HARMONIZED SALES TAX/FEDERAL AND PROVINCIAL NEW HOUSING REBATE Sample Clauses

HARMONIZED SALES TAX/FEDERAL AND PROVINCIAL NEW HOUSING REBATE. The Vendor and the Purchaser acknowledge and agree that the Purchase Price includes the amount payable pursuant to the Excise Tax Act of Canada, as amended, for Harmonized Sales Tax (H.S.T.) exigible on the sale of the Property to the Purchaser less the maximum amount refundable in respect of the New Housing Rebates available for the Federal and Provincial portions of the H.S.T. (collectively, the “Rebate”). The Purchaser shall be solely responsible for payment of all taxes exigible in respect of any extra or other fees and charges not included in the Purchase Price. The Purchaser warrants, covenants and agrees to assign all of its right, title and interest in the Rebate to the Vendor and confirms that the Rebate shall be the sole and absolute property of the Vendor. The Purchaser shall, on demand by the Vendor, execute and deliver on or before closing any assignments, directions, powers of attorney, applications, consents and/or other documents required by the Vendor in respect of the Rebate. The Purchaser hereby irrevocably designates and appoints the Vendor as his sole and lawful attorney with full power as attorney for the purpose of executing any documents contemplated under this paragraph. The Purchaser represents, covenants and agrees that he/she/they qualify for the full amount of the Rebate and in the event that the Vendor does not receive the full amount of the Rebate available under the Excise Tax Act, as amended from time to time, due to the Purchaser failing to qualify for same, the Purchaser shall pay to the Vendor, forthwith upon request by the Vendor, an amount equal to that part of the Rebate which the Vendor has been denied or has not received, and until so paid such amount shall form a charge against the Property, which charge shall be recoverable by the Vendor in the same manner as a mortgage in default. If the Purchaser is unable to execute such documentation as may be required by the Vendor on closing to confirm he/she/they are qualified to receive the Rebate, an amount equal to the Rebate shall be payable on closing, in addition to the purchase price.
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Related to HARMONIZED SALES TAX/FEDERAL AND PROVINCIAL NEW HOUSING REBATE

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