Management Regulations

The present Management Regulations are elaborated in compliance with the applicable laws and regulations of the Republic of Cyprus, especially by the provisions stipulated in the Immovable Property (Tenure, Registration and Valuation) Law Cap. 224 as amended from time to time or any other relevant law, and the Permits (planning and building permit) issued by the relevant Authorities in Cyprus for the community located in Larnaca District, aimed at the enhancement of efficiency and transparency of the Community’s internal governance, development and maintenance mechanisms, improvement of the system of control over and accountability of its management body and observance of rights and obligations of owners, (here in after referred to as the “Regulations”).

1. GENERAL PROVISIONS
1.1. A comfortable home is desired by all people all over the world. People choose to live in unit, next to each other, and as such they must necessarily respect each other’s rights. The achievement of a comfortable home in combination with harmony is a consequence of participation of all owners to facilitate coordination among owners and effective Management Committee. These Regulations, as outlined below, are intended to guide and delimit the Owners of the Building to manage and maintain the commonly owned areas of their building which they co-own along with the communal spaces (if any).
1.2. These Regulations control and/or legalize the rights and obligations of the property owners in respect to the Commonly Owned Areas/Communal Spaces. These Regulations help to ensure the Building is safe, enjoyable and peaceful for all Owners, Occupants, visitors and users in general. The rules are in place to ensure that the actions of some individuals do not effect the enjoyment or the value of the Building for the majority.

1.3. If a breach of the Regulations or any of the Rules/Clauses provided therein is identified, the provisions of Clause 14 in relation to the enforcement procedures, shall apply.
1.4. All development users (including Owners, Occupants, Visitors, Contractors, Service Providers and/or any other persons) are required to conduct themselves in accordance with these Regulations and the Law.

2. DEFINITIONS
The terms stated below will have the following definitions except from those provided scattered in these Regulations:

“Annual General Meeting” means the meeting which shall be held every year within 12 to 14 months after the date of the previous annual general meeting, at such date and place as the Owner’s Management Committee in collaboration with the Manager shall think fit.

“Building/Development” means the residential building comprises from units and the commonly owned areas and/or communal facilities.

“Commonly Owned Areas” means the areas of the Building which will be designated by the Developer as such and which, amongst others will include the lobby area, staircase and corridors, communal and private parking spaces, elevator including any fixtures, fittings, attachments, utilities or facilities in this area intended for such use.

“Communal Facilities” means any areas and/or facilities that are available for shared use by the Owners and Occupants (and in some cases, their visitors and members of the public) or otherwise benefit the Development.

“Developer” means the company which is responsible for the construction and/or the development of the Building pursuant to the terms and provisions of the permits as granted by the relevant Authorities in Cyprus.

“Jointly Owned Property” means every part of the Development under joint ownership which has not been registered as Unit. The proportion of the Jointly-Owned Property belonging to each Unit and the percentage of each Owner’s votes which are entitled to at the voting are calculated using the formula attached as Appendix A.

“Management Committee” – comprises from representatives, who are elected to execute specific duties. The number of the Board members shall not exceed 5 (five) members and the minimum shall be 2 (two) members under the condition that both members are owners. The Management Committee shall be governed by these Regulations.

“Machinery” means communal space machinery of the Building such as, but not limited to, air conditioning units, elevators, escalators, CCTV, pool, barbecue and outdoor kitchen appliances, installation and shared plumbing, external lighting, water, sewage, drainage,
fire extinguisher devices, gym and spa devices and technology such as treadmills, ellipticals, sauna steam machines, jacuzzi, towel warmers and sanitizers and in general machinery and mechanisms that can be used in all areas of the Development that serve the Owners and/or the Occupants and/or the Visitors, directly or indirectly.

“Manager” means a natural and/or a legal person, appointed by the Owners and/or the Management Committee to provide the Services and in general to deal with the day-to-day operations of the Building.

“Occupant” means anyone having authority to use and/or occupying the Unit.

“Owner” means the person (legal or natural) entitled to be registered as title deed holder or the title deed holder of a Unit forming part of the Building or any owner in respect of the Development.

“Property Service Charges” mean the expenses incurred based on the Management Committee’s decision(s) for the purpose of rendering the Services (as defined in Clause 13 hereinbelow) which Services shall be provided by the Manager (who shall be specifically) engaged for such purpose or by another person (legal or natural) which has been designated to do so by the Manager.

“Services” means the services to control, operate, manage and administer the Commonly Owned Areas and/or Communal Facilities and to do any act which is necessary for the implementation of the Regulations and the Law and for the control, operation, management and administration of the Jointly-Owned Property.

“Unit” means a unit or units of the Development (such as an apartment or residential house etc) designed to be used separately.

