, , THIS INDENTURE made the Two Thousand and Ten BETWEEN Rockmill Limited a Limited Liability Company, having its registered office at Colpe Lodge, Dublin Road, Drogheda in the County of Louth (hereinafter called "the Lessor') the Management Limited having its registered First Part andofColpe office at C/O SPM Property Management, Walterstown House, Walterstown, Company') of the Second Part and xxxxxx (hereinafter called the Dunboyne, ofCounty Meath, "Lessees") the Third Part. A. (hereinafter called "the Management WHEREAS: Interpretation: In the Lease save as otherwise provided or unless the context so admits or requires the following expressions shall have the following meanings, that is to say: (1) "The Lessor" includes the person or persons for the time being entitled to the reversion immediately expectant on the determination of the term hereby created; (2) "The Lessee" includes the survivors and the survivor of two or more joint Lessees and the executors, administrators, successors and assigns and successors in title of the Lessee; (3)"The Management Company" includes any Company which has , i for the time beingundertaken the obligations imposed on the Management Company by this Lease; 1 (4) "The Apartment Blocks" mean the building now or hereafter to be erected laid out in the Estate and divided "into Apartments". The Apartment Block in which "the Demised Premises" are situate is shown on the said Map No. 1 edged Green. (5) "The Apartments" mean the apartments comprised in the Apartment Block forming part of the Estate and apartment has a corresponding meaning. (6) "The Houses" mean the houses forming part of the Estate and house has a corresponding meaning. (7) "The Duplexes" mean the Duplexes forming part of the Estate and Duplex has a corresponding meaning. (8) "The "Units" mean the Apartments, Houses and Duplexes constructed on and forming part of the estate and "Unit" means any one of the said Apartments, Houses or Duplexes (9) "The Estate" means the property described in the First Schedule hereto and any extension or alteration thereof; (10) "The Estate Roads" mean those roads (to include footpaths and grass verges) constructed/to be constricted on the estate which will be taken in charge by the Local Authority. 2 (11) "The Balcony and/or Patio and/or Storage Area" mean that portion of the Common Areas colored Yellow (If any) on Map No. 2. (12) "The Licensed Areas" mean all the Balconies, Patios I and Storage Areas comprised in the Common Areas; (13) "The Common Areas" mean the property described in the Second Schedule hereto; (14) "The Demised Premises" mean the premises hereby demised and described in the Third Schedule hereto; (15) "The Services" mean water, soil, sewage, waste, steam, gas, • - air, electricity, telephone, transmissions, radio transmissions, television transmissions, oil heating fuels and other services servicing the Estate and all parts thereof; (16) "The Open Spaces" mean that part of the Common Areas designated open space. (17) "The Utilities" mean all channels, conduits, drains, gullies, ducts, flues, pipes, mains, water courses, ditches, gutters, sewers, wires, cables, lighting installations and such like for the passage and transmission of the services; "The Perpetuity Period" means the period of 21 years (18) from the date of this Lease. 3 (19) "The Management Charge" means the annual sum €394/€500/€982 payable by the Lessee as calculated in accordance with the provisions of the Eighth Schedule hereto. (20) "The Management Company Agreement" means an Agreement for Sale of the estate other than the units to the Management Company dated the 1st day of April 2004 and made between the Lessor of the one pad and the Management Company of the other part to include any other agreements made between the Lessor and the Management Company which are supplemental to or in substitution for same. (21) "the Extension" means a n y ot h e r lan d o r la n d s adjoining, adjacent to or in the vicinity of the estate which the Lessor acquires and determines to develop or procure the development of for residential/commercial purposes in conjunction with the existing estate. (22) "the Car Spaces" mean the car spaces designed for parking within the estate. B. (1) In these presents the singular includes the plural and where two or more persons together constitute the Lessee all covenants binding them should be deemed to be joint and several. (2) In these presents the masculine includes the feminine and the neuter genders. 4 . (3) The Schedules to this Lease should be deemed to form a full and integral part of same and to be interpreted as Such. (4) The headings herein are for information and clarification only. (5) Any reference herein to any provision of any Act should include a modification or re-enactment or extension thereof. TITLE C. The Lessor is seized of the Estate for an estate in fee simple in possession subject to and with the benefit of such assurances in the form of these presents as have already been granted in respect of the Apartments and Duplexes and further subject to such assurances of and relating to the houses already entered into by the Lessor and has erected or caused to be erected thereon Units together with ancillary services and amenities, all of which said premises are intended to be known as Grange Rath, Colpe, Dublin Road, Drogheda, County Meath. PLANNING PERMISSION D. The Lessor has obtained Planning Permission for the development of the estate as a residential complex comprising apartments, duplexes and houses and has constructed, or is in the course of constructing, the Units together with the Estate Roads and Utilities. 