Aristo Konia Village 3 - General Agreement
Legally Binding Document
GENERAL AGREEMENT
This standard General Agreement constitutes an integral part of the Management Agreement signed individually between all Property Owners and the Manager, as defined below.
DEFINITIONS
“Vendor” shall mean the company ‘Aristo Developers plc"
“Property Owner” shall mean any owner of any property in the Area and shall, where appropriate, include the Owner.
“Common ownership areas, parts or installations” mean such areas, parts and installations of the Area owned in common by all owners in undivided shares.
“Common ownership/common use” means common ownership with a right of use by all Property Owners.
“Common ownership/private use” means common ownership with a right of use by one Property Owner exclusively.
“The Committee” shall mean the Committee of elected members supervising the management of the Area, the rights and duties of which are described in section 11 of this Agreement.
“The Manager” shall mean the Manager appointed by the Management Agreement who shall provide the management services prescribed under this Agreement and those rights and duties are defined in section 12 of this Agreement.
PURPOSE
The main purpose of this Agreement is to regulate the administration of the ‘Area’, as defined in Term 1 below, in connection with the management, upkeep, maintenance and betterment of the Area as well as to ensure the quiet and peaceful enjoyment of Properties by Property Owners.
The administration of the Area shall be carried out in accordance with the provision of this Agreement and shall be subject to the terms of the Management Agreement
TERMS
1. Areas, parts and installations of common ownership/common use
Subject to the terms and conditions contained herein the parts and installations of common ownership/common use covered by this Agreement, are the following: -
i) All areas, parts and installations within the Area, which are not of private ownership or of common
ownership/private use.
ii) The walls and fences surrounding the Area, if any.
iii) Any works protecting the Area.
iv) The foundations of the buildings and of every section and wing thereof; the reinforced concrete supports, beams and frames of the buildings of the Area and of every section thereof; all outer walls, the partition separating individual Properties, if these do not belong to the same Property Owner, the pavements and spaces around the buildings within the Area except the terraces, gardens and land assigned and/or designated for the private use of individual Properties, the rain gutters and the separate room for the electricity meters, the swimming pool and communal toilets, the plant room, the store room and any other areas so designated and shown in the Master Plan and so specified in this Agreement.
v) The entrances to any Block of Properties of the Area, the letterboxes, if any, staircases and corridors, gardens, roads, passages, paths and parking spaces, which are not of common ownership/private use or of private ownership.
vii) Any other area or structure considered as of common ownership/common use by the appropriate authority or by the Lands Office in accordance with any law or regulations for the time being in force and which are included in the certificate of registration of each Property and generally all the areas, installations and parts which are considered by law, or usage, or are reasonably regarded as of common ownership/common use unless specifically allocated for private use by the provisions of the Agreement and/or by the individual certificate of registration and/or by the rightful owner and/or by any plan attached hereto.
The entrances, passages gardens and paths of common ownership/common use, are subject to the right of passage of all Property Owners, with or without vehicles, as appropriate. All Property Owners have the right collectively, or in groups or, if otherwise unattainable, as individuals, to have or place on, under or over, as the case may be, the requisites for the supply of services (such as water, electricity, telephone, cesspools, absorption pits, sewage drains etc.), taking into consideration similar rights of other persons and existing or planned installations. The electricity, telephone, water and any other supply authorities will have free access to any space used for their services as well as to the installation inside the Properties themselves.
Furthermore, each Property Owner has the right to park one car on the parking areas of common
ownership/common use, unless such Owner has and enjoys the right of private use of a specific parking space, in which case such Owner shall not have the right to use any part of the parking areas, as herein provided. The areas parts and installations of common ownership/common use shall not be allocated to Property Owners in shares, but shall remain undivided, and no Owner shall bring any action for partition of such areas.
2. The Roof
a) In respect of the terraces and roofs of any building in the Area, the Vendor has and retains exclusive right of use and the right to build and/or extend any such building in accordance with the terms of any building permit he may from time to time obtain from competent authorities and dispose of any such new building and/or extension or any part thereof; or use the same for
any lawful purpose. Provided that the Owner shall have the right to use and maintain on the said roof or terrace the water tanks installed by the Vendor and other installations for the use of any individual Property, but in the event of any extension of the building. the Vendor may at his expense transfer the said water tank or other installations on the roof or terrace of the highest storey of any such extension, if necessary.
