Common use of Water Rates Clause in Contracts

Water Rates. (1) Water Rates payable to the Water Authority in relation to the Development Area will be amounts determined in accordance with the succeeding provisions of this clause. (2) If Project Completion occurs in the Rating Year 1994/1995, as is anticipated, the Water Rates for that Rating Year will, subject to subclause (4), be — (a) If the GRV as at 1 July 1993 is less than or equal to $22,000,000, an amount determined by applying the rate in the $ of GRV specified in subclause (9) to the GRV as at 1 July 1993 less $500,000.00; or (b) if the GRV at 1 July 1993 exceeds $22,000,000, $1,500,000 increased by the amount by which the GRV exceeds $22,000,000 multiplied by .0908. (3) If Project Completion occurs in the Rating Year 1995/1996 or in a later Rating Year, then the Water Rates in the Rating Year in which Project Completion occurs will, subject to subclause (4), be the Base Amount increased by the same percentage as the percentage increase in the CPI which occurs during the period 31 March 1994 to 31 March in the year preceding Project Completion. (4) If Project Completion occurs otherwise than on the first day of a Rating Year, Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be the aggregate of — (a) Water Rates which but for the provisions of this Agreement are payable in respect of that Rating Year; (b) that proportion of the amount by which the Base Amount, or as the case may be, of the Base Amount as increased by the operation of subclause (3), exceeds the amount referred to in paragraph (a) as is the same as the proportion which the number of days from Project Completion to the end of the then current Rating Year bears to 365. (a) Subject to the succeeding provisions of this clause, in the 19 Rating Years following the Rating Year in which Project Completion occurs the Water Rates payable shall be the amount payable in the preceding Rating Year increased by the same percentage as the annual percentage increase in the CPI during the immediately preceding Rating Year; (b) for the purposes of subclause 5(a) — (i) the increase in the CPI will be calculated for the period of 12 months which ends on the 31 March which immediately precedes the commencement of the relevant Rating Year; (ii) the Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be taken to be the Base Amount, or as the case may be, the Base Amount as increased by the operation of subclause (3). (6) If during the period specified in subclause 5(a) the Redeveloped Shopping Centre is further expanded by the construction of a new building or other development (the “New Development”), Water Rates payable in respect of the Development Area will be increased by an amount determined in accordance with the succeeding provisions of this clause. (7) The amount of the increase in the Water Rates (“the Incremental Increase”) will be (a) - (b) where — (a) = Water Rates determined in accordance with the GRV of the Development Area following completion of the New Development and calculated on the basis of the scale of Water Rates then applicable for commercial properties generally within the Perth Metropolitan Area (the “Current Scale”) (b) = Water Rates determined in accordance with the GRV of the Development Area prior to the New Development and calculated on the basis of the Current Scale. For the avoidance of doubt, the calculation in this subclause will not include the concession in respect of Water Rates specified in subclause (2). (8) If and when an Incremental Increase occurs — (a) for the purpose of calculating, pursuant to subclause (5), the Water Rates payable in respect of the Rating Year following that in which the Incremental Increase occurred and subsequent Rating Years the full amount of the Incremental Increase is deemed to have been payable in the Rating Year in which it occurred; (b) unless the New Development giving rise to the Incremental Increase was completed on the first day of a Rating Year, in which case the whole of the Incremental Increase is to be added to Water Rates payable, the Water Rates payable in respect of the Rating Year in which the New Development was completed shall increase by only that proportion of the Incremental Increase as is the same as the proportion which the number of days from the date of completion of the New Development to the end of the then current Rating Year bears to 365. (9) For the purpose of subclause (2) the schedule of rates in the $ of GRV, expressed in cents, is as follows — GRV Water Sewerage Drainage Total up to $8,000 4.68 4.48 .70 9.86 Next $1,592,0000 4.01 4.45 .70 9.16 greater than $1,600,000 3.97 4.41 .70 9.08 (10) (a) Water Rates payable pursuant to this clause shall entitle the Joint Venturers to a water allowance free of charge, in each Rating Year, of 400,000 kilolitres;