5 .. SCHEME E. It is intended that the apartments/duplexes comprised in the Estate shall be demised to the various Lessees thereof by way of a Lease in substantially the same terms as herein (mutatis mutandis) and that the Lessees under such Leases shall become members of the Management Company. F. It is further intended that in conjunction with the Transfer of the houses that the Lessor shall grant or has granted a Lease of Easements to be enjoyed by the houses and the Lessor has in every such Lease of Easements and intends in every future such Lease of Easements to impose restrictions and stipulations similar to those in this Lease save these covenants which refer specifically to Apartments and/or Duplexes to the intent that any owner for the time being of any Apartment, Duplex or House may be able to enforce the observance of the said restrictions and stipulations by the owners and occupiers for the time being of the other Apartments, Houses and Duplexes. AGREEMENT. G. The Lessor has agreed with the Lessee for the sale to him of the demised premises by way of Lease on the terms and conditions as hereinafter set out for the sum of €153000 and for the rent hereinafter agreed and the Management Company has agreed to join in these presents in the manner hereinafter appearing. 6 REDDENDUM NOW THIS INDENTURE WITNESSETH as follows: I. In pursuance of the said Agreement and in consideration of the said sum of €153000 now paid by the Lessee with the consent of the Management Company to the Lessor (the payment and receipt of which the Lessor and the Management Company do hereby acknowledge) and of the rent hereinafter reserved and the covenants on the part of the Lessee to be performed and the conditions hereinafter contained the Lessor as beneficial owner hereby demises and at the request of and by the direction of the Lessor (but not so as to imply any warranty of title or covenant) the Management Company as beneficial owner hereby demises and confirms unto the Lessee ALL THAT the demised premises TOGETHER WITH the easements rights and privileges set out in the Fourth Schedule hereto (the exercise thereof from time to ' time to be subject to any regulations) EXCEPTING AND RESERVING unto the Lessor the easements rights and privileges specified in the Fifth Schedule hereto TO HOLD the same unto the Lessee for the term of 999 years from the 1st of January, 2003, yielding and paying therefore during the first ten years of the said term the yearly rent of €1.00 and thereafter (if so requested by the Lessor in writing within the first ten years of the term hereby created) during the next ten years of the said term the yearly rent of €2. 00, and during the remainder of the said term the yearly rent of €3. 00, which said rent shall be paid in advance on the 1st day of January in each year the first payment thereof being a proportionate part of the said yearly rent to be paid on the execution of these presents. ' . he Lessor hereby grants to the Lessee an exclusive License to use the Balcony or Patio (as the case may be) ancillary to the use of the Premises as a single private residence subject to 7 such rules and regulations as to the use thereof as may be made by the Lessor or the Management Company from time to time and further subject to the right of the Lessor and the Management Company and their respective Surveyors and Agents with or without workmen and others at all reasonable times on notice (except in case of emergency) to enter onto the Licensed Areas through the Premises or otherwise for the purpose of carrying out repairs to and inspections of the Licensed Areas and all equipment belonging to the Lessor, the Management Company or any third party thereon and also for the purpose of the performance by the Lessor and the Management Company of their respective obligations and duties in relation to the Estate. 3. LESSEE'S COVENANTS The Lessee hereby covenants with the Lessor and the Management Company so as to bind the owner for the time being of the premises and so that this covenant shall be for the benefit and protection of all of the units (other than the Demised Premises) and every other part of the Estate and shall ensure for the benefit of the Lessor and the Management Company and each of them and the owners of the apartments, houses and duplexes (other than the Demised Premises) and the persons deriving title under such owners and to the intent that the burden of such of the same as are negative or restrictive in nature shall run with and bind the Demised Premises and all parts thereof and that the benefit thereof may be annexed to the Estate (other than the Demised Premises) and every part thereof to perform and observe the covenants, obligations, stipulations and restrictions as set out in the Sixth Schedule hereto. 