the amount which must be paid to cover the running costs of the Club.

Holiday Contributions means the amount which must be paid to cover the resort levies and any other charges.

Holiday Property means any interest the Club has in any property time-sharing scheme or Holiday Property or accommodation. The term is used regardless of whether the interest is temporary or permanent, owned or rented, registered in its name or not, share block or sectional title, or in another form.

Member means an ordinary Member of the Club.

Points means the Points that a Member buys which entitle the Member to use the Holiday Property

Property Portfolio means the Club’s Holiday Property collectively, which might change from time to time.

Trade-in means Holiday Property offered by any Applicant or Member of the Club as full or part payment of an obligation arising from Membership of the Club, or the purchase of Points.

Trustees means the Trustees of the Club.

1. The name of the Club. The name of the Club is Flexi Holiday Club. In this document, the Club is referred to as the Club.

2. The Club is an association not for profit. The Club is an association not for gain. This means that the purpose of the Club is not to make a profit for itself or its Members. The Club can own property itself. The Club can be a party to legal proceedings, which means it can sue and be sued in its own name. The Club has perpetual succession, which means it can continue to exist even if its Members or Trustees change over time. The Club is what is known in law as a common law body corporate.

3. The Club’s objective is to obtain Holiday Property for the use of its Members. The Club’s objective is to obtain the use of Holiday Property for its Members to use and enjoy.

4. The Club can act as a person in its own right. The Club has certain rights which are exercised by the Trustees for the Club. These rights are known as powers. The Club can do any legal act that an individual person with full legal capacity can do. A person with full legal capacity can do any legal act without any help from another person or entity. The legal acts that the Club can perform include that it can be a party to any agreement or transaction. The powers of the Club are limited only by the exclusions mentioned in this Constitution and the Club Rules. The Trustees’ powers that are specifically mentioned in the Constitution and Club Rules are only a few examples of the powers of the Club. If a certain power of the Club is not mentioned in this document, it does not mean that the Club does not have that power.

5. Money comes from Club Subscriptions and Holiday Contributions. The Club gets money from Club Subscriptions and Holiday Contributions. Members may not get a refund of their Club Subscription, Holiday Contributions, or any other payment unless the Trustees agree to it. The rights of Members are limited to their rights as set out in this Constitution.

6. Money used to pay costs. The Club may use the money to pay its own costs. Costs include reasonable payment to Trustees, employees, and agents of the Club. The Club can choose to invest the money. It cannot use the money or Club assets to pay a profit or dividend to any person. The Club must carry any extra money in the Club account over to the following year.

7. Members’ rights and duties. The Club has founder Members and Ordinary Members. The founder Members or their representatives have signed this Constitution. These are the Members’ rights and duties:

a. Founder Members may transfer their rights. Their heirs inherit these rights. Founder Members can also become ordinary Members in an ordinary way.

b. An Applicant can be an individual, company, trust or other entity and will only become a Member if the Club accepts the application. The Applicant’s membership must also be registered in the register of Members.

c. The Club keeps a register of Members. Any extract from the register that is certified by a Trustee or representative of the managing agent is prima facie proof that the extract is correct. Prima facie proof means that the document is accepted as correct unless other evidence proves that it is incorrect.

d. Should a company, trust or other organisation become a Member, it must appoint an individual as its representative. The representative will have the right to exercise the rights of the company, trust or organisation, as a Member of the Club. If a representative is not appointed, the person who signs the application for the company, trust or organisation is considered to be the appointed representative. The Trustees must accept the representative’s appointment.

e. A Member’s membership can be transferred to the estate of the Member. Before this can happen all outstanding subscriptions and other amounts due - including a transfer fee of 5% of the value of the Points - must be paid. The Trustees have the discretion to decide themselves whether to accept the transfer or not.

8. Trustees’ legal responsibilities. The affairs of the Club are controlled by the Trustees. There must always be at least three Trustees. The board of Trustees must include all of the following:

• at least one attorney or accountant. The accountant must be registered with a professional body as an accountant or as a chartered secretary.

• at least one businessman with experience in the property industry.

• at least one founder Member, or representative of a founder Member, or a person nominated by the founder Member.

The legal responsibilities of the Trustees are:

a. The Trustees do not need to give security to the Master of the High Court or to any other person to perform their duties.

b. Any act the Trustees perform in the name of the Club is valid and binding on the Club.

c. The Club indemnifies the Trustees against any claim arising from any loss if the Trustees exercise their powers in good faith.

d. The Trustees must all retire from their position at every annual general meeting, but may all be re-elected.

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e. If there is a vacancy in the office of the Trustees, the remaining Trustees must choose a person to fill the vacant Trustee position.

f. Should ever there are no Trustees, the managing agent or auditors must hold a special general meeting to elect new Trustees. If they do not call this meeting, but they are asked to do so by a Member in writing within 10 (ten) days, then any Member can call for the meeting to be held. The Club will repay any reasonable costs the Member incurs in calling for the meeting.

g. Any Trustee can nominate another person to act as Trustee in the Trustee’s absence. The nominated person must be reasonably acceptable to the other Trustees.

h. A Trustee no longer holds office if he dies, resigns, is sequestrated (declared to be insolvent), or is declared unfit to be a director of a company. A Trustee can also be removed from office if he is dismissed by a special resolution.

i. Trustees shall be paid reasonably for their services. The amount paid is approved each year at the annual general meeting under the financial report and budget vote.

j. The Trustees decide the procedure for meetings. The minimum number of Trustees that must attend a meeting for the meeting to be valid is called a quorum. The quorum for any meeting is two Trustees. The Chairman has the casting vote if there is a deadlock in any vote taken at a meeting.

k. Any resolution signed by all the Trustees is valid and effective. This applies even if the resolution is signed by the Trustees at different times and at different places.

l. Should it be necessary by law, the management association of the board of Trustees is considered to be the management association representing Members.

9. The powers of Trustees. The powers of the Trustees include the following:

a. to invest and use Club moneys in a way they consider to be in the best interests of the Club.

b. to serve as directors of Flexi Club Property Holdings (Pty) Ltd, which will hold all the Holiday Property to which the Members have the right of use.

c. to sell and encumber the assets of the Club, and to borrow money. (Encumber means to place a limitation on the use of the property).

d. to delegate all or some of their powers, except the power to borrow money or to sell or encumber Holiday Property.

e. to enter into any agreement or arrangement, with any person, company or trust or organisation, whether in the holiday industry or not.

f. to decide and change the Club rules from time to time. These changes must be reasonable and reasonable notice must be given to the Members of the proposed changes.

g. to create a Holiday Contribution fund and decide how much and how the Members must contribute to it.

h. to bring or defend any legal proceedings.

i. to increase the number of Trustees, and to appoint extra Trustees themselves until the next general meeting.

j. to decide on how many extra holiday Points of different classes can be issued at any time, depending on the circumstances.

k. to allow the shortened name of the Club to be used, or another trading name, for marketing, banking or other purposes.

l. to release and use the moneys of the Club.

10. Members or Trustees can contract with the Club. Any ordinary Member, founder Member or Trustee can enter into contracts with the Club. The Club may pay ordinary Members, founder Members and Trustees for any professional services they provide to the Club.

11. Proper accounting records must be kept. Proper accounting records must be kept and audited on an annual basis.

12. The Members can review the accounting records. The Members can review the accounting records, audited financial statements, and approved budgets of the Club. A valid reason must be given to either the Trustees or the managing agent before a Member can review the accounting records. If a valid reason is not given, the Trustees or the managing agent may refuse permission to review the accounting records. If permission is refused, the member may then approach the courts to obtain permission. In order to protect the confidentiality of the Club’s affairs, members may only review the accounting records at the offices of the managing agent. Members may not make copies of the accounting records unless the accounting records are required for legal purposes.

13. Only use Holiday Property 90 (ninety) days after becoming a member. Members may only begin to use the Holiday Property 90 (ninety) days after their application for membership has been accepted by the Trustees.

