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Agenda Reports Pack (Public) 15/10/2012, 19.00 - Meetings ...

Agenda Reports Pack (Public) 15/10/2012, 19.00 - Meetings ...

Agenda Reports Pack (Public) 15/10/2012, 19.00 - Meetings ...

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liability for CPO Costs in relation to the risk that all of the owners and occupiers ofthe CPO Lands who are entitled to serve a Blight Notice were to serve a Blight Noticein respect of their respective interests and on the assumption that none of such BlightNotices could be rejected or such higher reasonable sum as the Council mayreasonably specify from time to time having regard to the Compensation Assessment;and6.2.3 on the date on which the Developer requests the Council to make a GeneralVesting Declaration in respect of any outstanding interests in the CPO Lands anadditional sum (if any) which represents the amount by which the Council'sreasonable and proper estimate of the CPO Costs in relation to all such outstandinginterests in the CPO Lands exceeds the Surety then in place under paragraph 2 above.6.3 On each payment of CPO Costs the Council shall reduce the amount of Suretyrequired in the following manner:6.3.1 during the period in which a Surety is in place under paragraph 6.2.2 to theCouncil's reasonable estimate of the outstanding risk for CPO Costs in relation to theoccupiers of the CPO Lands who are entitled to serve a Blight Notice except thatinterest in respect of which the payment of CPO Costs was made;6.3.2 during the period in respect of which a Surety is in place under paragraph6.2.3 to the Council's reasonable estimate of the outstanding risk for CPO costs inrelation to all CPO Interests except that in respect of which the payment of CPO Costswas made; and6.3.3 where any payment of CPO Costs is not a full and final settlement of the claimin respect of the interest in the CPO Lands to which it relates, the risk of any furtherpayment in respect of that interest shall be taken into account in the Council'sestimates under paragraphs 6.2.2 and 6.2.3.6.4 The Council shall immediately release the Surety when the Council is reasonablysatisfied that full and final settlement of all CPO Costs has been made and give noticeto the Developer and the Surety upon settlement occurring6.5 Upon the Developer’s written request the Council shall release the person providingthe Surety from the same if the Developer is able to procure a replacement person thatin the Council's reasonable opinion provides an equivalent or better Surety for theDeveloper’s then liabilities under this Agreement6.6 [For the avoidance of doubt the Developer's liability at all times shall extend to thefull CPO Costs whether or not that liability exceeds the amount of any Surety requiredby the Council at that time and the Surety shall not be released by the termination ofthis Agreement following an Event of Default other than by a notice of release givenby the Council]7 Disputes not to delay payment or surety7.1 The Developer shall pay to the Council all and any CPO Costs or Outgoings on thedate it is due whether or not there is any Dispute over the amount due and theL1.040-CPO-CPOIA.v2.225Page <strong>10</strong>8

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