3. Common expenses
a) Unless otherwise provided herein, the sums which the Owner shall be bound to contribute towards common expenses shall be proportionate to the size of the area of the Property owned by the Owner in relation to the total Area, or on any other reasonable basis determined in the Management Agreement, and shall be utilized for the upkeep, maintenance, cleaning, taxation, insurance, repair or replacement of materials and or installation, and any other expenses incurred in connection with the areas, parts and installations of common ownership/common use, as herein provided. The rates of each proportionate share accruing to the respective Property are listed on the Management Agreement.
b) The Vendor's obligation to contribute towards the Common Expenses in respect of Properties over which he still retains ownership and which are uninhabited shall be as follows: -
i)for a period of 6 (six) months from completion of the particular Property in question, no obligation to pay any amounts towards Common Expenses shall be imposed on the Vendor. The share of common expenses of such properties will be reallocated to the remaining owners in the project, other than the Vendor.
ii)for a period of 18 (eighteen) months from the expiration of the 6 months period referred to in paragraph (i) above, the Vendor shall pay an amount equal to 50% of the amount which would otherwise be charged to a Property Owner in possession of the same size of Property area. The remaining 50% thereof will be reallocated to owners other than the Vendor.
iii) upon the expiration of the period prescribed in paragraph (ii), above, and thereafter for such period as the Vendor shall continue to own Property or Properties in the Area, the Vendor shall be bound to contribute towards Common Expenses the full amount charged to any other Property Owner in possession of the same size of Property area.
C)Provided that, regardless of this provision, the Vendor shall have all other rights and obligations accruing to Property Owners over Properties for which he still retains ownership and for as long a period as such Properties remain in his lawful possession. All Property Owners shall, for the purpose of this provision, be treated as registered owners, irrespective of whether the full amount of consideration has yet been paid or not, or whether or not the title to the Properties has been transferred in the Owner’s name, provided the Owner has accepted delivery of the Property. If the Owner does not arrive to accept the delivery in person, then the delivery will take place one month after the date on which the Owner was officially notified in writing to come for the delivery.
d) In order to maintain the high standard and character of the Development and to preserve the safe, healthy. harmonious and prestigious environment of the Area, the Manager shall determine the type of services to be provided and the common expenses to be incurred in connection with the area, parts and installations of common ownership/common use.
e) The Manager shall prepare the budget for each year, setting forth an estimate of all expenses connected with the provision of services as herein prescribed (hereinafter referred to as “the Budget”) and will submit such Budget to the Annual General Meeting as this shall be convened in accordance with section 9 of this Agreement The Property Owners shall consider the Budget so submitted which shall be deemed as approved unless seventy five percent (75%) of the votes of such Owners resolve that such Budget should be withdrawn and revised by the Manager and resubmitted within a period of 15 days. Provided that if the Property Owners fail to assemble and resolve as aforesaid within 30 days from the submission of the said Budget without any default on the part of the Manager, such Budget shall be deemed to have been approved and shall be binding upon the parties hereto.
f) The actual common expenses shall be based on the Budget with minor variations plus any contingent or unforeseen expenses. The Manager shall forward to the Owner every six (6) months a statement setting out the Owner’s proportionate share of common expenses following from the preceding six-monthly period. It is agreed that no Property Owner may individually dispute, challenge or refuse to pay his share of common expenses as herein provided. Provided further that each Property Owner shall pay his proportionate share of common expenses as shown on the said statement within 30 days period, each defaulting Owner shall be charged with interest, at the annual rate specified in the Management Agreement on all amounts due until final settlement.
g) The common expenses shall include the following expenses incurred in connection with common ownership/common use of the Area:
i)The expenses relating to the consumption of water and electricity, cleaning and any other service for or relating to the areas, parts and installation of common ownership/common use.
ii)The expenses for the upkeep, repair, renewal, cleaning and emptying of the drains, cesspools, absorption pits and other similar installations.
iii)The expenses of collection and disposal of the garbage for the Area, but not including the garbage collection or refuse removal charges, unless such are payable for the Area as a whole.
iv) The expenses for the installation and upkeep of electricity and water meters.
iv)The expenses incurred for the payment of taxes, rates and other charges relating to the areas, parts and installations of common ownership/common use.
v)The salaries of caretakers, porters, cleaners, gardeners and other staff, employed either on site or elsewhere or the provision of services relating to the maintenance and administration of the Area, as herein described.
viii) The expenditure for the external repainting and upkeep of the entire Development and the protection, reasonable upkeep and appearance of the common ownership gardens.