14. General meetings.

14.1 Annual general meetings (AGM). The Trustees must call an annual general meeting no

later than one month after the auditors of the Club have signed the Club’s financial statements. The annual general meeting is known as the AGM. At the AGM the Members will:

a. Receive a report from the chairman of the Board of Trustees.

b. Approve the minutes of the AGM held the previous year.

c. Review the audited annual financial statements for the previous year.

d. Appoint auditors for that year and approve the auditor’s pay.

e. Receive a report from the managing agent.

f. Decide on the provisional Holiday Contribution for the next year.

g. Decide on the Club Subscription for the next year.

h. Decide how much the Trustees are paid for their services.

i. Decide how many Trustees will hold office for that year.

j. Appoint the new Trustees for that year.

k. Discuss any other necessary business.

14.2 The Trustees choose where to hold the general meetings.

General meetings will be held wherever the Trustees choose. If the Trustees do not choose a place, the AGM is held at the main offices of the Club’s managing agent.

14.3 The Trustees can call for a special general meeting. The Trustees can call for a special general meeting

anytime. Any Member that has paid all amounts due by them to the Club, and the full purchase price of their Points, can ask that a special general meeting is held. To do so, the Member must hand in a petition for the meeting signed by twenty Members who have also paid all amounts due by them to the Club, and the full purchase price of their Points. If a Member calls for a special general meeting, that Member must pay the Club in advance any reasonable costs for holding the meeting. The Trustees decide the amount the Member must pay. There will be a vote at the meeting to decide whether the Club will reimburse the Member for the costs.

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14.4 Members and Trustees get 21 days’ notice of meetings. All Members and Trustees get at least 21 days’ written

notice that there is going to be a general meeting. The Members and Trustees will also get notice of the content of any special resolutions that will be proposed at the meeting.

14.5 The quorum of all meetings. The Members present in person or by a person chosen

by the Member to be there in the Member’s place at the appointed place and time will constitute a quorum.

14.6 The chairperson of the board of Trustees is the chairperson of all meetings.

The chairperson of the board of Trustees will be the chairperson at all meetings. If the chairperson cannot attend the meeting, the Trustees at the meeting must appoint a Trustee to act as chairperson. If there are not any Trustees at the meeting, the managing agent or the people present at the meeting must appoint a chairperson.

14.7 There must be a special resolution for important decisions.

A special resolution is necessary:

• To change the Constitution;

• To dismiss a Trustee;

• To sell a major portion of the Club‘s assets;

• To close the Club.

14.8 A special resolution must be supported by 75% of votes.

A special resolution can only be passed if votes for the resolution include:

• Members representing at least 75% of the Membership Points, and

• 75% of the founder Members.

14.9 Special resolution meeting postponed if there are not enough Members.

There must be enough Members at a meeting to vote on a special resolution. If there are not enough Members at the meeting half an hour after the meeting is scheduled to begin, the meeting will be postponed. The postponed meeting must then be held no sooner than 7 days but no later than 21 days after the date that the meeting was originally scheduled for. At the postponed meeting a special resolution can be passed if votes supporting the resolution include:

• The votes of Members representing at least 75% of the Members present in person or proxy, and

• The votes of 75% of the Founder Members present in person or proxy.

14.10 Members will receive notice of a postponed meeting. If the meeting is postponed, the Club must give all

Members written notice within 3 days of the postponement, stating all of the following:

• The date, time and place of the next meeting;

• What the special resolution or resolutions are about;

• The reason for the meeting being postponed.

14.11 When Members are allowed to vote. Members may only vote if all of the following conditions

are met:

• Have paid at least 40% of the price of their Points;

• Have paid all amounts owed to the Club;

• Have complied with all their duties.

14.12 Resolutions are passed by a vote. Resolutions are decided by a show of hands unless a

poll is demanded. If a poll is demanded every Point represents one vote. For example, if a Member owns 10 000 Points, he has 10 000 votes.

14.13 Only one Member can vote if there are joint Members. In the case of joint Members, the person whose name

appears first in the register may vote.

14.14 Members may choose someone to represent them at meetings.

A Member may choose another person to be the Member’s representative at any meeting. This is known as a proxy. The proxy does not need to be a Member, but cannot be a person whose interests are in conflict with the Club’s interests or has ulterior motives or interests. The chairperson decides whether the proxy has ulterior motives or interests.

14.15 The Member must give 48 hours’ notice if using a proxy.

If a Member decides to use a proxy, the Member must tell the Trustees by filling in the form of proxy attached to the notice calling for the meeting. The Trustees will only accept the proxy if the form is delivered to the Trustees or managing agent at least 48 hours before the start of the meeting. If the Member does not give the proxy an express written instruction as to how the proxy must vote, the proxy can vote however he sees fit.

15. The Trustees will appoint a managing agent. The Trustees will decide the terms of appointment of the

managing agent and how much the managing agent will be paid each year. The managing agent must have the written approval of the Trustees to:

• borrow money on the Club’s behalf;

• sell or encumber Holiday Property;

• authorise the release of funds held in trust.

16. The termination of the Club and liquidation of assets. The Club can only be ended or closed by special

resolution, or by a winding-up order given by a court that has the power and authority to do so. If the Club is closed, all the assets of the Club are sold by the liquidator of the Club. The money the liquidator receives from the sale of the assets is used to pay all the debts of the Club and costs of winding up. If there is any money left over, it is paid to an association of persons with a similar purpose as the Club.

17. The Trustees decide on the different classes of Points. The Trustees can create different classes of Points. The

Trustees may differentiate between paid-up Points and other Points. Points of one class can be converted to another class if all the Trustees agree.

18. Proof of the Member’s duties. A certificate signed by any Trustee, or any officer of the

managing agent, is enough proof of a Member’s obligation to the Club. It is also proof of any fact relating to the Club or a Member and can be prima facie proof of its content in any proceedings.

19. South African law governs this document. South African law governs this Constitution, and it must

be interpreted by the laws of South Africa.

20. Address where the Member agrees to accept notices and legal processes.

The Member chooses their address in the records of the Club as the address at which the Member will accept notices and legal processes. This is known in law as domicilium citandi et executandi. Any notice given in terms of this Constitution must be in writing and will:

a. if delivered by hand, be treated as received by the addressee on the date of delivery.

b. if posted by prepaid registered post, be treated as received by the addressee on the fourth day after the date it is posted.

c. if sent by fax, be treated as received by the addressee one day after being sent.

If the Member or the Club actually receives a written notice or communication that is not sent in one of the ways mentioned above, that notice or communication will be treated as validly received and adequate.

Page 18 of 29

21. The Constitution sets out the relationship between the Member and the Club. This Constitution sets out the entire legal relationship between the Club and the Member.

The Member acknowledges that he has not:

• been misled into applying for Membership;

• become a Member because of any promise or conduct that is not written in the Constitution.

The Member agrees that there are no other agreements or understandings, including oral agreements, between the Member and the Club, other than those in this Constitution. The Member acknowledges that he can ask to inspect various documents and that the Club is willing to allow the inspection. The Member acknowledges that they have had, or decided against having, access to all relevant information and documents. Anything stated in the adverts or promotional material shown or given to the Member is only a statement of intent or sales talk. Adverts and promotional material do not impose any actual obligations on the Club. The promotional material must not be treated as a promise made by the Club to the Member.

22. A dispute must be referred to arbitration. Any dispute between the Club and a Member must be referred to arbitration and decided by an arbitrator appointed by the Club’s attorney. The arbitrator will decide on the procedure for hearing the dispute. The arbitrator’s decision will be final and binding on the Member and on the Club. The arbitrator has the power to make an award about the costs of the hearing. Either the Club or the Member can apply for judgment, in terms of the award of the arbitrator, to:

• The Magistrates Court for the district in which the Club has its main office;

• Any other legal body that is authorised to hear the matter.

The Magistrate will make a judgment in terms of the award of the arbitrator.

