Common use of DISPOSAL OF THE PROPERTY Clause in Contracts

DISPOSAL OF THE PROPERTY. 15.1 For Grants which include Heritage Lottery Funds of £15,001 and above (total Grant of £20,001 or above), if the Grantee sells or lets the Property or part of it (‘a disposal’) within 10 years of the signing of this Agreement, the Grantee must inform the Council and on completion of the sale or lease pay to the Council a proportion of the Grant calculated in the way described in Clause 14.2 below: 15.2 For fixed-percentage grants of £20,001 and above the following repayment clause applies: a) The council must be notified immediately in writing of any disposal of the whole or any part of the relevant interest in the Property, to take place within 10 years from the signing of this Agreement, by way of sale or exchange or lease for a term of not less than 21 years, or by gift (otherwise than by will). Notification must include details of the proposed purchaser or recipient of gift, and the proposed sale price. b) On completion of the disposal of the relevant interest, the Grantee must pay to us the Grant or a proportion of it calculated in accordance with the following formula: G x (CV - OV) x (10 - Y) = R C 10 Where: G = the grant C = the eligible cost of the project excluding VAT (if any) you have recovered OV = the open market value of your interest in the Property agreed with us at the start of the Project being £4,115,000 CV = the open market value of your interest in the Property on completion of the disposal Y = the number of complete years from the date of this Agreement R = the amount we require to be repaid to us out of the proceeds of the disposal (not to exceed the total Grant paid) 15.3 The Grantee must ensure that repayment of the grant is made on or as soon as possible after the sale or lease of the property has been completed. 15.4 The Council may at any time assign or transfer the benefit or burden of this Agreement to the Trustees of the National Heritage Memorial Fund and allow it to conduct any proceedings against the Grantee for breach of it. 15.5 The Council reserves the right to suspend or stop payment of the Grant if the Trustees of the National Heritage Memorial Fund are unable to continue funding the Scheme (this is only likely to occur in the event that the National Lottery ceases operation or there are insufficient funds made available to the Trustees of the National Heritage Memorial Fund). 15.6 The terms and conditions in this Clause 14 will last for 10 years for grants including a contribution from the Trustees of the National Heritage Memorial Fund of £15,001 (total Grant of £20,001 or above) or more from the date of this Agreement.

DISPOSAL OF THE PROPERTY. 15.1 For Grants which include National Lottery Heritage Lottery Funds of £15,001 and above (total Grant of £20,001 or above), if the Grantee sells or lets the Property or part of it (‘a disposal’) within 10 years of the signing of this Agreement, the Grantee must inform the Council and on completion of the sale or lease pay to the Council a proportion of the Grant calculated in the way described in Clause 14.2 below: 15.2 For fixed-percentage grants Grants of £20,001 and above the following repayment clause applies: a) The council must be notified immediately in writing of any disposal of the whole or any part of the relevant interest in the Property, to take place within 10 years from the signing of this Agreement, by way of sale or exchange or lease for a term of not less than 21 years, or by gift (otherwise than by will). Notification must include details of the proposed purchaser or recipient of gift, and the proposed sale price. b) On completion of the disposal of the relevant interest, the Grantee must pay to us the Grant or a proportion of it calculated in accordance with the following formula: G x (CV - OV) x (10 - Y) = R C 10 Where: G = the grant Grant C = the eligible cost of the project excluding VAT (if any) you have recovered OV = the open market value of your interest in the Property agreed with us at the start of the Project being £4,115,000 4,345,000 CV = the open market value of your interest in the Property on completion of the disposal Y = the number of complete years from the date of this Agreement R = the amount we require to be repaid to us out of the proceeds of the disposal (not to exceed the total Grant paid) 15.3 The Grantee must ensure that repayment of the grant Grant is made on or as soon as possible after the sale or lease of the property has been completed. 15.4 The Council may at any time assign or transfer the benefit or burden of this Agreement to the Trustees of the National Heritage Memorial Fund and allow it to conduct any proceedings against the Grantee for breach of it. 15.5 The Council reserves the right to suspend or stop payment of the Grant if the Trustees of the National Heritage Memorial Fund are unable to continue funding the Scheme (this is only likely to occur in the event that the National Lottery ceases operation or there are insufficient funds made available to the Trustees of the National Heritage Memorial Fund). 15.6 The terms and conditions in this Clause 14 will last for 10 years for grants Grants including a contribution from the Trustees of the National Heritage Memorial Fund of £15,001 (total Grant of £20,001 or above) or more from the date of this Agreement.