Common Contracts
1 similar Heads of Terms contracts
HEADS OF TERMS FOR PROPOSED TRANSFERHeads of Terms • October 11th, 2012
Premises: Simpson Village Hall, Simpson Road, Simpson, Milton Keynes, MK6 3AD. Vendor: Milton Keynes Borough Council, Civic Offices, 1 Saxon Gate East, Milton Keynes, MK9 3EJ Purchaser: Simpson & Ashland Parish Council (S&APC) Property Tenure: Freehold Purchase Price: £1.00 Restrictive Covenants: A restrictive covenant to be entered into at the time of the purchase preventing the use of the Property for commercial purposes except those supporting and ancillary to the provisions of the primary purpose as specified in the Stage 2 Business Case (for the benefit of the community of Milton Keynes). Clawback: In the event that the restrictive covenants are breached, the purchaser will be obliged to pay a sum calculated at 100% of the capital value of the Property, assuming a use other than the primary community use, reducing by 2% per annum from the date of transfer. Pre-emption: In the event that’ S&APC decides within 25 years of its purchase to sell the freehold interest or grant a lease o