Provided that the expenses for the care, irrigation, upkeep and cleaning of privately used paths and gardens of individual Properties shall be the responsibility of the Property Owner concerned and shall not form part of the Common Expenses.
Should, however, the Owner fail to care, irrigate, upkeep and clean the said paths and garden of his Property in a manner affecting the good appearance of the Development, then the Committee may decide to serve a notice on the Owner requesting him to so proceed with the care, irrigation and cleaning of his paths and garden. In the event that the Owner fails to comply with such a request within fifteen days from the said notice, then the Committee may request the Manager to arrange for the care, irrigation and cleaning of the Owner’s path and garden and charge the Owner with the amounts expended for such purpose.
Provided further that the Owner may, if he so wishes, assign the responsibility of caring, irrigating and cleaning of his garden to the Manager who, upon the Owner’s request, will undertake to arrange for such care, irrigation and cleaning and charge the Owner every six months with the amounts so expended.
ix) The remuneration of the Manager and related administration fees for the services provided under sub clause 12 (c) herein below.
h) The Owner will be directly personally responsible for his contributions to the common expenses irrespective of any agreement, which he may have with lessees and/or licensees in connection with the Property.
i) The Manager has the power to assign to any party the collection of the common expenses. The Owner’s obligation with respect to common expenses as herein provided shall constitute a debt (to which interest may be added) owed by him to the Manager and can be claimed by civil action instituted by the Manager and/or the Committee and/or the Property Owners jointly or as the law otherwise provides. Any Property Owner against whom such an action has been instituted is barred from raising the defence of a non-actionable right or any other similar defence, hereby irrevocably submitting to such jurisdiction. The Committee and /or the Property Owners jointly may choose to settle such an obligation towards the Manager on behalf of the defaulting Owner, thereby securing the continuation of the services of the Manager, and legally move against such Owner for the collection of the money paid on his behalf.
J) The owner hereby acknowledges that any money paid on his behalf towards the Common Expenses by the Manager and/or the Committee or the Property Owners jointly or severally in pursuance to the terms of the present Agreement, are monies paid under his absolute and irrevocable authorization to that effect and are recoverable by action based on agency and/or money had and received and/or unjust enrichment and/or breach of contract and/or otherwise
4. Common fund
i) Each Owner shall deposit with the Manager a sum equal to his share of the Annual Budget for the formation of a fund hereinafter called “Common Fund” to be kept as guarantee and be administered by the Manager. When the annual budget is revised, the Owner shall be obliged to deposit the balance, which further to the amount already deposited will constitute his share of the new annual budget.
5. Insurance
a) The Manager has the right but not the responsibility to insure on behalf of all Property Owners the Properties of such Owners, as well as all area, parts and installations of common ownership/private use and common ownership/common use against the perils of fire,
malicious damage, earthquake, thunderbolt and such other hazards as it may be decided by the Manager with an insurance company to be chosen by such Manager or resolution against a sum of money reasonably corresponding to the actual value of the insured property. The Manager shall accordingly debit each Property, however, the insurance policy herein described shall not cover the privately owned contents of Properties such as furniture and household effects for which the Owner may, at his discretion, effect a separate insurance policy.
b) In the event of damage by fire or other damage covered by the policy of insurance, the proceeds of the indemnity for such damage shall first be used to repair the damage to the areas, parts and installations of common ownership/common use and subsequently to cover any legal liability of any Property Owner towards the other Owner, and the remaining, if any, to repair the Property in respect of which such insurance indemnity was paid.
c) The Manager may enter any Property in the absence of the Property Owner in order to prevent or fight any immediate peril to the life or safety of the other Property Owners or their Properties, and each Owner must, during all reasonable hours, permit entry into or use of any passage through his Property by technicians and/or other personnel required for the restoration or repair of sections and/or installations of the Area.
d) Any monies expended by the Manager on behalf of the Owner under this section shall constitute a debt owed and due by the Owner to which interest at the rate specified in the Management agreement may be added.
6. Enjoyment of Property and Alterations
a) Subject to the provisions of this Agreement, the Owner is entitled to exercise and enjoy all the right of ownership with respect to the Property owned by him within the Area, provided that in so doing he does not adversely affect similar rights and the safety of the other Property Owners or the safety of the Area as a whole.
b) Subject to the Owners individual agreement with the Vendor, and provided that the Manager’s approval is granted, the Owner shall be at liberty to effect such alterations, re-adjustments, demolitions, additions to or deductions from the interior of his Property, so long as these do not affect the reinforced concrete structure , the stability of the building or any part thereof; the electrical and mechanical installations including water, electricity and central heating which serve other parts of the Area, as well as the external elevations of the building.