23. Giving up of rights must be in writing. If anyone intends to give up their rights under this Constitution, the giving up will only be valid if it is in writing and signed by all the Trustees.

24. Members must pay interest on their debts. Members are charged interest at the maximum rate allowed by law on all debts to the Club. The Trustees alone can decide to charge a lower interest rate.

25. The Club will never lose its rights. The Club will not lose any of its rights under this Constitution if it does not immediately and in every instance insist on them. A Member may not raise it as a defence if the Club:

• Has a right but does not enforce it at the relevant time;

• Grants a Member a temporary indulgence.

For example, if the Club allows a Member extra time to pay its monthly payments in one month, it does not mean that the Club will allow the Member extra time the next month or any other month. It also does not mean that the Club will allow any other Member extra time to pay.

26. An Applicant can trade a property to the Club for Points. Applicants for membership or existing Members may offer to trade a property owned by the Applicant or Member for Points in the Club. This is known as a Trade-in. If the Trustees accept the Applicant’s or Member’s offer of Trade-in, the Applicant or Member will receive Points equal to the agreed value of the property.

26.1 The Applicant or Member must give a power of attorney to the trustee or managing agent. To use the Trade-in option, the Applicant or Member must authorise a trustee, or representative of the managing agent, to transfer the property from the Applicant or Member to the Club. The Applicant or Member authorises the trustee or representative for the Trade-in by filling in the special Power of attorney section on the application form. With this Power of attorney, the trustee or nominee can sign all necessary documents on behalf of the Applicant or Member to transfer the Holiday Property from the Applicant to the Club.

26.2 The Applicant or Member can only offer a trade-in on certain property. An Applicant or Member can only offer a Trade-in if they confirm that the Trade-in property is fully paid for and that they do not owe any other amounts on the property. The Applicant must also warrant that the Trade-in can be transferred to the Club or its representative and that it will become part of the Club’s Property Portfolio after transfer.

26.3 The Applicant or Member must pay the transfer costs. An Applicant who wants to do a Trade-in must pay all the transfer costs. The Applicant must pay the Club’s valuation amount of the Trade-in if the transfer is, for whatever reason, not passed to the Club within 60 days of the Club accepting the offer.

27. Each clause is separate. The parties acknowledge that each clause of this Constitution is separate. If any clause of this Constitution is or becomes illegal, invalid or unenforceable for any reason or in any jurisdiction, it will be treated as if it had not been written. This does not:

• Make the rest of the agreement illegal, invalid or unenforceable;

• Affect the legality, validity or enforceability of the clause in another jurisdiction.

28. The Constitution binds the parties and their successors. This Constitution binds the Club and the Members, their successors in title, administrators, and heirs.

Page 19 of 29

FLEXI HOLIDAY CLUB RULES This part of the document sets out the rules that apply to your Club membership. You must make sure that you read and understand the rules completely.

Key terms used in the Rules

Annual Fee is made up of a Club Subscription, Annual Levy, and a Refurbishment Reserve.

Annual Levy means the amount which must be paid to cover your proportionate share of the Club’s Holiday Property levies and any other related charges.

Club Subscription means the amount which is used to pay the running costs of the Club.

Holiday Property means the accommodation units available to you to stay in on your holiday.

Levy Account means the account to which a member’s Annual Levy is added, and the account from which, the Accommodation Levy, required to make a booking, is deducted.

Member means an ordinary Member of the Club.

Points mean the Points that a Member buys which entitle the Member to use the Holiday Property.

Points Account means the account to which a member's annual allocation of Points is added, and the account from which, the Points required, to make a booking, are deducted.

Refurbishment Reserve means the amount which must be paid to cover your proportionate share of any special levies and any other related charges which may be raised by any of the Club’s Holiday Properties.

Accommodation Levy means the amount which must be paid to use the Holiday Property.

Time Modules means the week, weeks, or portions of a week that you choose for your holiday.

Trade-in means Holiday Property offered by any applicant or Member of the Club as full or part payment of an obligation arising from Membership of the Club, or the purchase of Points.

Trustees mean the Trustees of the Flexi Holiday Club who together form the Board of Trustees.

We, us, our means Flexi Holiday Club.

You and your means an ordinary Member of the Flexi Holiday Club.

1. Points are reallocated to you every year. The Points you have purchased will be allocated to you every year on 1 January and added to your Points Account.

If you own Perpetuity Points, then your rights and obligation as a member will only expire on cancellation of your membership. If you own Term Points, your rights and obligations as a member will expire at the end of that term.

2. How the Points system works. Every year the club prepares and updates a Points chart which lists the Holiday Properties available to you, the Time Modules at each of the Holiday Properties, and the Points required to book a specific Time Module.

Whenever you make a booking, you must refer to the Points chart that applies to the year in which you wish to occupy the Holiday Property.

When you make a booking, the required number of Points will be deducted from your Points Account, and the required Accommodation Levy will be deducted from your Levy Account.

3. The Trustees decide on the Points allocation. The Trustees will decide on the basis on which the Points are allocated to each of the various Time Modules.

4. Explore, Inspire, Elite, and Perpetuity members may accumulate their Points for a maximum of 3 years. Should Explore, Inspire, Elite and Perpetuity members not use all their Points in the year in which they were allocated, then the unused Points will be carried over to the next year and will be accumulated for a maximum of 3 years (year of allocation + 2 additional years). Any unused points from the first year of accumulation will expire after the third year. The managing agent will send you regular reminders to ensure that you use all your Points.

5. Access members may accumulate their Points for a maximum of 2 years. Should Access members not use all their Points in the year in which they were allocated, then the unused Points will be carried over to the next year and will be accumulated for a maximum of 2 years (year of allocation + 1 additional year). Any unused points from the first year of accumulation will expire after the second year. The managing agent will send you regular reminders to ensure that you use all your Points.

6. You can borrow 25% of next year’s Points allocation. Should you not have enough points to make a booking, you can use up to 25% of your next year’s Points.

7. You have the exclusive right of use to the Time Module and Holiday Property facilities. Once you have booked a Time Module, you are entitled to the exclusive right of use, occupation, and enjoyment to that Time Module and the common property / facilities at that particular Holiday Property.

8. We decide on the specific unit allocated to you. When booking a Time Module, we decide on the specific unit which will be allocated to you. When making a booking you may request a specific unit, and we will do our best to provide you with this unit.

9. You may book 2 weeks during each peak season period each year. Unless the Trustees decide otherwise, you may book a maximum of 2 weeks during each of the 4 peak season periods each year.

10. You may book up to 10 bonus breaks per year. Bonus breaks require no Points, and the Accommodation Levy may be discounted. The Accommodation Levy must be paid in cash and cannot be deducted from your Levy Account.

Access members may book 2 bonus breaks per year. Explore members may book 4 bonus breaks per year. Inspire members may book 6 bonus breaks per year. Elite and Perpetuity members may book 10 bonus breaks per year.

Bonus break bookings may only be occupied by you and/or your immediate family.

11. You may book up to 10 special offers per year. Special offers are bookings with discounted Points and/or Accommodation Levy. Special offers will be published in the quarterly “New Horizons” newsletter and on the Club’s website.

Access members may book 2 special offers per year. Explore members may book 4 special offers per year. Inspire members may book 6 special offers per year. Elite and Perpetuity members may book 10 special offers per year.

Special offer bookings may only be occupied by you and/or your immediate family.

12. Your Points are for personal use only. The club is an association of members not for gain. It is not a business formed with the intention of making a profit for either itself or its members.

The Points you have bought may only be used by you and your immediate family to enjoy holidays. Points are not intended to be resold at a profit, used for generating rental income, nor for any other business activities.

Bookings may only be made by you and may only be in your name, or the name of an immediate family member (I.E., spouse, parent, grandparent, child, grandchild, or sibling. Adopted, half, and step members are also included in the immediate family.)

Over and above the bookings for you and your family, you may also make up to 4 friend bookings (I.E., bookings that are not in your name or the name of an immediate family member) per year subject to the club receiving all their necessary contact information and ID number of your friend.

