Restriction on future use of the Subject Land. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] that: (a) before the Subject Land is [insert applicable option: subdivided for residential development (excluding subdivision of the Land into superlots) OR construction commences of a Dwelling on the Subject Land OR a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must (subject to clause 2.3(c)) enter into a binding agreement with [a/the] Registered Housing Agency to the Responsible Authority's satisfaction for unencumbered ownership of [_]% of the [insert applicable option - total number of Dwellings approved for the Land / Gross Floor Area] (rounded down to the nearest number) to be sold to [a/the] Registered Housing Agency in accordance with clause 2.3(b); (b) the contracts of sale between the Owner and [a/the] Registered Housing Agency for the Affordable Housing Dwellings individually or collectively must be entered into on the following terms and conditions: (i) the price must not exceed [_]% of their Market Value on the day of sale; and (ii) the contract of sale must be based on Forms 1 and 2 in the Estate Agents (Contracts) Regulations 2008, as in force from time to time, amended to incorporate such additional terms and conditions as are reasonable and consistent with conventional practice for a contract of sale in the circumstances; (c) the Owner must: (i) construct the Affordable Housing Dwellings in a continuous, proper and workmanlike manner, strictly in accordance with: (A) the Plans and Specifications; (B) all applicable laws; (C) the terms of applicable permits and approvals; and (D) using all due care and skill; and (d) if any of Affordable Housing Dwellings are not purchased by [a/the] Registered Housing Agency and under contract within [insert] months of date of this Agreement (Sunset Date), the Owner must make a payment to [a/the] Registered Housing Agency within 30 days of the Sunset Date calculated based on the number of Affordable Housing Dwellings that have not been purchased, multiplied by a figure which represents [_]% of their Market Value as at the Sunset Date.
Appears in 1 contract
Samples: Affordable Housing Agreement
Restriction on future use of the Subject Land. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] that:
(a) before the Subject Land is [insert applicable option: subdivided for residential development (excluding subdivision of the Land into superlots) OR construction commences of a Dwelling on the Subject Land OR a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must must:
(subject to clause 2.3(c)i) enter into a binding an agreement with [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] to the Responsible Authority's satisfaction for for:
(A) subject to clause 2.1(c), unencumbered ownership of [_]% of the [insert applicable option - total number of Dwellings approved for the Land / Gross Floor Area] (rounded down to be transferred to the nearest numberRegistered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] for nil consideration; or
(B) a sum of money equal to the cumulative Market Value of the Dwellings specified in clause 2.1(a)(i)(A) to be sold paid to [a/the] Registered Housing Agency in accordance with clause 2.3(b);[or any other housing provider or trust that is approved by the Responsible Authority - optional]; or
(bC) subject to clause 2.1(c), management of [_]% of the contracts total number of sale between Dwellings approved for the Owner and Land to be assumed by [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] for the leasing as Affordable Housing Dwellings individually in the Registered Housing Agency's [or collectively must be entered into on the following terms and conditions:
(i) the price must not exceed [_]% of their Market Value on the day of saleapproved housing manager's - optional] absolute discretion; andor
(ii) provide an alternative means of delivering an equivalent quantum of Affordable Housing to the contract satisfaction of sale must be based on Forms 1 and 2 in the Estate Agents (Contracts) Regulations 2008, as in force from time to time, amended to incorporate such additional terms and conditions as are reasonable and consistent with conventional practice for a contract of sale in the circumstancesResponsible Authority;
(cb) the Owner must:
(i) construct the Affordable Housing Dwellings on the Subject Land in a continuous, proper and workmanlike manner, strictly in accordance with:
(A) the Plans and Specifications;
(B) all applicable laws;
(C) the terms of applicable permits and approvals; and
(D) using all due care and skill,
(ii) complete delivery of its Affordable Housing commitments under this Agreement by:
(A) providing good title to the Affordable Housing including all necessary title documents in registerable form under subclause 2.1(a)(i)(A);
(B) paying the sum of money in full pursuant to clause 2.1(a)(i)(B);
(C) vesting management rights pursuant to clause 2.1(a)(i)(C), or
(D) fully performing its contractual commitment under subclause 2.1(a)(ii), (as the case may be) within the time frame specified in subclause 2.1(c).
