Common use of Payment of Balance Purchase Price Clause in Contracts

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to before the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to before the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank Bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank Bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.paragraph

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank Bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank Bank cheque” in clause 2.5:2.4(1): (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b2.4(2)(b) on the Settlement Date. (3) If both of the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(12.4(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.paragraph

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Deputy Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO Australian Taxation Office for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO Commissioner in accordance with section 14s14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14s14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.the

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.52.4: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b2.4(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(12.4(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(32.4(3) and section14section 14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to before the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section Site Value of the parcel Area of the Land X Area of the parcel 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement.. DRAFT (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, DRAFT in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.52.4: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b2.4(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(12.4(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(32.4(3) and section14section 14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to before the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; andand DRAFT (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.

Payment of Balance Purchase Price. (1) On the Settlement Date3.1 Subject to Clause 3 herein below, the Buyer must balance purchase price of the sum of Ringgit Malaysia Eleven Million Two Hundred Five Thousand (RM11,205,000-00) only (hereinafter referred 10as "the Balance Purchase Price") shall be paid by the Purchaser to the Vendor's Solicitors as stakeholders within three (3) months from the date of this Agreement or within three (3) months from the date of the fulfillment of the last of the conditions precedent stated in Clause 7.1, whichever shall be the later (hereinafter referred to as the Completion Period") failing which, the Vendor shall grant to the Purchaser an extension of thirty (30) days within which to pay the same or such outstanding part thereof (hereinafter referred to as "the Extended Completion Period") Provided that the Purchaser shall pay interest on the Balance Purchase Price or such outstanding part them of at the rate of ten per centum (10%) per annum on a daily basis from the commencement of the extended period aforesaid until full settlement. The final date for payment in full of the Purchase Price shall hereinafter be referred to as "the Completion Date" which expression shall include any extension granted pursuant to this Agreement or otherwi5egranted by bank cheque the Vendor in writing. If the Completion Date falls on a Sunday or a public holiday completion shall take place on such other day as may be agreed by the parties or in default of such agreement on the day other than a Sunday or public holiday next following the Completion Date. 3.2 Notwithstanding Clause 3.1 the parties hereto hereby agrees that the following delay shall be excluded in the computation of the Completion Period or the Extended Completion Period as the Seller case may be:- 3.2.1 the number of days exceeding fourteen (14) days taken by the Vendor from the date of request from the Purchaser's Financiers Solicitors in delivering to the Purchaser's Financiers or its solicitors the Seller’s Solicitor directs. Vendor's undertaking and the redemption statement and letter of undertaking from the chargee (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itselfif any); 3.2.2 the number of days exceeding fourteen (b14) does not include a cheque drawn days taken by a building society any chargee (if any) to release the re evant issue document of title, duplicate charge and discharge of charge (or credit union on a Bank; and any discharge documents where applicable), from the Seller is not obliged date of receipt of the Redemption Sum; 3.2.3 the number of days exceeding fourteen (14) days taken by the Vendor to accept a cheque provide the undertaking referred to in clause 2.5(2)(b) on the Settlement DateClause 8.3 hereof. (3) If both the following apply: (a) the sale is not an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO for each person comprising the Buyer and give copies 3.3 All payments to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Vendor's Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO in accordance with section 14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law, the market value of the CGT asset is taken shall be deemed to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made received by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correctVendor.

Payment of Balance Purchase Price. (1) On the Settlement Date, the Buyer must pay the Balance Purchase Price by bank cheque as the Seller or the Seller’s Solicitor directs. (2) Despite any other provision of this contract, a reference to a “bank cheque” in clause 2.5: (a) includes a cheque drawn by a building society or credit union on itself; (b) does not include a cheque drawn by a building society or credit union on a Bank; and the Seller is not obliged to accept a cheque referred to in clause 2.5(2)(b) on the Settlement Date. (3) If both the following apply: (a) the market value of the Land and Improvements at the Contract Date is $2,000,000 or more and this sale is not otherwise an excluded transaction under s14-215 of the Withholding Law; and (b) the Seller has not given the Buyer on or before settlement for each person comprising the Seller either: (i) an ATO Clearance Certificate; or (ii) a variation notice under s14-235 of the Withholding Law which remains current at the Settlement Date varying the CGT Withholding Amount to nil, then: (c) for clause 2.5(1), the Seller irrevocably directs the Buyer to draw a bank cheque for the CGT Withholding Amount in favour of the Deputy Commissioner of Taxation or, if the Buyer’s Solicitor requests, the Buyer’s Solicitor’s Trust Account; (d) the Buyer must lodge a Foreign Resident Capital Gains Withholding Purchaser Notification Form with the ATO Australian Taxation Office for each person comprising the Buyer and give copies to the Seller with the payment reference numbers (PRN) on or before settlement; (e) the Seller must return the bank cheque in paragraph (c) to the Buyer’s Solicitor (or if there is no Buyer’s Solicitor, the Buyer) at settlement; and (f) the Buyer must pay the CGT Withholding Amount to the ATO Commissioner in accordance with section 14s14-200 of the Withholding Law and give the Seller evidence that it has done so within 2 Business Days of settlement occurring. (4) For clause 2.5(3) and section14-215 of the Withholding Law), the market value of the CGT asset Land and Improvements is taken to be the Purchase Price less any GST included in the Purchase Price for which the Buyer is entitled to an input tax credit unless: (a) the Property includes items in addition to the Land and Improvements; and (b) no later than 2 Business Days prior to the Settlement Date, the Seller gives the Buyer a valuation of the Land and Improvements prepared by a registered valuer, in which case the market value of the Land and Improvements will be as stated in the valuation. (5) If the Buyer is required to pay the GST Withholding Amount to the Commissioner of Taxation at settlement pursuant to section 14-250 of the Withholding Law: (a) the Seller must give the Buyer a notice in accordance with section 14-255(1) of the Withholding Law; (b) prior to settlement the Buyer must lodge with the ATO: (i) a GST Property Settlement Withholding Notification form (“Form 1”); and (ii) a GST Property Settlement Date Confirmation form (“Form 2”); (c) on or before settlement, the Buyer must give the Seller copies of: (i) the Form 1; (ii) confirmation from the ATO that the Form 1 has been lodged specifying the Buyer’s lodgement reference number and payment reference number; (iii) confirmation from the ATO that the Form 2 has been lodged; and (iv) a completed ATO payment slip for the Withholding Amount; (d) the Seller irrevocably directs the Buyer to draw a bank cheque for the GST Withholding Amount in favour of the Commissioner of Taxation and deliver it to the Seller at settlement; and (e) the Seller must pay the GST Withholding Amount to the ATO in compliance with section 14-250 of the Withholding Law promptly after settlement. (6) The Buyer warrants that the statements made by the Buyer in the Reference Schedule under GST Withholding Obligations are true and correct.