Page 20 of 29

13. Points required to book a Time Module will increase annually with inflation. The Points required to book a Time Module will increase annually with inflation or as deemed necessary by the Club’s Trustees.

Explore, Inspire, Elite and Perpetuity members will be allocated additional Points free of charge annually to counter inflation.

Access members will not be allocated additional Points free of charge annually, however, they may either choose to purchase additional points, or upgrade their membership, to counter inflation.

14. You may buy more Points at any time. You may buy additional Points at any time. Members may buy Points and own them for an indefinite period or for a fixed term period, and add them to their existing membership.

15. You may have 2 memberships with up to 100,000 Points per membership. You may have a maximum of 2 memberships, and you may not combine memberships. You may own a maximum of 100,000 Points per membership.

16. You can sell or transfer your Points. Subject to the completion of the required documentation, you may sell or transfer your Points to a third party at any time. If you sell or transfer your Points, your accumulated Points and Levy Account, as well as any bonus Points, cannot be transferred.

17. We may accept a Trade-in from you. If we accept a Trade-in of a Time Module from you, you are liable for the costs of transferring the Time Module into the name of Flexi Club Property Holdings (Pty) Ltd.

The transfer costs will be added to your Levy Account, and are payable within 30 days of receiving your statement.

18. The right of first refusal to specific Time Modules. Subject to the approval of the Trustees, you may request to be given the right of first refusal to use any Time Module that you Traded-In.

If you are given the right of first refusal to any Time Module, we will allocate that Time Module to you at the beginning of each year and deduct the Points from your Points Account and the Accommodation Levy from you Levy Account.

Should you not wish to use the Time Module, then you must send us written notice at least 6 months prior to the date of occupation. When we receive this written notice, we will credit your Points Account and Levy Account accordingly, which may then be used to book alternative Holiday Property.

19. Your obligations to us. Your right of use to any specific Time Module is subject to the Club’s Constitution and Rules, as well as the rules of the specific Holiday Property at which the Time Module is booked, and you undertake to obey these rules.

20. You are bound by our conditions of occupation. When using the Holiday Property, you agree to the standard conditions of occupation set out below:

19.1 Know the rules of the Holiday Property. You must comply with all the rules that apply to the use of the Holiday Property and its facilities. The rules / use agreement for all the Holiday Properties are available on the club’s website.

19.2 Do not exceed the unit’s maximum occupancy. You must not allow more than the maximum number of people specified by the particular Holiday Property to occupy the unit.

19.3 Look after the Holiday Property when you use it. You must keep the Holiday Property in good condition and leave it in the same condition as you found it.

19.4 Not cause a nuisance at the Holiday Property. You must not cause any nuisance to the other guests at the Holiday Property.

19.5 Comply with any request from management. You must immediately comply with any request from the Holiday Property management in relation to your stay, use of the Holiday Property, and use of the Holiday Property facilities.

19.6 Check out at the scheduled time. You must make sure that you leave the Holiday Property before the check-out time and pay for all expenses that you incurred during your stay.

19.7 You must have a guest certificate. When you make a booking, we will send you a guest certificate as confirmation of your booking. The name and ID number of the individual occupying the Holiday Property must appear on the guest certificate.

The Holiday Property will confirm the identity of the individual checking in and will only allow the individual listed on the guest certificate to check-in.

19.8 You are liable for breakages, debts, and expenses. You are liable for any breakages, debts, and expenses incurred during your stay at a Holiday Property.

21. You indemnify us against any legal claims. You indemnify the Club, the Club’s Trustees and the Club’s managing agent against any claims caused by your use and occupation of any Holiday Property. The Club, the Club’s Trustees and the Club’s managing agent are not legally responsible for loss or injury suffered by you, your family or any of your guests during the occupation of the Holiday Property.

22. We are not responsible for poor quality and/or service at the Holiday Property. We will do everything possible to make sure that you enjoy the use of and quality of the Holiday Property. However, we are not responsible or liable for poor service or facilities, or the failure of any Holiday Properties to provide the promised or advertised facilities to you.

23. You pay us Annual Fees. You pay us Annual Fees so that we can meet our financial obligations. Your Annual Fees are made up of a Club Subscription, Annual Levy, and a Refurbishment Reserve.

Any amounts paid to the club, may not be refunded under any circumstances, except in the case where payment was made in error.

24. The Trustees determine the Annual Fees. Each year the managing agent prepares a detailed budget of the expected income and expenditure and recommends an Annual Fees amount to the Board of Trustees.

Based on this detailed budget and recommendation, the Trustees will set the Annual Fees amount, which is then ratified by members at the next annual general meeting. The only exception being the Annual Fees for Access members which are fixed for the duration of the agreement and are not subject to an annual review.

In the unlikely event that the Annual Fees amount is changed at the annual general meeting, then you will either receive a credit for any excess amount paid by you or have to contribute an additional amount.

You will receive notification of the following year’s Annual Fees in writing by no later than 30th November, and you must pay this amount to the managing agent for and on our behalf by no later 31st January.

The Trustees may approve alternative payment methods and or dates by which Annual Fees must be paid.

25. The Annual Levy is used to pay the Club’s resort levies and any other related charges. Your Annual Levy is relative to the number of Points you own and subject to a minimum and maximum amount which may be revised annually. The Annual Levy is an estimate of your proportionate share of the annual Holiday Property levies which will be paid by us on your behalf for the use of the various Holiday Properties.

Your Annual Levy payment will be credited to your Levy and reflected as a credit. When you make a booking, the Accommodation Levy for that booking will be deducted from your Levy Account.

Should you not have a sufficient credit available in your Levy Account to cover the Accommodation Levy, then you will have to pay the difference.

Page 21 of 29

26. Explore, Inspire, Elite, and Perpetuity members may accumulate their Annual Levy for a maximum of 3 years. The Annual Levy for Explore, Inspire, Elite and Perpetuity members may be accumulated and held as a credit in your Levy Account for a maximum of 3 years (The year in which the Annual Levy was charged + 2 additional years). Any unused credit in your Levy Account from the first year of accumulation will expire after the third year. The managing agent will send you regular reminders to ensure that you use the credit available in your Levy Account.

27. Access members may accumulate their Annual Levy for a maximum of 2 years. The Annual Levy for Access members may be accumulated and held as a credit in your Levy Account for a maximum of 2 years (The year in which the Annual Levy was charged + 1 additional year). Any unused credit in your Levy Account from the first year of accumulation will expire after the second year.

28. The Refurbishment Reserve is used to pay any special levies and any other related charges. Your Refurbishment Reserve is relative to the number Points you own, and subject minimum and maximum amount which may be revised annually. The Refurbishment Reserve is an estimate of your proportionate share of any special levies and any other related charges that will be paid by us, on your behalf for the use of the various Holiday Properties.

In the unlikely event that the special levies and any other related charges are more than the estimated amount, then the Trustees have the authority to declare an additional special levy. If the Trustees do declare a special levy, then you will be required to pay the special levy within 30 days of the date of the notice.

If the special levies and any other related charges are less than the estimated amount, then the surplus will be transferred to the club reserves and used to cover any future special levies and any other related charges.

29. Annual financial statements and current year budget. Our financial year end is 31 December. The audited financial statements for the previous year and details of the budget for the current year will be submitted to you by the managing agent at least 14 days prior to the Annual General Meeting.

30. All bookings must be made through the managing agent. All bookings must be made through the managing agent.

31. All Booking bookings are subject to availability. All booking are subject to availability, the payment of the relevant Accommodation Levy, and you having the required number of Points available.

32. All Booking are on a first-come-first-served basis. All bookings are on a first-come-first-served basis, and there is no guarantee that you will be able to book a specific Time Module at a specific Holiday Property. Holidays during school holiday periods are in high demand, and it is recommended that you book well in advance for these periods.