(c) [Delivery timeframe option 1 (delete alternative):] the Owner must comply with clause 2.1(b) within three months of the last to occur of:
(i) registration of the plan of subdivision which creates the Affordable Housing Lots; and
(ii) completion of construction of the Affordable Housing, as signified by the issuing of an occupancy permit by a licensed building surveyor for each of the Lots comprising the Affordable Housing, and in any event prior to [insert date].
(d) [Delivery timeframe option 2 (delete alternative and insert if any of Affordable Housing Dwellings are not purchased by [a/thethe Development is being constructed in stages):] Registered Housing Agency and under contract within [insert] months of date of this Agreement (Sunset Date), the Owner must make a payment comply with clause 2.1(b) prior to the earlier of:
(i) [a/the] Registered Housing Agency within 30 days of insert date]; and
(ii) the Sunset Date calculated based on the number of Affordable Housing Dwellings date that have not been purchased, multiplied by a figure which represents [_]% of their Market Value the Development has been completed.
(e) [ Optional Clause] the [_]% of Dwellings referred to in clause 2.1(a)(i) must include a diversity of housing stock that is representative of the total number of Dwellings approved for the Subject Land, including such characteristics as at number of bedrooms, to the Sunset Datesatisfaction of the Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] (acting reasonably).
Appears in 1 contract
Samples: Affordable Housing Agreement
Restriction on future use of the Subject Land. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] that:
(a) : before the Subject Land is [insert applicable option: subdivided for residential development (excluding subdivision of the Land into superlots) OR construction commences of a Dwelling on the Subject Land OR a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must (subject to clause 2.3(c)) enter into a binding agreement with [a/the] Registered Housing Agency to the Responsible Authority's satisfaction for unencumbered ownership of [_]% of the [insert applicable option - total number of Dwellings approved for the Land / Gross Floor Area] (rounded down to the nearest number) to be sold to [a/the] Registered Housing Agency in accordance with clause 2.3(b);
(b) ; the contracts of sale between the Owner and [a/the] Registered Housing Agency for the Affordable Housing Dwellings individually or collectively must be entered into on the following terms and conditions:
(i) : the price must not exceed [_]% of their Market Value on the day of sale; and
(ii) and the contract of sale must be based on Forms 1 and 2 in the Estate Agents (Contracts) Regulations 2008, as in force from time to time, amended to incorporate such additional terms and conditions as are reasonable and consistent with conventional practice for a contract of sale in the circumstances;
(c) ; the Owner must:
(i) : construct the Affordable Housing Dwellings in a continuous, proper and workmanlike manner, strictly in accordance with:
(A) : the Plans and Specifications;
(B) ; all applicable laws;
(C) ; the terms of applicable permits and approvals; and
(D) and using all due care and skill; and
(d) and if any of Affordable Housing Dwellings are not purchased by [a/the] Registered Housing Agency and under contract within [insert] months of date of this Agreement (Sunset Date), the Owner must make a payment to [a/the] Registered Housing Agency within 30 days of the Sunset Date calculated based on the number of Affordable Housing Dwellings that have not been purchased, multiplied by a figure which represents [_]% of their Market Value as at the Sunset Date. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] that: before the Subject Land is [insert applicable option - subdivided for residential development (excluding subdivision of the Land into superlots) / construction commences of a Dwelling on the Subject Land / a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must (subject to clause 2.4(c)) enter into a binding agreement with [a/the] Registered Housing Agency to the Responsible Authority's satisfaction for fee simple ownership of [insert quantity] of the Affordable Housing Dwellings to be transferred to [a/the] Registered Housing Agency under a shared equity arrangement in accordance with clause 2.4(b) (Shared Equity Agreement) or on such other terms and conditions as are acceptable to the Responsible Authority and [a/the] Registered Housing Agency; the Shared Equity Agreement will operate on the following terms and conditions: the Owner must transfer fee simple ownership of each of the