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17<br />
substituted Lot Holder.<br />
18.3<br />
The Lot Holder acknowledges that, in the event of and despite a nomination<br />
being effected pursuant to this Clause 18, the Lot Holder will remain jointly<br />
and severally liable to the Developer for the due performance of the<br />
obligations of the Lot Holder under this Agreement and payment of any<br />
expense resulting from the nomination.<br />
19. CHARGE<br />
19.1 In consideration of the Lot Holder entering into this Agreement and paying<br />
the Reservation Fee payable hereunder, the Developer HEREBY CHARGES to<br />
the Lot Holder all of its right, title and interest in the Property, the assets of the<br />
Developer and the goodwill of the Developer as security for all moneys that<br />
may become now and hereafter due and payable to the Lot Holder by the<br />
Developer under this Agreement AND the Developer EXPRESSLY<br />
ACKNOWLEDGES and DECLARES that this Charge is given upon and with the<br />
benefit of the following terms and provisions and conditions:<br />
(a)<br />
(b)<br />
(c)<br />
the Charge shall be a continuing equitable charge for so long as the<br />
Developer is not in default under this Agreement;<br />
the Lot Holder shall not register or seek to enforce the said charge<br />
against the Developer unless in accordance with this Clause 19;<br />
in the event of a default by the Developer this Charge will<br />
immediately become registrable and enforceable at the option of<br />
the Lot Holder.<br />
19.2 For the purposes of this Clause 19, an event of default will be deemed to<br />
have occurred if:<br />
(a)<br />
(b)<br />
(c)<br />
default is made by the Developer in the due and punctual payment<br />
of all or any part of any monies at any time due and payable by the<br />
Developer to the Lot Holder whether demanded or not;<br />
an Administrator is appointed to the Developer in accordance with<br />
the Corporations Law;<br />
the Developer enters into a Deed of Company Arrangement; or<br />
(d)<br />
a petition or application is presented or an order made or a<br />
resolution is proposed or passed for the winding-up or liquidation of<br />
the Developer or for the reduction of its capital or if notice of<br />
intention to propose such resolution is given.<br />
19.3 This Charge shall enure for the benefit of the Lot Holder and its successors<br />
and transferees.