33. You can make bookings up to 53 weeks in advance. You may make bookings up to 53 weeks in advance.

34. You must cancel a booking more than 7 (seven) days before your occupation date. If you cancel a booking more than 7 days prior to the date of occupation, we will refund you and credit you Points Account and Levy Account accordingly.

If you cancel the booking 7 days or less prior to the date of occupation, the Points and Accommodation Levy for the booking will be forfeited. However, if we are able to find another member to take your booking in your place, then we will credit your Points Account and Levy Account accordingly.

Cancelled bonus bookings are non-refundable.

All request for cancellation must be made in writing.

35. If we no longer have the right of use to any Holiday Property or Time Module. In the rare event that we no longer have the right of use to any Holiday Property or Time Module, the managing agent will do their best to offer you a suitable alternative or will credit your Points Account and Levy Account accordingly.

36. The Trustees can charge a reservation fee. The Trustees reserve the right to introduce a nominal reservation fee.

37. If you do not comply with the Constitution & Club Rules. Should you not pay any amount due to the Club, or do not comply with the Constitution and Club Rules, you will be in breach. If you are in breach, you will be sent a written notice of your breach, and if you stay in breach for 14 days after receiving notice, the Club reserves its rights to cancel your membership and/or pursue legal action for the enforcement of any of the terms of the Constitution and Club Rules.

Should your membership be cancelled due to non-payment, you may have it reinstated by paying all overdue amounts, plus any allowed default charges, provided that such payment is received within 18 months. Your membership rights are linked to the ownership of Flexi Holiday Club Points. Should your membership be cancelled for any reason whatsoever, this will also cancel the sale of Points. All amounts paid up to the date of cancellation will be forfeited.

38. You may cancel your membership. Explore, Inspire, Elite and Perpetuity members may cancel their membership by providing the managing agent with 21 days written notice. Such cancellation will be subject to all of the following;

• your Annual Fees and any other amounts owing to Flexi Holiday Club as at the date of the notice must be paid in full, and

• the cancellation of any Credit Agreement(s) you may still have with Club Leisure Development (Pty) Ltd

If your written notice of cancellation of your membership is received between 1 January and 30 June, then no cancellation fee will be charged, and cancellation will be made effective at the end of the current year, up until which point you will retain all your membership rights and benefits as per section 39 below. If your written notice of cancellation of your membership is received between 1 July and 31 December, the cancellation will also be subject to the payment of a cancellation fee equal to that of the current year’s Annual Fees and cancellation will be made effective at the end of the next year, up until which point you will retain all your membership rights and benefits as per section 39 below. Access members may cancel their membership by providing the managing agent with 1-month calendar notice. Such cancellation will be subject to your monthly fees and any other amounts owing to Flexi Holiday Club as at the date of notice being paid in full.

39. When your membership is cancelled. When an Explore, Inspire, Elite, and Perpetuity membership is cancelled:

• You may still make bookings up to the effective date of cancellation.

• You may still make use of a Time Module in the year following the effective date of cancellation, provided the booking was made before the effective date of cancellation.

• Should you have sufficient credit available in your Levy Account to make a booking, but not enough Points to make a booking, then the managing agent will provide you with enough bonus Points so that you may utilise the entire credit available in you Levy Account.

• Should you not have sufficient credit available in your Levy Account to make a booking, then you will have to pay the difference.

• Any Points and/or credit available in your Levy Account that is not used by the effective date of cancellation will be forfeited.

When an Access membership is cancelled you may no longer make any bookings, and you will forfeit any credit available in your Levy Account.

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STATUTORY DISCLOSURE OF INFORMATION AS REQUIRED BY SECTION 4 OF THE PROPERTY TIMESHARING CONTROL ACT NO. 75 OF 1983

Section 4(1)a: Purchaser And Seller Details

See Purchase and Credit Agreement (pages 7 to 9) and Application for Membership (10 and 11).

Section 4(2)b: Legal Basis and Duration of Scheme

All the holiday property is either owned by or under the control of Club Property Holdings (Pty) Ltd, which is wholly owned by Flexi Holiday Club. The members of Flexi Holiday Club, through the ownership of their Points, have the exclusive right of use to the holiday property.

The holiday property comprises of sectional title units (in development established in terms of the Sectional Titles Act, 95 of 1986) and share block units with associated rights of use (in share block developments established in terms of the Share Blocks Control Act, 59 of 1980). Please see table below for the legal basis of each individual property time-sharing scheme.

Unless stated otherwise, the duration of the schemes are indefinite and the recurrent periods are listed in the club’s Points Chart. The conditions of occupation are set out in the Club’s Constitution and Rules (pages 15 to 21).

Section 4(1)c: Resort Name and Property Description, Section 4(1)d: Property Held By Ownership or Lease, Section 4(1)e: Name & Address of Owner, and Section 4(1)f: Name of Bond Holder

The information required in terms of these sections is set out in the table below. Club Property Holdings (Pty) Ltd may source additional timesharing interest from time to time which shall be available for use by the members.

Section 4(1)g: Purchase Amount, Section 4(1)h: Interest Rate, Section 4(1)i: Instalment Amount, and Section 4(1)j: Instalment Due Date

See Purchase and Credit Agreement (pages 7 and 9) and Application for Membership (pages 10 and 11).

Section 4(1)k: Architect Certificate

All timeshare units are completed, and an architect certificate is not required.

Section 4(1)l: Scheme Rules

See Club’s Constitution and Rules (pages 15 to 21). The Rules / Use Agreement for the individual properties is available online at www.flexiclub.co.za, or at 1 Crompton Street, Pinetown, during office hours.

Section 4(1)m: Inventory of Movables

An inventory of moveables is available online at www.flexiclub.co.za, or at 1 Crompton Street, Pinetown, during office hours.

Section 4(1)n: Official Language

See section 24 of the Certificate of Understanding (page 6).

Disclosure Requirements in terms of Regulation 4 of the Property Timesharing Control Act No 75 of 1983.

Available online at www.flexiclub.co.za, or on request at the individual sales outlets.

Flexi Access Membership Restrictions.

The Flexi Access membership right of use is restricted to the holiday property marked with an “*”.

RESORT NAME AND PROPERTY DESCRIPTION

4(1)c

LEGAL BASIS OF SCHEME

4(1)b

PROPERTY HELD BY

OWNERSHIP OR LEASE

4(1)d

NAME & ADDRESS OF OWNER

4(1)e

NAME OF BOND

HOLDER 4(1)f

WESTERN CAPE

AVALON SPRINGS ERF 2796 (A Portion of ERF 2093) Montagu, Municipality, and Division of Montague

Sectional Title in terms of the Sectional Titles Act No. 95 of 1986

Owner Avalon Springs Body Corporate (Sectional Title No. SS28/1988) P.O. Box 110, Montagu, 6720

Nil

BANTRY BAY ERF 79 Bantry Bay, 44A Victoria Road, Bantry Bay

Share Block I.T.O. Share Blocks Control Act No. 59 of 1980

Owner Bantry Court Share Block Ltd. (Reg. No. 04/02856/06) whose registered office is: Tannery Park,23 Belmont Road, Rondebosch, 7700

Nil

CLUB MYKONOS LANGEBAAN* Section No’s 97, 211, 214, 215, 216, 217, 220, 222 shown on Sectional Plan No. SS454/94 in Acropolis Scheme


Owner Club Mykonos Langebaan Share Block Ltd. (Reg. No. 95/13599/06) whose registered address 8th Floor,The Terraces,34 Bree Street,CTN, 8001

Nil

HASTINGS HALL* Buildings consist of a Block of 18 Apartments erected on land described as remainder ERF 983 situated on Hastings Street, Tamboerskloof, CTN

Share Block I.T.O. Share Blocks Control Act No.59 of 1980, and Property Timesharing Scheme as defined in the Property Timesharing Control Act, 1983

Owner Hastings Hall Share Block (Pty) Ltd (Reg. No. 96/08125/07) Hastings Street, Tamboerskloof, Cape Town