8 LESSOR'S COVENANTS 4. The Lessor hereby covenants with the Lessee but subject to the Lessee and all other persons deriving title under him as owner for the time being of the Demised Premises complying with the covenants, obligations, agreement, stipulations and restrictions as set out in the Sixth Schedule hereto the Lessor shall until completion of the Management Agreement perform and observe the covenants, obligations and agreements set out in the Seventh Schedule hereto PROVIDED THAT on completion of the Management Company Agreement the liability of the Lessor under this covenant shall absolutely cease. 5. QUIET ENJOYMENT That the Lessee paying the said yearly rent hereby reserved and performing and observing the covenants, conditions and agreements as set out in the Sixth Schedule hereto and on the part of the Lessee to be performed and observed shall and may quietly enjoy the Demised Premises during the term hereby demised without any interruption by the Lessor or any persons lawfully claiming under the Lessor. ALTERATION OF SCHEME 6. Notwithstanding that this Estate in the process of being developed as a complex of apartments/duplexes/houses the manner hereinbefore recited the Lessor shall not be under any obligation to complete such Development and may alter the Estate as the Lessor may wish and the Lessee hereby agrees and confirms that he has not been induced to enter into this Lease by reason of the fact that any plan has thereon depicted the present intended development of the Estate or any part thereof or by any representation by any person acting or 9 purporting to act on behalf of the Lessor that the Estate (other ' than the premises) shall conform in all respects with any plan and there is reserved to the Lessor full right and liberty to alter the Estate or discontinue the development of the Estate and to execute such works and erections thereon or any part thereof that the Lessor may think fit and notwithstanding anything herein contained or in the Management Company herein contained there is reserved to the Lessor full right and liberty to vary the location lay-out and extent of the Common Areas PROVIDED however that the lessor shall have obtained Planning Permission for such alteration or variation. FORFEITURE 7. Provided always and it is hereby agreed between the parties hereto as follows: If the said rent or any part thereof or any other monies or charges due in accordance with the terms hereof, or any part thereof, shall be unpaid for 21 days after the same shall have become due whether lawfully demanded or not or if any covenants on the part of the Lessee to be performed shall not be observed or performed then in any of the said cases and at any time thereafter it shall be lawful for the Lessor or any person or persons authorized by the Lessor to enter upon the Demised Premises or any part thereof in the name of whole and to repossess the same and enjoy the same as if this Lease had not been executed but without prejudice to any rights of action or remedy of either party in respect of any antecedent breach of any of the covenants by the other herein contained. 10 SERVICE OF NOTICES. 8. In addition to any other prescribed mode of service any notice requiring to be served on the Lessee hereunder shall be validly served if left addressed or sent by ordinary pre-paid post to the Lessee or if there shall be more than one of them to any one or more of them at the Demised Premises or at the last known address or addresses of the Lessee or Lessees or any of them in Ireland and any notice required to be served on the Lessor or the Management Company shall be validly served if left or posted to the registered office of the Lessor or the Management Company as the case may be in Ireland. 9. The Lessor does hereby assent to the registration of this Lease as a burden on the lands comprised in Folio 8200 of the Register County of Meath and Folio 8695 of the Register County of Meath Delete inappropriate Clauses : First Time Buyer/Owner Occupier(Grant Size) IT IS HEREBY CERTIFIED (a) that this instrument gives effect to the purchase of a Dwelling house on the erection of that dwelling house/apartment. (a) on the date of execution of this instrument, there exists a valid floor area compliance certificate (within the meaning of section 91A(1)(a) of the Stamp Duties Consolidation Act 1999) in respect of the said dwelling house/apartment, and (b) the purchaser/one or more of the purchasers/a person or persons in right of the purchaser/a person or persons in right of one or more of the purchasers will occupy the dwelling house/apartment as his/her/their only or principal place of residence for the period specified in section 91A(4)(b) (new dwelling house/apartment with floor area compliance certificate) of the Stamp Duties Consolidation Act, 1999, and that no person 11 (other than a person who, while in such occupation, derives rent or payment in the nature of rent in consideration for the provision, on or after 1 April 2004, of furnished residential accommodation in part of the dwelling house/apartment concerned or other than by virtue of a title prior to that of the purchaser) will derive any rent or payment in the nature of rent for the use of the dwelling house/apartment or any part of it during that period. (c) that section 53 (lease combined with Building agreement for dwelling house/apartment) of the Stamp Duties Consolidation Act, 1999, applies to this instrument. 