Common use of GOVERNMENT ACQUISITION Clause in Contracts

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. 21.1 The Vendor hereby warrants and undertakes to the Purchaser that as warranted at the date of execution the SPA that it has not received any notification from the government of this Agreement Malaysia (“Government”) or such other competent authority of any intended development or acquisition of the Vendor has no knowledge nor whole or part of the Property by the Government or such competent authority or are aware of any reason to believe that intended acquisition of the said Property or any part thereof has been acquired and the Vendor further covenanted that in the event of the Government or is subject to acquisition such other competent authority having power in that behalf acquiring the Property or any part or parts thereof for any purpose whatsoever between the date of the SPA and completion of the SPA, the Vendor shall immediately notify the Purchaser of such intended acquisition in writing whereupon the Purchaser shall within fourteen (14) days as from the receipt of such notification from the Vendor be entitled but not obliged to terminate the SPA and this proposed sale transaction provided that should the Purchaser exercise its rights to terminate as aforesaid, the Vendor shall within fourteen (14) days as from the date of such notice being received from the Purchaser by any governmental statutory urban municipal the Vendor or its solicitors (as the case may be) refund to the Purchaser the Deposit and all part payment made towards the purchase price (free of interest) by the Purchaser to the Vendor, and in simultaneous exchange the Purchaser shall return or cause to be returned to the Vendor the Issue Document of Title, the Transfer and all other authority or that any advertisement documents (unless the Transfer is required to be submitted to the Collector of Stamp Duty for a refund of the stamp duty with the Vendor’s interest intact) which are still in the Government Gazette of such intention has been published pursuant to either Section 4 or Section 8 possession of the Land Xxxxxxxxxxx XxxPurchaser, 0000. 21.2 the Purchaser’s solicitors, the Purchaser’s financier or the Purchaser’s financier’s solicitors whereupon the SPA and the proposed sale thereunder shall be deemed to be null and void and shall have no legal effect and the Vendor shall be entitled to dispose of the Property in such manner as it may as the sole and unencumbered owner in its absolute discretion deem fit free from any claims on the Property by the Purchaser. In the event that the said Property or any part thereof shall be subject Purchaser does not exercise its rights to acquisition under Sections 4 or 8 of terminate the Land Acquisition Act, 1960 or other legislation in Malaysia, before SPA within the presentation of the Memorandum of Transfer to the relevant authority for registrationtime stipulated as aforesaid, 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, Government 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 such other competent acquiring authority of the Purchaser's ’s interest in the said Property at the Purchaser’s own cost and expense under the terms of the SPA and the Vendor confirms and agrees that the Purchaser shall be absolutely 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 compensation, if any, offered 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 PurchaserGovernment or such other competent authority. 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. 21.1 15.1 The Vendor hereby warrants warrant and undertakes undertake to the Purchaser that as at the date of execution of this Agreement Agreement, the Vendor has no knowledge nor has any reason to believe that the said Property Said Land or any part thereof has been acquired or is subject to acquisition or intended acquisition by any governmental statutory urban or 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 XxxAcquisition Act, 00001960. 21.2 15.2 In the event that the said Property or any part thereof Vendor shall be subject served with any notice of acquisition by any governmental statutory urban or municipal authority at any time: (i) after the execution of this Agreement and prior 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 Land Office/Registry for registration, registration the Vendor shall immediately give notice thereof to forthwith notify the Purchaser of any such notice of acquisition or intended acquisition and it is hereby agreed that the Vendor's receipt thereof. 21.3 The Purchaser shall within seven be entitled at their discretion by notice in writing either to the Vendor to continue with the sale and purchase herein or to terminate the sale and purchase whereupon the consequences as stipulated in Clause 11 aforesaid shall ensue; (7ii) days after the receipt of the notice from the Vendor, but in any event before the presentation of the Memorandum Transfer of Transfer the said Land at the Land Office/Registry such acquisition or intended acquisition shall not nullify or invalidate the sale and purchase herein nor shall it be a ground for any adjustment of the Purchase Price and the Vendor shall forthwith notify the Purchaser upon receipt of such notice and subject to the relevant authority for registration, Purchaser having paid the Purchase Price in full shall also notify the Vendor in writing acquiring authority concerned 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 ’s interest in the said Property and subject to the Purchaser’s due compliance with the terms of this Agreement the Purchaser shall be entitled to receive all compensation payable in respect of such acquisition monies 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 at such enquiry or hearings or appeals or negotiations or in making claims in respect of the said compensation either in the name of the Vendor or in the name of 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 immediately upon demand being made receipt of the same by the PurchaserVendor. 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. 21.1 15.1 The Vendor hereby warrants and undertakes to the Purchaser declares that as at the date of execution of this Agreement it is not aware of nor has itreceived any notice of acquisition or intended acquisition of the Vendor has no knowledge nor any reason to believe that the said Sale Property or any part thereof has been acquired from the acquiring authorities and it is hereby agreed between the parties hereto that in the event the Vendor shall, after execution hereof but before the Completion Date or date of presentation of the Transfer whichever is subject to the earlier, receive any notice of 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 Sale Property or any part thereof from the acquiring authorities, it shall immediately notify the Purchaser of the same and the Purchaser shall have the right to:- (a) terminate this Agreement, whereupon, the Vendor shall refund to the Purchaser the Deposit free of interest and all other monies paid by the Purchaser to the Vendor pursuant to this Agreement (if any) shall be subject to acquisition under Sections 4 or 8 refunded free of interest. Subject as aforesaid, Clauses 14.1(a), (b), (c) and (d) shall apply with such modifications as are necessary; or (b) continue with the Land Acquisition Act, 1960 or other legislation purchase and in Malaysia, before the presentation of the Memorandum of Transfer to the relevant authority for registrationsuch an event, the Vendor shall immediately give notify or procure the requisite 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 be given to the acquiring authority authorities of this Agreement and the Purchaser's interest in the said Sale Property and the terms of this Agreement and the Vendor shall immediately having given notice thereof keep the Purchaser notified of the exercise of all steps taken by the acquiring authority as well as obtain the Purchaser's consent prior to the taking of any steps by the Vendor in respect of the acquisition of the Sale Property PROVIDED THAT where the Purchaser pays the Purchase Price in accordance with this Agreement it shall be entitled to all compensation payable (if any) offered or paid by the acquiring authorities 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 Purchaseracquisition. 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.