49. Nominee Clause

If the Buyer, with the written consent of the Seller on the face of this Contract, has the right to appoint a Nominee to perform the Buyer’s obligations under this Contract (the “Nominee”) then:

1- the Buyer and the Seller agree that the Buyer has a right to appoint a third party as Nominee to take a transfer of the Property in place of the Buyer;
2- the Buyer does not have the right to assign the Contract;
3- any exercise by the Buyer of the right of nomination will not release the Buyer from its obligations under the Contract; and
4- if the Nominee is a corporation, then the Buyer’s nomination will only, at the election of the Seller, be effective and binding on the Seller, upon the Directors and Shareholders of the Nominee and the Nominee entering into a Deed of Guarantee and Indemnity in the Form of Guarantee as delivered by the Sellers Solicitor to the Buyer.