12 INVESTOR: (Grant Size) It is hereby certified : (a) that section 53 (lease combined with Building agreement for dwelling house/apartment) of the Stamp duties Consolidation Act, 1999, applies to this instrument. (b) that the consideration (other than rent) for the sale/lease is wholly attributable t9Ztosidential property and that the transaction effected by instrument does not form part of a larger transaction or a series of transactions in respect of which the am9amount value, or the aggregate amount or value, of the consideration (other than rent) which is attributable to residential property, or which would be so attributable if the contents residential property were considered to be residential property, exceeds €127,000. IN WITNESS whereof the Lessor and the Management Company has caused its Common Seal to be hereunto affixed and the Lessee has set his hand and affixed his Seal t he day and date first herein WRITTEN. FIRST SCHEDULE ALL THAT AND THOSE the hereditaments and premises situate at Colpe, Drogheda, in the County of Meath, being part of the lands comprised in Folio 8695 of the Register County of Meath. SECOND SCHEDULE Common Areas FIRST The main structural parts of the buildings (other than the Dwelling houses) comprised on the Development being the parts thereof not comprised in any individual Apartment or Duplex. 13 SECOND The utilities, the halls, the staircases, the Lifts and the Lift Shafts, landings, steps, paths, forecourts, courtyards, gardens, car parks, roads (excluding "the Estate Roads') and all other open spaces in the Development not comprised in or being part of any Apartment/Duplex. THIRD SCHEDULE The Demised Premises ALL THAT AND THOSE the premises known as "No. xxxxxx situate at Colpe, Drogheda, in the County of Meath as particularly described and delineated on Map 2 annexed hereto and thereon inlined in Red together with the exclusive right to park one motor car in the Car Parking Space allocated to the Apartment for use in connection with the Apartment AND for the avoidance of doubt It Is Hereby Declared that the Demised Premises shall include the internal surface only of all exterior walls and the glass in the windows but not the frames thereof, the concrete screed surface on the reinforced concrete slab floor and the surface of the ceiling thereof but not the main structural part thereof and that all internal walls dividing the Demised Premises from any other part of the Development shall be party walls and shall be severed medially vertically. For the avoidance of any doubt the ground under any ground floor apartment and the air space above the top floor Apartment is excluded. 14 FOURTH SCHEDULE Easements rights and privileges granted in favour of the Lessee and included in the Demise. I. Full right and liberty for the Lessee with or without motor vehicles in common with the owners and occupiers of all other apartments/duplexes/houses, their invitees or licensees and all others having like rights to go pass and repass over and along all parts of the Estate roads and Common Areas that afford access to and egress from the Demised Premises subject to such regulations as may be made from time to time regarding the use thereof such right to be in common with any rights or rights of way that may hereafter be granted in the estate for any purpose and for the benefit of any other lands within twenty one years from the date hereof. 2. The full and free passage and running of all services in and through the Utilities now or at any time within the Perpetuity period running in, under or through the Estate to and from the Demised Premises. 3. Full right and liberty for the Lessee with or without machinery or workmen to enter onto all parts of the Estate for the purposes of connecting up to, repairing and maintaining and reinstating the Utilities or any of them on giving seven days prior notice save in the case of emergency making good any damage caused thereby but not being liable for any loss in respect of same. 4. The benefit of the like covenants restrictions and obligations to 15 • hose herein contained imposed by the Transfer of the houses and Lease of Easments in respect thereof and the Leases of the other apartments/duplexes in the Estate upon the owners in so far as such covenants restrictions and obligations are intended to benefit the Demised Premises or the Lessee or in so far as the benefits of same in law accrue to these Demised Premises or the Lessee. 5. Such rights of support and shelter in so far as may be necessary for the use and enjoyment of the Demised Premises as the same is at present enjoyed from the adjoining apartments and all other parts of the Estate. 