o_1937aahn31ruc1bt9ajr12u811a.pdf

(d)
Words and phrases used in this Special Condition which are defined in the
Personal Property Securities Act 2009 (Cth) have the same meaning in this
Special Condition.
29 SUBSTITUTION
(a)
(b)
(c)
If the Property is expressed to be sold to a named Purchaser “and/or
nominee” (or similar words) and if the Purchaser is not in default under this
Contract, and the Plan of Subdivision is registered, then the Purchaser may
nominate a substitute or additional Purchaser(s) to assume its obligations
under the Contract, provided such nomination is made at least 21 days
prior to Settlement to the Vendor’s satisfaction and at the cost and
expense, including the Vendor’s legal costs in the sum of $150.00, of both
the named Purchaser and the substituted or additional Purchaser.
Notwithstanding any nomination or substitution, the Purchaser shall remain
personally liable for the due performance of all the Purchaser’s obligations
under this Contract until the Balance of the Price is paid in full.
If the Purchaser nominates or substitutes an additional Purchaser in
accordance with Special Condition 17{ REF _Ref332797153 \r \h \*
MERGEFORMAT }, the nominated or substituted Purchaser must provide to
the Vendor’s Legal Practitioner:
(i)
(ii)
(iii)
An executed copy of any Statutory Declaration or other documents
required by the Victorian State Revenue Office in relation to the
nomination or substitution;
Where applicable, the Guarantee and Indemnity executed in
accordance with Special Condition 26; and
Where applicable, the certified company search in accordance with
Special Condition 26.
(d)
(e)
(f)
(g)
If this Contract is conditional upon anything being done by the Purchaser,
then the Purchaser shall not be entitled to nominate or substitute an
additional purchaser unless the Purchaser can prove to the Vendor’s
satisfaction that the additional purchaser is as capable of fulfilling the
Contract as the Purchaser.
The Purchaser acknowledges it shall be liable for any additional stamp duty
which may be incurred as a result of any substitution or nomination.
If the Purchaser nominates a substitute Purchaser, the Purchaser must
procure the substituted Purchaser to provide a bank guarantee in the
same amount and form as the original bank guarantee and always
complying with this Contract. The original Bank Guarantee remains in
effect unless and until the substituted Purchaser provides a replacement
Bank Guarantee or Deposit upon which the original Bank Guarantee
provided by the named Purchaser shall be returned.
If the Purchaser is an Australian Resident it must not without the Vendor’s
consent nominate a Foreign Person as a substitute or additional Purchaser.
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