Land Saving Scheme Application

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Recitals & Scheme Purpose

The 1st party (My Fab Home Limited, Joshali House, Level 2, Suite 1, Kireka-Bweyogerere) runs and controls the Fabulous Beautiful Homes Land Savings Scheme. The scheme buys land in large quantities at the end of the 12-month savings cycle, subdivided into smaller residential plots of 50ft by 100ft (11.5 Decimals) in well-planned estates.

1. Consideration & Pricing Tiers

In consideration of the agreed scheme tier:
• Silver Tier: UGX 7,090,000/= (Uganda Shillings Seven Million, Ninety Thousand Only)
• Gold Tier: UGX 15,070,000/= (Uganda Shillings Fifteen Million, Seventy Thousand Only)
• Platinum Tier: UGX 20,016,000/= (Uganda Shillings Twenty Million, Sixteen Thousand Only)
The 1st Party shall locate, Land survey, purchase, grade, sub-divide, appropriate, sell, assign, convey, and transfer to the 2nd Party the property with full proprietary rights.

2. Payment of Consideration & Schedules

(a) Consideration is payable in 12 equal monthly installments: Silver (UGX 590,000/= / month), Gold (UGX 1,256,000/= / month), Platinum (UGX 1,668,000/= / month).
(b) Members may opt to make daily, weekly, or monthly deposits.
(c) Savings must be up-to-date: failure to make consecutive payments for 3 months entitles 1st party to issue a warning letter; failure for 5 consecutive months results in written notice informing the member to withdraw from the scheme.
(d) The contribution provides for: land purchase, subdivision (mutation), access roads within estate, land survey, bush clearing, estate grading, signposts, and incidental development. Incidental costs and statutory fees related to title transfer into the 2nd party's name shall be met by the 2nd party.
(e) Monthly contributions are deposited from the 1st day to the last day of each month; failure to deposit attracts a penalty of UGX 50,000/-.
(f) The 1st party avails regular payment and account updates upon request.
(g) Approved Payment Channels: Centenary Bank (A/C: 3100080734, Swift: CERBUGKA), Stanbic Bank (A/C: 9030019995398, FlexiPay Merchant: 279170), Airtel Money: 0200 903 150 (Immaculate Nantongo), MTN Mobile Money: 0393 243 501 (Immaculate Nantongo). All mobile money payments must be inclusive of withdrawal charges.
(h) Members must submit proof/pay slips to the scheme accountant for official accounting.

3. Membership Fee

(a) A non-refundable membership registration fee of UGX 100,000/- (Uganda Shillings One Hundred Thousand only) is required to activate membership.
(b) The scheme issues each member an official Membership Identification Card to access account status and transact.

4. Duration

The scheme runs for a fixed duration of twelve (12) months unless otherwise mutually agreed upon in writing.

5. Assignment of Plots

Plot assignment is transparent and conducted on a first-come, first-served basis following registration numbers for members who have completed their savings.

6. Withdrawal of Party & Refund Conditions

(a) Member may withdraw upon giving 2 (two) months' prior written notice.
(b) Notice within 3 months of joining: Refund of contributions so far made less 5% administrative fee.
(c) Notice between 3 to 6 months of joining: Refund of contributions so far made less 10% administrative fee.
(d) Terminal Illness: Upon diagnosed terminal sickness of the member or immediate family (spouse, children, parents) with reasonable medical proof within 6 months: Refund less 10%.
(e) Discretionary after 6 months: At 1st party's discretion, refund contributions less 15%.
(f) Restriction after 6 months: Once 6 months expire and land search/purchase commences, NO withdrawal or refund is permitted. The member has 2 options: (1) Complete payments and get land, or (2) Push savings to the next phase.
(g) Resale to Third Party: The member may sell/assign their plot to a 3rd party who agrees to abide by scheme rules and sign this contract.

7. Death & Succession Rights

Upon death of the member, the declared Next of Kin shall immediately take up account responsibility with the option to continue contributions or exercise withdrawal under scheme guidelines. Contract remains in force until formally rescinded.

8. Delivery of Possession & Vacant Title

The 1st party guarantees vacant and quiet possession of the property. The member caters for individual title deed transfer into their name.

9. Number of Plots

A member is at liberty to subscribe for and own more than one plot under the scheme.

10. 100% Refund Guarantee by Fab Homes

In the event that My Fab Home Limited fails to fulfill its contractual responsibilities towards the member as stated in the agreement, the company shall refund 100% of all savings made by the member.

11. Land Titles Collection

Upon completion of savings, the member must collect their land title from the 1st Party within the same year of title handover for security reasons. Failure to collect title attracts a custody surcharge of UGX 500,000/- for each subsequent year. Advance written communication is required if the member is abroad or sending a designated representative.

12. Successors in Title

This Agreement is legally binding upon assignees, agents, administrators, representatives, and successors of the parties.

13. Notice Period

Either party is entitled to a formal 2-month notice period before withdrawal, except in cases of verified severe sickness.

14. Governing Law & Dispute Resolution

This agreement is governed by the Laws of Uganda. Disputes shall first be resolved through good-faith negotiations; if unresolved, parties proceed to binding Arbitration under an appointed Arbitrator whose decision is final; if still unresolved, parties proceed to Court.

15. Entire Agreement & Supersession

No other agreement shall supersede this Agreement. This contract supersedes all prior negotiations, whether oral or documented.

16. Jurisdiction

This Agreement shall strictly be governed by and construed in accordance with the laws of the Republic of Uganda.