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2.2 The Marketing Agent will be instructed that any Offer put forward by the Marketing Agent must comply with the provisions of this Agreement.
2.3 When recommending an Offer the Marketing Agent will be instructed to state that it has transparently and comprehensively tested the market for the Property and that it recommends for acceptance the Compliant Offer which gives the greatest Receipt and which is received from a bona fide third party who in the Marketing Agent’s opinion is capable of complying with the terms of its Offer or that it recommends for acceptance an Offer that is not a Compliant Offer with reasons why and in either case that such Offer being put forward for acceptance reasonably represents the best market value of the Consented Property and achieves the Objectives.
2.4 The Parties shall (acting reasonably) notify the Marketing Agent or the Promoter (as the case may be) whether they have any comments to make on the recommended Compliant Offer and whether they approve the same or if not stating reasons therefor and recommendations within ten (10) Working Days of receipt by the relevant Party.
2.5 If:
2.5.1 all the Parties accept the Offer recommended by the Marketing Agent; or
2.5.2 one Party accepts the Offer recommended by the Marketing Agent and the said recommended Offer is a Compliant Offer
then the Parties will instruct the Marketing Agent to communicate the acceptance to the buyer (“Accepted Offer”).
2.6 Any disputes concerning whether or not a Compliant Offer has been received will be resolved under clause 11.3.1 of this Agreement.
2.7 If there is no Accepted Offer the Parties shall remarket the Consented Property or the relevant part(s) thereof at six (6) monthly intervals or at such other times as may be agreed by a Joint Decision until the end of the Marketing Period.
2.8 In the event that a Compliant Offer relates to part only of a Consented Property, the Marketing Period in relation to the remaining part or parts of the Consented Property to which the Compliant Offer does not relate shall be extended by a period of three (3) years from the date of the Compliant Offer and the procedure set out in this paragraph 2.8 shall apply on each subsequent Compliant Offer of part of a Consented Property in relation to the remaining part or parts of the Consented Property which are not subject to a Compliant Offer, mutatis mutandis.
3 LAND SALE DOCUMENTS
3.1 On each Acceptance Date the Promoter shall instruct the Promoter’s
Solicitors to prepare the Land Sale Documents such documents to
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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