The Developer will cause the Association to enter into a contract with Cedars Management Corporation of New Jersey to secure management services for the Condominium for an annual management fees of $10.00 per Unit per month, payable monthly based on the number of Units for which an initial Certificate of Occupancy has been issued by the Township. If the Condominium is fully developed, the management fee, at full occupancy, is anticipated to be $63,000.00 per year. The length of this contract shall be no longer than one year, but may be renewed. A copy of the Management Agreement is appended to this Public Offering Statement as Exhibit 3. It is also anticipated that the Association, while controlled by the Developer, will enter into lawn maintenance, landscaping, snow clearing, grounds maintenance and other agreements for those portions of the Property for which the Association, rather than the Unit Owners, is responsible, as well as contracts for garbage pickup and pool maintenance.
There are presently no other service contracts, leases or other contracts or agreements or proposed contracts or agreements affecting the use, maintenance of or access to any or all of the Common Elements or community facilities that will be binding upon the Association once the Condominium is actually formed.
Any contract or agreement affecting the use, maintenance, management of or access to the Common Elements and facilities entered into between the Developer and itself or a company owned, operated or controlled by it or in which it has a financial interest, prior to Unit Owners being entitled to elect a majority of the Board of Directors of the Association, shall not be entered into for a period in excess of one (1) year. Further, such contracts or agreements shall not be renewed for periods in excess of one (1) year and the Association may, at the expiration of any one (1) year period, terminate any further renewals or extensions thereof.