7. Restrictions in use of a property
The Owner undertakes to observe and comply with the following regulations and/or restrictions in the use of his Property : -
a) Each Property may be used as a residence home and/or holiday and tourist apartment, and/or office or for any other lawful purpose not affecting the quiet and peaceful enjoyment of the Area by other Property Owners. Provided that if the Owner subjects his Property to uses which create a nuisance or a disturbance to other Property Owners, then the committee, or a
majority of at least 51% of all Property Owners may request the Manager to take steps to restrict or limit the use of such Property.
b) No Property or other area can be used in any way which causes nuisance or adversely affects the peace and safety or any other right of the other residents in the Area or increases the insurance premium for the other Property Owners.
c) The Property Owners who are duly authorized to use their Properties as bars, pubs or restaurants undertake not to use or allow their lessees or licensees to use the Properties in a manner, which causes smell or noise to emit therefrom. Further such Owners shall not place any personal items such as gas bottles, tables or rubbish in common areas and generally undertake to keep their Properties in a clean and tidy condition. Such Owners may, however, have or allow music to be played in their Properties provided that the music is at all times kept at such low levels so as for it to be always inaudible outside the respective Properties concerned.
d) The putting up of notice boards and nameplates is not prohibited, provided always that the size and appearance of them has been approved by the Manager.
e) The Manager alone has the exclusive right to choose to place and derive income from advertisement of any sort on the top terrace of any of the buildings, provided that income derived shall be credited to the Common Fund.
g) It is permissible for caretakers, cleaners, porters or other appointed persons employed by the Manager in order to provide services in relation to the management and upkeep of the Area, to reside within the Area at a place allocated to them by the Manager or the Committee, as the case may be.
h) The Owner shall be at liberty to plant any trees, plants, flowers or bushes in his privately used gardens provided these do not affect the enjoyment by the other Property Owners of adjoining or other parts or Properties in the Area. Should the Owner fail to irrigate, clean, upkeep and in general care for his garden in a manner that affects the good appearance of the complex, the Manager may make arrangements for such irrigation, cleaning and upkeep, as provided for in sub-clause 3 (g) (viii) hereinabove.
8. General rules of residence
a) All areas and parts of common ownership and/or common use must at all times remain free from obstruction and no personal articles may be placed or left thereon.
b) The cleaning of carpets from windows, verandas and staircases is prohibited. It is not permitted to hang washing from the window or verandas or place on the Property or in the area of the Project any advertisement of any nature whatsoever.
c) All rubbish should be securely tied in strong plastic dustbin bags and placed in the receptacles provided. No rubbish should be deposited in common areas.
d) The Owners shall use the elevator only when necessary and shall not allow the use of such elevator for playing or any other unnecessary purpose. Provided, further, that the Owner shall in the interest of safety not allow young children to use the roof. The Owner shall not pick or allow children, licensees or lessees to pick flowers or other cultivated plants from gardens of common ownership/common use.
e) The Owner shall in the course of using any covered or uncovered parking space in the Area, ensure that there is no leak of engine oil, which may stain the parking area.
f) It is forbidden to throw into lavatories drains or sewers solid articles such as broken china or glass, food scraps, disposable nappies and in general, articles or refuse which would clog the said lavatories, drains or sewers or pollute the air.
g) It is further prohibited, unless resolved by a 90% majority of the owners of the whole Area and approved by the Architects of the Project, to change the colour of the exterior surfaces of Properties of any parts of common ownership/private use or common ownership/common use.
h) The Owner may place awnings over his verandas provided that these are of the same colour for each building and as approved by the architects of the Projects.
i) It is at all times prohibited to pour down water from verandas or any parts of the Property.
j) The Owner undertakes not to cause any disturbance or nuisance and/or commit any act which may affect the peaceful enjoyment of the Area by the other Property Owners and the caretaker, appointed under this Agreement, shall have the right to take reasonable steps to restore the peaceful and quiet atmosphere of the Area.
