Common use of ALTERATION TO STANDARD TERMS Clause in Contracts

ALTERATION TO STANDARD TERMS. (a) Clause 1.1 (1)(v)(ii) of the Terms of Contract is amended by deleting ‘2.4(5), 5.1, 5.3(1)(a)-(f), 5.7, 6.1’ and replacing with ‘Special Condition 3 of “Annexure A – Special Conditions”’. (b) Clauses 2.2, 2.5(1)-(12), 3.1 to 3.4, 4.1 to 4.5, 5.3(1)(b)-(g), 5.3(2), 5.4 to 5.8, 6.2, 7.4 to 7.7, 8.2 (c) Insofar as it is appropriate and despite the deletion of clause 2.5(6), the Buyer must obtain and pay for searches and meter readings capable of discovery by search or enquiry, in accordance with clause 2.5(15). (d) Adopting the definitions in clause 1.1 of the Terms of Contract, the Seller and Buyer acknowledge that clauses 2.5(1)-(12) are deleted because: a. The Seller is obligated to use proceeds of sale, being funds presented or presentable at settlement of this Contract, in a priority order pursuant to regulation 146 of the Local Government Regulation 2012 (Qld); b. It is therefore inappropriate for adjustments of Outgoings to occur before settlement contradicting that priority, and is instead appropriate for payment of funds presented or presentable at settlement of this Contract to be paid to the Seller for subsequent distribution pursuant to regulation 146 of the Local Government Regulation 2012 (Qld) including in respect of Outgoings apportioned to the day of settlement; c. The Buyer, to either facilitate settlement of this Contract and/or the registration of the resulting transfer, is liable for land tax and any Outgoings not paid in full by operation of regulation 146 of the Local Government Regulation 2012 (Qld), and may be required to present further funds at settlement of this Contract to pay them; and d. Should any Outgoings amount (other than rates or charges detailed in regulation 146(1)(f) of the Local Government Regulation 2012 (Qld)) be levied/issued/raised, but not yet overdue, the Buyer is liable for same in order to either facilitate settlement of this Contract and/or the registration of the resulting transfer, or thereafter by operation of law. (e) Clause 5.1(2) of the Terms of the Contract is amended by deleting the clause and replacing with “If the parties have not otherwise agreed where settlement is to occur by 5pm on the date 2 Business Days before the Settlement Date, the Place for Settlement will be the offices of the Seller.” (f) Insofar as it is appropriate, clauses 13.1 to 13.5 are deleted from the Terms of Contract because: a. the Seller and Buyer acknowledge that to their knowledge and as at the date of the Contract, the instrument of transfer cannot be prepared, lodged or deposited using an Electronic Lodgment Network because the Electronic Lodgment Network does not have the functionality to prepare, lodge or deposit the required instrument, and is therefore exempt from the requirements of regulation 5(1) of the Land Title Regulation 2022 pursuant to regulation 5(2) of the Land Title Regulation 2022; and b. if ▇▇▇▇, as the Seller’s nominated Electronic Lodgment Network, does obtain the functionality to prepare, lodge or deposit the required instrument, meaning the exemption under regulation 5(2) of the Land Title Regulation 2022 no longer applies, then clauses 13.1 to 13.5 are not deleted from the Terms of Contract.

ALTERATION TO STANDARD TERMS. (a) Clause 1.1 (1)(v)(ii1.1(1)(aa)(ii) of the Terms of Contract is amended by deleting ‘2.4(5), 5.1, 5.3(1)(a)-(f), 5.7, 6.1’ and replacing with ‘Special Condition 3 of “Annexure A – Special Conditions”’. (b) Clauses 2.2, 2.5(1)-(122.5(1)-(15), 2.5(5), 2.5(13)-(15), 3.1 to 3.4, 4.1 to 4.5, 5.3(1)(b)-(g5.2(2), 5.3(2), 5.4 5.3 to 5.8, 6.2, 7.4 to 7.7, 8.28.2 to 8.6, 10.1 to 10.7, 11.4, 11.6, 11.7 and 12.6 are deleted from the Terms of Contract. (c) Insofar as it is appropriate and despite the deletion of clause 2.5(6), the Buyer must obtain and pay for searches and meter readings capable of discovery by search or enquiry, in accordance with clause 2.5(152.5(18). (d) Adopting the definitions in clause 1.1 of the Terms of Contract, the Seller and Buyer acknowledge that clauses 2.5(1)-(122.5(1)-(15) are deleted because: a. The Seller is obligated to use proceeds of sale, being funds presented or presentable at settlement of this Contract, in a priority order pursuant to regulation 146 of the Local Government Regulation 2012 (Qld); b. It is therefore inappropriate for adjustments of Outgoings to occur before settlement contradicting that priority; and c. The Seller is expressly not liable for Body Corporate Levies or Body Corporate Debt whether current or not, and is instead appropriate for payment of funds presented or presentable at settlement of this Contract nor are any amounts to be paid to the Seller for subsequent distribution pursuant to regulation 146 adjusted in favour of the Local Government Regulation 2012 (Qld) including in respect of Outgoings apportioned Buyer to the day of settlementthis extent; c. d. The Buyer, to either facilitate settlement of this Contract and/or the registration of the resulting transfer, is liable for land tax and any Outgoings not paid in full by operation of regulation 146 of the Local Government Regulation 2012 (Qld), and may be required to present further funds at settlement of this Contract to pay them; and d. e. Should any Outgoings amount (other than rates or charges detailed in regulation 146(1)(f) of the Local Government Regulation 2012 (Qld)) be levied/issued/raised, but not yet overdue, the Buyer is liable for same in order to either facilitate settlement of this Contract and/or the registration of the resulting transfer, or thereafter by operation of law. (e) Clause 5.1(2) of the Terms of the Contract is amended by deleting the clause and replacing with “If the parties have not otherwise agreed where settlement is to occur by 5pm on the date 2 Business Days before the Settlement Date, the Place for Settlement will be the offices of the Seller.” (f) Insofar as it is appropriate, clauses 13.1 to 13.5 are deleted from the Terms of Contract because: a. the Seller and Buyer acknowledge that to their knowledge and as at the date of the Contract, the instrument of transfer cannot be prepared, lodged or deposited using an Electronic Lodgment Network because the Electronic Lodgment Network does not have the functionality to prepare, lodge or deposit the required instrument, and is therefore exempt from the requirements of regulation 5(1) of the Land Title Regulation 2022 pursuant to regulation 5(2) of the Land Title Regulation 2022; and b. if ▇▇▇▇, as the Seller’s nominated Electronic Lodgment Network, does obtain the functionality to prepare, lodge or deposit the required instrument, meaning the exemption under regulation 5(2) of the Land Title Regulation 2022 no longer applies, then clauses 13.1 to 13.5 are not deleted from the Terms of Contract.

