The Tampines Court collective sale has thrown up a new fund to be managed by the Sale Committee : the ENBOC SALE FUND (ESF)
This fund was approved by a SPs at EGM 4 on 7th January 2012 through the following resolutions (and subsequently clauses 4.4.11, 11.17 and 11.18 in the CSA ) :
.
.
Further to this, the signatories to the CSA agree to pay all sorts of costs, expenses, damages and claims - some of them possibly upfront (lawyers like to be paid a retainer fee) - through clause 11.29. The word 'contemplated' is used in that particular clause which, to the mind of a layperson such as myself, puts a new spin on the sentence as a whole. The sale need only be 'contemplated' and not carried through. Furthermore, the definition of the 'Sales Proceeds' was tweaked in the last amendment from present tense to past perfect conditional, now it is 'would have been paid' - again encompassing an unreal situation.
Covering their flanks, it would seem.
What about clause 4.4.7? Will the signatories to the CSA be asked to pay for these 'solicitors or any consultants' upfront somewhere along the line, payable into the ESF, too?
Is the initial $220 just the tip of the iceberg?
No comments:
Post a Comment