3. MANAGEMENT AND GOVERNANCE
3.1. The Owners are difficult to obtain unanimous decision on each and every single matter, so a mechanism to facilitate collective decision-making of Owners has been put in place, which provides for the establishment of the Management Committee, who shall be granted with the full responsibility for the decision making and the workings of the entire infrastructure and superstructure of the Building under the overreaching supervision of a Manager(if any), and be acting in accordance with the Law and the provisions of these Regulations.
3.2. The Management Committee and/or the Manager has a fiduciary responsibility to all Owners of the Building hence, should abide by the principles of openness, transparency, integrity and accountability in performing its duties and conducting the obligations of the Management Committee.
3.3. The Management Committee has a legal status to represent all Owners in managing the Commonly Owned Areas and Communal
Facilities of the Building which is no simple task since it involves a huge list
of matters, ranging from minor ones (i.e. cleansing and refuse clearing) to major issues (i.e. insurance of the building and dayto-day operations). For this purpose, the Management Committee may appoint a management company which will act as the
Manager of the Building.
3.4. The Management Committee is empowered by the Law and by the provisions of these Regulations, to sue and be sued in any matter concerning the Owners and their rights and obligations, in relation to the Building, to claim damages and to enter into agreements in relation to the management and control of the communal spaces of the Building but in no case, may take a decision or action which will result to the termination or alteration of any Owner’s rights, the limitation or the prohibition of the transfer rights of a Unit, the imposition of an obligation or payment not specified by the Law or these Regulations or the allocation of a specific part of the jointly owned property as limited unless is done in accordance with the Law.
3.5. A Management Committee will be elected and a chairperson, secretary and/or treasurer will be appointed. The number of its members shall not exceed 5 (five) members and the minimum shall be 2 (two) members under the condition that those members will be owners of the units.
3.6. The secretary of the Management Committee shall keep the records of the Committee’s meetings in place. Any collective
decision made at the general meetings of the Management Committee, which are properly convened and held, with the supervision of the Manager, shall be binding on all the Owners, the heirs, successor-in-title, assignees, tenants or lessees and occupants of the Owner. The Owners have the right to inspect the minutes of any meeting, at their own discretion.
3.7. At the General Meetings, the Owners may pass any resolution based on each owner’s holding of voting (number of percentages held) with respect to, inter alia, the control, management and administration of the communal spaces of the Building, the appointment of a Manager to handle and perform and deal with the day-to day operations of the Building. In case of equality of votes, the President of the meeting shall have a casting vote.
3.8. Resolutions at the General Meetings should be taken by majority of votes of the person(s) present with voting rights, unless otherwise stated to these Regulations. Owners who have not proceeded with the payment of their respective fee for the service charges, they cannot use their voting rights to the meetings until the full settlement. When a unanimous decision is required by these Regulations and/or under the Law, owners who have still unsettled invoices for the service charges can exceptionally vote
under the condition that this resolution is needed for the general benefit of the Building.
3.9. It is hereby clarified that critical decisions, such as the amendment and/or alteration of the Management Regulations need a special majority of at least 75% of the Jointly-Owned Property.
3.10. The first Annual General Meeting of the Owners will be convened by a written notice sent to the Owners, as per the provisions contained in these Regulations, by the Developer within 3 (three) months from the date of registration of the jointly owned building in the Land Register.
3.11. Notwithstanding the provisions of these Regulations and considering that the Management Committee represents the Owners, their rights and obligations, in the event that a Management Committee is for whatever reason not formed within 3 (three)
months as mentioned above, in such an event the Developer shall have the obligation to appoint in writing a Temporary Management Committee for the Building until the first Management Committee is established pursuant to the terms and conditions of these Regulations (here in after referred to as the “Temporary Management Committee”).
3.12. The Temporary Management Committee shall consist by the Owners but in case there is no such availability, the Developer shall appoint a Temporary Management Committee out of the Owners of the Building which will deemed to have all rights and obligations as the Management Committee. As per Clause 3.10. above, the Temporary’s Management Committee rights and obligations shall end on the day the first Management Committee shall be appointed according to the provisions of these
Regulations.
3.13. As provided above ,the Management Committee shall be appointed at the first General Meeting and the Management Committee members’ term of office will be completed until the next annual general meeting, unless otherwise decided. In any case, the members of the Management Committee may be re-elected.
3.14. An extraordinary meeting may take place at any time provided that a written application of Owners of at least twenty-five per cent (25%) of the jointly owned property will be provided to the Manager and/or the Management Committee to hold such a meeting. The Manager shall, organize the meeting to be held within 14 days of receiving such a request.
3.15. The Manager and/or the Management Committee shall at least 7 (seven) days before the day of the meeting (i) send an email to the last known email address or (ii) display the notice of a meeting in a prominent place in the Building (provided that such
notice shall be considered as having been given to every owner one day after posting the notice.
3.16. The written notice of the meeting may be delivered by email or posted at the Building’s Notice Board which will be at a prominent place and the written notice of the meeting shall specify the date, time and place of the meeting. For extraordinary
meetings the notice should also include the meeting’s agenda.
3.17. A quorum is considered that it is duly convened when at least 50% of the owners are present, in person or by proxy. If within half an hour of the appointed time for a meeting, there is no quorum then the meeting is automatically adjourned for the next
week at the same place and time.
3.18. A member of the Management Committee, irrespective of his/her term of office, shall cease to be a member of the Management Committee with immediate effect if he/she:
3.18.1. is declared bankrupt;
3.18.2. is convicted of an offence in the Republic of Cyprus for which he is sentenced to imprisonment, whether suspended or
not;
3.18.3. becomes incapacitated by physical or mental illness;
3.18.4. is removed from office by resolution of the General Meeting.
3.19. A vacancy will occur in the Management Committee if the total number of its members falls below 2 (two) for reasons other than the expiration of the term of the office. Such a Vacancy may be filled by a decision at a General Meeting. Its should be noted that the appointment made by the General Meeting will last till the next Annual General Meeting and shall then be eligible for re-election.
3.20. Where the number of vacancies in the Management Committee is more than 50% of the number of the Management Committee’s members, as decided by the Owners at the General Meeting, the Management Committee cannot meet the quorum
requirement and it cannot pass any resolution.
3.21. Under such circumstances, the vacancies can be filled in the following ways:
3.21.1. The Chairman of the Management Committee may convene a General Meeting of the Owners for the purpose of filing the vacancies; or
3.21.2. Where the office of the Chairman of the Management Committee is vacant, the remaining members of the Board may
appoint a person from amongst themselves to convene General Meeting of the Owners for the purpose of filling the vacancy.
3.22. DUTIES OF THE MANAGEMENT COMMITTEE
3.22.1. The Management Committee has, inter alia, either alone or through the Manager, the following obligations:
a) To convene the annual and extraordinary general meetings, as prescribed in these Regulations;
b) To control, operate, manage and administer the jointly owned property and to do any act which is necessary for the implementation of the Regulations and the Law and for the control, operation, management and administration of the
jointly-owned property as well as for securing the services prescribed by or by virtue of the present Regulations and the Law.
c) To maintain in good condition and operation and to preserve the jointly owned property and such other parts of the commonly owned areas and communal facilities and the improvements, constituent parts and fixtures, as may be assigned to it by or by virtue of the present Regulations and the Law;
d) To perform its powers and duties imposed upon it by or by virtue of the Law and of the present Regulations in good faith;
e) Not to obtain secret or deceitful profit;
f) Not to place itself in a position in which there may be a conflict between its personal interests and duties;
g) To comply with every notice, order or other decision of any competent administrative body, authority or person in relation to the jointly owned property;
h) To insure and always keep insured the entire jointly-owned property of the Community, against fire, lighting and earthquake/explosion of boilers or gas used for domestic purposes only/aircraft or other aerial devices or articles dropped there from/riot, civils commotion, malicious persons or vandals/storm or flood/escape of water from any tank, apparatus or pipe/impact by any road vehicle/accidental glass breakage and/or for any other risk if decided by the majority of the Owners with one licensed insurance company for the sum corresponding to its replacement;
i) To make a public and personal liability insurance policy which will cover third party claims against the Management Committee and each of its members in respect of bodily injury or death or property damage, nuisance, trespass, or interference;
j) To dispose the insurance money it receives, as it is prescribed by these Regulations;
k) To establish and maintain a fund which on its discretion is adequate and may be used for the management expenses and/or for the execution or fulfilment of any duty or obligation or the settlement of any outstanding balance of the Property Service Charges.
l) To submit statements every 3 (three) months to the Owners, which shall state the expenses of the previous 3 (three) months, the nature and the amount which the Owners have contributed towards these expenses. The initial payments by the Owners shall be used for the payment of the expenses incurred in the first and in subsequent years. If these initial payments prove to be insufficient to cover the expenses of the three-month period, the Owners shall increase respectively the above-mentioned amount, following a written notice from the Management Committee or the Manager to each Owner;
Provided that an Owner will receive adequate information and details on the aforementioned income and expenditure statements and the relevant supporting documentation during the Annual General Meetings.
m) To prepare budgets and submit them to the Owners for approval during the Annual General Meeting, with all the relevant supporting documentation and determine the amount to be contributed by the Owners.
n) To permit the Owners or any persons designated by them to:
i. Inspect the books of account;
ii. Inspect all bills, invoices, vouchers, receipts and other documents referred to in the books or records of account and other records;
iii. Inspect the policy of insurance and any receipt for the premium in respect of that policy;
o) To maintain the following documents:
i. All bills, invoices, vouchers, receipts and other documents referred to in the books or records of account and other records;
ii. The tender documents, copies of contracts, accounts and invoices and other documents relating to the procurement of supplies, goods and services;
iii. The minutes of the Annual General Meetings;
iv. The proxies which have been used during the general meetings;
v. The Personal Data Sheet;
vi. The consent form signed by the Owners in relation to GDPR.
3.22.2. To recover by action, from any Owner any sum of money spent by the Management Committee for repairs of works carried out by it or at its discretion with the purpose of complying with any notice or order of an appropriate administrative body, authority or person in relation to part of the Community including the Unit belonging to an Owner.
3.22.3. Each contribution imposed may be demanded and must be paid after reaching the relevant decision and the Management Committee may recover the contribution from the Owner at the time the decision was taken.

