40 (3)
extends the examination period for the FIRB Application beyond the FIRB Approval Date by issuing an interim order under section 68 of the Takeovers Act;
then the Purchaser may, within 4 days after the FIRB Approval Date, terminate this Contract by written notice to the Vendor. In that event, all moneys paid by the Purchaser under this Contract must be refunded to the Purchaser. If the Purchaser does not terminate this Contract within 4 days after the FIRB Approval Date, the Vendor may, at any time after the FIRB Approval Date, but before the Purchaser provides evidence that FIRB has granted its approval to the FIRB Application, terminate this Contract by notice in writing to the Purchaser. In that event, and subject always to Special Condition 13.7, all moneys paid by the Purchaser under this Contract must be refunded to the Purchaser. Where conditional approval given (1)
The Purchaser acknowledges that the Treasurer may grant approval to the FIRB Application subject to a condition to the effect that the Purchaser builds or causes a dwelling to be built and completed on the Property within specified time frames. The Purchaser confirms and agrees that such a condition is a condition which is satisfactory and acceptable to the Purchaser.
(2)
If the Treasurer makes a conditional order or approval with conditions that are satisfactory to the Purchaser, then the Purchaser must use its best endeavours to comply with the conditions.
Breach by Purchaser For the avoidance of doubt, the parties confirm and agree that if: (1)
the Purchaser breaches any part of Special Condition 13.2 or 13.3; or
(2)
due to any action or inaction by the Purchaser, the FIRB Application is not lodged within 7 days after the Day of Sale; or
(3)
the circumstances described in Special Conditions 13.5(1), 13.5(2), or 13.5(3) apply as a result of the Purchaser’s action or inaction; or
(4)
the Purchaser would, for any reason whatsoever, be in breach of the Takeovers Act by entering into this Contract or by effecting Settlement;
then the Vendor will be entitled to immediately terminate this Contract by notice in writing to the Purchaser. In that event, the Purchaser will not be entitled to a refund of the monies paid by the Purchaser, and such monies will instead be forfeited to the Vendor. Provide evidence at Settlement If this Contract is to proceed to Settlement, the Purchaser must, at or before Settlement, or within 3 days of the Vendor’s demand, provide written evidence to the Vendor that FIRB Approval has been granted. If the Purchaser fails to comply with this Special Condition 13.8, the Purchaser is in default under this Contract.