6. The right to use for recreational purposes in common with all other persons so entitled and subject to the compliance and any regulations that may be made in relation to the use thereof the open spaces and other amenities of the Common Area. 7. The right at all reasonable times with or without workmen and others as often as may be necessary or occasion shall require to enter any adjoining or adjacent apartment/duplex/house or any other part of the Estate and to remain therein for such reasonable time as is necessary for the purpose of complying with any of the covenants on the part of the Lessee herein contained which cannot otherwise be complied with the Lessee making good forthwith any damage thereby caused but not being liable for any loss thereby caused, such rights not to be exercised unless reasonable notice has previously been given save in the case of an emergency. 16 FIFTH SCHEDULE Exceptions and Reservations to the Lessor. 1. Full and Free Passage of all services to and from all other parts of the Estate in and through all utilities now or at any time within the perpetuity period in under or upon the demised premises. 2. Full right and liberty for the Lessor with or without workmen or machinery to enter onto the Demised Premises for the purpose of connecting up to, repairing, reinstating the utilities or any parts thereof upon giving seven days prior notice in writing save in the case of emergency making good any damage caused thereby but not being liable for any loss in respect of same. 3. Such rights of support and shelter are demised premises in so far as the same may be necessary for the use and enjoyment of the other part of the Estate 4. The right to make such regulations as the Lessor shall in its absolute discretion think fit for the use of the Common Areas. SIXTH SCHEDULE [Covenants by the Lessee with the Lessor] 17 I. At his own cost within eighteen months from the date hereof erect and cover in and finish fit for immediate occupation and use in a substantial and workmanlike manner one Apartment on the Premises with the best of materials of their several kinds and in conformity in every respect both with plans, elevations, sections and specifications to be approved of by the Lessor and with all relevant Planning Permissions, Consents and Approvals and with all relevant Bye-Laws, Statutes, Regulations and Orders under the inspection of the Lessor or its Agent; PAY RENT 2. To pay the rents hereinbefore reserved in the manner and at the time specified. PAY MANAGEMENT CHARGES 3. To pay the Management Charges as hereinafter specified in • accordance with the conditions hereinafter contained in the Eighth Schedule hereto. • USER 4. Not to use the Demised Premises for any purpose other than as a private residential dwelling. REPAIR CONDITION 5. To keep the Demised Premises and parts thereof in good and tenable repair and condition. 6. Not to alter the external appearance of the Demised Premises save with the prior written consent of the Lessor. 18 7. - Not to extend or otherwise alter the Demised Premises or cause to be erected thereon or therein any other building or structure save with the prior written consent of the Lessor. 8. In the year 2010 and in every fourth year thereafter to paint and decorate the interior of the Demised Premises and all doors and windows therein with good materials. 9. Not to display or cause to display any notice or other object from the Demised Premises or any part thereof save that a notice advertising the fact that the Demised Premises is for sale or letting may be displayed. 10. NUISANCE. Not to do or suffer to be done in or on the Demised Premises ' ay act or thing as shall be or become a nuisance or annoyance to the occupiers of any unit in the estate, or any lands in the vicinity thereof 11. Not to do or suffer to be done any act or thing to keep in the Demised Premises or any part thereof any substances or thing that should invalidate or otherwise affect any policy of insurance relating to the Common Areas or other apartments in the Development or any part thereof 12. To take out and maintain with a reputable insurance company a policy of insurance in respect of any loss, injury or damage caused to or by any person or persons visiting, employed in or • otherwise using the Demised Premises and to keep the Lessor well and effectually indemnified against all claims, costs, 19 demands or proceedings arising from or in relation to any loss, damage or injury sustained by any such person or persons. ENCROACHMENT AND EASEMENTS. 13. Not to stop up, darken or obstruct any of the windows or lights belonging to the Demised Premises and not to permit any window, light, opening, passage, conduit or other encroachment or easement to be made or acquired into upon or over the Demised Premises, and in case any person shall attempt to make or acquire any encroachment or easement whatsoever, to give written notice thereof to the Lessor, and at the request of the Lessor but at the cost of the Lessee to take such steps as may be reasonably required by the Lessor to prevent such encroachment or the acquisition of any easement. MAKE GOOD LOSS. 14. (a) The Lessee will make good to the Lessor all loss and damages sustained by it by reason of the breach of any covenant herein. (b) All sums payable to the Lessor hereunder are subject to interest at the said AAA rate, or such other rate as may be substituted thereof from the date upon which the same were first demanded to the date of payment. MEMBER OF MANAGEMENT COMPANY 15. (a) At all times to do all such things and execute all such documentation as is necessary to remain a member of the Management Company. 