4. PERFORMING THE SERVICES
4.1. The Management Committee hereby takes upon itself or through the Manager(and/or through sub-contractors) the performance of the Services and the Owners agree to the same and has granted the Management Committee or the Manager (if applicable) the sole right to manage and provide the Services in the Building and undertakes to act in accordance with the detailed provisions of these Regulations.
4.2. The Management Committee is obliged within 10 (ten) Business Days as from the day of its establishment to appoint a Manager for carrying out the day-to-day management, control and administration of the Development on behalf of the Owners.

5. TERM OF REGULATIONS
5.1. The term of these Regulations shall commence on the Delivery Date (pursuant to the Sale and Purchase Agreement) and shall continue for any time period that the Owner each Unit (either occupies the Unit itself or not) shall be the registered holder of the title deed of the Unit or the person entitled to be registered as the title deed holder of the Unit.

6. OBLIGATIONS OF THE MANAGER
6.1. The obligations of the Manager upon its appointment shall be, among others, to provide the Services; to organize, set up, maintain and employ an array of specialists and technicians, professionals, administrators and others to carry out the performance of the Services, and to be prepared to manage and carry out all or a portion of the Services by means of contractors, sub- contractors or in any other manner that the Manager thinks fit.
6.2. Without derogating from the generality of the foregoing and in addition to all authorities vested with the Manager, as derived by its appointment by the Management Committee, and included in the specifications of Services as described above, the Manager shall further have, inter alia, the authority to render services and/or hiring services of another party, partially or in whole, at his sole discretion.
6.3. It is clarified that the provisions of this Clause form part of the Services and are intended to add to any permission or other right granted to the Manager and/or to the Owner under the provisions of these Regulations or in any other document
relating to a specific Unit and the Building in general.

