Terms & Conditions
The following words and expressions shall have the following
meanings in this Document,
unless the context otherwise requires:
“ALLOCATED NIGHTS” refers to the number of free nights allocated to the Investor as set out in the Application Form and in accordance with these terms and conditions;
“APPLICANT” the individual applying for a Room Right as stated on the Application Form;
“APPLICATION FORM” the application form in connection with this Document;
“CERTIFICATE(S)” documentary evidence to show proof of ownership in relation to your Room Right;
“COMPANY (THE)” Room to Invest International Ltd, incorporated in Cyprus with company number 262067 and whose registered office is at Kyriakou Matsi, 11 Nikis Center, Flat/Office 303, 1082 Nicosia, Cyprus;
“DOCUMENT” Offer Document for the Company’s terms and conditions set out in this Offer;
“HOTEL“ in accordance with the Application Form
completed by the Investor, it refers to either Riad Harmonia or Gora Hotel
owned by the Company;
“INVESTOR(S)” person(s) who apply for the Room to Invest Offer;
“LAUNCH DATE” the date from which room income will begin to accrue for Investors. The launch date is the date when Investors are dispatched their Room Right Certificate;
“OFFER (THE)” the Company’s Offer to purchase Room Rights in a Hotel in accordance with these Company’s terms and conditions;
“OFFER PRICE” the offer price for a Room Right in a Hotel in accordance with the Application Form completed by the Applicant;
“RECEIVING AGENT” Capital Secretarial Limited, Sophia House, 76-80 City Road, London EC1Y 2BJ;
“REQUESTS” a request (or requests) to use an Investor’s room entitlement in their allocated Hotel or in any of the Room to Invest Group of Hotels in writing to the Company’s Receiving Agent;
“ROOM RIGHTS” the right to receive income (and certain other benefits) from the Company as set out in the terms and conditions of the Offer;
“ROOM TO INVEST” Room to Invest International Ltd, incorporated in Cyprus with company number 6143921 and whose registered office is at Kyriakou Matsi, 11 Nikis Center, Flat/Office 303, 1082 Nicosia, Cyprus;
“ROOM TO INVEST GROUP includes any Hotel Room to Invest deems as qualifying and OF HOTELS” available to an Investor;
SIPP” Self Invested Personal Pension;
“SSAS” Small Self Administered Scheme;
“SUITE(S)” Hotel room with the capacity of accommodating two or more people with additional living space and a private bathroom.
1 The Launch Date determines the start date of the annual income entitlement for Investors.
2. It is expected that a Room Right Certificate confirming your successful Application for Room Rights will be dispatched by first-class post no later than eight weeks from receipt of your investment. The Company reserves the right, at its discretion, to reject any applications. If an Application is not accepted any Application monies will be returned (without interest) by returning the Applicant’s cheque or banker’s draft through the post to the address of the first named applicant at the risk of the applicant(s). Incorrectly completed Application Forms may be treated as valid and binding upon the relevant applicant’s request at the option of the Company.
3. Applications must be made on the Application Form. By completing an Application Form, you as the Applicant(s):
3.1 agree to buy the Room Rights specified in your Application Form at the Offer Price applicable on the terms and subject to the terms and conditions set out in the Application Form and the Document;
3.2 authorise the Company’s Receiving Agent to send confirmation that your Application is accepted to your address (or, in the case of joint Applicants, to that of the first named Applicant set out in your Application Form);
3.3 in consideration of the Company agreeing that it will consider and process applications for Room Rights under the Offer in accordance with this Document, which will become binding on receipt of the Application Form by the Company at the address specified in the Application Form:
3.3.1 warrant that your remittance will be honoured at its
first presentation and
agree that if it is not so honoured you will not be entitled to receive a Room
Right Certificate in respect of your Room Rights applied for or to enjoy or
receive any benefit in respect of your Room Rights unless and until you make
payment in cleared funds for them and such payment is accepted by the
Company (which acceptance will be in its absolute discretion and on the
basis that you indemnify the Company against all costs, damages, losses,
expenses and liabilities arising out of or in connection with the failure of
your
remittance being honoured on first presentation) and that, at any time prior
to unconditional acceptance by the Company of such late payment in respect
of your Room Rights, the Company may (and without prejudice to any other
rights) void the agreement to grant Room Rights to you and may without
liability to you grant such Room Rights to any third party, in which case you
will not be entitled to any compensation or damages of any nature
whatsoever;
3.3.2 agree promptly, on request by the Company, to disclose in writing to it any information which it may request in connection with your application and authorise the Company to disclose any information relating to your application which it may consider appropriate;
3.3.3 agree that any Room Right to which you might become entitled and monies to be returned to you may be retained pending clearance of your remittance or pending investigation of any suspected breach of the warranties in these terms and conditions and that such monies will not bear interest;
3.3.4 warrant that if you sign an Application Form on behalf of someone else or a corporation, you have authority to do so and such person will be bound accordingly and will be deemed also to have made the offer and given the authority, confirmation, warranties and undertakings contained in these terms and conditions;
3.3.5 confirm that in making this application, neither you
nor any person on whose
behalf you are applying, is relying on any information or representation in
relation to the Company other than that as is contained in this Document
and Application Form, and you accordingly agree that none of the Company,
its directors, or any other person acting on behalf of them or any other
person responsible solely or jointly for this Document or any part of it will
have any liability for any such information or representation (except in the
case of fraud);
3.3.6 warrant that no other application is being made by you
for your own account
or by another on your behalf or for your benefit and with your knowledge
for such purpose or, if you are applying as agent or nominee of another, that
no other application is being made by you not being such an application as
an agent or nominee for that other person and that other person is not, to
your knowledge, acting in concert with any such other person or persons;
3.3.7 agree that all applications, acceptances of applications
and contracts resulting
from them under this Offer will be governed by and construed in accordance
with English law and that you submit to the jurisdiction of the English courts
