Page 11 - Demo

“Promotion Period” five (5) years from and including the date of this Agreement and expiring on 20 subject to extension in accordance with clause 3 and/or paragraphs 7 and/or 8 of Schedule 1.
"Property" the whole of the freehold property known as Gatley Golf Club, Styal Road, Heald Green, Cheadle SK8 3TW registered at the Land Registry with title number GM813108 as shown (for illustration purposes only) edged red on the plan attached hereto.
“Receipts” means all sums from Sales received at any time by the Owner together with interest actually earned on such Receipts from the time they are received until distribution pursuant to clause 6 of this Agreement but excluding any VAT thereon.
“Relevant Planning Permission” means a Planning Permission for Development of the whole or any part of the Property for a residential led mixed use scheme or for residential use with such ancillary uses as may in the Promoter’s reasonable opinion be necessary in order to secure permission for such development of the remainder of the Property and which may at the Promoter’s discretion be either:
(a) an outline planning permission;
(b) an outline planning permission together with the approval of any reserved matters identified by the Promoter upon receipt of that outline planning permission (and references to the date of the Relevant Planning Permission in those circumstances shall mean the first approval of such reserved matters); or
(c) a full or detailed permission for a residential led mixed use scheme or residential and any ancillary uses and the construction of buildings and infrastructure on the Property and which is capable of implementation (and the test for that shall be whether the construction of authorised development can reasonably be expected to commence within twelve (12) months from the grant of the permission in question without the co-operation of any third party).
“Sale” the disposal(s) by way of transfer of the Consented Property made during the term of this Agreement pursuant to an Accepted Offer (as defined at paragraph 2.5 of Schedule 2) and the words “Sold” “Sales” and “Sell” are to be interpreted accordingly.
“Strategy” means the marketing strategy to be determined pursuant to paragraph 1 of Schedule 2.
“Third Party Costs” shall include but shall not be limited to: (a) the cost of acquiring any Third Party Interests;
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