7. INSURANCE/INDEMNITY
7.1. The Building must be insured (including the structure of the same) with an Insurance Company, against All Risks, and in an amount that will be decided upon receiving a professional consultant’s assessment.
7.2. The insurance policies may be in any form and include or omit any provision according to the sole discretion of the Manager and/or its professional insurance consultant.
7.3. Without prejudice to the abovementioned the insurance policies that the Manager will purchase will include the polices described in Clause 7.4 – 7.5 hereinbelow or any other policy according to its absolute discretion and to the best interest of the Building.
7.4. All Risk Insurance: The building insurance policy shall cover the entire Project including the commonly owned areas, the communal facilities, the outer walls, the floors as well as the outer walls of the Units. The policy shall be of a class “extended
fire coverage” and shall cover damage, including earthquakes. The policy shall also cover against loss of Property Service Charges.
7.5. Third-Party Insurance:
7.5.1. The policy shall cover the joint tortuous liability of the Owners and of the Manager due to any defect or fault in the Projector defect or negligence in its maintenance by the Manager (and/or its sub-contractors), as well as third party insurance of the corridors and common areas.
7.5.2. This policy shall not cover the separate and specific liability of the Owners or the Occupants of a Unit for damage relating to the Unit itself to any third party visiting the Unit, the activities that are conducted therein or pertaining there to, and the contents there of.
7.6. Waiver against claims & Limitation of Liability: Neither the Manager nor any person or body acting on its behalf or in its name shall be liable in any manner or form for any damage or harm which may be caused to Owner and/or to its property, or for any bodily harm and/or loss of and/or damage to the property of any kind whatsoever which may be caused to Owner and/or its Occupants and/or its visitors and/or to any other person upon or in the Unit and Owner hereby assumes full responsibility and liability in respect of all such damage and harm and undertakes to indemnify and compensate the Manager immediately upon receipt of first written demand to do so in respect of any compensation and/or damages which may become obligated and/or compelled to pay in respect of any such harm or damage.

8. OWNERS’ UNDERTAKINGS, OBLIGATIONS AND DECLARATIONS
8.1. The Owners hereby deliver to and award the Manager the responsibility for the management and execution of the Services.
8.2. The Owners further undertake:
8.2.1. To refrain from taking any action, whether on its own or by means of others, which was placed under these Regulations in the authority of the Manager, unless the Manager, with the prior consent of the Management Committee, agrees to the same in writing prior to the taking of such action.
8.2.2. That the Management Committee shall cooperate with the Manager and assist the same in all circumstances in which such cooperation or assistance is required, in order to enable the smooth, ongoing provision of Services, and shall fulfill any obligation arising directly or indirectly from these Regulations.
8.2.3. To notify the Manager with respect to any matter requiring action thereby, as soon after having become aware of such matter.

8.3. ALTERATIONS, ADDITIONS AND REPAIRS
8.3.1. Every Owner may carry out alterations, additions or repairs to the interior of the Unit he/she owns provided that:
a) In case where the said alterations and/or additions and/or repairs of the Unit affecting the infrastructure and/or superstructure of the Unit and therefore of the Building but not the internal surface of the Unit (i.e. paint to the inside of the Unit), then a 30 (thirty) day prior written notice shall be submitted to the Management Committee and/or the
Manager by the Owner illustrating the exact additions, alterations, repairs to be conducted in his/her Unit, the duration needed and the materials to be used. The plans submitted to the Manager and consequently to the Management Committee must be signed and approved by a licensed Architect and;
b) the Management Committee consents in writing to the said alterations, additions or repairs, such a consent shall not be unreasonably withheld. The Management Committee has the right to make any reasonable amendments and/or alterations and/or submit any condition or term on the execution of the said alterations, additions, repairs if those are deemed necessary for the protection of the jointly owned property of the Development and;
c) the necessary permit(s) required by the relevant laws and regulations from the relevant authority for any alteration, addition or subtraction have been granted.
8.3.2. The alterations, additions and repairs shall be carried out on the basis of the Owner’s overall obligation to maintain the Unit in an excellent condition in accordance with the present Regulations and that no alteration, addition or repair:
a) shall adversely affect the rights of any other Owners and/or Occupants of the Development or interfere with the use and enjoyment by the rest of the Owners; and
b) shall affect in any way the jointly-owned property, its smooth functioning or its enjoyment; and
c) shall in any way affect the walls supporting the jointly-owned property and its external walls; and
d) shall endangerin any way the safety ofthe jointly– owned property orshall affect its external appearance.
e) shall not affect the intended function of the Building.
Any alterations, addition or repairs that increases the number of unit or change the use of the unit are strictly prohibited.
8.3.3. The Management Committee and/or the Manager has the right to charge the Owner who carries out any alterations,
additions or repairs to his/her Unit, a daily fee of €20.00 to €50.00, or other amount designated by the Manager (representing the Management Committee), for the whole duration of the works. This fee is payable due the disruption of the use of the Development by the Owners and guests, and for the increased services, in terms of cleaning and maintaining of the Building and of the jointly–owned property required to be conducted. The total of the aforementioned fee shall be paid by the Owner based on the duration in the written notice before the commencement of alterations, additions or repairs of the Unit.

