What is a Departure fee?
A Departure fee is payable by a Resident when the lease ends ie when the Resident can or does not want to reside in the Village. The fee is deducted from the Loan money that Astoria Platinum Villages must repay to the Resident when the Lease ends. The fee is paid to Astoria Platinum Villages towards the Resident being released from the Lease and for Astoria Platinum Village’s responsibility for managing the Village, providing services to the Village such as the bowling green, community centre, tennis court, walk ways, common facilities, subsidising Village expenses, liability for refurbishment costs of villas when a lease ends, responsibility for the replacement of any capital items in the Village such as roofs, roads, pathways, plumbing and non capital items such as air conditioners, stoves, dishwashers and the Village Bus. As discussed Under Item 6 above, the Departure fee is a fixed percentage per annum (calculated on a daily basis) for a maximum period (of 10 years) and is based on