20 (b) Mortgage) Not to alienate the Demised Premises (save by way of without first ensuring that the purchaser thereof shall become a member of the management Company and if it is felt necessary by the Lessor that such purchaser shall enter into a contract with the Lessor in the terms of this Schedule. In this regard alienation shall include a Lease of the Demised Premises for a term of not less than two years. (c) After such alienation produce to the Lessor evidence of title to the Demised Premises. (d) If the Lessee shall die or become incapacitated or be declared bankrupt or if a company should go into liquidation or receivership such Personal Representative or Committee or Trustee in bankruptcy or such Liquidator or Receiver or such other person as shall represent the Lessee shall as soon as may be after such death, incapacity, bankruptcy, liquidation or receivership furnish to the Lessor the names and addresses of the person or persons as shall henceforth be responsible for the service change and the compliance with the terms and conditions of this Lease. 16. CLEAN WINDOWS To clean the windows of the Demised Premises as often as may be necessary. 21 COMPLIANCE PLANNING ACTS. 17. Not to do or suffer to be done on the Demised Premises any act or thing in respect thereof which contravenes the Local Government Planning and Development Act 1963 to 1990 and the Building Control Act 1990 or any enactment amending, replacing or altering same and to keep the Lessor indemnified in respect of any claims, demands, proceedings and liabilities in respect of any breach thereof. COMPLIANCE REGULATIONS 18. To comply with all relevant fire regulations, public health regulations, hygiene regulations or any such other regulations as shall be applicable to the Demised Premises at any time and to keep the Lessor indemnified in respect of any claims, demands, proceedings and liabilities in respect of any breach thereof. NOTICES 19. To notify the Lessor within ten days of the receipt thereof of any notice served by any Government authority, local authority, fire authority or health authority in relation to the sold Demised Premises. 20. To comply with such notice within fourteen days of the receipt thereof and to keep the Lessor indemnified in respect of any claim, demands, proceedings and liabilities in respect of any breach or failure to comply therewith. 22 REGULATIONS FOR ESTATE 21 to comply with any regulations made in respect of or affecting any part of the estate or the user thereof. ANIMALS 22. Not to keep in the Demised Premises any bird or animal. NOISE 23. Not to cause or permit to be played or made any loud music or other sounds such as would cause a nuisance or distress to the occupiers of other Apartments in the Development. • RUBBISH 24. Not to cause or permit any rubbish or other object to be placed on the Common Areas save that rubbish can be placed in the dustbin provided for that purpose in the Common Areas. INSPECTION 25. To permit the Lessor upon giving reasonable notice to enter and inspect the Demised Premises and all parts thereof. 26. Not to cause or permit any act or thing to be done in the Demised Premises or keep therein any object as shall affect or void any policy or insurance held in relation to any other part of the Development or any other Apartment therein. 23 OBSTRUCTION 27. Not to cause or permit to be placed in the entrance ways and hallways or other parts of the Common Areas any bicycle, pram or other object likely to obstruct same. PLAYING 28. Not to permit children to play in the Common Areas or any part thereof so as to cause inconvenience or obstruction to any other person using same and never to permit children to play in the halls, entrances or stairways or corridors. FLOORS 29. To keep the floors of the Demised Premises adequately covered with carpet or other suitable material so as to avoid the transmission of sound through the floors. 30. Without prejudice to the foregoing the Lessee shall ensure that the floor coverings on the Premises are in compliance with all Building Regulations issued under the Building Control Act 1990 and shall keep the Lessor/Management Company indemnified against all claims and liabilities which may arise by virtue of any breach of the said Regulations. 31. Not to use the Licensed Areas in any manner which would be inconsistent with the maintenance of the Estate as a high class residential Development and in particular not to permanently store any goods thereon or effect any alteration thereto without having first obtained the consent of the Lessor or the Management Company as the case may be. 24 32. Not to affix or maintain an Alarm system on the Premises which causes or is liable to cause unreasonable disturbance to occupiers of other Apartments and in the event of any such alarm system sounding internally or externally (for a period in excess of 20 minutes) then the Lessor/Management Company may exercise their right of entry (without notice) in accordance with Clause 5 of the Second Schedule hereto, and all associated costs therewith shall be the liability of the Lessee. 