8.4. GENERAL OBLIGATIONS OF THE OWNERS
8.4.1. The Owners shall not: 
a) use any Unit for any illegal purpose;
b) use any Unit generally for any use which may create noise, any kind of smell, smoke or other nuisance or which turn out to be harmful to the health, dangerous for the safety of the Owners, or which is not appropriate in terms of morals or decent behavior; or
c) use any part of the commonly owned areas and/or communal facilities in such a way as to affect the appearance or aesthetics of the jointly–owned property of the unobstructed and uninterrupted use by the Owners orthose who use the other Units of the jointly-owned property and hence the Development;
d) move, replace or in any way interfere with any part of the Jointly-Owned Property;
e) post up, expose or place any object from a balcony, veranda, roof, fence, door or window or from any other external part of the jointly–owned property or from any part of the jointly–owned property in such a manner as to be visible from outside, unless prior approved by the Management Committee or the Manager;
f) desert, place or keep any object at the main or auxiliary entrance, or staircase, stair head, corridors, roof, lift or any other part of jointly-owned property;
g) carry heavy objects using the lift for the residents of the Building;
h) alter the color of the windows, doors, balconies, verandas, fences or external walls of the jointly – owned Building and in general of any structure on an external wall, surface or part of the jointly – owned Building;
i) post up, place or allow the posting up or placing of any bill-board, poster, advertisement, announcement, neon sign or notice of any kind on any external part of the jointly-owned Building and in general the Project, in such a manner as to be visible from outside, unless prior approved by the Management Committee or the Manager;
j) provided that the Owners or those who use the Units may place next to the main entrance and next to the entrance of their Unit, in an appropriate place to be specified by the Management Committee or the Manager, small signs with their name and occupation, the dimensions of which may be prescribed by the Management Committee or the Manager;
k) possess, store or use any objects or substances which may disturb the other Owners or the persons who use the Units or the neighbors because of the smell, smoke, dust or soot emerging from or produced by them and in general any flammable or dangerous objects or substances, or do anything which may affect or cancel any fire insurance relating to the jointly-owned Building or the jointly – owned property or any part there of of increase the premium of such insurance;
l) use solid fuel in preparing food;
m) clean, brush or beat carpets from the windows, verandas, balcony, fence, roof or staircases;
n) throw in the sink, toilet, basin, bidet, shower or bath orin the sewage system any compact or useless objects or objects which may block the ducts or pipes, pollute the atmosphere or from which flammable or dangerous gases may emerge, or throw in the ducts or pipes anything that may cause damage to them;
o) place useless objects or garbage anywhere else other than in rubbish containers or at the other places intended especially for this purpose;
p) keep in the Unit any bird, dog or any other animal without the previous permission in writing of the Management Committee or the Manager; such consent will be revocable at any time on complaint of any nuisance or annoyance being caused to any Owner of the Building;
q) permit singing or the playing of any music or mechanical instrument or the use of any radio, cd or DVD recorder, television or recording apparatus in such a manner as to disturb any Owner/Occupant of the Building and in general the Development;
r) place or set up tents and/or marquise or air-condition apparatus or any other type of coverage a balcony, veranda, roof, door, window, external surface of the jointly-owned property or above or below these, without the prior written consent of the Management Committee or the Manager in relation to their position, color, size and shape;
s) erect, expose, place or post up, or permit the erection, exposure, placing or posting up outside his/her Unit or on any external part of the jointly-owned Building or on any part of the jointly-owned property, a radio or television antenna or a wire or pole or any other apparatus or object;
t) place or plant any plants on a balcony, veranda, roof window, wall or other external surface of the jointly-owned property other than decorative plants in elegant pots or other appropriate containers which are in harmony with the whole appearance of the jointly- owned Building and in general the Development, which have been approved by the Management Committee and from which water does not leak;
u) pour or allow the pouring of water or other liquids from his Unit to the Units of the Owners or to the jointly – owned property or in general outside the jointly-owned property;
v) carry out or permit to be carried out any alterations without such permission as aforesaid or to carry out any works or alterations of any description in the Units any other hours than between the hours from 8.00 a. m until 4.00 p. m from Monday to Friday; and
w) leave or park or permit to be left or parked any motor car cycle, bicycle, or other vehicle belonging to or used by the Owner or Occupant of any Unit or by any of their friends, servants, visitors, licensees to any jointly property.
8.4.2. Every Owner is obliged to:
a) Allow the Management Committee and/or the Manager at reasonable times and after giving reasonable notice (no notice is required for urgent cases) to enter his/her Unit in order to inspect, maintain, repair the pipes, wires, cables and ducts of the Unit which may be used in relation to the enjoyment of any other Unit or jointly–owned property or
maintenance or repair or in order to secure compliance with the Regulations;
b) Allow the Management Committee and/or the Manager to install a closed-circuit surveillance system in the Commonly Owned Areas and Communal Facilities. The system will operate in a manner that respects all individual’s privacy rights
according to the provisions of the Cyprus GDPR Law 125(I)/2018 and/or the EU GDPR Regulation 679/2018 (as amended from time to time).
c) Carry out promptly every work imposed on him by an appropriate administrative body, authority or person in relation to his Unit other than work in relation to the jointly – owned property and to pay every tax, duty, or charge which has been paid in relation to his Unit;
d) Repair and maintain his Unit and keep it in good condition;
e) Pay promptly every sum which he must pay by virtue of the Law and the Regulations;
f) Follow the rules and regulations of the communal swimming pool (hereby enclosed as Appendix B), where applicable;
g) In case of fire, explosion or malicious damage, to give priority to the execution of the work, which affects the uninterrupted use of the Commonly Owned Areas and Communal Facilities and will be under the obligations provided by law against the other Owners who have suffered damages;
h) To secure, as part of his/her obligations, that this leasehold, lease, license or other agreement shall include a term with an express notification to the leaseholder, lessee or occupier under license by virtue of the present Regulations and with an express provision binding Occupant in relation to the unconditional acceptance of all provisions of these Regulations;
i) To be personal responsible to the other Owners and to every third party for each contravention of any provision of the present Regulations by himself and by every Occupant, whether with consideration or not, and also for any deterioration of the condition of or any damage to the jointly–owned property that was caused by any act or omission of the Owner or Occupant;
j) All the rights and obligations of the Owners which emanate from the provisions of the present Regulations to continue to belong to and burden all the Owners, whether or not the Unit is possessed or used by its Owner or any person deriving his rights from the Owner. If a certain Unit is not being used or remains unused for any period of time, the Owner shall remain responsible for the fulfilment of each of his/her obligations and for the payment of the expenses corresponding to his Unit, as is prescribed by these Regulations;
k) In case where the Owner refuses to pay any sum which he/she owes as Property Service Charges for maintenance, administration, repair etc., the Occupant of the Unit may pay the above-mentioned sum and deduct it from the sum which he/she shall pay to the Owner as rent, unless a private agreement provides otherwise; and
l) The Owner shall make known to the Manager and consequently to the Management Committee, any change of ownership, possession or use of the Unit.

