Security for performance of obligations. The Developer is to provide the Council with Security in the amount specified in Item 12 of Schedule 1 to secure the performance of such of the Developer’s obligations under this Deed as are specified or described in Item 13 of Schedule 1. The Security is to be provided at the time specified in Item 14 of Schedule 1. The amount of the Security is to be indexed from the date of this Deed in accordance with the index specified in Item 15 of Schedule 1. The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer [Insert ‘and Landowner’ here if applicable] of its obligations under this Deed to the reasonable satisfaction of the Council. The Developer may at any time provide the Council with a replacement Security. On receipt of a replacement Security, the Council is to release and return to the Developer, as directed, the Security it holds that has been replaced. The Council may call-up the Security if it reasonably considers that the Developer [Insert ‘or Landowner’ here if applicable] has not complied with its obligations under this Deed specified in Item 13 of Schedule 1. However, the Council is not to call-up the Security unless: it has given the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and the Developer Insert ‘or Landowner’ here if applicable] has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired. If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to: the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose, all fees and charges necessarily or reasonably incurred by the Council in order to have the Work carried out, completed or rectified, and all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance. If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed. The dispute resolution provisions of this Deed do not apply to any matter the subject of this clause.
Security for performance of obligations. 26.1 The Developer is to provide Security to the Council in the amount of $3,033,000.00 in relation to the performance of its obligations under this Deed.
26.2 The Developer is to provide the Security to the Council as follows.
(a) Security in the amount of $1.76 million to Council to secure the Developer's obligations under this Deed in relation to the Road Works, and
(b) Security in the amount of $1 million to Council to secure the Developer's obligations in relation to the monetary Development Contributions for Kempt Field Works, and
(c) Security in the amount of $273,000 to secure the Developer's obligations under this Deed in relation to the Development Contributions described in Schedule 2, all within 28 days of the granting of Development Consent to the Development Application
26.3 The Bank Guarantees that have been provided to secure the Developer's obligations in relation to monetary Development Contributions may be reduced progressively in accordance with the certain amounts that the Developer pays in satisfaction of those Developer's obligations.
26.4 The Council, in its absolute discretion and despite clause 15, may refuse to allow the Developer to enter, occupy or use any land owned or controlled by the Council or refuse to provide the Developer with any plant, equipment, facilities or assistance relating to the carrying out the Development if the Developer has not provided the Security to the Council in accordance with this Deed.
26.5 The Council may call-up and apply the Security in accordance with clause 26 to remedy any breach of this Deed notwithstanding any other remedy it may have under this Deed, under any Act or otherwise at law or in equity.
26.6 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of completion of the obligations in respect of which the Security relates.
26.7 The Developer may at any time provide the Council with a replacement Security. On receipt of a replacement Security, the Council is to release and return the Security that has been replaced to the Developer.
26.8 If the Council calls-up the Security or any portion of it, it may, by written notice to the Developer, require the Developer to provide a further or replacement Security to ensure that the amount of Security held by the Council equals the amount it is entitled to hold under this Deed.
26.9 At the expiry of each 12 month period during which the Security is provided to the Council, the Developer is to...
Security for performance of obligations. 22.1 Prior to the issuing of the first Construction Certificate for the Development:
22.1.1 the Developer must call for and receive competitive tenders from 3 civil contractors for the carrying out of the Work to be carried out under this Deed, and
22.1.2 the Developer must notify the Council in writing of the preferred civil contractor as a result of the tender process, and
22.1.3 the Developer must provide Security to the Council in relation to the performance of its obligations under this Deed for the Security Amount (Works Security).
22.2 The Council, in its absolute discretion and despite clause 12, may refuse to allow the Developer to enter, occupy or use any land owned or controlled by the Council or refuse to provide the Developer with any plant, equipment, facilities or assistance relating to the carrying out the Development if the Developer has not provided the Security to the Council in accordance with this Deed.
22.3 The Council is to release and return the Works Security, or any unused part of it, to the Developer within the latter of:
Security for performance of obligations. 13.1 The Developer is to provide Security to the Council in the amount of
13.2 The Developer is to provide the Security to the Council before it commences any part of the Development unless, before that time, the Council agrees in writing to apportion the Security to different Stages, in which case the Developer is to provide the portion of the Security relating to a particular Stage to the Council before it commences any part of the Development comprised in the Stage.
