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19.3 The Vendor gives notice to the Purchaser that, in the event that the Purchaser
fails to perform any fundamental term of the Contract for the purchase of the
Property being sold including but not limited to the completion of the
purchase of the Property on the due date under the Contract, the Vendor will
or may suffer the following losses and expenses which, the Purchaser would be
required to pay, in addition to the interest chargeable on the balance of
purchase monies, in accordance with the terms of the Contract:-
(d)
(e)
(f)
(g)
The cost of obtaining bridging finance to complete the Vendor’s
purchase of another property and interest charged on such bridging
finance.
Interest payable to the Vendor under any existing mortgage over
the Property calculated from the due date for settlement.
Legal costs and expenses as between the Vendor and his/her/its
Solicitor.
Penalties payable by the Vendor through any delay in completion of
the Vendor’s purchase of another property.
(h) Accommodation and removalist expenses that are additionally
incurred as a result of the purchasers delay with settlement.
20 INTEREST ON DEFAULT
If the Purchaser defaults in payment of any money under this Contract, the
Purchaser must without prejudice to any other rights of the Vendor, pay to
the Vendor interest at the rate of 5% more than the amount specified as the
penalty rate for the time being fixed under section 2 of the Penalty Interest
Rates Act 1983 on the amount in default from the time it fell due until the
default ceases.
21 FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975
21.1 If the Purchaser is a foreign resident or a non-resident of Australia or is
otherwise required to obtain approval or an indication of non-objection under
the Foreign Acquisitions & Takeovers Act 1975 or any real estate policy
guidelines of the Commonwealth Government and/or the approval or
certification of the Treasurer under the Foreign Acquisitions & Takeovers
Regulations to enter into this Contract, the Purchaser warrants that it has
obtained the approval or certification of the Treasurer or has received a
statement of non-objection.
21.2 The Purchaser unconditionally indemnifies the Vendor against any loss or
expense (including any consequential loss) which the Vendor suffers as a result
of the Purchaser's breach of the warranty given under Special Condition 23.1.
22 GOODS & SERVICES TAX
The Price is expressed to be inclusive of GST. The Vendor and the Purchaser
agree that the Vendor may be applying the Margin Scheme to calculate any
GST liability payable by the Vendor as a consequence of the taxable supply
made pursuant to this Contract.
23 GUARANTEE
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