9. COMMUNAL FACILITIES
9.1. The Communal Facilities are part of the Commonly Owned Areas and are under the control and responsibility of the Manager (and its employees and/or subcontractors) and consequently the Management Committee;
9.2. The Owners must strictly comply, and use all reasonable endeavor to ensure that its Occupants fully comply, with all Rules and the directions of the Manager with respect to the use of the Communal Facilities including the use of any associated facilities
and equipment located with the Communal facilities at the commonly owned areas;
9.3. The Owners may use the Communal Facilities at their own risk and indemnify and hold the Developer, Management Committee and the Manager harmless against any loss arising from the use of the Communal Facilities;
9.4. The Manager and/or the Management Committee may restrict the hours of use of the Communal Facilities in its absolute discretion and temporarily close the Communal Facilities (or any part thereof) for the purpose of undertaking any inspection, cleaning,
repair or maintenance of the same;
9.5. The Owners’ right to use the Communal Facilities may be suspended for any amount of time deemed appropriate if the Owner
does not pay its Property Service Charges or is otherwise in default of its obligations in the Management Regulations as per the relevant provisions of Section 14– Breaches and Enforcement of Rules;
9.6. The Owners hereby waive any right to (existing or which may exist in the future) any objection, requisition, claim for compensation against the Developer, Management Committee or the Manager on the basis of any closure or suspension or use of the Communal Facilities.
9.7. The Owners will be allowed to a specific number of Guests at the Communal Facilities as follows:
9.7.1. Owner of 1-bedroom Unit is allowed up to 4 Guests
9.7.2. Owner of 2-bedrooms Unit is allowed up to 6 Guests
9.7.3. Owner of 3- & 4-bedrooms Unit is allowed up to 8 Guests
With regard to the above clause and should there is any special occasions such as birthdays etc., the Owner will be allowed to a greater number of Guests further to the written approval of the Manager and/or the Management Committee.

10. CLOSED-CIRCUIT SURVEILLANCE SYSTEM (“CCTV”) CAMERAS
The Owners should inform the Management Committee and/or the Manager that they are interested to install CCTV to the Commonly Owned Areas of their Building. Upon approval, the Building will be surveilled by a closed-circuit surveillance system,
which requires the installment of cameras in the lobby area, parking area and/or at any other external access point of the Building.
The Manager seeks to operate the CCTV system in a manner that respects all individuals’ privacy rights, according to the provision of GDPPR 679/2018 (as amended from time to time). The Owners and/or the Occupants are fully aware of their rights under the CCTV Policy hereby attached as Appendix C, the provisions of the General Data Protection Regulations and by accepting these Regulations, it should be considered that they also agree with the installation of the CCTV Cameras. The cost for the purchase, installation, maintenance, running and any other related service of the CCTV Cameras will be part of the expenses referred to the Manager’s offer and will be borne by all Owners proportionally.

11. DESCRIPTION OF JOINTLY-OWNED PROPERTY
11.1. Exclusively all those areas of the Development which are not part of any Unit and/or which have not been allocated for the exclusive use of any Owner and/or of any other particular Owner in the Development in general and in any case, include Communal Facilities, any doors, the passenger lifts, the staircases, any fire escapes, any such other premises or amenities as may be used, erected or provided for the common use of the Owners of the Development and including not by way of limitation of the foregoing all access way yards, balconies, boilers, equipment and installations of whatsoever kind installed in or used in connection with the Development and the provisions of services there to.

12. PROPORTION TO THE JOINTLY OWNED PROPERTY
12.1. The Jointly-Owned Property of the Development shall belong, be possessed and enjoyed by all the Owners in undivided shares. The share of the Owner in the Jointly-Owned Property which corresponds and belongs to the Unit shall be prescribed by the Developer and shall correspond to the proportion of the value of this Unit in relation to the total value of all units of the Development under joint-ownership.
12.1.1. Provided that a specific part of a Jointly-Owned Property may be allocated for the exclusive use of a specific Unit and specifically described in the certificate of registration of the Unit. Subject to the provisions of The Streets and Buildings Regulation Law of Cyprus – Cap. 96, the Owners may, by decision of the Owners who own a hundred per cent (100%) of the Jointly-Owned Property decide to reduce or extend the area of the land which constitutes part of the Development.