ALTERATION TO STANDARD TERMS. (a) Clause 1.1 (1)(v)(ii1.1(aa)(ii) of the Terms of Contract is amended by deleting ‘2.4(5“2.5(5)” and “5.3(1)(a)-(c), 5.1, 5.3(1)(a)-(f5.3(1)(d)(ii) & (iii), 5.75.3(1)(e), 6.1’ 5.5” and replacing with ‘Special Condition 3 of this “Annexure A – Special Conditions”’. (b) Clauses 2.22.1, 2.5(1)-(122.3, 2.5(4), 2.6(1)-(14), 3.1 to 3.4, 4.1 to 4.5, 5.3(1)(b)-(g5.2(2), 5.3(1)(b)-(f), 5.3(2), 5.3(3), 5.4 to 5.8, 6.2, 7.4 to 7.7, 8.2to (c) Insofar as it is appropriate and despite the deletion of clause 2.5(62.6(5), the Buyer must obtain and pay for searches and meter readings capable of discovery by search or enquiry, in accordance with clause 2.5(152.6(17). (d) Adopting the definitions in clause 1.1 of the Terms of Contract, the Seller and Buyer acknowledge that clauses 2.5(1)-(122.6(1)-(14) are deleted because: a. The Seller is obligated to use proceeds of sale, being funds presented or presentable at settlement of this Contract, in a priority order pursuant to regulation 146 of the Local Government Regulation 2012 (Qld); b. It is therefore inappropriate for adjustments of Outgoings to occur before settlement contradicting that priority, and is instead appropriate for payment of funds presented or presentable at settlement of this Contract to be paid to the Seller for subsequent distribution pursuant to regulation 146 of the Local Government Regulation 2012 (Qld) including in respect of Outgoings apportioned to the day of settlement; c. The Seller is expressly not liable for Body Corporate Levies or Body Corporate Debt whether current or not, nor are any amounts to be adjusted in favour of the Buyer to this extent; d. The Buyer, to either facilitate settlement of this Contract and/or the registration of the resulting transfer, is liable for land tax and any Outgoings not paid in full by operation of regulation 146 of the Local Government Regulation 2012 (Qld), and may be required to present further funds at settlement of this Contract to pay them; and d. e. Should any Outgoings amount (other than rates or charges detailed in regulation 146(1)(f) of the Local Government Regulation 2012 (Qld)) be levied/issued/raised, but not yet overdue, the Buyer is liable for same in order to either facilitate settlement of this Contract and/or the registration of the resulting transfer, or thereafter by operation of law. (e) Clause 5.1(2) of the Terms of the Contract is amended by deleting the clause and replacing with “If the parties have not otherwise agreed where settlement is to occur by 5pm on the date 2 Business Days before the Settlement Date, the Place for Settlement will be the offices of the Seller.” (f) Insofar as it is appropriate, clauses 13.1 11 to 13.5 11.5 are deleted from the Terms of Contract because: a. the Seller and Buyer ▇▇▇▇▇ acknowledge that to their knowledge and as at the date of the Contract, the instrument of transfer cannot be prepared, lodged or deposited using an Electronic Lodgment Network because the Electronic Lodgment Network does not have the functionality to prepare, lodge or deposit the required instrument, and is therefore exempt from the requirements of regulation 5(1) of the Land Title Regulation 2022 pursuant to regulation 5(2) of the Land Title Regulation 2022; and b. if ▇▇▇▇, as the Seller’s nominated Electronic Lodgment Network, does obtain the functionality to prepare, lodge or deposit the required instrument, meaning the exemption under regulation 5(2) of the Land Title Regulation 2022 no longer applies, then clauses 13.1 clauses 11 to 13.5 11.5 are not deleted from the Terms of Contract.