The Developer intends to sell Residential Units to subsequent third parties and to retain ownership of some portions of the Condo-Hotel. The Developer has the necessary approvals and authorizations from CCL and Condo Hotel Holdings to enter into this management agreement. Furthermore, the Developer will have the authority to assign the Agreement. This Agreement will provide for the management and operation of the Condo-Hotel. Browse around here Look At This
The Operator’s fees are based on a per-unit basis, subject to the terms and conditions of this agreement. Owners are responsible for property taxes on their suites. However, owners are entitled to use the facilities and services of the condo hotel at any time, even if they are not occupying their suites. Exclusive Party Condos & Hotels has an experienced sales team to market and sell suites, while its multimillion-dollar reservation system has vast reach. Its suites are listed on hotel websites and mobile applications.
In addition to the Operating Agreement, the Joint Venture Agreement stipulates that the Owner is responsible for obtaining all the necessary permits and licenses. This agreement also states that the Operator may maintain House Accounts, which belong to the Owner. Nevertheless, the Operator shall not mix the funds in the House Accounts with the Owner’s Operating Account.
The Joint Venture Agreement also states that the DW Member reserves the right to conduct audits of the Condo-Hotel. The DW Member must provide reasonable notice to the Owner of such audits and a brief description of the audit materials. The Joint Venture Agreement also stipulates that the DW Member may perform such audits only once in every twelve-month period.