33. Not to keep on the car parking space (if any), or on any part of the development, any caravan or boat, or any vehicle other than a private motor car or private motor cycle. 34. Not without the consent of the Lessor/Management Company (which consent shall not be unreasonably withheld) erect any external wireless or television aerial, satellite dish or other like instrument on the Premises or the Licensed Areas or the external wall of the demised premises. In considering the matter, the Lessor/Management Company shall take account of the degree to which the instrument is visible from other parts of the Retained Lands and the effect it has on the development as a whole. (The Lessor/Management Company may limit such consent to a specific period of time which may be renewable, the purpose of such limitation being to guard against a proliferation of such instruments which if visible from the retained lands, may collectively be deemed injurious to the residential amenity of the entire development). It is accepted that the Lessor/Management Company may consider each particular application for consent on its own merits. 25 SEVENTH SCHEDULE [Covenants by the Lessor/Management Company] Subject to the payment by the Lessee of the service charges herein before provided for the Lessor shall : 1.(a) Keep and maintain the Open Spaces and the Estate Roads (to include the grass verges), Footpaths, Car Park Spaces, and the Services and the Utilities passing in under or over the Common Areas (it being noted by the parties hereto that the Open Spaces have not been and will not be taken in charge by the Local Authority) in good and substantial repair and condition (it also being noted that only the Estate roads, footpaths, light fittings, services and utilities will be taken in charge by the Local Authority at which stage the Lessors Liability in respect of same will automatically cease but its liability in respect of the Open Spaces will continue. (b) Employ the services of Auditors to ascertain the amount of the expenditure incurred by the Lessor pursuant to this Schedule and the corresponding Schedules of the Leases of Apartments/Duplexes and Houses and the amount thereof payable by the Lessee and related matters and to pay the reasonable charges and expenses of such Auditors; (c) Without prejudice to the rights of the Lessee and the rights of the owners of the other Apartments/Duplexes and Houses take all reasonable steps to enforce the observance and performance by the other owners of the Apartments/Duplexes and Houses of their obligations arising under their assurances; 26 (d) Build up a reserve fund to meet contingencies to meet major repairs and capital replacement in respect of such matters referred to in this clause as to the Lessor may seem appropriate. (e) Subject to the Lessor being able to effect the appropriate insurance to insure and keep insured in the name of the Lessor the Open Spaces, in particular, Public Liability Insurance. If necessary at the absolute discretion of the Lessor to provide security for the Common Areas. (f) To make such regulations regarding the user of the Common (f) To make such regulations regarding the user of the Common Areas as are necessary. 2. (a) Subject to the Lessor being able to effect insurance against all or any one or more of the risks hereinafter specified to insure . ad keep insured in the name of the Lessor the Apartment Blocks and the Apartments in the full re-instatement cost and including an inflationary factor (which cost and factor shall be determined by the Lessor from time to time) against damage by fire, explosion, lightning impact, earthquake, aircraft, floods, storm, tempest, riot, civil commotion and malicious damage bursting and overflowing of water tanks apparatus or pipes and including demolition and site clearance expenses Architect's, Quantity Surveyors and other fees and taxes in relation to reinstatement and public liability and property owner's liability and against such other risks as the Lessor may from time to time consider prudent and desirable (which perils and risks are hereinafter called "the Insured Risks'). 27 2. (b) In case an Apartment Block shall be destroyed or damaged by any of the Insured Risks then (subject to obtaining all necessary Planning Permissions and all other necessary permits, licenses and approvals) and as often as shall happen to layout as soon as possible all monies received in respect of such insurance of the Apartment Block in or upon rebuilding, repairing or reinstating the Apartment Block in a good and substantial manner so as to be in keeping with the other Apartment Blocks. 2. (c) Keep and maintain the Apartment Blocks, including the steps and stairways leading to the Apartment, the Balconies and the Patios attaching to the Apartments in good and substantial repair and condition. 