CROWN GRANTS. (1) Subject to the Company undertaking the Project in accordance with this Agreement, the State shall cause to be issued at no cost to the Company, to and in the name of the Company Crown Grants of those lots shown on the Land Tenure Plan as freehold land, subject to those lots being surveyed pursuant to approved proposals and not exceeding 25 hectares in area in the aggregate, and subject to the exceptions reservations and conditions usual in Crown Grants but otherwise free from encumbrances.
(2) The State shall cause the Crown Grants referred to in subclause (1) to be issued at such time or times as the Minister in the absolute discretion of the Minister thinks fit, but following advice on the matter from the Board, it being the intention of the parties that the Crown Grants be issued to the Company progressively during the carrying out of the Project.
(3) Notwithstanding anything in subclause (1) or (2) the State shall not cause Crown Grants to be issued to the Company such that, prior to the issue to the Company of the last of the Crown Grants to be issued to it under this Agreement, where — VG = the value of the land for which a Crown Grant or Crown Grants have been issued to the Company in accordance with this Agreement; VTBG = the total value of the land for which Crown Grants are to be issued to the Company in accordance with this Agreement; $E = the amount paid by the Company in implementing the Project following the date the ratifying Act came into operation as an Act; $TBE = the total amount which the Minister reasonably estimates the Company will have to pay to fully implement the Project, and references to value of the land are references to the Valuer General’s estimates from time to time of the value of the land in question calculated as though the Project had been fully implemented at the time the calculation is made.
