GARDENS SCHEME INFORMATION
These terms shall apply to all subscribers of Pazino ECC Ltd.’s estate and their successors-in-title. By signing this Subscription Form, the subscriber expressly agrees to be bound by these terms, which are stated as follows:
1. Every Subscriber is required to fill in his/her correct and current personal contact details (phone numbers, residential address, e-mail etc.) on the Subscription Form. This is to enable the Company disseminate information about the property to the subscriber directly, as against going through his/her representative.
2. The Company shall not be liable for the failure of a subscriber to receive necessary information and updates about his/her property, if the subscriber fails to provide the required contact details stated above.
3. The Company recognizes only the subscriber, as the proper person to receive information and updates about his/her property and to execute related documents. If a subscriber intends to use a representative, a written instruction in the form of a duly signed letter or an email from the subscriber’s email account, must be sent to the Company before such representative can be recognized.
4. Where on structured monthly plan, after the initial 30 percent deposit, you are required to pay the balance on a monthly basis within the stipulated time frame. Non-payment of the total as at when due amount to fundamental breach of agreement. This breach shall attract an additional Two (2) percent as default fee of the gross per month provided always that;
a) where you fail to complete payment at the expiration of your payment plan, you forfeit your plot reservation automatically;
b) A subscriber who still fails to complete payment within his/her stipulated payment plan shall automatically forfeit any plot(s) reservation in his/her chosen estate. The Company shall, after notifying the subscriber, be at liberty to move such subscriber to any estate scheme whose current plot price matches the amount already paid by the subscriber.
5. Selling your plot can be done either by you selling yourself directly or the Company selling on behalf of the Client. The process of resale is as follows;
a) The company will have a right to the first refusal;
i) Both parties will have to agree on the selling price.
ii) The right is valid for three (3) months.
b) For selling directly; - all financial obligations to the Company (payment for land) must have been settled. The cost of transaction is borne between parties to the transaction while the Company charges only the Subscriber/Client an administrative fee of 5% of the selling price, and the new owner makes payment for documentation (Deed and Survey).
6. For engaging the services of the Company for resale; - the Company is obligated to look for a suitable buyer and the land is offered to the buyer at the current market or best offer value. - upon eventual sale, the Company will pay to the Client (as seller) the purchase price of the land at its current market value less 15% agency fee of the current market value of the land and an administrative charge which is 5% of the appreciation value (that is the difference between purchase price and current price) at the time of sale while the remaining proceed is paid to the client. (as seller) while the new owner pays for his documentation (deed and survey).
7. The estate layout is in sections and you are limited to build houses on each section based on the designated use or plan for that section. (commercial or residential) i.e. bungalow, blocks of flats, detached (duplex) Note- High rise houses will not be allowed. All building designs must be in line with the building control of the estate and must also be approved by the company and Lagos State Government
8. Construction can commence once development fee has been paid in full and the building plan approval has been sought and received by PAZINO ECC and Lagos State Government appropriate authorities.
9. Every subscriber shall be bound by the estate layout and the Company approved specifications on building designs, height, fencing, setbacks, cantilevers and other building details that will be contained in the Estate Covenants, which shall be given to every subscriber, who has completed his/her payment, before the actual development of any plot(s) within the estate.
THEREFORE, THAT I HAVE READ AND UNDERSTOOD ALL THE TERMS HEREWITH AND IS ACCEPTABLE AND CONSENTED TO BY ME AND TO BE BOUND BY SAME