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1 DISPOSALS Strategy
SCHEDULE 2 Property Disposals
1.1 As soon as reasonably practicable following the grant of a Relevant Planning Permission the Promoter and the Owner shall consider and commence formulating a strategy for the disposal of the Consented Property so as to achieve the Objectives. The Strategy must be approved by Joint Decision and any disputes concerning the approval of the Strategy will be resolved under clause 11.3.1 of this Agreement.
1.2 Following the approval of the Strategy the Marketing Agent shall be appointed by the Parties and shall be instructed to market the Property. The Marketing Agent’s fee will be no greater than one per cent (1%) of the consideration and the same shall be treated as a Disposal Action Cost.
Sales
1.3 In relation to Sales the Parties are to endeavour to obtain the best sales price reasonably obtainable on the open market within the Marketing Period and upon such other terms in relation to rights easements covenants conditions and declarations as are consistent with the principles of good estate management in relation to each Sale.
1.4 The Parties are to jointly negotiate the terms of a Sale and the Promoter will:
1.4.1 keep the Owner fully advised of the progress of such negotiations;
1.4.2 ensure that the Owner is provided promptly with copies of all relevant correspondence and documentation relating to negotiations;
1.4.3 deal as expeditiously as possible with such negotiations; and
1.4.4 ensure that the Owner has the opportunity to attend all meetings with proposed buyers and to supply copies of any minutes prepared following such meetings (if any)
2 APPROVAL OF SALES
2.1 Following the marketing of the Consented Property pursuant to the Strategy (or at such earlier time as the Promoter may determine) the Marketing Agent will be instructed to recommend to the Promoter and Owner those Offers it feels able to recommend or state that it is unable to recommend any Offers.
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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