Common use of Project Restrictions Clause in Contracts

Project Restrictions. The Applicant will not undertake any other projects or developments at the Property without the LTA's consent. VAT If the Applicant is registered with HMRC for VAT, the Applicant must take all reasonable steps to recover VAT from HMRC in respect of any amount which had been funded by the LTA pursuant to this Loan Agreement. The Applicant must, on the tenth day of each calendar month after the first Drawdown Date, supply to the LTA: details of the amount of VAT paid by the Applicant in the previous month which had been funded by the LTA pursuant to this Loan Agreement; and details of the amount of VAT reclaimed by the Applicant from HMRC in the previous month, which had been funded by the LTA pursuant to this Loan Agreement. The Applicant shall pay to the LTA the full amount of any VAT reclaimed from HMRC which had been funded by the LTA and detailed to the LTA pursuant to paragraph 2.7.2(b) above on the earlier of: 10 Business Days after receipt of the reclaimed amount of VAT; or no later than six calendar months following: the date of Practical Completion; or the Longstop Date. [Insert relevant heading] [insert any other transaction specific Project undertakings that may be required] PROPERTY UNDERTAKINGS Title The Applicant must exercise their rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. The Applicant may not agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. [The Applicant must promptly take all such steps as may be necessary or desirable to enable the Security created by the Security Documents to be registered, where appropriate, at the Land Registry.]17 [Notices The Applicant must, within fourteen (14) days after the receipt by it of any application, requirement, order or notice served or given by any public or local or any other authority or any landlord with respect to the Property (or any part of it): deliver a copy to the LTA; and inform the LTA of the steps taken or proposed to be taken to comply with the relevant requirement, order or notice. Investigation of title The Applicant must grant the LTA or the LTA's lawyers on request all facilities within the Applicant's power to enable the LTA or the LTA's lawyers to: carry out investigations of title to the Property; and make such enquiries in relation to any part of the Property as a prudent mortgagee might carry out. Power to remedy If the Applicant fails to perform any obligations under the Loan Documents affecting the Property, it must allow the LTA or the LTA's agents and contractors: to enter any part of the Property; to comply with or object to any notice served on the Applicant in respect of the Property; and to take any action that the LTA may reasonably consider necessary or desirable to prevent or remedy any breach of any such term or to comply with or object to any such notice.

Project Restrictions. The Applicant will not undertake any other projects or developments at the Property without the LTA's consent. VAT If the Applicant is registered with HMRC for VAT, the Applicant must take all reasonable steps to recover VAT from HMRC in respect of any amount which had been funded by the LTA pursuant to this Loan Agreement. The Applicant must, on the tenth day of each calendar month after the first Drawdown Date, supply to the LTA: details of the amount of VAT paid by the Applicant in the previous month which had been funded by the LTA pursuant to this Loan Agreement; and details of the amount of VAT reclaimed by the Applicant from HMRC in the previous month, which had been funded by the LTA pursuant to this Loan Agreement. The Applicant shall pay to the LTA the full amount of any VAT reclaimed from HMRC which had been funded by the LTA and detailed to the LTA pursuant to paragraph 2.7.2(b) above on the earlier of: 10 Business Days after receipt of the reclaimed amount of VAT; or no later than six calendar months following: the date of Practical Completion; or the Longstop Date. [Insert relevant heading] [insert any other transaction specific Project undertakings that may be required] PROPERTY UNDERTAKINGS Title The Applicant must exercise their rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. The Applicant may not agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. [The Applicant must promptly take all such steps as may be necessary or desirable to enable the Security created by the Security Documents to be registered, where appropriate, at the Land Registry.]17 [Notices The Applicant must, within fourteen (14) days after the receipt by it of any application, requirement, order or notice served or given by any public or local or any other authority or any landlord with respect to the Property (or any part of it): deliver a copy to the LTA; and inform the LTA of the steps taken or proposed to be taken to comply with the relevant requirement, order or notice. Investigation of title The Applicant must grant the LTA or the LTA's lawyers on request all facilities within the Applicant's power to enable the LTA or the LTA's lawyers to: carry out investigations of title to the Property; and make such enquiries in relation to any part of the Property as a prudent mortgagee might carry out. Power to remedy If the Applicant fails to perform any obligations under the Loan Documents affecting the Property, it must allow the LTA or the LTA's agents and contractors: to enter any part of the Property; to comply with or object to any notice served on the Applicant in respect of the Property; and to take any action that the LTA may reasonably consider necessary or desirable to prevent or remedy any breach of any such term or to comply with or object to any such notice.