Water Rates. (1) Water Rates payable to the Water Authority in relation to the Development Area will be amounts determined in accordance with the succeeding provisions of this clause. (2) If Project Completion occurs in the Rating Year 1994/1995, as is anticipated, the Water Rates for that Rating Year will, subject to subclause (4), be — (a) If the GRV as at 1 July 1993 is less than or equal to $22,000,000, an amount determined by applying the rate in the $ of GRV specified in subclause (9) to the GRV as at 1 July 1993 less $500,000.00; or (b) if the GRV at 1 July 1993 exceeds $22,000,000, $1,500,000 increased by the amount by which the GRV exceeds $22,000,000 multiplied by .0908. (3) If Project Completion occurs in the Rating Year 1995/1996 or in a later Rating Year, then the Water Rates in the Rating Year in which Project Completion occurs will, subject to subclause (4), be the Base Amount increased by the same percentage as the percentage increase in the CPI which occurs during the period 31 March 1994 to 31 March in the year preceding Project Completion. (4) If Project Completion occurs otherwise than on the first day of a Rating Year, Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be the aggregate of — (a) Water Rates which but for the provisions of this Agreement are payable in respect of that Rating Year; (b) that proportion of the amount by which the Base Amount, or as the case may be, of the Base Amount as increased by the operation of subclause (3), exceeds the amount referred to in paragraph (a) as is the same as the proportion which the number of days from Project Completion to the end of the then current Rating Year bears to 365. (5) (a) Subject to the succeeding provisions of this clause, in the 19 Rating Years following the Rating Year in which Project Completion occurs the Water Rates payable shall be the amount payable in the preceding Rating Year increased by the same percentage as the annual percentage increase in the CPI during the immediately preceding Rating Year; (b) for the purposes of subclause 5(a) — (i) the increase in the CPI will be calculated for the period of 12 months which ends on the 31 March which immediately precedes the commencement of the relevant Rating Year; (ii) the Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be taken to be the Base Amount, or as the case may be, the Base Amount as increased by the operation of subclause (3). (6) If during the period specified in subclause 5(a) the Redeveloped Shopping Centre is further expanded by the construction of a new building or other development (the “New Development”), Water Rates payable in respect of the Development Area will be increased by an amount determined in accordance with the succeeding provisions of this clause. (7) The amount of the increase in the Water Rates (“the Incremental Increase”) will be (a) - (b) where — (a) = Water Rates determined in accordance with the GRV of the Development Area following completion of the New Development and calculated on the basis of the scale of Water Rates then applicable for commercial properties generally within the Perth Metropolitan Area (the “Current Scale”) (b) = Water Rates determined in accordance with the GRV of the Development Area prior to the New Development and calculated on the basis of the Current Scale. For the avoidance of doubt, the calculation in this subclause will not include the concession in respect of Water Rates specified in subclause (2). (8) If and when an Incremental Increase occurs — (a) for the purpose of calculating, pursuant to subclause (5), the Water Rates payable in respect of the Rating Year following that in which the Incremental Increase occurred and subsequent Rating Years the full amount of the Incremental Increase is deemed to have been payable in the Rating Year in which it occurred; (b) unless the New Development giving rise to the Incremental Increase was completed on the first day of a Rating Year, in which case the whole of the Incremental Increase is to be added to Water Rates payable, the Water Rates payable in respect of the Rating Year in which the New Development was completed shall increase by only that proportion of the Incremental Increase as is the same as the proportion which the number of days from the date of completion of the New Development to the end of the then current Rating Year bears to 365. (9) For the purpose of subclause (2) the schedule of rates in the $ of GRV, expressed in cents, is as follows — GRV Water Sewerage Drainage Total up to $8,000 4.68 4.48 .70 9.86 Next $1,592,0000 4.01 4.45 .70 9.16 greater than $1,600,000 3.97 4.41 .70 9.08 (10) (a) Water Rates payable pursuant to this clause shall entitle the Joint Venturers to a water allowance free of charge, in each Rating Year, of 400,000 kilolitres;

