DEPOSIT BOND. 3.1 This clause applies only if this contract says the vendor has agreed to accept a deposit-bond for the deposit (or part of it). 3.2 The purchaser must provide the original deposit-bond to the vendor's solicitor (or if no solicitor the 3.3 If the deposit-bond has an expiry date and completion does not occur by the date which is 14 days before the expiry date, the purchaser must serve a replacement deposit-bond at least 7 days before the expiry date. The time for service is essential. 3.4 The vendor must approve a replacement deposit-bond if – 3.4.1 it is from the same issuer and for the same amount as the earlier deposit-bond; and 3.4.2 it has an expiry date at least three months after its date of issue. 3.5 A breach of clauses 3.2 or 3.3 entitles the vendor to terminate. The right to terminate is lost as soon as – 3.5.1 the purchaser serves a replacement deposit-bond; or 3.5.2 the deposit is paid in full under clause 2. 3.6 Clauses 3.3 and 3.4 can operate more than once. 3.7 If the purchaser serves a replacement deposit-bond, the vendor must serve the earlier deposit-bond. 3.8 The amount of any deposit-bond does not form part of the price for the purposes of clause 16.7. 3.9 The vendor must give the purchaser the deposit-bond – 3.9.1 on completion; or 3.9.2 if this contract is rescinded. 3.10 If this contract is terminated by the vendor – 3.10.1 normally, the vendor can immediately demand payment from the issuer of the deposit-bond; or 3.10.2 if the purchaser serves prior to termination a notice disputing the vendor's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder. 3.11 If this contract is terminated by the purchaser – 3.11.1 normally, the vendor must give the purchaser the deposit-bond; or 3.11.2 if the vendor serves prior to termination a notice disputing the purchaser's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
Appears in 3 contracts
Samples: Contract for the Sale and Purchase of Land, Contract for the Sale and Purchase of Land, Contract for the Sale and Purchase of Land
DEPOSIT BOND. 3.1 This clause applies only if this contract says the vendor has agreed to accept a deposit-bond for the deposit (or part of it).
3.2 The purchaser must provide the original deposit-bond to the vendor's ’s solicitor (or if no solicitor the
3.3 If the deposit-bond has an expiry date and completion does not occur by the date which is 14 days before the expiry date, the purchaser must serve a replacement deposit-bond at least 7 days before the expiry date. The time for service is essential.
3.4 The vendor must approve a replacement deposit-bond if –
3.4.1 it is from the same issuer and for the same amount as the earlier deposit-bond; and
3.4.2 it has an expiry date at least three months after its date of issue.
3.5 A breach of clauses 3.2 or 3.3 entitles the vendor to terminate. The right to terminate is lost as soon as –
3.5.1 the purchaser serves a replacement deposit-bond; or
3.5.2 the deposit is paid in full under clause 2.
3.6 Clauses 3.3 and 3.4 can operate more than once.
3.7 If the purchaser serves a replacement deposit-bond, the vendor must serve the earlier deposit-bond.
3.8 The amount of any deposit-bond does not form part of the price for the purposes of clause 16.7.
3.9 The vendor must give the purchaser the deposit-bond –
3.9.1 on completion; or
3.9.2 if this contract is rescinded.
3.10 If this contract is terminated by the vendor –
3.10.1 normally, the vendor can immediately demand payment from the issuer of the deposit-bond; or
3.10.2 if the purchaser serves prior to termination a notice disputing the vendor's ’s right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
3.11 If this contract is terminated by the purchaser –
3.11.1 normally, the vendor must give the purchaser the deposit-bond; or
3.11.2 if the vendor serves prior to termination a notice disputing the purchaser's ’s right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
Appears in 2 contracts
Samples: Contract for the Sale and Purchase of Land, Contract for the Sale and Purchase of Land
DEPOSIT BOND. 3.1 This clause applies only if this contract says the vendor has agreed to accept a deposit-bond for the deposit (or part of it).
3.2 The purchaser must provide the original deposit-bond to the vendor's solicitor (or if no solicitor the
3.3 If the deposit-bond has an expiry date and completion does not occur by the date which is 14 days before the expiry date, the purchaser must serve a replacement deposit-bond at least 7 days before the expiry date. The time for service is essential.
3.4 The vendor must approve a replacement deposit-bond if –
3.4.1 it is from the same issuer and for the same amount as the earlier deposit-bond; and
3.4.2 it has an expiry date at least three months after its date of issue.
3.5 A breach of clauses 3.2 or 3.3 entitles the vendor to terminate. The right to terminate is lost as soon as –
3.5.1 the purchaser serves a replacement deposit-bond; or
3.5.2 the deposit is paid in full under clause 2.
3.6 Clauses 3.3 and 3.4 can operate more than once.
3.7 If the purchaser serves a replacement deposit-bond, the vendor must serve the earlier deposit-bond.
3.8 The amount of any deposit-bond does not form part of the price for the purposes of clause 16.7.
3.9 The vendor must give the purchaser the deposit-bond –
3.9.1 on completion; oror 00 Xxxxxxxxxxx Xxxxxx XXXX XXX 0000
3.9.2 if this contract is rescinded.
3.10 If this contract is terminated by the vendor –
3.10.1 normally, the vendor can immediately demand payment from the issuer of the deposit-bond; or
3.10.2 if the purchaser serves prior to termination a notice disputing the vendor's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
3.11 If this contract is terminated by the purchaser –
3.11.1 normally, the vendor must give the purchaser the deposit-bond; or
3.11.2 if the vendor serves prior to termination a notice disputing the purchaser's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
Appears in 1 contract
DEPOSIT BOND. 3.1 This clause applies only if this contract says the vendor has agreed to accept a deposit-bond for the deposit (or part of it).
3.2 The purchaser must provide the original deposit-bond to the vendor's solicitor (or if no solicitor the
3.3 If the deposit-bond has an expiry date and completion does not occur by the date which is 14 days before the expiry date, the purchaser must serve a replacement deposit-bond at least 7 days before the expiry date. The time for service is essential.
3.4 The vendor must approve a replacement deposit-bond if –
3.4.1 it is from the same issuer and for the same amount as the earlier deposit-bond; and
3.4.2 it has an expiry date at least three months after its date of issue.
3.5 A breach of clauses 3.2 or 3.3 entitles the vendor to terminate. The right to terminate is lost as soon as –– GOSFORD NSW 2250
3.5.1 the purchaser serves a replacement deposit-bond; or
3.5.2 the deposit is paid in full under clause 2.
3.6 Clauses 3.3 and 3.4 can operate more than once.
3.7 If the purchaser serves a replacement deposit-bond, the vendor must serve the earlier deposit-bond.
3.8 The amount of any deposit-bond does not form part of the price for the purposes of clause 16.7.
3.9 The vendor must give the purchaser the deposit-bond –
3.9.1 on completion; or
3.9.2 if this contract is rescinded.
3.10 If this contract is terminated by the vendor –
3.10.1 normally, the vendor can immediately demand payment from the issuer of the deposit-bond; or
3.10.2 if the purchaser serves prior to termination a notice disputing the vendor's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
3.11 If this contract is terminated by the purchaser –
3.11.1 normally, the vendor must give the purchaser the deposit-bond; or
3.11.2 if the vendor serves prior to termination a notice disputing the purchaser's right to terminate, the vendor must forward the deposit-bond (or its proceeds if called up) to the depositholder as stakeholder.
Appears in 1 contract