13. PROPERTY SERVICE CHARGES
13.1. The Owners shall participate in the expenses which are necessary for the insurance, maintenance, repair, restoration and management of the jointly-owned property and for securing the services described in the present Regulations and the Law.
13.2. If any Unit Owner omits or neglectsto comply with the requirements of this section, the Management Committee may proceed with the conduct of any act and the payment of any expense which is reasonably necessary for this purpose. It may then recover
through a legal action the sum owed by the non-conforming Unit Owner in accordance with the provisions of the present Regulations and the Law.
13.3. The share of each Unit Owner in the common expenses is calculated using the formula attached as Appendix A.
13.4. Nevertheless, the Manager shall be entitled to set special criteria for the division of the Property Service Charges among the
Owners in the Building, according to principles which it may deem relevant and provided that the Management Committee also agrees the Manager to set those criteria.
13.5. Additionally, the Owners declare, after having read and understood the provisions of this Clause, that it shall not make any demand or contention against the Manager and/or the Management Committee concerning the manner of division of the Property Service Charges and/or the payment of the Expenses among the Owners in the Development.
13.6. The contributions of the Owners towards the Property Service Charges shall be payable by the Owners within 21 (Twenty-one) Business Days following the informative email sent to each Owner. In the event where the Owner fails to pay the Property Service Charges as a fore said, such Property Service Charges shall bear an annual interest at the rate of 5% per annum calculated from the date they should have been paid to the Manager and consequently to the Management Committee until the day of settlement. Any amount received as an interest, it will be deposited to the Management Committee’s bank account, and it can be kept for any future use.
13.7. Property Service charges are divided into the following main categories:
13.7.1. Building’s Service Charges The Building’s Service charges are paid by all Owners within the Development towards the upkeep and maintenance of the Community Infrastructure and Facilities. Those Service Charges are directly associated with the operation, management, maintenance and administration of the Commonly Owned Areas. This operating budget shall be reviewed annually and set in accordance with liability projections and historical data.
Those Service charges include items such as:
a) Security
b) Cleaning
c) Repair and maintenance expenses
d) Cost of labor, material equipment
e) Expenses and charges for utilities consumed in the commonly owned areas
f) Administrative and professional expense
g) Elevator’s Maintenance
h) Management Cost
13.7.2. Building’s Insurance
13.7.3. Management Fees
During the term of these Regulations, the Manager shall be entitled to receive, and the Management Committee is obliged to pay to the Manager, the Management Fees, as agreed each year between the Management Committee and the Manager. Not with standing the above, such Management Fees should be calculated according to the current market rate with regards to such services.
The Owner undertakes to pay the Management Fees due under these Regulations on time, irrespective as to whether or not it actually makes use of the commonly owned areas and/or communal facilities and/or the services, and whether or not it retained possession of the Unit and/or discontinued its use of the Services for any reason.
13.7.4. Sundries’ treasury
The purpose of the sundries’ treasury is to cover the cost of replacing significant capital items once they reach end of their economic life. The Sundries Treasury shall be deposited into the Management’s Committee bank account and the said amount shall be used by the Manager for the performance of replacement and/or renovation and/or installation of additions and/or repair of the Development’s structure as well as it’s systems, machinery and installations serving all the Owners of the Building.
13.8. The refusal or the unwillingness of the Owner to receive any Service, or the Owner’s wish to stop the performance of the Services in the commonly owned areas and communal facilities or parts of them will not exempt the Owner’s obligation to contribute his/her proportional amount to the Property Service Charges.

14. BREACHES AND ENFORCMENT RULES
14.1. Notwithstanding the provisions of these Regulations, a violation is defined as an act that, in the opinion of the Management Committee, is in conflict with the Management Regulations and/or any Cyprus legislation.
14.2. The Management Committee’s enforcement procedures generally follow the process set forth below. Some violations may warrant handling in a different manner, in which case one or more of the steps below may be repeated or omitted, depending on the circumstances:
14.2.1. If any Owner is believed to be in violation in the opinion of either the Management Committee or the Manager of any of the provisions of the Management Regulations, a written notice will be sent by the Manager explaining the violation. The first Notice will set a deadline to fix, repair and/or amend the violation to the previous condition within 30 calendar days.
14.2.2. If the violation remains, upon expiration of the time provided by the first Notice, a second Notice will automatically be sent as a reminder that provides a 10 days extension to the above-mentioned deadline to fix, repair or amend the violation with a warning of possible fines and/or legal actions.
14.2.3. If the violation still remains, upon expiration of the time provided by the second Notice, then the Manager will be entitles at his own discretion to decide whether he will proceed to any legal actions against the Owner who proceeded with the violation.

15. ACCOUNTING RECORDS
15.1. The Manager shall maintain the building’s books in accordance with accepted accounting principles for all Expenses and income related to the performance of the Services as well as an index that will contain a separate card for every Owner.
15.2. The records and accounts of the Manager will be available to all the Owners of the Building for review and shall serve as proof regarding Expenses, Management Fees and payments made on behalf of the Management Committee.
15.3. The Owner shall be permitted, within a reasonable amount of time following receipt by the Manager of a written request to such effect, to receive an explanation regarding the Expenses relating to the Services.

16. ACCOUNTANT
The Management Committee and the Manager may agree to hire an independent Certified Accountant for the purpose of checking the accounting records, the fees of whom shall be calculated as an expense and/or a cost, as stipulated in these Regulations.

17. ASSIGNMENT OF RIGHTS & CESSATION OF THE SERVICES
17.1. The Owners hereby grant their consent to the assignment of the Management Committee’s rights and obligations contained herein to the Manager.
17.2. The Owners are not entitled to assign and/or transfer their obligations, rights, undertakings and duties contained in these Regulations.

18. MANAGER’S REPLACEMENT
18.1. The Owners acknowledge that according to the agreement between the Management Committee and the Manager, the Manager may be replaced by another person (legal or natural) who will provide the Services or any part of them and
therefore the Owners hereby waive any lawsuit and/or argument/complaint and/or demand/request whatsoever against the Manager and/or the Management Committee in this regard.

19. MISCELLANEOUS
19.1. These Regulations incorporate the complete understanding and formal agreement between the Owners, the Management Committee and the Manager.
19.2. Except as otherwise expressly set forth herein, no provision or right under these Regulations shall be deemed to have been waived by any act or acquiescence on the part of either the Owner, the Management Committee or the Manager, except by an instrument in writing signed by an authorized person of each party hereto. No waiver by any party hereto of any breach of these Regulations by the other party shall be effective as to any other breach, whether of the same or any other term or condition and whether occurring before or after the date of such waiver.
19.3. All disputes, disagreements or claims which may arise from or in connection with these Regulations shall be resolved in the courts of the Republic of Cyprus.
19.4. The headings contained in these Regulations are meant solely for the purpose of clarity and convenience and shall not be used as an aid in interpreting the Clauses herein provided.
19.5. These Regulations were written in English Language. Without prejudice to the above, if these Regulations are translated in another language, then in the event that a discrepancy shall arise between the two versions above-mentioned, it is specified that the English version reflects the understandings, agreements and intentions of the parties involved and accordingly, the English version shall at all times prevail.

20. NOTICES
20.1. Every notice in accordance with these Regulations shall be sent via email to the last known address of the Owners, the Management Committee or the Manager and/or display the notice at the Building.
20.2. If sent by email, receipt of the delivery will be considered to have occurred 24 hours later.