Nil

HERMANUS BEACH CLUB ERF 1194 Zwelihia, Greater Hermanus Transitional Local Council


Owner Stocks Nationwide Resorts Share Block Ltd. Stocks Park, Block B, 5 Autumn Street, Pretoria

Nil

http://www.flexiclub.co.za/



Page 23 of 29


4(1)c


4(1)b

PROPERTY HELD BY

OWNERSHIP OR LEASE

4(1)d


4(1)e

NAME OF BOND

HOLDER 4(1)f

MOUNT SIERRA* 4 Camp Street, Gardens. ERF 65101 Cape Town

Hospodar Cottage (Pty) Ltd Owner Hospodar Cottage (Pty) Ltd. trading as Mount Sierra (Reg. No. 97/22012/07) 4 Camp Street, Gardens

Investec Ltd R9,209,965

THE PENINSULA ERF 961 Sea Point West, ERF 59 Sea Point West, ERF 58 Sea Point West, ERF 57 Sea Point West, ERF 69 Sea Point West, ERF 70 Sea Point West

Share Block I.T.O. Share Block Control Act No. 59 of 1980, and Property Timesharing Scheme as defined in the Property Timesharing Control Act, 1983

Owner The Peninsula Share Block Ltd (Reg. No. 05/11635/06) C/O Kessel Feinstein, 11th Floor, Penmore Tower, 1 Riaalk Street, Jhb

Nil

PERNA PERNA MOSSEL BAY* 4-8 Upper Cross Street, Mossel Bay, Stand 6438, Mossel Bay, under Title Deed No. 6832/84 in Extent 2954M/ SQ

Share Block I.T.O. Share Block Control Act No. 59 of 1980

Owner Perna Perna Mossel Bay Share Block Ltd (Reg. No. 83/07979/19) Registered address C/O Quaestor Management & Property Services (Pty) Ltd. P.O. Box 22018, Glen Ashley, 4022

Nil

PORT OWEN MARINA* ERF 1981 and ERF 705 Laaiplek in the Municipality of Velddrif, Division of Piketberg


Owner Port Owen Village Share Block No. 1 Ltd and Share Block No. 2 Ltd whose registered address is P.O. Box 339, Paarl, 7620

Nil

RIVIERA SUITES* ERF No. 368 situated at, Seapoint, Municipality of Cape Town, being Residential Block known as Riviera Holiday Resort


Owner Riviera Share Block Ltd. (Reg. No. 88/00677/06) whose address is 273 Beach Road, Sea Point, 8001

Nil

STRAND PAVILION Portion of ERF 1142 and ERF 78 Strand


Lease expires in the year 2088

Strand Pavilion Share Block Ltd (Reg. No. 89/06466/06) whose registered owner is Cape Provincial Admin and Strand Municipality

Nil

WILDERNESS DUNES Land & Buildings comprise of ERF 1377 (A Portion of ERF 1276) Wilderness


Owner Wilderness Dunes Share block Ltd. (Reg. No. 90/ 03061/06) whose registered address is Stocks Park, Block B,5 Autumn Street, Rivonia

Nil

EASTERN CAPE

BEACON ISLAND Beacon Road, ERF 263 Plettenberg Bay


Owner Beacon Island Share Block Ltd. (Reg. No. 83/05957/06), 7th Floor Twin Towers West, Sandton City, Sandhurst, 2196

Nil

BROOKES HILL* ERF 1949 (A Portion of ERF 2154) Summerstrand, Port Elizabeth


Owner Brookes Hill Share Block Ltd. Stocks Park, Block B, 5 Autumn St, Rivonia

Nil

HOLE IN THE WALL HOTEL & HOLIDAY VILLAGE* Piece of Quitrent land at Hole in the Wall, Admin Area 18, Mtonjana, Mqawduli, Eastern Cape


Owner Dalindyebo Enterprises (Pty) Ltd whose address is P.O. Box 13135, Vincent, 5127

Nil

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KOWIE RIVER CHALETS* Situated at Oriole Road, West Beach, Port Alfred

Sectional Title Scheme in terms of the Sectional Title Act No. 95 of 1980

Owner The Body Corporate of Kowie River Chalets Sectional Title No. SS214/89

Nil

KWAZULU-NATAL SOUTH COAST

CABANA MIO Situated at 159 Beach Road, Amanzimtoti, KwaZulu-Natal


Owner The Body Corporate of Cabana Mio (Scheme No. 59/1985) whose address is P.O. Box 188, Amanzimtoti, 4125

Nil

CLUB HACIENDA* Lots 883 & Sub Division 1 of lots 884 Shelly Beach, in the Margate Transitional Local Council area


Owner Shelly Beach Haciendas Share Block Ltd. (Reg. No. 81/08453/06) whose address is P.O. Box 4650, Johannesburg

Nil

COSTA SMERALDA* Lots 3277 Margate, Borough of Margate, in extent 4051 SQM


Owner Corona Del Mar NR 14 CC (Reg. No. CK 86/15869/23) whose address is P.O. Box 653, Margate, 4275

Nil

LA COTE D’AZUR* Consolidated lot 3670 Borough of Margate, Province of KwaZulu-Natal


Owner The Body Corporate of La Cote d’Azur, whose address is 1 Manaba Road, Manaba Beach

Nil

MARGATE SANDS* Lot 2671, Borough of Margate, KwaZulu-Natal, South Coast


Owner The Body Corporate of Margate Sands whose address is William O'Connor Drive, Margate

Nil

PALM PARK* Lot 3266, Margate


Owner Body Corporate Palm Park, whose address is P.O. Box 653, Margate, 4275

Nil

PEARLY SHELLS Stand 1404, Scottburgh


Owner Pearly Shells Share Block Ltd. (Reg. No. 89/1455/06) whose address is 204 Xcelpark Cnr Lynnwood & Rodericks Road, Lynnwood, Pretoria

Nil

SAVANNAH SANDS Lot 793, Amanzimtoti


Owner D.P.G. Investments Share Block Ltd (Reg. No. 81/04126/06) whose address is P.O. Box 161 Amanzimtoti, 4125

Nil

ST. MICHAEL SANDS Remainder of lot 2184 Uvongo in the Borough of Uvongo, Administrative District of KwaZulu-Natal


Owner St. Michael Sands Share Block Ltd. (Reg. No. 05/16407/19) whose address is 1st floor, Gird Mowat Centre, 98 Marine Drive, Margate

Nil

KWAZULU-NATAL DURBAN

DURBAN SPA Lot 26 of Block 0b of the townlands of Durban 1737 in Town and County, County of Durban, KwaZulu-Natal


Owner Body Corporate of Durban Spa (Reg. No. 80/07026)

Nil

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THE OCEANIC Sub 1 of WS Snell of the townlands of Durban No. 1737


Lease expires 15 March 2024

Tremor Properties Share Block Ltd. (Reg. No. 64/04904/07) whose address is P.O. Box 1287, Pinetown, 3600

Nil

THE PALACE RESORT & SPA* 211 Marine Parade, DBN Lot J Block VP. Victoria Park of townlands of Durban, No. 1737 in the Administrative District of KwaZulu-Natal


Lease expires 7 November 2029

The Palace Share Block Ltd. (Reg. No. 88/07243/06) whose address is 141 Old Fort Road, Durban, 4001

Nil

SILVER SANDS I, II, III Freehold land known as Silversands, Lot No. 5, Block D, Erskine Terrace of Addington & Portion of Point No. 5891, Freehold land known as Silversands II on Lot 13 & 14 of 6 to 9 Block D, Erskine Terrace Addington & Portion of Point No. 5891, Freehold land known as Silversands III on Lot 5 of 6-9 of Block D, Erskine Terrace of Addington & Portion of Point No. 5891, all in the City & County of, Durban, KwaZulu-Natal


Owner Silsan Properties Share Block Ltd. (Reg. No. 82/01951/06) Siltwo Share Block Ltd. (Reg. No. 68/13792/06) and Silthree Share Block Ltd. (Reg. No. 54/00441/06) whose address is 9th floor, Southern Life Building, Field Street, Durban

Nil

KWAZULU-NATAL NORTH COAST

BREAKERS Lease 1 of Lot 1068 Umhlanga Rocks Township, Borough of Umhlanga, North Coast Regional Water Services area Administrative District of KwaZulu-Natal. Lease 4 of Lot 1068 Umhlanga Rocks Township, Borough of Umhlanga, North Coast Reg. Water Services Area. Administrative District of KwaZulu-Natal


Leased from North Local Council. Expires in 2024, with the right to renew the lease for two further periods of 20 years.

