Common use of Protected Areas Clause in Contracts

Protected Areas. 4.3.1 Upon the resale of a Protected Area Repurchased property, Firm Scheme Grant recovery as per the staircasing rules will apply (see below). However, the first sale of shares in a repurchased property will not be deemed an Exempt Disposal and Firm Scheme Grant will become recoverable immediately the share is sold and a sales receipt realised. 4.3.2 The resale of a Firm Scheme Grant funded Protected Area Repurchased property must be at market value. Following the resale of the initial share, recoverable Firm Scheme Grant should be calculated according to the percentage of the share sold compared to the total grant/grant permitted to be applied under this Agreement used to fund the repurchase. From the gross sales receipt the Grant Recipient can deduct staircasing allowance and any Deemed Loan Debt apportioned as appropriate as eligible deductions. For these purposes, Firm Scheme Grant funded property includes one in which the Grant Recipient was permitted to reapply grant which would otherwise have been repayable under this Agreement. 4.3.3 Upon staircasing the remaining Firm Scheme Grant is recoverable on the same basis and allowing for the same eligible deductions as in 4.1.2 above.

Protected Areas. 4.3.1 Upon the resale of a Protected Area Repurchased repurchased property, Firm Scheme Grant recovery as per the staircasing Staircasing rules will apply (see below). However, the first sale of shares in a repurchased property will not be deemed an Exempt Disposal exempt disposal and Firm Scheme Grant will become recoverable immediately the share is sold and a sales receipt realised. 4.3.2 The resale of a Firm Scheme Grant funded Protected Area Repurchased property must be at market value. Following the resale of the initial share, recoverable Firm Scheme Grant should be calculated according to the percentage of the share sold compared to the total grant/grant permitted to be applied under this Agreement used to fund the repurchase. From the gross sales receipt the Grant Recipient can deduct staircasing Staircasing allowance and any Deemed Loan Debt apportioned as appropriate as eligible deductions. For these purposes, Firm Scheme Grant funded property includes one in which the Grant Recipient was permitted to reapply grant which would otherwise have been repayable under this Agreement. 4.3.3 Upon staircasing Staircasing the remaining Firm Scheme Grant is recoverable on the same basis and allowing for the same eligible deductions as in 4.1.2 above.

Protected Areas. 4.3.1 Upon the resale of a Protected Area Repurchased property, Firm Scheme Grant recovery as per the staircasing rules will apply (see below). However, the first sale of shares in a repurchased property will not be deemed an Exempt Disposal exempt disposal and Firm Scheme Grant will become recoverable immediately the share is sold and a sales receipt realised. 4.3.2 The resale of a Firm Scheme Grant funded Protected Area Repurchased repurchased property must be at market value. Following the resale of the initial share, recoverable Firm Scheme Grant should be calculated according to the percentage of the share sold compared to the total grant/grant permitted to be applied under this Agreement used to fund the repurchase. From the gross sales receipt the Grant Recipient landlords can deduct staircasing allowance and any Deemed Loan Debt apportioned as appropriate as eligible deductions. For these purposes, Firm Scheme Grant funded property includes one in which the Grant Recipient was permitted to reapply grant which would otherwise have been repayable under this Agreement. 4.3.3 Upon staircasing the remaining Firm Scheme Grant is recoverable on the same basis and allowing for the same eligible deductions as in 4.1.2 above.