Common use of OUTGOINGS Clause in Contracts

OUTGOINGS. 15.1 Notwithstanding any contrary terms and conditions which may be imposed by the Developer on the Bank in granting the consent to the sale herein (if applicable), it is hereby agreed that any arrears of quit rent and assessment rate, and maintenance charges ONLY which is lawfully due i.e. which is unpaid for up to a maximum of 6 years preceding the successful auction date (the Bank reserves the right to refuse to pay any sums not lawfully due and/or those sums that are time barred) to any relevant authority or the Developer up to date of auction sale of the subject property shall be paid by the Bank out of the balance purchase money and in any event upon the Bank’s receipt of the balance purchase money in cleared funds.