Breakers Highrise Share Block Ltd. (Reg. No. 69/08760/06) whose address is P.O. Box 782553, Sandton, 2146

Nil

CABANA BEACH Lots 623, 637 & 643, Umhlanga Rocks Township, County of Victoria, KwaZulu-Natal


Owner Cabana Beach Share Block Ltd. (Reg. No. 65/04874/19) whose address is 7th floor, Twin Towers West, Sandton City, Sandhurst, 2196

Nil

CHAKA’S ROCK CHALETS* ERF 244 Shaka’s Rock, Reg Division fu in the Dolphin Coast Transitional Local Council Area, Province of KwaZulu-Natal


Owner Lot 95 Chaka’s Rock Chalets Share Block. Ltd. (Reg. No. 73/12130/06) whose address is P.O. Box 363, Ballito, 4420

Nil

LAKE VIEW CABANAS* Lot 4 St. Lucia, in the Development Area of St. Lucia and in the North Eastern Zululand Regional Water Services Area, Administrative District KwaZulu-Natal


Owner Lake View Cabanas Share Block Ltd. (Reg. No. 89/05344/06) whose address is P.O. Box 22018, Glenashley, 4022

Nil

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LA LUCIA SANDS Stand No. 1881 La Lucia Ext. 13


Owner La Lucia Sands Share Block Ltd. (Reg. No. 74/01166/06) Registered Owners are La Lucia Property Investments Ltd. whose address is 58 Marine Drive, Umhlanga Rocks

Nil

LA MONTAGNE* Land & buildings known as La Montagne situated at Ballitoville, Local Authority


Owner The Controlling Body of La Montagne, Building No. 277/1984 whose address is 100 Compensation Beach Road, Ballito, 4420

Nil

LA ROCHELLE Lot 326 St. Lucia Extension No. 2 situated in the Development Area of St. Lucia in Northern Area of Zululand Regional Water Service


Owner La Rochelle Share Block Ltd. (Reg. No. 81/08734/07) whose address is P.O. Box 22018, Glenashley, 4022

Nil

PERNA PERNA UMDLOTI* Sub 1965 & 1966 of Farm Cottonlands, No. 1575 Umdloti Health Committee area and Sub A of 144 of Lot B Block A of Cottonlands No. 1575


Owner Perna Perna Share Block Ltd. (Reg No. 80/09875/07) Perna Perna 11 Share Block Ltd (Reg. No. 83/02112/06), Perna Perna Four Share Block Ltd. (Reg No. 75/02494/6) whose address is P.O. Box 22018, Glenashley, 4022

Nil

SALT ROCK PALMS Rem of Sub 23 of Lot 61 No. 1521 in the Umhlali Town Board Area, North Coast Regional Water Services Area


Owner Salt Rock Palms Share Block Ltd. (Reg. No. 88/05970/06) whose address is P.O. Salt Rock, 4391

Nil

SANDY PLACE Lot 5, St. Lucia, Zululand, KwaZulu- Natal, Held N Titledeed No. 2831/70


Owner Estuary Properties Share Block Ltd. (Reg. No. 69/11887/07) whose address is P.O. Box 547, Schweizer-reneke, 2780

Nil

SODWANA BAY LODGE* Sub 5 of Reserve No. 14 of 15834, in the Administrative District & Province of KwaZulu-Natal, in Extent 34, 2997 Hectares


Lease expires 1 December 2087

Sodwana Bay Lodge Share Block Ltd. (Reg. No. 89/03310/06) whose address is 2nd floor, Liberty Life House, Smith Street, Durban, 4001

Nil

UMHLANGA CABANAS Lot 737, Umhlanga Rocks Township, in the Township of Umhlanga Rocks & in the North Coast Regional Water Services Area, County of Victoria, KwaZulu-Natal


Owner Seven Three Seven Umhlanga Share Block Ltd. (Reg. No. 81/01200/09) whose address is Suite 1, 1st floor, Nedbank Cnr. Louis Botha Ave and 10th Road, Bramley, 2090

Nil

UMHLANGA SANDS Lot 1076 Umhlanga Rocks Township, Borough of Umhlanga, North Coast Regional Water Services Area, County of Victoria, KwaZulu-Natal


Owner Umhlanga Sands Share Block Ltd. (Reg. No. 72/03573/19) 7th floor, Twin Towers, West Sandton City, Sandhurst

Nil

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KWAZULU-NATAL DRAKENSBERG

BUSHMAN’S NEK* Sub Division 1 of the Farm FP 196 No. 7552, County of Pietermaritzburg, Province of KwaZulu-Natal


Owner Bushman’s Nek Share Block Ltd. (Reg. No. 68/09713/19) whose address is P.O. Box 22018, Glenashley, 4022

Nil

CASTLEBURN Sub 1, of the Farm Rosslyn No.15593 Situated in County of Pietermaritzburg


Owner Castleburn Share Block Ltd. (Reg. No. 91/05692/06) whose address is Stocks Park, Block B, 5 Autumn Street, Rivonia

Nil

CHAMPAGNE LANE Sub Division 37 (of 1) Held under Title No. T10147/89 of the Farm Driefontein No. 1389. Situated in the Administrative District of KwaZulu-Natal


Owner Champagne Lane Share Block Ltd. (Reg. No. 89/01642/06) whose address is Sub Division 37 (of 1) Held under Title No. T10147/89 of the Farm Driefontein No. 1389 situated in the Administrative District of KwaZulu- Natal

Nil

CHAMPAGNE SPORTS The Farm Amphletts No. 16358 situated in the Regulated Area of Cathkin Park, Administrative District of KwaZulu-Natal


Owner Champagne Share Block Ltd. (Reg. No. 56/03056/07) whose address is Private Bag X9, Winterton, 3340

Nil

CHAMPAGNE VALLEY Sub 17 of (1) of the Farm Heartsease, No. 3291, situated in the County of Weenen


Owner Champagne Valley Resort Share Block Ltd (Reg. No. 73/10255/06) whose address is Wassermankatz, P.O. Box 2894, Primrose

Nil

DRAKENSBERG SUN Sub 112 of Sub 4 of the Farm Driefontein 1389, Administrative District of KwaZulu-Natal


Owner Drakensberg Sun Share Block Ltd. 7th floor, Twin Towers, West Sandton City, Sandhurst

Nil

FAIRWAYS Sub 1 of the Farm Century No. 16095 Situated in the Administrative District of KwaZulu-Natal


Owner Glengarry Properties Timeshare Share block Ltd. (Reg. No. 92/02234/07) whose address is 85 Marine Parade, Durban, 4001

Nil

MIDLANDS SADDLE & TROUT* Sub 7 of the Farm Oatesdale, No. 5078, in the Regulated Area of Mount Dragon, Administrative District of KwaZulu-Natal


Owner Midlands Saddle & Trout Resort Share Block Ltd. (Reg. No. 89/06476/06) whose address is P.O. Box 22018, Glenashley, 4022

Nil

MOUNT CHAMPAGNE Sub 111 (of 93) of the Farm Driefontein 1389, situated in the Administrative District of KwaZulu- Natal


Owner Mount Champagne Share Block Ltd. (Reg. No. 89/03892/06) whose address is 96 Clark Road, Glenwood, Durban, 4001

