Common use of Transfer of Land Clause in Contracts

Transfer of Land. (a) The Developer may not transfer, assign or dispose of the whole or any part of its right, title or interest in the Land (present or future) or in the Development to another person (Transferee) unless before it sells, transfers or disposes of that right, title or interest: (i) The Developer satisfies the Council that the proposed Transferee is financially capable of complying with the Developer obligations under this agreement; (ii) The Developer satisfies the Council that the rights of the Council will not be diminished or fettered in any way; (iii) The Transferee delivers to the Council a novation deed signed by the Transferee in a form and of such substance as is acceptable to the Council containing provisions under which the Transferee agrees to comply with all the outstanding obligations of the Developer under this agreement; (iv) The Transferee delivers to the Council Bank Guarantees as required by this agreement; (v) Any default under any provisions of this agreement has been remedied or waived by the Council, on such conditions as the Council may determine, and (vi) The Developer and the Transferee pay the Council’s reasonable costs in relation to the assignment. (b) The parties agree that clause 12.3(a) does not apply if the Transferee is acquiring an interest in the Land as a purchaser of one or more lots in a strata scheme, (whether or not the plan has, at the date of exchange, been registered at the NSW Land Registry Services).

Transfer of Land. Despite clause 12.1: (a) The Developer the Landowner may not transfer, assign or dispose of the whole or any part of its right, title or and interest in the Development Land (present or future) or in the Development to another person (Transferee) unless provided that before it sells, transfers or disposes of that right, title or interest: (i) The Developer the Landowner satisfies the Council that the proposed Transferee is financially capable of complying with the Developer obligations under this agreement; (ii) The Developer satisfies the Council Council, acting reasonably, that the rights of the Council will not be diminished or fettered in any way; (iiiii) The if this agreement has not been registered on the title to the Development Land, the Transferee delivers to the Council a novation deed signed by the Transferee in a form and of such substance as is acceptable to the Council Council, acting reasonably, containing provisions under which the Transferee agrees to comply with all the outstanding obligations of the Developer Landowner under this agreement; (iviii) The the Transferee delivers to the Council replacement Bank Guarantees as required by this agreement; (viv) Any any default under any provisions of this agreement has been remedied or waived by the Council, on such conditions as the Council may determine, and (viv) The Developer the Landowner and the Transferee pay the Council’s reasonable costs in relation to the assignment.transfer; and (b) The parties agree that clause 12.3(a) does not apply if the Transferee is acquiring an Landowner may transfer, assign or dispose of part of its right, title and interest in the Development Land as a purchaser (present or future) to another person without consent, provided that the Landowner remains the owner of one part of the Development Land following the transfer, disposal or more lots in a strata scheme, (whether or not the plan has, at the date of exchange, been registered at the NSW Land Registry Services)assignment.

Transfer of Land. (a) The Developer may not transfer, assign or dispose of the whole or any part of its right, title or interest in the Land (present or future) or in the Development to another person (Transferee) unless before it sells, transfers or disposes of that right, title or interest: (i) The Developer satisfies the Council that the proposed Transferee is financially capable of complying with the Developer obligations under this agreement; (ii) The Developer satisfies the Council that the rights of the Council will not be diminished or fettered in any way; (iii) The Transferee delivers to the Council a novation deed signed by the Transferee in a form and of such substance as is acceptable to the Council containing provisions under which the Transferee agrees to comply with all the outstanding obligations of the Developer under this agreement; (iv) The Transferee delivers to the Council replacement Bonds or Bank Guarantees as required by this agreement; (v) Any default under any provisions of this agreement has been remedied or waived by the Council, on such conditions as the Council may determine, and (vi) The Developer and the Transferee pay the Council’s reasonable costs in relation to the assignment. (b) The parties agree that clause 12.3(a) does not apply if the Transferee is acquiring an interest in the Land as a purchaser of one or more lots in a strata scheme, (whether or not the plan has, at the date of exchange, been registered at the NSW Land Registry Servicesand Property Information).