Off-plan lease protection for The Afropolitan Alpha Residential Development (TAARD) serves as a risk management tool, which ensures that lease payments TAARD’s co-promoters are protected and refunded upon demand by them. This tool takes the form of a promissory note issued on behalf of TAARD to co-promoters by a SEC-regulated Grade A financial institution assuring refund of lease payments to co-promoters according to the terms stipulated in the lease agreement.

Purpose

The risk mitigation tool created for the benefit of TAARD’s co-promoters (corporate lessees), will provide them with:

1. Safeguards against any unforeseen events: This financial instrument will act as a financial safety net, protecting the financial interests of TAARD’s co-promoters by mitigating any risk of losing their payment in the event of any unforeseen events.
2. Assurance of a refund: By providing assurance of a full refund upon demand to our co-promoters, TAARD is in effect, ensuring they are protected from any uncertainties related to the project’s development.
3. Adequate comfort: This instrument also provides our co-promoters with the comfort they require to enter into an off-plan lease agreement with us.

Coverage Limits:

Your Off-Plan lease payments are protected till delivery of the apartment, of which the estimated completion and handover timeline is 36 – 42 months (about 3 and a half years).

Lease Payment: Minimum of 1 year

Terms:

• The lessor (TAAL) guarantees the protection of the lessee’s deposit during the Development Period.
• The lessee (co-promoter) can request a deposit return anytime during this period.

Eligibility Criteria for Co-Promoters:

1. Your organization is required to formally express her interest to lease one or more of TAARD’s exquisite 1 or more-bedroom apartments for 1 or more years.
2. Your organization is required to enter an exclusive agreement with TAARD as lessee and co-promoter of TAARD’s mission regarding no. 1 above.

Refund of Lease Deposit:

In the event of a demand for the lease amount refund by the lessee, the lessor will return the full deposit to the lessee (co-promoter), and her protected funds will be disbursed as follows:

• Within the first year of executing a lease agreement – 30 working days from date of request.
• After the first year of executing a lease agreement – 60 days from date of request.

Claims Process

The lessee is required to submit a refund request with a withdrawal of acceptance letter and wait out the period stipulated to receive the refund.