REPLACEMENT RESTRICTIVE COVENANT

(3) exercise any of the rights, powers, privileges granted or accruing to the member of the Owners Corporation in any way prejudicial to the interests of the Vendor.

(2) The Purchaser covenants with the Vendor that the Purchaser will not prevent, limit or restrict the Vendor from or vote at any meeting of the Owners Corporation to prevent, limit or restrict the Vendor from:

(a) erecting barriers, fences, hoardings and signs as the Vendor deems necessary to complete the Works or development of the Development Land;

(b) taking exclusive and sole possession of any parts of the Common Property as the Vendor may need to have exclusive and sole possession of in order to carry out and complete the Works or development of the Development Land;

(c) erecting for sale, promotional advertising or other signs as the Vendor may require on any part of the Common Property; and

(d) using all rights of way and all points of egress and ingress to the land in the Plan as the Vendor deems necessary to carry out and complete the Works or development of the Development Land.

Owners Corporation certificate

The Purchaser must pay in full or reimburse the Vendor at Settlement the cost of any fee charged by the Owners Corporation in providing an owners corporation certificate.

Subdivision Act 1988 (Vic) and Owners Corporation Act 2006 (Vic)

The Property (including the relevant interest in any Common Property) is sold subject to the provisions of the Subdivision of Land Act (Vic) 1988, the Owners Corporations Act 2006 (Vic), the regulations made pursuant to those Acts in general, the Owners Corporation Rules, and in particular to the following matters subsequent to registration of the Plan:

(1) the lot entitlement and lot liability and all other matters endorsed on the Plan;

(2) the easements expressed or implied in favour of or against a lot owner by virtue of sections 12 and 24 of the Subdivision of Land Act (Vic) 1988;

(3) the Owners Corporation Rules and any amendment to the Owners Corporation Rules; and

(4) any management agreement entered or proposed to be entered into between the Owners Corporation and an agent whereby the Owners Corporation appoints the agent as its manager pursuant to section 119 of the Owners Corporations Act 2006 (Vic);

and no objections shall be taken or requisitions made by the Purchaser in respect thereof.