Common use of FIRB Approval Clause in Contracts

FIRB Approval. Buyer application‌ (a) If the Buyer has indicated in the Reference Schedule that the Buyer is a Non Australian Resident, this clause 29.3 applies unless the Seller has obtained the FIRB Pre-Approval. If at the Contract Date, the Seller has obtained FIRB Pre-Approval, the Seller agrees to notify the Buyer to that effect as soon as practicable after the Contract Date. (b) This contract is conditional upon the occurrence of the following on or before the FIRB Approval Date: (1) FIRB providing a written statement that it has no objection to (or approves) the Buyer’s purchase of the Property with or without conditions (FIRB Approval); or (2) the expiry of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Act. (c) Subject to the other provisions of this clause 29.3, the Buyer must: (1) make application for the FIRB Approval within 7 days after the Contract Date; (2) in making the application, ensure that all documents and forms required by FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all other information required by FIRB to make a decision on the application deliver to the Seller a copy of the Buyer’s application immediately after it has been made and in any event no later than 1 business day after the making of the application; (3) diligently prosecute and pursue the application; and (4) provide to the Seller as soon as is practicable copies of any correspondence or other written communication or notice from FIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Seller. (d) If the Seller elects to do so, the Seller may make the application for the FIRB Approval on behalf of the Buyer and in that case: (1) the Buyer must fully cooperate with the Seller in the making of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf of the Buyer. (e) Subject to clause 29.3(f), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on the FIRB Approval Date, the Buyer or the Seller may by written notice to the other party terminate this contract and in that case: (1) the Deposit must be refunded to the Buyer together with any interest earned on the investment of the Deposit; and (2) neither party will have any Claim against the other party. (f) Where either the Buyer or the Seller do not exercise the right to terminate this contract under clause 29.3(e) within 2 business days following the FIRB Approval Date, the Buyer will be deemed to have warranted to the Seller that is has obtained the FIRB Approval and the condition in clause 29.3(b) will no longer apply.

FIRB Approval. Buyer application‌ (a) If the Buyer has indicated in the Reference Schedule that the Buyer is a Non Non-Australian Resident, this clause 29.3 applies unless the Seller has obtained the FIRB Pre-Approval. If at the Contract Date, the Seller has obtained FIRB Pre-Approval, the Seller agrees to notify the Buyer to that effect as soon as practicable after the Contract Date. (b) This contract is conditional upon the occurrence of the following on or before the FIRB Approval Date: (1) FIRB providing a written statement that it has no objection to (or approves) the Buyer’s purchase of the Property with or without conditions (FIRB Approval); or (2) the expiry of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Act. (c) Subject to the other provisions of this clause 29.3, the Buyer must: (1) make application for the FIRB Approval within 7 days after the Contract Date; (2) in making the application, ensure that all documents and forms required by FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all other information required by FIRB to make a decision on the application deliver to the Seller a copy of the Buyer’s application immediately after it has been made and in any event no later than 1 business day after the making of the application; (3) diligently prosecute and pursue the application; and (4) provide to the Seller as soon as is practicable copies of any correspondence or other written communication or notice from FIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Seller. (d) If the Seller elects to do so, the Seller may make the application for the FIRB Approval on behalf of the Buyer and in that case: (1) the Buyer must fully cooperate with the Seller in the making of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf of the Buyer. (e) Subject to clause 29.3(f), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on the FIRB Approval Date, the Buyer or the Seller may by written notice to the other party terminate this contract and in that case: (1) the Deposit must be refunded to the Buyer together with any interest earned on the investment of the Deposit; and (2) neither party will have any Claim against the other party. (f) Where either the Buyer or the Seller do not exercise the right to terminate this contract under clause 29.3(e) within 2 business days following the FIRB Approval Date, the Buyer will be deemed to have warranted to the Seller that is has obtained the FIRB Approval and the condition in clause 29.3(b) will no longer apply.

