Sale And Purchase Agreement Page 17
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24THE SCHEDULE – continued
FORM E
16.
Completion
16.1
The Vendor must give to the Purchaser a Notice to Complete requiring
completion of the sale and purchase of the Unit in accordance with this
clause no later than
or 3 years after the date of
delivery of vacant possession of the Unit, whichever is earlier.
16.2
Completion must take place 14 days after the Purchaser receives the
Vendor's Notice to Complete accompanied by a certificate by the qualified
person engaged by the Vendor stating that the Competent Authority
approves the subdivision of the Housing Project.
16.3
The completion of the sale and purchase of the Unit is to take place at
the office of the Vendor's solicitors.
16.4
On completion, the Vendor must execute a proper conveyance to the
Purchaser of the Unit. The Vendor must also deliver to the Purchaser a
duplicate Subsidiary Strata Certificate of Title for the Unit in the Building
unless the Registrar of Titles has directed that no Subsidiary Strata
Certificate of Title will be issued for the units in the same Building. The
conveyance is to be prepared by and at the expense of the Purchaser.
16.5
If for any reason the Vendor does not give a Notice to Complete by the
date specified in clause 16.1, the Vendor must pay to the Purchaser
liquidated damages.
16.6
Liquidated damages under clause 16.5 are to be calculated on a daily
basis at the rate of 10% per annum on the total instalments paid by the
Purchaser towards the Purchase Price, and shall run from the date on
which the Notice to Complete should have been given under clause 16.1
and until the date the Notice to Complete is actually given to the
Purchaser.
16.7
Any liquidated damages payable to the Purchaser under clause 16.5 may
be deducted from any instalment due to the Vendor.
16.8
Notwithstanding completion of the purchase of the Unit, the terms of this
Agreement which are not fulfilled are to remain in effect as between the
Vendor and Purchaser.
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