GOVERNMENT ACQUISITION. 18.1 The Bank has not received any notification of any acquisition by the acquiring authority of the whole or any part of the Property. In the event of any such acquisition or intended acquisition the sale of the Property shall not be annulled nor there be any adjustment or abatement of the Purchase Price. In this respect, upon full payment of the Purchase Price by the Purchaser to the Bank together with all interest on late payment (if any) all compensation which may be paid by the acquiring authority shall belong to the Purchaser.
GOVERNMENT ACQUISITION. 22.1 MBSB BANK BERHAD has not received any notification of any acquisition by the acquiring authority of the whole or any part of the property. In the event of any such acquisition or intended acquisition the sale of the property shall not be annulled nor there any adjustment or abatement of the Purchase Price. In this respect, upon the full payment of the Purchase Price by the Purchaser to the bank together with all late payment compensation (if any) all compensation, which may be paid by the acquiring authority, shall belong to the Purchaser.
GOVERNMENT ACQUISITION. (a) If –
(i) all or any part of the Property at any time becomes the subject matter of, or is included in any notice, notification, or declaration concerning or relating to an acquisition by the government or any governmental authority, or any enquiry or proceedings in respect of the same; or
(ii) any government or governmental authority condemns, nationalises, seizes, or otherwise expropriates all or any part of the Land or assumes custody or control of all or part of the Property, the Assignor must immediately inform the Bank, and send the Bank copies of any such notice, notification, or declaration as soon as it is delivered to or served on the Assignor.
(b) The Bank can, at the Borrower‟s and/or the Assignor‟s expense, engage such advisors and agents (including solicitors and valuers) as it thinks fit to appear at, attend, or advise on any enquiry or proceedings relating to any acquisition, expropriation, or any of the matters in paragraph (a) above.
(c) All monies received as or by way of compensation in respect of any of the matters in paragraph (a) above will be applied in or towards the discharge or payment of any monies or liability secured by this Assignment, and the Assignor will and hereby declares that it will hold all such monies so received in trust for the Bank, and the Assignor agrees and confirms that the Bank may receive and give a good discharge for all such monies.
(d) If all such monies are less than the amount due to the Bank under this Assignment, including interest and all monies and other charges due and payable by the Borrower and/or the Assignor to the Bank under this Assignment, the Assignor will immediately pay the Bank the difference between the amount due and the amount received, and until such payment will pay interest on such balance at the rate in Section 5.6(b) with monthly or other periodic rests in accordance with the type of Banking Facility applicable, as well after as before any demand or judgment and regardless of whether or not the banker-customer relationship between the Bank and the Borrower has ceased or been terminated.
GOVERNMENT ACQUISITION. 19.1 ABB has not received any notification of any acquisition by the acquiring authority of the whole or any part of the property. In the event of any such acquisition or intended acquisition the sale of the property shall not be annulled nor there any adjustment or abatement of the Purchase Price. In this respect, upon the full payment of the Purchase Price by the Purchaser to the bank together with all interest on late payment (if any) all compensation, which may be paid by the acquiring authority shall belong to the Purchaser.
GOVERNMENT ACQUISITION. 21.1 The Vendor hereby warrants and undertakes to the Purchaser that as at the date of execution of this Agreement the Vendor has no knowledge nor any reason to believe that the said Property or any part thereof has been acquired or is subject to acquisition or intended acquisition by any governmental statutory urban municipal or other authority or that any advertisement in the Government Gazette of such intention has been published pursuant to either Section 4 or Section 8 of the Land Xxxxxxxxxxx Xxx, 0000.
21.2 In the event that the said Property or any part thereof shall be subject to acquisition under Sections 4 or 8 of the Land Acquisition Act, 1960 or other legislation in Malaysia, before the presentation of the Memorandum of Transfer to the relevant authority for registration, the Vendor shall immediately give notice thereof to the Purchaser of the Vendor's receipt thereof.
21.3 The Purchaser shall within seven (7) days after the receipt of the notice from the Vendor, but in any event before the presentation of the Memorandum of Transfer to the relevant authority for registration, notify the Vendor in writing of the Purchaser's decision whether to determine this Agreement, or to proceed with the purchase herein subject to a mutually agreed adjustment in the Purchase Price.
21.4 If the Purchaser decides to proceed with the purchase, the Vendor shall give notice to the acquiring authority of the Purchaser's interest in the said Property and the Purchaser shall be entitled to all compensation payable in respect of such acquisition and PROVIDED ALWAYS THAT the Purchaser shall have paid the adjusted Purchase Price to the Vendor. The Purchaser shall be entitled to appear and to attend to enquiries or hearings or appeals or negotiations or in making claims in respect of the said compensation either in the name of the Vendor or the Purchaser or to join in with the Vendor and all compensation monies received by the Vendor shall be held in trust for the Purchaser and shall be paid over to the Purchaser forthwith upon demand being made by the Purchaser.