13.3 The Council may call-up and apply the Security in accordance with clause 14 to remedy any breach of this Deed notwithstanding any other remedy it may have under this Deed, under any Act or otherwise at law or in equity.
13.4 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of completion of the obligation to which the Security relates.
13.5 The Developer may at any time provide the Council with a replacement Security.
13.6 On receipt of a replacement Security, the Council is to release and return the Security that has been replaced to the Developer.
13.7 If the Council calls-up the Security or any portion of it, it may, by written notice to the Developer, require the Developer to provide a further or replacement Security to ensure that the amount of Security held by the Council equals the amount it is entitled to hold under this Deed.
13.8 The Developer is to ensure that the Security provided to the Council is at all times maintained to the full current indexed value.
Security for performance of obligations. 15.1 The Developer is to provide Security to the Council in accordance with this clause 15 as security for the Developer performing its obligations under this Deed.
15.2 At least 30 days before the First Operational Day, the Developer is to provide Security to the Council in the amount of $150,000 (‘Initial Security’).
15.3 The Council may call-up or claim upon the Initial Security for any costs incurred by the Council in rectifying the Developer’s failure to pay the Initial Development Contribution, including:
15.3.1 the costs of the Council’s employees, agents and contractors reasonably incurred for that purpose,
15.3.2 all fees and charges necessarily or reasonably incurred by the Council in remedying the breach, and
15.3.3 all legal costs and expenses reasonably incurred by the Council, by reason of the breach, in accordance with clause 16.
15.4 Immediately after the Initial Development Contribution is paid by the Developer to the Council, the Council must return the Initial Security to the Developer in exchange for the Developer providing a replacement Security to the Council in the amount of $100,000 (‘Annual Development Contribution Security’).
15.5 The Developer is required to maintain the Annual Development Contribution Security until the final Annual Development Contribution is made by the Developer to Council.
15.6 The Council may call-up or claim upon the Annual Development Contribution Security if the Developer fails to pay an Annual Development Contribution in accordance with Schedule 1, and for any costs incurred by the Council in rectifying the Developer’s failure to an Annual Development Contribution, including:
15.6.1 the costs of the Council’s employees, agents and contractors reasonably incurred for that purpose,
15.6.2 all fees and charges necessarily or reasonably incurred by the Council in remedying the breach, and
15.6.3 all legal costs and expenses reasonably incurred by the Council, by reason of the breach, in accordance with clause 16.
15.7 If the Council is entitled to call-up and use the Annual Development Contribution Security in accordance with this Deed at any time before the final Annual Development Contribution is required to be made by the Developer, the Developer must:
15.7.1 within 7 days of receiving a written notice from the Council, pay any shortfall between the Annual Development Contribution Security held at the time by the Council, and
15.7.2 within 30 days of receiving a written notice from the Council reinstate ...
Security for performance of obligations. 13.1 The Developer is to provide the Council with Security in the amount specified in Item 9 of Schedule 1.
13.2 The Security is to be provided at the time specified in Item 10 of Schedule 1.
13.3 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of compliance by the Developer of its obligations under this Deed to the reasonable satisfaction of the Council.
13.4 The Council may call-up the Security if it reasonably considers that the Developer has not complied with its obligations under this Deed.
13.5 However, the Council is not to call-up the Security unless:
13.5.1 it has given the Developer not less than 30 days’ notice of its intention to do so and particulars of why it intends to do so, and
13.5.2 the Developer has not rectified the non-compliance to the Council’s reasonable satisfaction before that period has expired.
13.6 If the Council calls-up the Security, it may use the amount paid to it in satisfaction of any costs incurred by it in remedying the non-compliance including but not limited to:
13.6.1 the reasonable costs of the Council’s servants, agents and contractors reasonably incurred for that purpose,
13.6.2 all legal costs and expenses reasonably incurred by the Council, by reason of the Developer's non-compliance.
13.7 If the Council calls-up the Security, it may, by notice in writing to the Developer, require the Developer to provide a further or replacement Security in an amount that, when added to any unused portion of any existing Security, does not exceed the amount of the Security the Council is entitled to hold under this Deed.
