Common use of Development Manager’s Obligations Clause in Contracts

Development Manager’s Obligations. Without limitation to the Development Manager’s obligations in this Agreement, the Development Manager must: (a) obtain a valuation of the Land as required by the Bank providing the Development Finance in accordance with clause 5.8(b) of the Joint Venture Agreement; (b) enter into the Building Contract with the Builder in accordance with the provisions of clause 5.8(e) of the Joint Venture Agreement; (c) set up and manage a bank account in the name of the Development Manager at a branch of the Bank for the purposes of paying any Project Costs. One signatory from each Joint Venturer will be required to sign cheques and withdraw any money from the account or to close the account; (d) ensure that the Project Costs are in accordance with the Schedule of Project Costs (Annexure K in the Joint Venture Agreement) (as amended from time to time) and current budgets; (e) submit the draft Contract for Sale to the Landowner for approval and confirmation it will sign all such contracts; (f) carry out any services and activities required to be undertaken in order to deliver the Project in accordance with this Agreement and the Joint Venture Agreement; (g) give to the Joint Venturers at the end of each month a Project Costs Statement in accordance with clause 7; (h) disburse the Lot Proceeds of Sale in accordance with clause 2.6 of the Joint Venture Agreement; and (i) lodge and progress, any survey plans and associated documentation with the Department of Natural Resources and Mines, as required to procure the subdivision of the Building and the creation of separate titles to the Lots and the registration of the Development Manager Power of Attorney; (j) if directed by the Joint Venturers, prepare and lodge tax returns, BAS statements and other tax applications in relation to the Project; and (k) at all times act in accordance with the instructions of the Joint Venturers, including any decisions made in accordance with clause 5.1.

Development Manager’s Obligations. Without limitation to the Development Manager’s obligations elsewhere in this Agreement, the Development Manager Developer must: (a) obtain a valuation of the Land as required by the Bank providing the Development Finance in accordance with clause 5.8(b5.9(c) of the Joint Venture Agreement; (b) enter into the Building Contract with the Builder in accordance with the provisions of clause 5.8(e5.9(h) of the Joint Venture Agreement; (c) set up and manage a bank account in the name of the Development Manager at a branch of the ANZ Bank Limited, Pitt Street, Sydney Branch for the purposes of paying any Project Costs. One signatory from each Joint Venturer will be required to sign cheques and withdraw any money from the account or to close the account; (d) ensure that the Project Costs are in accordance with the Schedule of Project Costs (Annexure K in the Joint Venture Agreement) (as amended from time to time) and current budgets; (e) submit the draft Contract for Sale to the Landowner Landowners for approval and confirmation it will sign all such contractsconsent, where consent has not already been provided under the Joint Venture Agreement; (f) carry out any services and activities required to be undertaken in order to deliver the One Wharf Project in accordance with this Agreement and the Joint Venture Agreement; (g) give to the Joint Venturers at the end of each month a Project Costs Statement in accordance with clause 7; (h) disburse the Lot Proceeds of Sale in accordance with clause 2.6 of the Joint Venture Agreement; and (i) lodge and progress, any survey strata plans and associated documentation with the Department of Natural Resources and MinesLand Titles Office, as required to procure the subdivision of the Building and Land as envisaged by the creation of separate titles to the Lots and the registration of the Development Manager Power of AttorneyOne Wharf Project; (j) if directed by the Joint Venturers, prepare and lodge tax returns, BAS statements and other tax applications in relation to the One Wharf Project, if directed by the Joint Venturers; and (k) at all times act in accordance with the instructions of the Joint Venturers, including any decisions made in accordance with pursuant to clause 5.1.