Nil

RIVERBEND CHALETS Sub 5 of the Farm Fp 309 No. 9034 situated in the Administrative District of KwaZulu-Natal


Owner Drakensberg Gardens Timeshare Share Block Ltd. (Reg. No. 72/09596/07) whose address is P.O. Box 10305, Marine Parade, 4056

Nil

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KIARA LODGE Sub Division 3 of the Farm Groenland 267 Bethlehem


Owner Kiara Lodge Share Block Ltd. (Reg. No. 93/00732/07) Cnr. Republic & Rabie Roads, Fountainebleau Village, Fountainebleau

Nil

QWANTANI Sub Division 5 of the Farm Craigielea 598 situated in the District of Harrismith, Province of Free State


Owner Qwantani Share Block Ltd. (Reg. No. 88/02947/06) whose address is P.O. Box 980, Harrismith, 9880

Nil

MPUMALANGA

GETHLANE LODGE* Portion Vraaiuitzicht, No 343, Registration Kt Mpumalanga


Owner Gethlane Lodge Share Block Ltd. (Reg. No. 83109903/06) whose address is P.O. Box 22018, Glenashley, 4022

Nil

KLOPPENHEIM COUNTRY ESTATE Winnaarspoort Road Belfast District

Share Block I.T.O. Share Block Control Act No. 59 of 1980 & 1983

Owner Kloppenheim Share Block Ltd. (Reg. No. 2001/0004/89/06) whose address is P.O. Box 2356, Plettenberg Bay, 6600

Nil

KRUGER PARK LODGE Land & Buildings Comprise Portion 23 of Farm Perry’s Farm No. 9 Reg. Division Ju Mpumalanga

Sectional Title Scheme in terms of the Sectional Act No. 95 Of 1986

Owner Kruger Park Lodge Share Block Ltd. (Reg. No. 89/06537/06) whose address is Stocks Park, Block B, 5 Autumn Street, Rivonia

Nil

MILLSTREAM Portion 4 (Portion of 1) of Farm Welgevonden 128, Reg, Division J.T. Transvaal & Portion 24 (Portion of 13) of Farm Grootzuiker-boschop 124. Reg. Div J.T. Transvaal


Owner Millstream Farm Share Block Ltd. (Reg. No. 88/06927/07) whose address is 6 Glenhove Road, Melrose Estate, 2196

Nil

MOUNT SHEBA Portion 3 of the Farm Grootfonteinberg 561, Reg. Division K.T. Mpumalanga Held under Deed Transfer 41910/92


Owner Mount Sheba Share Block Company Ltd. (Reg. No. 83/08472/19) whose address is 1st floor, 309 Brooks Street, Menlo Park, Pretoria

Nil

PINE LAKE COUNTRY ESTATE Portion 47 of the Farm Klipkop Je 228 Reg. Division J.T. Transvaal District, Whiteriver


Owner Pinelake Share Block Ltd. (Reg. No.81/108079/06) whose registered address is 7th floor, Twin Towers, West Sandton City, Sandhurst, 2196

Nil

SABIE RIVER SUN Portion 20 & 25 of “Perry’s Farm” No. 9 White River, these Portions have been consolidated Into Portion 26 of the Farm “Perry’s Farm.”


Owner Sabie River Share Block Ltd. (Reg. No. 63/03920/06) whose address is Twin Towers, West Sandton City, Sandhurst, 2196

Nil

SANBONANI Freehold land on Portion 5 of the Property Perry’s Farm No. 9, Reg. Division Ju, Transvaal


Owner Sanbonani Holiday Spa Share Block Ltd. (Reg. No. 87/04734/06) whose address is 7th floor, Bedford Centre, Cnr St. Georges, Str & Bedford Road Yeoville, 2198

Nil

SUDWALA CHALETS Freehold land & Buildings of Portion 16 of the Farm Sudwalasraal 271, Registration. Division J, Transvaal


Owner Sudwala Chalets Share Block Ltd. (Reg. No. 91/07228/06) whose address is P.O. Box 30, Schagen, 1207

Nil

WATERBERRY HILL* Portion 22 of the Farmabek 6, Registration Ju situated in the District of Nelspruit, Mpumalanga


Owner Waterberry Hill Share Block Ltd. (Reg. No. 89/04099/06) whose address is P.O. Box 22018, Glenashley, 4022

Nil

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LIMPOPO

MABALINGWE NATURE RESERVE Land & Buildings comprise of remaining extent of the Farm Boschpoort 550, Reg Division K.R. Transvaal


Owner Mabalingwe Nature Reserve Share Block Ltd. (Reg. No. 87/05591/19)

Nil

MABULA LODGE Portion 1, Farm Kwarriehoek 475 Kq, Farm Habit 477 Kq. Reg. Division Kq. Northern Province


Owner Mabula Timesharing Share Block Ltd. (Reg No. 69/05889/06) Mabula’s Modjadji Camp Share Block Ltd. whose address is 10th floor, Nedbank Centre, Durban Club Place, Durban

Nil

SONDELA NATURE RESERVE Portion 63 of the Farm Tweefontein 462 Reg. Division K.R. Transvaal


Owner Sondela Share Block Ltd. (Reg. No. 83/00952/07) whose address is P.O. Box 22, Warmbaths, 0408

Nil

GAUTENG AND NORTH WEST PROVINCE

MAGALIES PARK* Section 52 & 35 (Part of Section 16) of the Farm De Rust No. 478, Reg. Division J.Q. Transvaal


Owner Magalies Park Timesharing Share Block Ltd. (Reg. No. 86/03410/06)

Nil

BAKGATLA RESORT Bakgatla Gate Pilanesberg National Park, North West Province


45 Year lease from 2001 from the Republic of South Africa

Bakgatla Share Block Ltd. (Reg. No. 2001/000290/06) whose address is P.O. Box 6651 Rustenberg, 0300

Nil

BAKUBUNG Pilanesberg National Park


Lease From Bophutha- tswana National Parks Board, expires in 2090

Bakubung Share Block Company Ltd. (Reg. No. 89/04099/06) whose address is Stocks Park, Block B, 5 Autumn Street, Rivonia, 2128

Nil

DIKHOLOLO Portion 10, a Portion of Portion 9 of the Farm Siena 222, Registration Division Jq Transvaal Portion 29 (A Portion of Portion 16) of the Farm Veekraal 221 known as Paradys Registration Division Jq. Transvaal


Lease from Sun International (Bophuthats) Ltd. Expires in year 2082

Dikhololo Share Block Ltd. (Reg. No. 81/00665/06) whose address is P.O. Box 1533, Brits, 0250

Nil

KWA MARITANE Doornhoek Farm, No. 910, Reg. Division Jq. District Mankwe, Rep. of Bophutha- tswana


Owner The Kwa Maritane Residents Association, whose address is Block 1 Cloisters Office Park Rivonia Boulevard, Rivonia

Nil

MANYANE RESORT Manyane Gate Pilanesberg National Park, North West Province


45 Year lease from 2001 from the Republic of South Africa

Manyane Share Block Ltd. (Reg. No. 2001/000294/06) whose address is P.O. Box 6651 Rustenberg, 0300

Nil

MANZI MONATE Plot 105, Zeekoeigat District, Roodeplaatdam, Pretoria


Owner Manzi Monate Country Club Share Block Ltd. (Reg. No. 90/03001/06) whose address is Hatfield Gilde Buildings, 1st Floor, 1068 Arcadia Street, Hatfield

Nil

MOUNT AMANZI Farm Hartebees-fontein 445, District Brits


Owner Mount Amanzi Share Block Ltd. (Reg. No. 88/05182/06) whose address is P.O. Box 169, Hartebeespoort, 0216

Nil

Documents

TABLE OF CONTENTS Contract.pdf · ☐ Low Season ☐ Studio, 2 Sleeper ☐ Economy ☐ Weekend / Midweek ☐ Mid-Season ☐ 1 Bedroom, 4 Sleeper ☐ Standard ☐ 1 Week ☐ High-Season