Common use of DELAYED TRANSFER OF LEGAL TITLE Clause in Contracts

DELAYED TRANSFER OF LEGAL TITLE. 9.1 If all the land comprising Aupouri Crown Forest is not all of the land contained in a computer freehold register, the Crown covenants for the benefit of the governance entity that it will: 9.1.1 arrange for the creation of a computer freehold register for all that land comprising each of those properties; and 9.1.2 transfer title to all that land, as soon as is reasonably practicable, but no later than five years after the settlement date. 9.2 The covenant given by the Crown under paragraph 9.1 shall have effect and be enforceable, despite being positive in effect and there being no dominant tenement. 9.3 If paragraph 9.1 applies then, for the period from the settlement date until the date that the Crown transfers the title to the relevant settlement licensed land to the governance entity: 9.3.1 the governance entity will be the beneficial owner of that property; and 9.3.2 all the other obligations and rights to be performed or arising on the settlement date will still be performed and arise as if full legal title had passed to the governance entity on the settlement date.

DELAYED TRANSFER OF LEGAL TITLE. 9.1 If all the land comprising Aupouri Crown Forest the Commercial Redress Property is not all of the land contained in a computer freehold registerregister or registers, the Crown covenants for the benefit of the governance entity Governance Entity that it will: 9.1.1 arrange for the creation of a computer freehold register or registers for all that land comprising each of those propertiesCommercial Redress Property; and 9.1.2 transfer title to all that landthe Commercial Redress Property, as soon as is reasonably practicable, but no later than five years after the settlement date.the Settlement Date; 9.2 The covenant given by the Crown under paragraph 9.1 shall have effect and be enforceable, despite being positive in effect and there being no dominant tenement. 9.3 If paragraph 9.1 applies then, for the period from the settlement date Settlement Date until the date that the Crown transfers the title to the relevant settlement licensed land that Commercial Redress Property to the governance entityGovernance Entity: 9.3.1 the governance entity Governance Entity will be the beneficial owner of that property; and 9.3.2 all the other obligations and rights to be performed or arising on the settlement date Settlement Date will still be performed and arise as if full legal title had passed to the governance entity Governance Entity on the settlement dateSettlement Date.