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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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Part D: Where the Developer asserts that Council is in material breach of itsobligations under this Agreement and the Council either gives notice accepting thatassertion or the Developer has referred the question to the Expert and the Expert hasdetermined that question in favour of the Developer1 The Council shall not be required to, nor shall, take any further action in relation tothe pursuance or implementation of the CPO and shall take all reasonable stepsavailable to minimise and 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 (subject to Part D paragraph 4) paid by the Developer to theCouncil 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 Interests, including the costs of acquisition, as well as SDLT, or which aredirectly related to supporting the Council in relation to the CPO either prior to or afterthe date of this Agreement. The sum that the Council is to pay for the transfer of landshall 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.4 If the Council has title to any CPO Land and/or CPO Interests in respect of which theDeveloper has paid the acquisition costs the Council shall (if called upon to do so) thetransfer that interest to the Developer or as it directs for the sum of £1.5 Alternative to Part D paragraph 4, if it so chooses, the Developer may (on behalf ofitself and any other third party to whom CPO Interests have been transferred to orheld by (if such third party agrees for the Developer to make such request) call uponthe Council to acquire such CPO Interests from the Developer and/or such third partyfor the higher of the then market value and the purchase price of such interests.6 Completion by the Council of any acquisitions to be made by it under Part Dparagraph 5 shall take place the later of twenty (20) Working Days after the serviceany notice served under Part D paragraph 5 and ten (<strong>10</strong>) Working Days after (wherethere is a Dispute over the price to be paid) the purchase price to be paid isDetermined.L1.040-CPO-CPOIA.v2.236Page 119

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