Common use of OCCUPATION RIGHT AGREEMENT Clause in Contracts

OCCUPATION RIGHT AGREEMENT. The Resident or his or her legal personal representative shall surrender to the Operator the Unit following termination pursuant to clause 16. The Operator's obligation to pay the Capital Repayment Entitlement is subject to the Operator issuing a new Occupation Right Agreement for the Unit to a third party. The Capital Repayment Entitlement comprises two components as detailed in 17.2 and 17.3 below and is subject to deductions as detailed in 18.1 below. The Capital Repayment Entitlement shall be payable to the Resident no later than 5 Working Days after the date that a new Occupation Right Agreement has been entered into and the Operator has received full payment for it. The Resident acknowledges and agrees that the Operator will not receive payment for such new Occupation Right Agreement until such payment is authorised by the Statutory Supervisor in accordance with the Deed of Supervision, which requires amongst other matters that the cooling off period prescribed by the Act for such new Occupation Right Agreement has expired (“Repayment Date”). The Operator shall be entitled to deduct from the Capital Repayment Entitlement any monies (including GST) owing to the Operator by the Resident under this Occupation Right Agreement or in relation to any other services the Resident has been provided by the Operator.

OCCUPATION RIGHT AGREEMENT. The Resident or his or her legal personal representative shall surrender to the Operator the Unit following termination pursuant to clause 16. The Operator's obligation to pay the Capital Repayment Entitlement is subject to the Operator issuing a new Occupation Right Agreement for the Unit to a third party. The Capital Repayment Entitlement comprises of two components as detailed details in 17.2 and 17.3 below and is subject to deductions as detailed in 18.1 below. The Capital Repayment Entitlement shall be payable to the Resident no later than 5 Working Days after the date that a new Occupation Right Agreement has been entered into and the Operator has received full payment for it. The Resident acknowledges and agrees that the Operator will not receive payment for such new Occupation Right right Agreement until such payment is authorised by the Statutory Supervisor in accordance with the Deed of Supervision, which requires amongst other matters that the cooling off period prescribed by the Act for such new Occupation Right Agreement has expired (“the Repayment Date”). The Operator shall be entitled to deduct from the Capital Repayment Entitlement any monies (including GST) owing to the Operator by the Resident under this Occupation Right Agreement or in relation to any other services the Resident has been provided by the OperatorAgreement.