Affordable Housing Dwellings to [a/the] Registered Housing Agency for nil consideration; the Owner may secure separate mortgages for principal amounts (Principal) of up to [_]% of the Market Value of each Affordable Housing Dwelling on such terms and conditions as are reasonable and consistent with conventional practice for a mortgage in the circumstances including that: the Principal will be paid to the Owner as a lump sum drawn from net sale proceeds upon settlement of a sale of the Affordable Housing Dwelling rather than in instalments; the mortgage will be subject to the Memorandum of Common Provisions AA2712 retained by the Registrar of Titles, incorporating such amendments as are necessary to ensure that the mortgage complies with this clause 2.4(b)(ii); and no interest will be payable on the Principal, except where the Registered Housing Agency defaults in repayment of the Principal upon settlement of the sale of the Affordable Housing Dwelling, in which case interest will accumulate on the Principal at the rate fixed from time to time by s 2 of the Penalty Interest Rates Act 1983 for the period from the date that the Principal was due until the date that it is actually paid; the Owner must: construct the Affordable Housing Dwellings in a continuous, proper and workmanlike manner, strictly in accordance with: the Plans and Specifications; all applicable laws; the terms of applicable permits and approvals; and using all due care and skill; and pursuant to such other additional terms and conditions as are acceptable to the Registered Housing Agency, reasonable and consistent with conventional practice for a shared equity arrangement in the circumstances; and if fee simple ownership of any of the Affordable Housing Dwellings has not been transferred to [a/the] Registered Housing Agency in accordance with clause 2.4(b)(i) within [insert quantity] months of the date of this Agreement (Sunset Date), the Owner must instead: make a payment to [a/the] Registered Housing Agency within 30 days of the Sunset Date calculated based on the number of Affordable Housing Dwellings that have not been transferred, multiplied by a figure which represents [_]% of their Market Value as at the Sunset Date; or grant an interest as mortgagee over the Affordable Housing Dwellings to [a/the] Registered Housing Agency which represents [_]% of the cumulative Market Value of the Affordable Housing Dwelling as at the Sunset Date secured by a mortgage in favour of [a/the] Registered Housing Agency, in a form prepared by the Registered Housing Agency's solicitor that is consistent with conventional practice for a mortgage in the circumstances.
Appears in 1 contract
Samples: Affordable Housing Agreement
Restriction on future use of the Subject Land. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] thatOwner:
(a) before the Subject Land is [insert applicable option: subdivided for residential development (excluding subdivision of the Land into superlots) OR construction commences of a Dwelling on the Subject Land OR a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must (subject to clause 2.3(c)) enter into a binding agreement with [a/the] Registered Housing Agency to the Responsible Authority's satisfaction for unencumbered ownership of [_]% of the [insert applicable option - total number of Dwellings approved for the Land / Gross Floor Area] (rounded down to the nearest number) to be sold to [a/the] Registered Housing Agency in accordance with clause 2.3(b);
(b) the contracts of sale between the Owner and [a/the] Registered Housing Agency for the Affordable Housing Dwellings individually or collectively must be entered into on the following terms and conditions:
(i) the price must not exceed [_]% of their Market Value on the day of sale; and
(ii) the contract of sale must be based on Forms 1 and 2 in the Estate Agents (Contracts) Regulations 2008, as in force from time to time, amended to incorporate such additional terms and conditions as are reasonable and consistent with conventional practice for a contract of sale in the circumstances;
(c) the Owner must:
(i) construct the Affordable Housing Dwellings in a continuous, proper and workmanlike mannermanner [insert number] [one/two/three-bedroom] Dwelling[s] on the Subject Land for use as Affordable Housing, strictly in accordance with:
(Ai) the Plans and Specifications;
(Bii) all applicable laws;
(Ciii) the terms of applicable permits and approvals; and
(Div) using all due care and skill; and, and specifically identify the relevant Dwellings in a written notice given to the Responsible Authority, for use in monitoring performance of the Owner's Affordable Housing obligations.