FIRB Approval. Buyer application‌ (a) If the Buyer has indicated is a foreign interest for the purposes of the Foreign Acquisitions and Takeovers Act 1975 and that fact is stated in this Contract then this Contract is conditional on and subject to: (i) the Reference Schedule issue by the Treasurer of the Commonwealth of Australia (Treasurer) of a notice stating that the Treasurer does not object to the acquisition of the Property by the Buyer unconditionally other than a condition that the Buyer is construct a Non Australian Residentdwelling on the Property within a certain period; or (ii) the Treasurer being or becoming precluded by law from making any order in respect of the acquisition of the Property by the Buyer; (FIRB Approval), on or before the date being 55 days from the date of this clause 29.3 applies unless Contract or any other date agreed by the Seller has obtained the FIRB Pre-Approval. If at the Contract Date, the Seller has obtained FIRB Pre-Approval, the Seller agrees to notify and the Buyer to that effect as soon as practicable after the Contract in writing (FIRB Approval Date). (b) This contract is conditional upon the occurrence of the following on or before the FIRB Approval DateThe Buyer will: (1i) FIRB providing a written statement that it has no objection give all records and notices in the prescribed forms (if any) to (or approves) the Buyer’s purchase Treasurer in respect of the acquisition of the Property with or without conditions by the Buyer as required under relevant legislation; and (ii) supply to the Treasurer, as required, all requisite accompanying information, (FIRB Approval); or (2Application) within 10 days from the expiry date of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Actthis Contract. (c) Subject to the other provisions of this clause 29.3, the The Buyer mustwill: (1i) make application for use the Buyer’s best endeavours to procure the occurrence of the FIRB Approval within 7 days after prior to the Contract FIRB Approval Date;; and (2ii) in making the applicationdo all things, ensure that and provide all information and documents and forms reasonably required by the Treasurer in connection with the FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all other information required by FIRB to make a decision on the application deliver to the Seller a copy of the Buyer’s application immediately after it has been made Application promptly and in any event no later than 1 within 5 business day after the making days of being notified of the application; (3) diligently prosecute and pursue the application; and (4) provide to the Seller as soon as is practicable copies of any correspondence required things, information or other written communication or notice from FIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Sellerdocuments. (d) If The condition in Special Condition 18(a) is for the benefit of the Seller elects to do so, the Seller may make the application for the FIRB Approval on behalf of and the Buyer and in that case: (1) the cannot be waived. The Buyer must fully cooperate with will keep the Seller in the making informed of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf progress of the BuyerFIRB Application and the FIRB Approval. (e) Subject If there has not been FIRB Approval by the FIRB Approval Date and the Seller and the Buyer hereto have not agreed in writing to clause 29.3(f), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on extend the FIRB Approval Date, the Buyer or the Seller may by written notice to the other party terminate this contract and in that case:then:- (1i) this Contract will automatically terminate without notice (other than the Deposit must be refunded to the Buyer together with any interest earned provisions of this clause) on the investment of date which is the Deposit; and (2) neither party will have any Claim against the other party. (f) Where either the Buyer or the Seller do not exercise the right to terminate this contract under clause 29.3(e) within 2 business days day following the FIRB Approval Date, ; (ii) the Deposit and any other monies paid by the Buyer under this Contract will be immediately refunded to the Buyer; and (iii) neither the Seller nor the Buyer will be deemed to have warranted to any claim against the Seller that is has obtained the FIRB Approval and the condition in clause 29.3(b) will no longer applyother.

FIRB Approval. Buyer application‌ (a) If you state in Item 13 of the Buyer has indicated in the Reference Schedule that the Buyer is Key Terms you are a Non Australian Resident, this clause 29.3 applies unless the Seller has Foreign Person and have not obtained the FIRB Pre-Approval. If at Approval prior to the Contract Date, the Seller has obtained FIRB Pre-Approval, the Seller agrees to notify the Buyer to that effect as soon as practicable after the Contract Datethen this clause 24.2 applies. (b) This contract Subject to clause 24.2(c), this Contract is conditional upon subject to you obtaining the occurrence of the following on or before FIRB Approval by the FIRB Approval Date: (1) FIRB providing a written statement that it has no objection to (or approves) the Buyer’s purchase of the Property with or without conditions (FIRB Approval); or (2) the expiry of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Act. (c) Subject You must— (i) make the FIRB Application and provide a copy to us within three Business Days of the Contract Date (ii) promptly give us copies of all correspondence between you and FIRB in relation to the other provisions of this clause 29.3, the Buyer must:FIRB Application (1iii) make application for pay any fees or charges in connection with the FIRB Approval within 7 days after the Contract Date;when due (2iv) in making do everything reasonably necessary to obtain FIRB Approval by the applicationFIRB Approval Date, ensure that all documents and forms required by FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all other information required by FIRB to make a decision on the application deliver to the Seller a copy of the Buyer’s application immediately after it has been made and in any event no later than 1 business day after the making of the application; (3) diligently prosecute and pursue the application; and (4v) provide to give us Notice the Seller as soon as is practicable copies FIRB Approval has been approved or refused within two Business Days of any correspondence or other written communication or receiving notice from FIRB and otherwise keep the Seller informed as to the progress of the application when requested by the SellerFIRB. (d) If the Seller elects you do not give us Notice in relation to do so, the Seller may make the application for the FIRB Approval on behalf of by the Buyer and in that case: (1) FIRB Approval Date, then either party may terminate this Contract by Notice to the Buyer must fully cooperate with the Seller in the making of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf of the Buyerother. (e) Subject to If a termination notice is given under clause 29.3(f(d), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on the FIRB Approval Date, the Buyer or the Seller may by written notice to the other party terminate this contract and in that case:then— (1i) this Contract will terminate from the date on which the relevant party receives the termination notice (ii) we will arrange for the Deposit must and the Interest to be refunded to the Buyer together with any interest earned on the investment of the Deposit; andyou (2iii) neither party will have any further Claim against the other partyunder this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practice. (f) Where either If you fail to comply with this clause 24, then you will be in breach of an essential term of this Contract and we may, in addition to any other remedy available to us, exercise the Buyer or the Seller Rights expressed in clause 17. (g) If you do not exercise the right to terminate comply with this contract under clause 29.3(e) within 2 business days following the FIRB Approval Date24, the Buyer will be deemed to have warranted to the Seller that is has obtained the FIRB Approval then you indemnify, and the condition in clause 29.3(b) will no longer applykeep us indemnified, against any Claims we suffer as a result.