Common use of Secure Legal Interest Clause in Contracts

Secure Legal Interest. 2.1 The Grant Recipient must, subject to paragraphs 2.2 and 2.3, have a Secure Legal Interest in each Named Project before Named Project Grant may be claimed under Condition 10.1 as follows: 2.1.1 New Build Projects require a Secure Legal Interest (Long Term); and 2.1.2 Acquisition (No Work Required) Projects, Acquisition (Work Required) Projects and Social Housing Remodelling or Refurbishment Projects may have either Secure Legal Interest (Long Term) or a Secure Legal Interest (Short Term). 2.2 Every Named Project must have a Secure Legal Interest which allows the Grant Recipient to achieve the Minimum Period of Use for each RSAP Dwelling comprised in the Named Project. 2.3 Where the GLA provides the Drawdown Confirmation, the Grant Recipient's Secure Legal Interest may be a Contractual Interest at the time that First Tranche Grant is claimed, provided that any Drawdown Conditions are complied with within the timescales required by the GLA. 2.4 At the time that the Second Tranche Grant is claimed the Grant Recipient must possess a Completed Interest and must represent and warrant to the GLA that it is either registered or has applied to register as the proprietor of the relevant Site at the Land Registry (other than where the Grant Recipient has a Non Registrable Lease).