The Buyer acknowledges that the Seller has disclosed that the [described the improvement/structure that is not approved] (“the Structure”) on the Property does not have Local Government Approval and agrees to accept the Property on that basis.
The Seller confirms they have not received any notices from any statutory authority including the Local Government in relation to the Structure as at the Contract Date.
The Buyer agrees that they have no recourse against the Seller in relation to the Structure and will be responsible for any costs in relation to securing approval of the Structure in the future, removal of the Structure, or any associated works and indemnifies the Seller accordingly.
Provided that the Contract is unconditional with respect to inspections, finance and due diligence, the Buyer may trigger an earlier settlement upon the giving of not less than 7 days notice to the Seller in writing, in which case the Settlement Date will be brought to the date so nominated.
GST APPORTIONMENT WHERE MIXED SUPPLY
The parties acknowledge that the sale is a mixed supply for GST purposes and, therefore, the GST applicable to the purchase price (if any) will be calculated on an apportioned basis according to only that part of the supply (the commercial use) that is a taxable supply.
Right of First Refusal (In a Lease)
a. If the Lessor wishes to sell the Premises during the Term it must first offer it to the Tenant on whatever commercial terms it decides to offer it for sale (or on terms no less favourable than any genuine third party offer to purchase received by the Lessor, as the case may be).
b. The Tenant may, within 2 Business Days of receiving the Lessor’s offer, exercise its right to purchase by delivering to the Lessor a signed Contract in the REIQ standard format for the
premises on those terms.
c. If the Tenant does not exercise the option, or waives it, during that period the Lessor may proceed to sell the Premises without further notice to the Tenant.