Common use of PLAN OF SUBDIVISION Clause in Contracts

PLAN OF SUBDIVISION. 11.1 The Land is a lot or lots on the Plan of Subdivision which at the date of this contract has not been registered. 11.2 If the Plan of Subdivision is not registered within the Registration Period, the vendor or the purchaser may, at any time after the end of the Registration Period but before the Plan of Subdivision is registered, terminate this contract by notice in writing to the other party, provided that the purchaser cannot exercise this right whilst it is in default under this contract. If the contract is so terminated the deposit will be refunded to the purchaser and neither party will have any Claim against the other arising from or out of the termination of the contract or the failure of the vendor to procure registration of the Plan of Subdivision. 11.3 Where, at the Day of Sale, the Plan of Subdivision: (a) is a staged subdivision, the vendor may vary the Plan of Subdivision so that it is not a staged subdivision; or (b) is not a staged subdivision, the vendor may vary the Plan of Subdivision to cause it to become a staged subdivision.