Common use of Completion arrangements Clause in Contracts

Completion arrangements. 7.1 Completion is to take place on the Completion Date and before the Completion Time at the offices of the Sellers’ Solicitors, or elsewhere as they may reasonably direct. Commercial Condition 8.1.1 is varied accordingly. 7.2 On the Completion Date, the Buyers shall pay the Price to the Sellers. 7.3 On the Completion Date, the Sellers shall pay to the Buyers £250,000 which reflects the unexpired residue of any rent free periods in respect of the Properties. 7.4 The Buyers are to pay the money due on completion by direct credit to the Sellers’ Solicitors’ account at Lloyds TSB, 125 Colmore Row, Birmingham, Account ▇▇▇▇▇▇▇▇, Sort Code 30-00-03. The money is to be treated as paid to the Sellers at the time that it is received in that bank account. 7.5 If the money due on completion is received after the Completion Time, completion is to be treated for the purposes only of Commercial Conditions 8.3 and 9.3 as taking place on the next working day as a result of the Buyers' default. Commercial Condition 8.1.2 is varied accordingly.