9. General meeting of owners
a) The General Meeting of the Property Owners shall be held once each year as hereinafter provided. The place of the General Meeting will be determined by the Manager.
b) At each Annual General Meeting of the Owners, the Manager shall submit the Budget, as provided in subsection 3(e) here in above, together with a report of any comments or remarks the Manager may have in relation to the upkeep and management of the Area. If at any time it is decided that the Budget to be submitted at the Meeting is the same with the Budget for the previous year, subject to minor variations based on the Cost of Living Index, then such Budget will not be submitted and shall be deemed to be identical to the previous annual Budget, subject to the said variations.
d) All resolutions passed by a majority of Property Owners in General Meetings, as herein provided, shall be binding on all Property Owners, whether attending such Meeting in person or being represented by proxy or being represented by the Manager. All non-attending Property Owners who have duly been notified for the Meeting, shall be deemed to have constructive knowledge of all resolutions so passed.
10. Property owners’ voting rights
a) For voting purposes in the Annual General Meeting or regarding any matter for which a resolution of the Owners is required or called for, the Owner is entitled to the number of votes defined in the Management Agreement.
b) If the owner owns more than one Property, irrespective of whether such Properties have been joined together or not, he is entitled to the total number of votes for all his Properties.
c) Where two or more Property Owners jointly own a Property, such joint Owners shall designate the name of one Owner among their number to cast their vote.
d) The Owner is entitled to attend and vote at a General Meeting in person or be represented by a proxy, so designated in writing. If a Property Owner neither attends nor appoints a proxy, then it is agreed that the Manager will represent his voting rights.
e) Unless otherwise stated in the Agreement, the presence in person or by proxy of Property Owners holding 51% or more of the votes for the Area shall constitute a quorum. If there is no quorum at the Annual General Meeting, then no decisions may be taken and therefore the prior Annual General Meeting’ decisions will remain in force.
11. The committee
a) The Property Owners shall at the Annual Meeting elect a committee (hereinafter called “the Committee”)
b) The Committee shall consist of three Property Owners and be appointed for a period of one year. At any meeting of the Committee, the majority shall be valid if taken or signed by the majority of its members.
c) Each Committee meeting shall be called by the Manager, or any member of the Committee, and the Manager must be present. Committee meetings may be called at most once every calendar quarter and 15 days notice must be given.
d) The Committee has the right to inspect the accounts and records of the Manager connected with the Common expenses and ascertain whether the Manager has complied with the terms of the Budget as approved. For such inspections, which can take place at the maximum once every six months, the Committee must give at least two weeks notice in writing to the Manager. Further, the Committee shall have the right to inspect any actions or omissions of the Manager and ensure that the Manager’s actions are within his rights and obligations as described in the present General Agreement and/ or any other binding Management Agreement and/or any resolution of the Property Owners as herein provided.
e) At each Meeting of the Committee minutes must be taken and these shall be kept by the Manager, together with any correspondence or records related thereto and shall be available for inspection by the Committee.
f) At the General Meeting the Property Owners may by a simple majority of votes remove or re-elect the Committee or any member thereof. The same procedure can be applied in the case of resignation, death or disability of any member of the Committee or in case any Committee members cease to own Property in the Area. No Committee member can be removed or a new one be elected unless the issue of removal or election, as the case may be, is specifically included in the agenda of the next General Meeting.
12. The Manager
a) The Owners may, by a written Management Agreement appoint a Manager, which shall provide the services and perform the duties described under the Management Agreement and this Agreement. A Management Agreement signed by the Committee or by at least 51% of the Property Owners shall be binding on all such Owners.
b) The Manager shall be appointed initially for a period of five years and thereafter for successive periods of three years, which periods shall be subject to termination under the terms of the Management Agreement.
c) The Manager will provide such management services as may be necessary in the performance of the following duties:-
d) to act as a representative of Owners on matters regarding the enforcement of the provisions herein contained.
i) to be responsible for the general upkeep, maintenance, supervision, care, cleanliness and repair of the areas, parts and installation of common ownership/ common use of the Area.
ii) to manage the Common Fund and update all records and accounts pertaining to Common Fund and Common Expenses.
iii) to apportion to each Owner the share of the Common Expenses accruing to him and collect such sums as are payable be each Owner, and
iv) generally to perform such duties as shall be entrusted upon him pursuant to any Management Agreement and/or resolution of the General Meeting and/or the Committee as the case maybe.
