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 ...
Schedule 6Exit ConsequencesPart A: Where the Council formally resolves not to proceed with the CPO afterLeading Counsel advises prospects of success are no better than forty (40) per cent1 The Council shall not be required to take any further action in relation to the CPO butshall take all reasonable steps available to mitigate and minimise the Developer’sliability under this Agreement.2 The Developer's obligations under this Agreement shall continue in effect in relationto liabilities that the Council has incurred prior to the date of that resolution or stepsthat the Council has taken that will create liabilities that the Council cannotreasonably avoid.3 Provided that if Leading Counsel advises that if the CPO was modified to increase thechances of success above forty (40) per cent but so that the Council’s regenerationobjectives were still being met in the Developer’s reasonable opinion then the Councilshall proceed with the CPO.Part B: Where the Council resolves not to proceed on the grounds that as a result of amaterial change of circumstances it no longer considers pursuing the CPO to be likelyto promote and/or improve the economic and/or social and/or environmental well-beingof the area (other than such a decision made following a decision by the Secretary ofState not to confirm the CPO in whole or in part)1 The Council shall not be required to take any further action in relation to theimplementation of the CPO and shall take all reasonable steps available to minimiseand mitigate the Developer’s liability under this Agreement.2 The Developer’s obligations under this Agreement shall cease.3 The Council shall (where called upon to do so) pay to the Developer the amountwhich represents:3.1.1 The CPO Costs paid by the Developer to the Council under this Agreement;and3.1.2 Any and all costs which the Developer incurred in pursuing the Developmentand/or paid under the Land Agreements and/or incurred in acquiring CPO Landand/or CPO Interests, including the costs of acquisition, as well as SDLT, or whichare directly related to supporting the Council in relation to the CPO either prior to orafter the date of this Agreement. The sum that the Council is to pay for the transfer ofland shall be the higher of market value and the price the Developer paid.3.1.3 In addition to the above sums the Council will pay to the Developer the sumwhich will secure the Developer a return on costs of ten (10) per cent. after takingaccount of any amount by which the Market Value of any land acquired by theDeveloper exceeds the price paid for it.L1.040-CPO-CPOIA.v2.234Page 117
4 If the Developer has title to any CPO Land and/or Interests in respect of which theDeveloper has paid the acquisition costs the Developer shall transfer that interest tothe Council for the sum of £1, after the payment of all sums due to the Developer.Part C: Where the Developer is in material breach of its obligations under thisAgreement or gives notice that it does not wish the Council to proceed with the CPO forits benefit1 The Council shall elect and serve notice on the Developer stating whether:1.1 It will abandon the CPO in which case the provisions of Part A of thisSchedule shall apply; or1.2 It will continue with the CPO in which case the provisions of this Part C shallapply.2 If the Council elects to proceed with the CPO without the support of the Developer:2.1 The Developer shall not object to the CPO nor cause or permit any otherperson to object on its behalf and shall withdraw any objection it may have madeprior to the date of the Council’s election.2.2 If the CPO is confirmed (either before or after the Developer gave notice thatit did not wish to continue) the Council may implement the CPO in respect of anyCPO Interest which the Developer has acquired and the Developer shall be entitled tocompensation for any such CPO Interests it owns under the Compensation Code,including, for the avoidance of doubt any monies paid under either the BroadwayAgreement or the Peabody Agreement.2.3 The Developer shall not be entitled to recover any CPO Costs it had paid (orhad been liable to pay) to the Council prior to the date of its notice but shall not beliable under this Agreement in respect of any liability incurred by the Council inrespect of CPO Costs after the date of that notice.2.4 If at the date of the Developer’s notice the Council has acquired and holds anyCPO Interest for which the Developer has paid the CPO Costs prior to the making of aGeneral Vesting Declaration the Council shall transfer ownership of that interest tothe Developer for the sum of £1.2.5 If at the date of the Developer’s notice the Council has made a GeneralVesting Declaration in respect of CPO Lands [Interests] not owned by the Developerthe Council shall have no obligation to transfer them to the Developer and theDeveloper shall have no obligation to pay any CPO Costs in respect of such interests.2.6 Where any CPO Interest has been vested in the Council under a GeneralVesting Declaration and transferred to the Developer, the Developer shall forthwithtransfer that interest back to the Council and the Council shall refund to the Developerthe CPO Costs related to the acquisition of that interest.L1.040-CPO-CPOIA.v2.235Page 118
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Schedule 6Exit ConsequencesPart A: Where the Council formally resolves not to proceed with the CPO afterLeading Counsel advises prospects of success are no better than forty (40) per cent1 The Council shall not be required to take any further action in relation to the CPO butshall take all reasonable steps available to mitigate and minimise the Developer’sliability under this Agreement.2 The Developer's obligations under this Agreement shall continue in effect in relationto liabilities that the Council has incurred prior to the date of that resolution or stepsthat the Council has taken that will create liabilities that the Council cannotreasonably avoid.3 Provided that if Leading Counsel advises that if the CPO was modified to increase thechances of success above forty (40) per cent but so that the Council’s regenerationobjectives were still being met in the Developer’s reasonable opinion then the Councilshall proceed with the CPO.Part B: Where the Council resolves not to proceed on the grounds that as a result of amaterial change of circumstances it no longer considers pursuing the CPO to be likelyto promote and/or improve the economic and/or social and/or environmental well-beingof the area (other than such a decision made following a decision by the Secretary ofState not to confirm the CPO in whole or in part)1 The Council shall not be required to take any further action in relation to theimplementation of the CPO and shall take all reasonable steps available to minimiseand mitigate the Developer’s liability under this Agreement.2 The Developer’s obligations under this Agreement shall cease.3 The Council shall (where called upon to do so) pay to the Developer the amountwhich represents:3.1.1 The CPO Costs paid by the Developer to the Council under this Agreement;and3.1.2 Any and all costs which the Developer incurred in pursuing the Developmentand/or paid under the Land Agreements and/or incurred in acquiring CPO Landand/or CPO Interests, including the costs of acquisition, as well as SDLT, or whichare directly related to supporting the Council in relation to the CPO either prior to orafter the date of this Agreement. The sum that the Council is to pay for the transfer ofland shall be the higher of market value and the price the Developer paid.3.1.3 In addition to the above sums the Council will pay to the Developer the sumwhich will secure the Developer a return on costs of ten (<strong>10</strong>) per cent. after takingaccount of any amount by which the Market Value of any land acquired by theDeveloper exceeds the price paid for it.L1.040-CPO-CPOIA.v2.234Page 117
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