Water Rates. (1) Water Rates payable to the Water Authority in relation to the Development Area will be amounts determined in accordance with the succeeding provisions of this clause. (2) If Project Completion occurs in the Rating Year 1994/1995, as is anticipated, the Water Rates for that Rating Year will, subject to subclause (4), be — (a) If the GRV as at 1 July 1993 is less than or equal to $22,000,000, an amount determined by applying the rate in the $ of GRV specified in subclause (9) to the GRV as at 1 July 1993 less $500,000.00; or (b) if the GRV at 1 July 1993 exceeds $22,000,000, $1,500,000 increased by the amount by which the GRV exceeds $22,000,000 multiplied by .0908. (3) If Project Completion occurs in the Rating Year 1995/1996 or in a later Rating Year, then the Water Rates in the Rating Year in which Project Completion occurs will, subject to subclause (4), be the Base Amount increased by the same percentage as the percentage increase in the CPI which occurs during the period 31 March 1994 to 31 March in the year preceding Project Completion. (4) If Project Completion occurs otherwise than on the first day of a Rating Year, Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be the aggregate of — (a) Water Rates which but for the provisions of this Agreement are payable in respect of that Rating Year; (b) that proportion of the amount by which the Base Amount, or as the case may be, of the Base Amount as increased by the operation of subclause (3), exceeds the amount referred to in paragraph (a) as is the same as the proportion which the number of days from Project Completion to the end of the then current Rating Year bears to 365. (a) Subject to the succeeding provisions of this clause, in the 19 Rating Years following the Rating Year in which Project Completion occurs the Water Rates payable shall be the amount payable in the preceding Rating Year increased by the same percentage as the annual percentage increase in the CPI during the immediately preceding Rating Year; (b) for the purposes of subclause 5(a5 (a) — (i) the increase in the CPI will be calculated for the period of 12 months which ends on the 31 March which immediately precedes the commencement of the relevant Rating Year; (ii) the Water Rates payable in respect of the Rating Year in which Project Completion occurs shall be taken to be the Base Amount, or as the case may be, the Base Amount as increased by the operation of subclause (3). (6) If during the period specified in subclause 5(a5 (a) the Redeveloped Shopping Centre is further expanded by the construction of a new building or other development (the “New Development”), Water Rates payable in respect of the Development Area will be increased by an amount determined in accordance with the succeeding provisions of this clause. (7) The amount of the increase in the Water Rates (“the Incremental Increase”) will be (a) - — (b) where — (a) = Water Rates determined in accordance with the GRV of the Development Area following completion of the New Development and calculated on the basis of the scale of Water Rates then applicable for commercial properties generally within the Perth Metropolitan Area (the “Current Scale”) (b) = Water Rates determined in accordance with the GRV of the Development Area prior to the New Development and calculated on the basis of the Current Scale. For the avoidance of doubt, the calculation in this subclause will not include the concession in respect of Water Rates specified in subclause (2). (8) If and when an Incremental Increase occurs — (a) for the purpose of calculating, pursuant to subclause (5), the Water Rates payable in respect of the Rating Year following that in which the Incremental Increase occurred and subsequent Rating Years the full amount of the Incremental Increase is deemed to have been payable in the Rating Year in which it occurred; (b) unless the New Development giving rise to the Incremental Increase was completed on the first day of a Rating Year, in which case the whole of the Incremental Increase is to be added to Water Rates payable, the Water Rates payable in respect of the Rating Year in which the New Development was completed shall increase by only that proportion of the Incremental Increase as is the same as the proportion which the number of days from the date of completion of the New Development to the end of the then current Rating Year bears to 365. (9) For the purpose of subclause (2) the schedule of rates in the $ of GRV, expressed in cents, is as follows — GRV Water Sewerage Drainage Total up to $8,000 4.68 4.48 .70 9.86 Next $1,592,0000 4.01 4.45 .70 9.16 greater than $1,600,000 3.97 4.41 .70 9.08 (10) (a) Water Rates payable pursuant to this clause shall entitle the Joint Venturers to a water allowance free of charge, in each Rating Year, of 400,000 kilolitres;