Sale And Purchase Agreement Page 11
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24THE SCHEDULE – continued
FORM E
(b)
the Purchaser has not served the Certificate of Statutory
Completion or the certified copy thereof on the stakeholder at the
end of 18 days after receiving that Certificate or certified copy from
the Vendor.
7.2
To treat this Agreement as repudiated, the Vendor must give to the
Purchaser not less than 21 days' notice in writing of the Vendor's intention
to treat this Agreement as having been repudiated by the Purchaser.
7.3
This Agreement is to be treated as annulled after the notice period
referred to in clause 7.2 has expired unless the unpaid instalments and
interest have been paid or the requisite document has been served
before the expiry of that notice period.
7.4
Once this Agreement is annulled, the Vendor has the right to -
(a)
resell or otherwise dispose of the Unit as if this Agreement had not
been entered into;
(b)
recover from the instalments (excluding interest) previously paid by
the Purchaser all interest owing and unpaid at the date of
annulment; and
(b)
forfeit and keep 20% of the Purchase Price from the instalments
(excluding interest) previously paid by the Purchaser.
7.5
After deducting the amounts referred to in clause 7.4(b) and (c) from the
instalments previously paid by the Purchaser, the Vendor must refund the
balance of those instalments not more than 21 days after one of the
following dates, whichever is the later :-
(a)
the date this Agreement is annulled; or
(b)
where vacant possession of the Unit has been delivered to the
Purchaser, the date vacant possession of the Unit is returned to
the Vendor,
after which neither party shall have further claims against each other.
7.6
If the Vendor does not refund the balance of instalments in accordance
with clause 7.5, interest on the unrefunded balances is to be payable by
the Vendor to the Purchaser until the unpaid balances are paid; and the
interest shall run from the 22nd day after the relevant date and be
calculated on a daily basis at the rate of 2% above the Base Rate.
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