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or such other offer for Sale which does not comply with the requirements set out above but which is acceptable to both the Owner and the Promoter (acting reasonably) provided that where an offer is less than the Minimum Price either party may in its absolute discretion refuse to accept the offer.
"Consented Property" means the whole or part(s) of the Property with the benefit of a Relevant Planning Permission from time to time.
“Costs” means the Disposal Action Costs and the Promotion Costs. “Deed of Novation” means the agreed draft form deed of novation
attached to this Agreement.
"Development" bears the same meaning as that ascribed to it by Section 55 of the 1990 Act save that the words "or the making of any material change in the use of any buildings or other land" shall be omitted.
“Development Plan” means any local and or regional plan, local and or regional development framework or equivalent policy document that includes or relates to the Property and which is adopted by the relevant planning authority and which includes any alterations to or any replacement of it.
“Disposal” means a disposition within the meaning of section 205 of the Law of Property Act 1925 of the whole or any part or parts of the Property and “dispose” means enter into a Disposal.
“Disposal Action Costs” shall include:
(a) the reasonable and proper fees and disbursements of the Parties’
solicitors in relation to the negotiation of any Land Sale Documents;
(b) the Marketing Agent’s fees and commission (which shall not exceed 1% of the gross sale amount unless otherwise agreed by the Parties);
(c) the cost of any indemnity policy required including but not limited to defective title indemnity insurance policies and the reasonable and proper fees and disbursements of the Promoter’s Solicitors in procuring such policy; and
(d) the reasonable and proper fees and disbursements of the Parties’ Solicitors in securing any release of any adverse title matters relating to the Property.
together with any other costs that are reasonably and properly incurred in relation to the negotiation of a Sale that are agreed by prior Joint Decision PROVIDED THAT the Disposal Action Costs shall be subject to VAT subject to the provision of proper VAT invoices in respect of any VAT due thereon
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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