2021-08-16 GC Agenda - Item 7 - Attachment 3 - MCU20-0072 - Deed of Agreement

                                       (iii)    the Council may claim a payment on demand without reference to the Applicant and
                                                despite an objection, direction or Claim by the Applicant to the contrary;

                                       (iv)     the financial institution may make a payment on demand without reference to the
                                                Applicant and despite an objection, direction or Claim by the Applicant to the contrary;

                                       (v)       is unlimited in time;

                                       (vi)      is irrevocable;

                                       (vii)     is otherwise unconditional;

                                       (viii)    is in a form and substance to the Council's satisfaction;

                    4.4       Release of a Security

                              0)       The Applicant may give to the Council a Notice which states that the Council is requested to
                                       release and return the Security to the Applicant if the Applicant has performed and fulfilled the
                                       Development Obligations to which the Security relates.

                              (2)      The Council is to, within 30 Calendar Days of the receipt of a Notice under paragraph (1), give
                                       to the Applicant a Notice which states whether the Council is satisfied:

                                       (a)      the Applicant has performed and fulfilled all of the Development Obligations of the
                                                Applicant under this document; and

                                       (b)      that the Council has no actual or contingent liability arising as a result of the Applicant's
                                                performance and fulfilment of the Works or a Development Obligation under this
                                                document.

                              (3)      The Council is to release and return the Security to the Applicant within 30 Calendar Days of the
                                       Council giving to the Applicant a Notice under paragraph (2).

                    4.5       Interest earned on Security

                             The interest earned on a Security which consists of money is to belong to the Council.

                    5.        DEFAULT OF A DEVELOPMENT OBLIGATION

                    5.1      Application of this clause

                             This clause applies if the Applicant fails to perform and fulfil a Development Obligation of the Applicant,
                             including a failure to complete all or any part of the Works.

                    5.2      Notice of Default

                             The Council is to give to the Applicant a Notice which states the following:

                             (i)       the details of the Development Obligation which has not been performed or fulfilled by the
                                       Applicant;

                             (ii)      the action which the Applicant is required to take to perform and fulfil the Development Obligation;

                             (iii)     an estimate of the costs to enforce or perform and fulfil the Development Obligation by Council
                                       or by its Agents, which may include the following:




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Document Set ID: 21573773
Version: 1, Version Date: 30/07/2021