and agree that nothing will limit the right of the Company to bring any action,
suit or proceedings arising out of or in connection with any such application,
acceptances of application or contracts in any manner permitted by law or
in any court of competent jurisdiction;
3.3.8 warrant that in connection with your application, you will observe the
laws
of all relevant territories, obtain any requisite governmental or other consents
which may be required, comply with all requisite formalities and pay any issue,
transfer or other taxes due in connection with your application in any
territory, other than stamp duty or stamp duty reserve tax, and that you have
not taken any action or omitted to take any action which will or may result
in the Company or any of its directors, officers, agents or employees being
in breach of the regulatory or legal requirements of any territory in
connection with the Offer or your application;
3.3.9 if you are applying for Room Rights on behalf of any
other person, in
connection with your participation in the Offer, you have observed all
relevant legislation and regulations, in particular (but without limitation)
those
relating to money laundering, you accept full responsibility for any
requirement to verify the identity of any other persons in respect of whom
you have applied and you are a person (1) subject to the Money Laundering
Regulations 2003 in force in the United Kingdom; or (2) subject to the EC
Money Laundering Directive; or (3) acting in the course of a business in relation
to which an overseas regulatory authority exercises regulatory
functions and are based or incorporated in, or formed under the law of, a
country in which there are in force provisions at least equivalent to those
required by the EC Money Laundering Directive;
3.3.10 warrant that you are aware of your obligations under
the Proceeds of Crime
Act 2002 which relate to money laundering;
3.3.11 warrant that neither the application made, nor the allotment to you,
of any
Room Rights will infringe any provision of the law or regulations of any
country outside the UK;
3.3.12 agree that, having had the opportunity to read this
Document, you will be
deemed to have notice of all information and representations concerning
the Company contained in it; and
3.3.13 that you are not under 18 years of age on the date of your application
and
that you are not applying on behalf of a person who is under 18 years of age
on the date of your application.
4. No person receiving a copy of this Document or an Application Form in any
territory other than the UK may treat it as constituting an invitation or offer
to him if it would be in breach of any local laws or regulations, nor should
such person apply for Room Rights. The Company reserves the right, in its
absolute discretion, to reject any application made by any person outside the
UK. All payments under the Offer must be made in pounds sterling.
5. It is a condition of the Offer that the Company or the
Receiving Agent may,
in their absolute discretion, require verification of identity from persons
lodging an Application Form (“Applicant”) or of any person on whose
behalf
the applicant appears to be acting, to ensure compliance with the Money
Laundering Regulations 2003. If satisfactory evidence of identity has not been
obtained within a reasonable time, then the transaction will not proceed any
further and the application monies (without interest) will be returned to the
bank account where the cheque was drawn. In the case of a joint application,
references in these terms and conditions of application to “you” are
to each
joint Applicant and the liability of joint applicants is joint and several.
6. You will be allocated Room Rights in respect of a specific room in the Hotel for seven nights per year. Your room and allocated seven night period will be determined at random by the Company. Your weekly allocation (but not your room) will be in a different quarter each year as determined at random by the Company. You will be notified in writing of your allocation at any time during the relevant year - commencing on the Launch Date.
7. You will receive from the Company 75% of any rental income received by the Hotel from guests staying in your room during your allocated seven nights each year. Subject to the provisions of clause 8, such monies will be payable in sterling within eight weeks after the expiry of each anniversary of the Launch Date.
8. The Company will procure that any Investor in Room Rights will be entitled to a 10% discount on any future offers made by Room to Invest or its subsidiaries.
9. To further assist in securing any desired room entitlements,
Requests should
be made no later than 90 days from the date the Investor would like to use
their free accommodation entitlement. The Company will endeavour to
make the reservation in accordance with the Request and will confirm in
writing any reservation made within 30 days from receiving any Request. All
Requests are subject to availabliity. An administration fee of £6 per
night will
be payable within 30 days from the date a reservation is made. Any credit
card payments will result in an additional 3% fee charged to your credit card.
10. Any reservations made in relation to any of the hotels within the Room to Invest Group of Hotels will include the administrative fee charged in accordance to clause 9 together with 50% of the cost of a standard room in accordance with the Request.
11. The rules governing SIPPs and SSASs do not allow investments
in residential property (including hotel property which an investor has the
right to use or occupy). If you intend to hold your investment in a SIPP or
SSAS please tick
the relevant box on the Application Form in which case you will not be
entitled to benefit from any cost free reservation on room bookings at the
Hotel or any hotel in the Room to Invest Group of Hotels.
12. You may sell your Room Rights to a third party at any time after the initial 12 month period in which case you may request in writing that the Company assists in finding a third party buyer. The Company or Room to Invest will not be under any obligation to find a buyer but will use its reasonable endeavours to find a buyer in which case Room to Invest will be entitled to a fee of 6% of the total proceeds of any sale which it procures or arranges on the investor’s behalf.
13. A Room Right provides the Investor with the benefit of the Allocated Nights. You may not assign or transfer any benefit of this agreement without the prior written consent of the Company. The Company may assign the benefit of this agreement to any of its holding companies or subsidiaries of such holding companies.
14. Room to Invest reserves the right in their sole discretion to change, suspend or substitute Room to Invest terms and conditions at any time with or without notice and encourages our Investors to refer to the current terms and conditions on the Company website.
15. This agreement and the Application Form will be governed by and construed in accordance with the laws of England and you submit to the non-exclusive jurisdiction of English Law.