13.8 The dispute resolution provisions of this Deed do not apply to any matter the subject of this clause.
Security for performance of obligations. 19.1 On execution of this Deed, the Developer is to provide Security to the Council equal to the Stormwater Drainage Work Security Amount.
19.2 If the Developer wishes to apply for a Subdivision Certificate under this Deed for the Development prior to completing the Stormwater Drainage Work, the Developer must request the Council’s written approval to increase the Security amount.
19.3 The Council, in its absolute discretion, may agree to increase the Security to an amount determined by the Council having regard to the extent of works required to complete the Stormwater Drainage Work.
19.4 The Developer must provide any additional amount of Security prior to applying for a Subdivision Certificate for the Development.
19.5 The Council may call-up and apply the Security in accordance with clause 21 to remedy any breach of this Deed notwithstanding any other remedy it may have under this Deed, under any Act or otherwise at law or in equity.
19.6 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of completion of the obligation to which the Security relates.
19.7 The Developer may at any time provide the Council with a replacement Security.
19.8 On receipt of a replacement Security, the Council is to release and return the Security that has been replaced to the Developer.
19.9 If the Council calls-up the Security or any portion of it, it may, by written notice to the Developer, require the Developer to provide a further or replacement Security to ensure that the amount of Security held by the Council equals the amount it is entitled to hold under this Deed.
19.10 The Developer is to ensure that the Security provided to the Council is at all times maintained to the full current indexed value.
Security for performance of obligations. 22.1 The Developer is to provide Security to the Council in the amount of 125% of the indexed Value of all Works required to be provided by the Developer under this Deed.
22.2 The Council is to hold the Security as security for the Developer performing its obligations under this Deed.
22.3 The Developer is to provide the Security to the Council:
22.3.1 before the Developer obtains the first Part 6 Certificate for any part of the Development or before the Developer commences any part of the Works, whichever occurs first, or
Security for performance of obligations. 25.1 The Developer is to provide Security to the Council:
25.1.1 in the amount of 125% of the Newmans Road Upgrade Developer Initial Contribution Amount in relation to the performance of its obligations under this Deed relating to the Newmans Road Upgrade Project, and 25.1.2 in the amount of 125% of the Roundabout Upgrade Developer Initial Contribution Amount in relation to the performance of its obligations under this Deed relating to the Roundabout Upgrade Project.
25.2 The Developer is to provide the Security to the Council before it commences any part of the Development.
25.3 The Council, in its absolute discretion and despite clause 15, may refuse to allow the Developer to enter, occupy or use any land owned or controlled by the Council or refuse to provide the Developer with any plant, equipment, facilities or assistance relating to the carrying out the Development if the Developer has not provided the Security to the Council in accordance with this Deed.
25.4 The Council may call-up and apply the Security in accordance with clause 26 to remedy any breach of this Deed notwithstanding any other remedy it may have under this Deed, under any Act or otherwise at law or in equity.
25.5 The Council is to release and return the Security or any unused part of it to the Developer within 14 days of completion of the obligations to which the Security relates.
25.6 The Developer may at any time provide the Council with a replacement Security.
25.7 On receipt of a replacement Security, the Council is to release and return the Security that has been replaced to the Developer.
25.8 If the Council calls-up the Security or any portion of it, it may, by written notice to the Developer, require the Developer to provide a further or replacement Security to ensure that the amount of Security held by the Council equals the amount it is entitled to hold under this Deed.
25.9 The Developer is to ensure that the Security provided to the Council is at all times maintained to the full current indexed value.
Security for performance of obligations. 29.1 The Developer must, procure the registration of the Agreement on the relevant folios of the register held by the LPI pertaining to Stages 2, 3, 4, 5 and 6 as soon as reasonably practicable after the Commencement Date and, in any event, no later than 90 Business Days after the Commencement Date.
29.2 The registered notation identified at 29.1 of this Deed may be progressively released from the titles of all of the lots within each Stage but only upon the full satisfaction of each of the Developer’s obligations pertaining to that particular Stage.
29.3 The Developer shall be responsible for procuring all signatures which are necessary to enable all such releases and the Council will promptly (and in any case within 14 days of being requested to do so, and subject to clause 29.2 of tis Deed) sign any form reasonably required to give effect to the release of the notation on title as required by this clause.
