Sale and purchase agreement - Canterbury Earthquake Recovery ...

FURTHER TERMS OF AGREEMENT FOR SALE AND PURCHASE OF PROPERTY WITHINCANTERBURY RESIDENTIAL RED ZONE FOR UNINSURED IMPROVED PROPERTIESNB: This version is for use by: owners of residential properties who have never held insurance; owners of residential properties who held insurance at some time on or after 4September 2010 but who are not able to give the warranties required by the Crownunder the Insured Residential Property Owners Option 1A version; owners of non-residential properties who have never held insurance; and owners of non-residential properties who held insurance at some time on or after 4September 2010 but who are not able to give the warranties required by the Crownunder the Insured Not-for-Profit or Insured Commercial versions.18. DEFINITIONS18.1 In this Agreement, unless the context otherwise requires:"Benefits" means all of the rights and remedies of the Vendor in respect of:(a)the Claims including without limitation:(i)(ii)(iii)the right to pursue any Claim against EQC;the proceeds of any Claim;the power to give good discharge in respect of the Claim; and(b)the Other Claims."Claim" means the claims (if any) described in Schedule 5 (to the extent of the Vendor'sinterest in those claims), to the extent that such claims relate to damage and/or loss tothe Land in respect of any Event."EQC" means the Earthquake Commission continued under the EQC Act."EQC Act" means the Earthquake Commission Act 1993."EQC Cover" means the insurance of the Property (Land only) under section 19 of theEQC Act."Event" means any event causing damage and/or loss to the Property occurring on orfollowing 4 September 2010."Insurance Payments" means any payments (inclusive of GST) from EQC under theEQC Cover in respect of any Claim but excludes any such payments:(c)(d)(e)made to the Purchaser;made under the EQC Cover for repairs to the Land where the Vendor providesto the Purchaser evidence reasonably acceptable to the Purchaser that thevalue of such payments has been spent on repairs to the Land; ormade to a third party who has undertaken repairs or improvements to theProperty."Land" means land comprising the Property.2467861 v2 Version 1: 20 September 2012