2021-03-15 GC Agenda - Item 9 - Attachment 5 - MCU19-0114 & RAL19 0027 Infrastructure Agreement (44 pages)

                                                                   12



                6.          Development Obligations
                6.1         Developer’s obligations
                            (a)         In the event that the Development Application is approved, takes
                                        effect and is acted upon, the Developer is to comply with the
                                        Development Obligations in Schedule 2 in accordance with the timing
                                        set out in Schedule 2.

                            (b)         For the avoidance of doubt, the monetary values identified in column
                                        4 of Schedule 2 for the Work Contributions are estimated values only.
                                        The specifications identified in column 3 of Schedule 2 for the Work
                                        Contributions are required to be achieved by the Developer. If they
                                        are achieved at a monetary cost less than the identified estimated
                                        value, the Developer is entitled to take the benefit of that cost saving
                                        and is not required to make further contribution in relation to that Work
                                        Contribution.

                6.2         Assignment of interests, rights or obligations under document
                            The Developer may not, either absolutely or by way of security, assign its
                            interests, rights or obligations under this document:
                            (a)        without the written consent of the Council; and
                            (b)        in a manner which is inconsistent with the provisions of this document.


                7.          Works Bond
                7.1         Works Bond
                            Prior to the Development Approval being acted upon, the Developer must
                            provide to the Council the Security for all uncompleted Works Contributions
                            in Schedule 2.

                7.2         The Council may call on the Security if the Works Contributions are not
                            completed in the time specified in Schedule 2.
                7.3         If the Council calls on the Security, it may only apply the Security for the
                            following purposes:
                            (a)    completing the uncompleted Works Contributions; or
                            (b)    any administrative costs incurred by the Council in completing the
                                   uncompleted Works Contributions.




Document Set ID: 21379346
Version: 1, Version Date: 27/01/2021