Project Restrictions. The Applicant will not undertake any other projects or developments at the Property without the LTA's consent. VAT If the Applicant is registered with HMRC for VAT, the Applicant must take all reasonable steps to recover VAT from HMRC in respect of any amount which had been funded by the LTA pursuant to this Loan Agreement. The Applicant must, on the tenth day of each calendar month after the first Drawdown Date, supply to the LTA: details of the amount of VAT paid by the Applicant in the previous month which had been funded by the LTA pursuant to this Loan Agreement; and details of the amount of VAT reclaimed by the Applicant from HMRC in the previous month, which had been funded by the LTA pursuant to this Loan Agreement. The Applicant shall pay to the LTA the full amount of any VAT reclaimed from HMRC which had been funded by the LTA and detailed to the LTA pursuant to paragraph 2.7.2(b) above on the earlier of: 10 Business Days after receipt of the reclaimed amount of VAT; or no later than six calendar months following: the date of Practical Completion; or the Longstop Date. [Insert relevant heading] [insert any other transaction specific Project undertakings that may be required] PROPERTY UNDERTAKINGS Title The Applicant must exercise their rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. The Applicant may not agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. [The Applicant must promptly take all such steps as may be necessary or desirable to enable the Security created by the Security Documents to be registered, where appropriate, at the Land Registry.]17 Registry.]13 [Notices The Applicant must, within fourteen (14) days after the receipt by it of any application, requirement, order or notice served or given by any public or local or any other authority or any landlord with respect to the Property (or any part of it): deliver a copy to the LTA; and inform the LTA of the steps taken or proposed to be taken to comply with the relevant requirement, order or notice. Investigation of title The Applicant must grant the LTA or the LTA's lawyers on request all facilities within the Applicant's power to enable the LTA or the LTA's lawyers to: carry out investigations of title to the Property; and make such enquiries in relation to any part of the Property as a prudent mortgagee might carry out. Power to remedy If the Applicant fails to perform any obligations under the Loan Documents affecting the Property, it must allow the LTA or the LTA's agents and contractors: to enter any part of the Property; to comply with or object to any notice served on the Applicant in respect of the Property; and to take any action that the LTA may reasonably consider necessary or desirable to prevent or remedy any breach of any such term or to comply with or object to any such notice.

Project Restrictions. The Applicant will not undertake any other projects or developments at the Property without the LTA's consent. VAT If the Applicant is registered with HMRC for VAT, the Applicant must take all reasonable steps to recover VAT from HMRC in respect of any amount which had been funded by the LTA pursuant to this Loan Agreement. The Applicant must, on the tenth day of each calendar month after the first Drawdown Date, supply to the LTA: details of the amount of VAT paid by the Applicant in the previous month which had been funded by the LTA pursuant to this Loan Agreement; and details of the amount of VAT reclaimed by the Applicant from HMRC in the previous month, which had been funded by the LTA pursuant to this Loan Agreement. The Applicant shall pay to the LTA the full amount of any VAT reclaimed from HMRC which had been funded by the LTA and detailed to the LTA pursuant to paragraph 2.7.2(b) above on the earlier of: 10 Business Days after receipt of the reclaimed amount of VAT; or no later than six calendar months following: the date of Practical Completion; or the Longstop Date. [Insert relevant heading] [insert any other transaction specific Project undertakings that may be required] PROPERTY UNDERTAKINGS Title The Applicant must exercise their rights and comply in all respects with any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. The Applicant may not agree to any amendment, supplement, waiver, surrender or release of any covenant, stipulation or obligation (restrictive or otherwise) at any time affecting the Property. [The Applicant must promptly take all such steps as may be necessary or desirable to enable the Security created by the Security Documents to be registered, where appropriate, at the Land Registry.]17 Registry.]14 [Notices The Applicant must, within fourteen (14) days after the receipt by it of any application, requirement, order or notice served or given by any public or local or any other authority or any landlord with respect to the Property (or any part of it): deliver a copy to the LTA; and inform the LTA of the steps taken or proposed to be taken to comply with the relevant requirement, order or notice. Investigation of title The Applicant must grant the LTA or the LTA's lawyers on request all facilities within the Applicant's power to enable the LTA or the LTA's lawyers to: carry out investigations of title to the Property; and make such enquiries in relation to any part of the Property as a prudent mortgagee might carry out. Power to remedy If the Applicant fails to perform any obligations under the Loan Documents affecting the Property, it must allow the LTA or the LTA's agents and contractors: to enter any part of the Property; to comply with or object to any notice served on the Applicant in respect of the Property; and to take any action that the LTA may reasonably consider necessary or desirable to prevent or remedy any breach of any such term or to comply with or object to any such notice.