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(h) where the agreement, approval or consent of the Owner is required such agreement, approval or consent shall be valid if given in writing (whether (at the Owner’s discretion) by letter, facsimile or email).
2 CONSIDERATION
2.1 In consideration of the Promotion Fee paid by the Promoter to the Owner (receipt of which the Owner hereby acknowledges), any Annual Payments paid by the Promoter to the Owner and the mutual agreements and undertakings set out in this Agreement the Parties have granted the rights and accepted the obligations in this Agreement.
2.2 During the Promotion Period and thereafter the Marketing Period, the Promoter agrees to pay the Annual Payment to the Owner in advance on or before each anniversary of the date of this Agreement.
3 EXTENSIONS TO THE PROMOTION PERIOD
If prior to the expiration of the Promotion Period (here meaning ___________________ 20 ) the Promoter serves notice on the Owner that circumstances exist meaning that it would be reasonable for it to extend the Promotion Period, the Promotion Period will be extended for a further period of three (3) years expiring on the eighth (8th) anniversary of the date hereof.
4 OBJECTIVES
The Parties have agreed to co-operate to carry out their respective obligations in the manner and on the terms set out in this Agreement so as to:
4.1 obtain a Relevant Planning Permission within the Promotion Period for the Property including promotion of the Property for Allocation and to secure Allocation;
4.2 maximise the market value of the Consented Property;
4.3 promote the Property or the relevant part(s) of the Property benefitting from a Relevant Planning Permission for sale in accordance with the Strategy and upon the other relevant terms stated in this Agreement;
4.4 maximise the Receipts from a Sale; and
4.5 distribute the Receipts to the Parties as soon as is reasonably practicable and commercially sensible in accordance with the terms of this Agreement.
5 DUTIES AND OBLIGATIONS OF THE PARTIES 5.1 The Parties undertake to each other that:
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/Users/georgegriffiths/Library/Containers/com.apple.mail/Data/Library/Mail Downloads/6663C249-66B1-4856-B8AF-3D567A64A39C/Promotion Agreement (engrossment) (JMW).doc