21.5 If the Purchaser decides not to proceed with the purchase the Vendor shall refund the Deposit and all monies paid to account of the Purchase Price within seven (7) days without interests, costs, damages or whatsoever compensation otherwise the Vendor shall pay interest to the Purchaser at the rate of ten per centum (10%) per annum on the said sum from the eighth (8th) day until the date actual payment.
GOVERNMENT ACQUISITION. In the event that the Property or any part thereof shall at any time become the subject matter of or be included in any notice notification or declaration concerning or relating to acquisition by government or any governmental authority or any enquiry or proceedings in respect thereof or if any government or governmental authority shall condemn, nationalise, seize or otherwise expropriate all or any substantial part of the Property or other assets of the Chargor shall have assumed custody or control of such Property or other assets or of the business or operations of the Chargor or shall have taken any action for the winding-up of the Chargor or any action that would prevent the Chargor or its officers from carrying on the operations of the Chargor, the Chargor shall forthwith inform the Chargee of the same and shall forward to the Chargee a copy or copies of any such notice notification or declaration as soon as the same shall be delivered to or served on the Chargor.
GOVERNMENT ACQUISITION. (a) In the event that the said Property or any part thereof, shall at any time become the subject matter of, or be included in any notice, notification or declaration concerning or relating to acquisition by the government, or any government authority or any enquiry or proceeding in respect thereof, in the event such notice, notification or declaration is given or served to the Customer, the Customer shall forthwith inform the Bank of the same and shall forward to the Bank a copy or copies of any such notice, notification or declaration as soon as the same shall be delivered to or served on the Customer.
(b) The Customer and the Bank hereby agree that upon the Bank’s receipt of the notice, notification or declaration relating to the acquisition of the Property by the government or any government authority from the Customer, the Bank will be entitled to exercise the Purchase Undertaking whereby the Customer shall be legally obliged to redeem the Property by purchasing the Bank’s entire remaining undivided portion of beneficial ownership in the Property and promptly paying in full the Settlement Amount which includes all sums payable hereunder and under the other Security Documents. Subject to full payment of the Settlement Amount, the Bank will transfer the Bank’s entire undivided portion of beneficial ownership in the Property to the Customer at the Customer’s cost and expense whereupon the Diminishing Musharakah Arrangement hereunder will be dissolved accordingly.
GOVERNMENT ACQUISITION. In the event that the Property at any time become the subject matter relating to acquisition or inquiry or proceedings by government to condemn, nationalise, seize or otherwise expropriate all or any substantial part of the Property or other assets or of the business or operations of the Customer or shall have taken action for the winding up of the Customer or any action that would prevent the Customer or the Customer’s officers from carrying on the operations of the Customer, the Customer shall inform the Bank of the same and shall forward to the Bank a copy(ies) of any such notice notification or declaration as soon as the same shall be delivered to or served on the Customer.
GOVERNMENT ACQUISITION. If at least a material portion of the Building or the Premises shall at any time be acquired by any government authorities (including without limitation the Land Transport Authority) pursuant to and in accordance with any prevailing Law (including without limitation the Land Transport Authority of Singapore Act, Cap. 158A, the Rapid Transit System Act, Cap. 263A and the Street Works Act, Cap. 320A), Landlord shall give written notice to Tenant notifying Tenant of the acquisition and terminating this Sublease Agreement without being liable to Tenant for damages, losses and expenses and thereupon this Sublease Agreement shall terminate and Tenant shall (if still in occupation) vacate the Premises, provided always that Tenant shall pay to Landlord all such sums of money which it is obliged to pay under this Sublease Agreement in respect of or which have accrued for the period up to or before the termination date and Landlord shall return the Security Deposit Amount to Tenant (less such amounts as are to be lawfully deducted pursuant to the provisions of this Sublease Agreement) free of interest and thereafter, this Sublease Agreement shall absolutely cease and determine without affecting the rights of the Party against the other Party for any previous default by either Party arising out of or in connection with this Sublease Agreement. For the avoidance of doubt, nothing herein shall restrict the rights of Tenant (if any) to claim against the government or the relevant government authority for any compensation, damages, loss or expense in connection with its rights and interest as a tenant of the Premises. In the event of a partial taking of the Premises and this Sublease remains in effect, the Monthly Base Rent, Tenant’s Contribution and Air-conditioning Charges (and any other charges then-payable on a lettable square foot basis) shall be proportionately adjusted to reflect the reduced square footage of floor area of the remaining Premises.
GOVERNMENT ACQUISITION. In the event that the Property or any part thereof shall at any time become the subject matter of or be included in any notice notification or declaration concerning or relating to acquisition by government or any governmental authority or any enquiry or proceedings in respect thereof or if any government or governmental authority shall condemn, nationalise, seize or otherwise expropriate all or any substantial part of the Property or other assets or of the business or operations of the Customer or shall have taken action for the winding up of the Customer or any action that would prevent the Customer or the Customer’s officers from carrying on the operations of the Customer the Customer shall forthwith inform the Bank of the same and shall forward to the Bank a copy or copies of any such notice notification or declaration as soon as the same shall be delivered to or served on the Customer.