2. (d) To establish and maintain a sinking fund to cover such major expenses that might be incurred at a future date in carrying out the duties and responsibilities hereunder, such fund as not to • exceed twenty five times the amount of the total cost of the provision of the services for the performance of obligations hereunder in the previous year. 3. (a) Keep that part of the common areas which provides common access over the internal stairways in the Block to Apartments in the Apartment Block (including the Demised Premises) in good decorative repair, properly cleaned and properly lighted. (b) To keep, repair and maintain all Lifts in the Apartment Block in which the Demised Premises are situate. 28 • EFORCEMENT COVENANTS 4. To take all reasonable steps to enforce the performance and observance by the occupier of all Apartments of the covenants contained in the Leases demising same. RATES - TAXES 5. To pay all rates, water rates, taxes, duty and all other charges whether Local Authority or otherwise payable in respect of the Common Areas. For the avoidance of doubt IT IS HEREBY DECLARED AND AGREED that nothing here should preclude or otherwise prevent the Lessor from developing the remainder of the Development in such manner and on such basis as it shall think fit. EMPLOYEES 6. At the discretion of the Lessor to employ all necessary competent professional or other people to ensure the effective performance of the duties and obligations hereunder. ACCOUNTS 7. On the 31st January in each year produce a set of accounts for the previous twelve months ending the 30th December in each year and also an estimate of the service charge to be payable for the next following twelve month period commencing on the 1st January in any year. - EIGHTH SCHEDULE [Management Charge] The Lessee shall pay to the Lessor without any deduction : 29 1. (i) X/Y cost and expenses incurred by the Lessor in carrying out their obligations under and giving effect to the provisions of Clauses 1, 3, 5 and 6 of the Seventh Schedule hereto, where in relation to such fraction X = the premises and Y = all of the Apartments, Duplexes and Dwelling houses including the premises) erected on the Estate and (ii) A18 of the costs and expenses incurred by the Lessor in carrying out the obligations under and giving effect to the provisions of Clause 2 of the Seventh Schedule hereto in relation to such fraction A = the premises and 8 = all the Apartments, including the premises erected on the Estate (iii) RISR\S the cost and expenses incurred by the Lessor in carrying out their obligations and giving effect to the provisions of Clause 3 of the Seventh Schedule hereto. R = the premises and S = all of the apartments located in the Apartment Block in which the Apartment is situate (which aforesaid costs and expenses are hereinafter called "the Service Charges') conditions : (a) subject to the following terms and The amount of the service charges for the previous year shall be ascertained and certified annually by the Auditors of the Lessor on the 31st January in each year or on such day as the Lessor in its absolute discretion shall determine as being the date upon which the service charges shall be ascertained; (b) In ascertaining and certifying the service charges the Auditors shall act as experts and not Arbitrators and their Certificate (hereinafter called "the Certificate') shall be conclusive evidence that the service charges were actually incurred ; 30 (c) A copy of the Certificate for each year shall be supplied by the Lessor to the Lessee on written request; (d) Subject to the provisions of Paragraph (e) of this Clause on 31 st January in each year after the date of these presents the Lessee shall pay to the Lessor such sum in advance and on account of the service charges as the Lessor shall in its sole discretion deem to be fair and reasonable payment in respect of the year then commencing; (e) As soon as practicable after the issue of the Certificate the Lessor shall furnish to the Lessee an account of the service charges for the year to which the Certificate relates for which the Lessee shall be liable due credit being given therein for all payments made by the Lessee for the year in question or any part thereof and upon furnishing such account the Lessee shall forthwith pay to the Lessor the service charges or any balance found payable in respect thereof or there shall be allowed and repaid by the Lessor to the Lessee any amount which may have been overpaid by the Lessee (as the case may be). (t) Notwithstanding any other provisions of this Clause the service charges payable by the Lessee for the year ending 31st December, 2009, or as appropriate, shall be €300/€488/€1080, which sum shall be paid on the execution of these presents; 31 : PESENT when the COMMON SEAL of ROCKMILL LIMITED was affixed hereto: Director Secretary PRESENT when the COMMON SEAL of COLPE MANAGEMENT LIMITED _ was affixed hereto: Director Secretary , SGNED SEALED AND DELIVERED by the LESSEE in the presence of: 32 PRESENT when the COMMON SEAL of ROCKMILL LIMITED was affixed hereto : 4 ,j Director Secretary PRESENT when the COMMON SEAL Of COLPE MANAGEMENT LI MITED was affixed hereto: 0 Director Secretary SIGNED SEALED AND DELIVERED by the LESSEE in the presence of: 1/7 < ' solicitors for the within named Lessor we hereby certify that the Building Covenant herein has been complied with. Dated this d a y o f xxxxxx Signed O'Reilly Thomas, Solicitors, 8, North Quay, Drogheda, CO. LOUTH. 33