13 Binding lessees and licensees
The Owner on transferring possession of his Property to a Lessee or Licensee shall bind in writing such lessee or licensee either by express provision in any lease or license to this effect or otherwise to secure that:
a) The lessee and/or licensee has notice of the terms of this Agreement and particularly of those referring to the use and occupation of any part of the area and of obligations relative thereto as provided herein
b) the lessee and/or licensee shall be bound by the terms and conditions of this agreement as if he were the owner and shall have the same rights and obligations under this agreement as the owner would have, from the time he has possession of the property
c) it shall be the owner's responsibility to ensure compliance with this agreement by this lessee and/or licensee. The Owner shall be personally accountable to the manager for damage resulting from breach of this Agreement by the lessee and/or licensee, should the Owner fail to comply with the requirement of this clause
14. Breach of this agreement
a) Any breach of the present Agreement by the Owners renders him liable in damages. Any expenses incurred by the Manager in respect of such breach, which relate to areas, parts and installations of common ownership/ common use, shall be considered as debts owed and due and may be demanded and collected in the same manner as debts owed by the Owner with respect to Common Expenses.
b) Any breach by the Owner, his agent, tenants, lessees, licensees or servants, of any of the provision of Clauses 6,7 and 8 of this Agreement is hereby acknowledged as constituting not only a breach as provided for in sub-clause 14(a) above but also a public nuisance, within the meaning ascribed to this term by law, to the other Owners or occupiers of the Properties in the Area, which nuisance can be restrained by order of the Court upon action by the Manager and/or the Committee and/or the Property Owners jointly or severally and/or affected occupiers of Properties in the Area.
15. General
a) This Agreement and every term, covenant and condition herein contained shall be binding upon the parties hereto and their respective successors, assignees or transferees.
b) In the case of transfer assignment to or acquisition of the ownership of the Property by a successor in title or assignee of the Owner or otherwise, such ownership shall be transferred, assigned or acquired in undivided shares only and no partition of the Property into separate titles or separation of it into smaller separately owned Properties shall be allowed.
c) The Owner undertakes, prior to the assignment, transfer to or acquisition of the Property by a third person to so notify the Manager or in the absence of a Manager the Committee and make known to such assignee or transferee or successor in title the contents of this Agreement and bind him with the terms of this Agreement, failing which the Owner shall continue to remain responsible for any breach of the present Agreement by such successor in title, assignee or transferee and be liable for any damages that flow by reason of his failure to so bind his successor in title or assignee or transferee.
d) The rights and obligation arising for the present Agreement shall be deemed to constitute an integral part of any transaction for the sale or other disposition of the Property made by the Owner during his lifetime or, upon his death, by the administrator of his estate, and the instrument effecting such transaction shall expressly state that such sale or other disposition of the Property is made subject to the terms of this Agreement.
e) Provided that the Owner shall not be responsible for any breach or failure to comply with the terms and conditions herein contained, if such breach or failure takes place after the transfer in any manner of the ownership of his Property provided he has complied with his obligation to effectively bind his successors in title, assignee or transferee to the terms of this Agreement, as herein provided.
f) The terms and conditions of this Agreement may not be amended or revoked without the unanimous approval in writing of all Property Owners.
g) Except as otherwise provided herein, any Owner aggrieved by any act or omission by the manager and/or the Committee have the right to raise the subject for discussion at the Annual General Meeting provided a written application to that effect is filed with the Committee at least 15 days prior to the date set for such Annual General Meeting. The Property Owners will at the said meeting deal with such complaints in accordance with the rules established by this Agreement Except as otherwise provided herein, the Manager or the Committee or the Property Owners may, through a unanimously appointed representative, refer to arbitration any matter or dispute related to and arising under this Agreement. The reference to arbitration shall be made in accordance with the Arbitration Laws of Cyprus and before two arbitrators acting under such Laws, each arbitrator appointed by each of the parties to dispute.
with such complaints in accordance with the rules established by this Agreement Except as otherwise provided herein, the Manager or the Committee or the Property Owners may, through a unanimously appointed representative, refer to arbitration any matter or dispute related to and arising under this Agreement. The reference to arbitration shall be made in accordance with the Arbitration Laws of Cyprus and before two arbitrators acting under such Laws, each arbitrator appointed by each of the parties to dispute.
h) However, should such arbitrators fail to reach a decision, an umpire shall be appointed by the arbitrators. Provided always that pending any Arbitration procedure on any dispute connected with the provision of services and expenses and/or relating to the Budget submitted by the Manager and until final outcome of the Arbitration, the Manager will continue to provide and receive remuneration in accordance with the provisions of the Management Agreement, in respect of all services he considers necessary for the Area within the framework of the previous budget submitted, without prejudice to the rights of any party relating to a retroactive readjustment
WITNESSES: THE PARTIES:
The Vendor
The Property Owner(s)
The Manager