21. FINAL PROVISIONS
21.1. The present Regulations shall come into effect from the date of its approval by the General Meeting of the Management Committee.
21.2. In the event that individual norms of these Regulations should contravene with the valid laws and regulations of the Republic of Cyprus from time to time, those norms shall lose effect and respective norms of the valid laws and regulations of the Republic
of Cyprus shall apply. Invalidity of individual norms of the present Regulations does not entail invalidity of other norms and of
the Regulations as a whole.

APPENDIX A
CALCULATION OF THE PROPORTION OF EACH OWNER TO THE JOINLTY-OWNED PROPERTY
The proportion of the jointly owned property belonging to each unit and the percentage of votes each owner is entitled to at the voting is set out using the formula below.
A preliminary calculation of each unit’s voting rights shall be calculated by the Developer 60 days prior to the first Annual General Meeting and will be made available to all owners and the owners will have 30 days to raise any objections. After receiving any objections, the
Developer shall issue the final version of this calculation 21 calendar days before the first General Meeting. A copy of this calculation shall always be kept by the Management Committee and shall be made available again to any owner upon request.
Xi = [(Unit Internal Areas + Unit Covered Verandas) x a] + [(Unit Uncovered Areas) x b]
Y = Total Sum of Xi for all Units
V= (Xi/ Y) x 100

Notes:
Xi: Unit
V: Voted for Each Unit
a = 1
b = 0.1

APPENDIX B
RULES AND REGULATIONS OF THE COMMUNAL SWIMMING POOLS
1. Operations Hours will be defined by the Management Committee during the First Annual Meeting.
2. The Management Committee and or the Manager is obliged to appoint a lifeguard(s) which shall be on duty at all times of the operation of the swimming pool.
3. The Management Committee and or the Manager will be responsible for the issuance and/or renewal of any permit connected to the swimming pool, as provided by the relevant law.
4. The Management Committee is responsible to maintain safety features and rescue equipment.
5. The entrance to the swimming area must remain closed during non- operation hours.
6. No diving is permitted. Running and rough play is also prohibited.
7. Noise, such as audio equipment and/or voice levels, must be maintained at a minimum volume (not exceed 64 decibels).
8. All pool furniture must remain within the pool area.
9. No grills permitted in the pool area.
10. Private parties around the pool area, are allowed only after giving a 10-days’ written notice to the Manager and/or the
Management Committee and the Manager or the Management Committee is obliged to respond within 48 hours. The Manager
and or the Management Committee, up to its discretion may accept or refuse such a notice.
11. The Owner and/or Occupant holding any Private Party around the pool area, provided that above point has been fulfilled, will be responsible for the cleaning and any other damages may be caused.
12. The Manager and/or the Management Committee reserves the right to deny use of pool to anyone at any time.
13. Pets are not allowed in the swimming pool area.
14. Children under the age of 16 must be accompanied by an adult at all times.
15. The Owners shall always keep the swimming pool and swimming pool area clean.
16. The Owners shall keep their personal belonging with them or place them in a safe place during their stay in the swimming pool
area. The Management Committee and the Manager will not be liable for any money or property losses.
17. No person with an open wound or bandage or other traumas or any infectious disease is permitted to enter the pool.
18. Guests must always be accompanied by an Owner or Occupant.

APPENDIX C
CCTV POLICY
The Manager and/or the Management Committee have agreed to install video surveillance to the commonly owned areas of the Building in order to provide a safe and secure environment to protect the Owners and/or the Occupants of the Building.
CCTV cameras will be inserted at various places and may be re-located from time to time without any notice; however, CCTV cameras may cover the commonly owned areas and communal facilities’ areas only. Upon installation, the Owners and/or the Occupants will be notified by email for the CCTV cameras’ location.
It is hereby acknowledged that CCTV cameras will record video/digital images. All cameras activated within the system operate 24 hours a day, 7 days a week. The resolution and image quality produces by the cameras allow identification of the movement of persons/vehicles in the cameras’ areas of coverage, allowing the prevention of any intrusion or incidents.
Any criminal activity records on CCTV will be handled in accordance with the surveillance company regulations and in accordance with the requirements of a criminal investigation.
The placement of any and all CCTV equipment will not unreasonably intrude on the privacy of individuals as per the General Data Protection Regulations (“GDPR”) in the Republic of Cyprus. The use of the CCTV system will be conducted in a professional, ethical and legal manner and any diversion of the use of CCTV security technologies for other purposes is prohibited by this policy and/or the GDPR.
CCTV system should be equipped with appropriate export and archiving capabilities. CCTV footage is stored on a secure server or similar storage device (based on the Management Committee’s request). CCTV footage will be recorded on the hard drive for 30 days before being overwritten in a continuous records cycle. Where an incident or suspected incident has been identified, the footage may be retained for an extended period of time as needed.
The CCTV system is maintained by the CCTV company and includes periodic inspections. The company is responsible for undertaking regular audits to ensure that the use of CCTV continues to be justified and more specifically, for:
– Ensuring that it complies with its responsibilities in relation to guidance on the location of the CCTV;
– Ensuring that the date and time reference on the footage/records are accurate;
– Ensuring that suitable maintenance and servicing is undertaken to ensure that clear images are recorded;
– Ensuring that the CCTV footage/records is protected from vandalism (in case recording is on a hard drive) or hackers (in case recording is on an IP network or any similar) The Manager should ensure that the CCTV installation company will put prominent signs of the surveillance system. Signs shall be placed at all the entrances of the premises, in order to inform the Owners and/or Occupants as well as the public that CCTV is in operation at the lobby area, parking area and/or at any other external access point of the Building. The signs will be clearly visible and legible in the Building.
The Manager will be considered as the Data Controller Officer (“DPO”). In case of a data breach, the DPO is obliged to notify the Cyprus Commissioner for Personal Data Protection without undue delay and where feasible, not later than 72 hours after having become aware of any breach.