Common use of Development Area Clause in Contracts

Development Area. If the said Property or any part or parts thereof shall be within an area declared (whether before, on or after the date of this Agreement) by the proper local planning authority to be a development area pursuant to Section 38 of the Town and Country Planning Act, 1976 the Purchaser may by notice in writing served on the Vendor or the Vendor's Solicitors at any time prior to the payment of the Balance rescind the sale and purchase of the said Property and upon the service of such notice the contract for the sale and purchase of the said Property hereby made shall be rescinded accordingly and the Deposit shall forthwith and in any case within seven (7) days after the service of such notice be refunded to the Purchaser but without any interest costs or compensation unless the Vendor shall fail to refund the Deposit within the said period of seven (7) days in which event the Deposit shall be refunded with interest thereon at the rate of ten (10) per centum per annum calculated from the date of the service of such notice up to the date of actual repayment and the Memorandum of Transfer shall be cancelled and declared null and void and the Private Caveat (if any) lodged by the Purchaser shall forthwith be withdrawn by the Purchaser at its own cost and expense whereupon this Agreement shall become null and void and save for the refund of the Deposit and interest (if any) and the cancellation of the Memorandum of Transfer neither of the parties hereto shall have any claim against the other under or in respect of this Agreement or otherwise howsoever.