(db) if must, subject to clause 2.2(c), either:
(i) only sell a Dwelling referred to in clause 2.2(a) to a Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional], or, a person or persons who is or are eligible for provision of Affordable Housing Dwellings are not purchased accommodation, as determined by the Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional], and on such terms and conditions (including terms as to the quantum and payment of the sale price) as determined by [a/the] Registered Housing Agency and [or any other housing provider or trust that is approved by the Responsible Authority - optional]; or
(ii) place the Affordable Housing under contract within the management of [inserta/the] months of date of this Agreement (Sunset Date), Registered Housing Agency [or any other housing provider or trust that is approved by the Owner must make Responsible Authority - optional] pursuant to a payment management or other agreement on terms which are satisfactory to [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional]; and
(c) [Delivery timeframe option 1 (delete alternative):] must comply with clause 2.2(b) within 30 days three months of the Sunset Date calculated based last to occur of:
(i) registration of the plan of subdivision which creates the Affordable Housing Lots; and
(ii) completion of construction of the Affordable Housing, as signified by:
(A) the issuing of an occupancy permit by a licensed building surveyor for each of the Lots comprising the Affordable Housing; and
(B) compliance by the Owner with the Plans and Specifications in connection with the built form on the number of Affordable Housing Dwellings Lots, to the reasonable satisfaction of the Responsible Authority, and in any event prior to [insert date].
(d) [Delivery timeframe option 2 (delete alternative and insert if the Development is being constructed in stages):] the Owner must comply with clause 2.2(b) prior to the earlier of:
(i) [insert date]; and
(ii) the date that have not been purchased, multiplied by a figure which represents [_]% of their Market Value as at the Sunset DateDevelopment has been completed.
Appears in 1 contract
Samples: Affordable Housing Agreement
Restriction on future use of the Subject Land. The Owner covenants, acknowledges and agrees with the Responsible Authority [and the Registered Housing Agency - Optional] that:
(a) : before the Subject Land is [insert applicable option: subdivided for residential development (excluding subdivision of the Land into superlots) OR construction commences of a Dwelling on the Subject Land OR a statement of compliance is issued by the Responsible Authority in relation to the Subject Land], the Owner must (subject to clause 2.3(c)) must: enter into a binding an agreement with [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] to the Responsible Authority's satisfaction for for: subject to clause 2.1(c), unencumbered ownership of [_]% of the [insert applicable option - total number of Dwellings approved for the Land / Gross Floor Area] (rounded down to be transferred to the nearest numberRegistered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] for nil consideration; or a sum of money equal to the cumulative Market Value of the Dwellings specified in clause 2.1(a)(i)(A) to be sold paid to [a/the] Registered Housing Agency in accordance with [or any other housing provider or trust that is approved by the Responsible Authority - optional]; or subject to clause 2.3(b2.1(c);
(b) , management of [_]% of the contracts total number of sale between Dwellings approved for the Owner and Land to be assumed by [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] for the leasing as Affordable Housing Dwellings individually or collectively must be entered into on the following terms and conditions:
(i) the price must not exceed [_]% of their Market Value on the day of sale; and
(ii) the contract of sale must be based on Forms 1 and 2 in the Estate Agents (Contracts) Regulations 2008, as in force from time Registered Housing Agency's [or approved housing manager's - optional] absolute discretion; or provide an alternative means of delivering an equivalent quantum of Affordable Housing to time, amended to incorporate such additional terms and conditions as are reasonable and consistent with conventional practice for a contract the satisfaction of sale in the circumstances;
(c) Responsible Authority; the Owner must:
(i) : construct the Affordable Housing Dwellings on the Subject Land in a continuous, proper and workmanlike manner, strictly in accordance with:
(A) : the Plans and Specifications;
(B) ; all applicable laws;
(C) ; the terms of applicable permits and approvals; and
(D) and using all due care and skill, complete delivery of its Affordable Housing commitments under this Agreement by: providing good title to the Affordable Housing including all necessary title documents in registerable form under subclause 2.1(a)(i)(A); and
paying the sum of money in full pursuant to clause 2.1(a)(i)(B); vesting management rights pursuant to clause 2.1(a)(i)(C), or fully performing its contractual commitment under subclause 2.1(a)(ii), (das the case may be) within the time frame specified in subclause 2.1(c). [Delivery timeframe option 1 (delete alternative):] the Owner must comply with clause 2.1(b) within three months of the last to occur of: registration of the plan of subdivision which creates the Affordable Housing Lots; and completion of construction of the Affordable Housing, as signified by the issuing of an occupancy permit by a licensed building surveyor for each of the Lots comprising the Affordable Housing, and in any event prior to [insert date]. [Delivery timeframe option 2 (delete alternative and insert if the Development is being constructed in stages):] the Owner must comply with clause 2.1(b) prior to the earlier of: [insert date]; and the date that [_]% of the Development has been completed. [- Optional Clause] the [_]% of Dwellings referred to in clause 2.1(a)(i) must include a diversity of housing stock that is representative of the total number of Dwellings approved for the Subject Land, including such characteristics as number of bedrooms, to the satisfaction of the Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional] (acting reasonably). The Owner: must construct in a continuous, proper and workmanlike manner [insert number] [one/two/three-bedroom] Dwelling[s] on the Subject Land for use as Affordable Housing, strictly in accordance with: the Plans and Specifications; all applicable laws; the terms of applicable permits and approvals; and using all due care and skill, and specifically identify the relevant Dwellings in a written notice given to the Responsible Authority, for use in monitoring performance of the Owner's Affordable Housing obligations. must, subject to clause 2.2(c), either: only sell a Dwelling referred to in clause 2.2(a) to a Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional], or, a person or persons who is or are eligible for provision of Affordable Housing Dwellings are not purchased accommodation, as determined by the Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional], and on such terms and conditions (including terms as to the quantum and payment of the sale price) as determined by [a/the] Registered Housing Agency and [or any other housing provider or trust that is approved by the Responsible Authority - optional]; or place the Affordable Housing under contract within the management of [inserta/the] months of date of this Agreement (Sunset Date), Registered Housing Agency [or any other housing provider or trust that is approved by the Owner must make Responsible Authority - optional] pursuant to a payment management or other agreement on terms which are satisfactory to [a/the] Registered Housing Agency [or any other housing provider or trust that is approved by the Responsible Authority - optional]; and [Delivery timeframe option 1 (delete alternative):] must comply with clause 2.2(b) within 30 days three months of the Sunset Date calculated based last to occur of: registration of the plan of subdivision which creates the Affordable Housing Lots; and completion of construction of the Affordable Housing, as signified by: the issuing of an occupancy permit by a licensed building surveyor for each of the Lots comprising the Affordable Housing; and compliance by the Owner with the Plans and Specifications in connection with the built form on the number of Affordable Housing Dwellings Lots, to the reasonable satisfaction of the Responsible Authority, and in any event prior to [insert date]. [Delivery timeframe option 2 (delete alternative and insert if the Development is being constructed in stages):] the Owner must comply with clause 2.2(b) prior to the earlier of: [insert date]; and the date that have not been purchased, multiplied by a figure which represents [_]% of their Market Value as at the Sunset DateDevelopment has been completed.
Appears in 1 contract
Samples: Affordable Housing Agreement
