Page 23 - Demo

16 ASSIGNMENT
Neither the Promoter nor the Owner shall have the ability to assign the
benefit of this Agreement without the written consent of the other.
17 TERMINATION
17.1 The Owner shall have the right to terminate this Agreement by serving twenty (20) Working Days’ prior written notice to that effect on the Promoter or the Promoter’s Solicitors in the event that the Promoter fails to submit a Planning Application to the local planning authority by the requisite date under paragraph 2.1 of Schedule 1 and upon expiration of such notice if a Planning Application has not been submitted to the local planning authority then this Agreement shall determine.
17.2 The Owner may terminate this Agreement immediately by notice to the Promoter without affecting any other rights it may have if any of the following events occur:
(a) any step is taken in connection with any voluntary arrangement or any compromise or arrangement for the benefit of any creditors of the Promoter;
(b) in relation to the Promoter there is the appointment of an administrator;
(c) a receiver or manager is appointed in relation to any property or income of the Promoter;
(d) a liquidator is appointed in respect of the Promoter;
(e) a voluntary winding-up of the Promoter is commenced except a winding- up for the purpose of amalgamation or reconstruction of a solvent company in respect of which a statutory declaration of solvency has been filed with the Registrar of Companies;
(f) the Promoter is struck off from the Registrar of Companies; or
(g) the Promoter otherwise ceases to exist.
17.3 Any notice terminating this Agreement served by either Party on the other shall be without prejudice to any antecedent liability owed by either Party hereto to the other.
17.4 Upon termination of this Agreement the Promoter shall at its own expense within five (5) Working Days thereafter procure the removal of all entries registered or entered by it in respect of the Property at the Land Registry to protect its interests under the terms of this Agreement.
17.5 The Promoter shall if requested within 1 month after the date this Agreement is terminated procure the delivery to the Owner of all the Reports and also at its own expense to promptly procure the assignment with the consent of the Professional Consultants or other relevant
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