48. Subdivision Clause

1.1 This Contract is subject to the Seller obtaining an exemption for this transaction from the Provisions of Section 2 of the Land Sales Act 1984 as amended under the provisions of Section 19 of that Act.

1.2 The Seller must forthwith upon formation of this agreement make application for such exemption and do everything reasonably necessary to obtain the exemption. The Seller must notify the Buyer of the decision of the Registrar forthwith upon receipt of that decision.

1.3 The Buyer must join in and consent to the application and sign all documents and do everything reasonably necessary for the purpose of the application.

1.4 The Seller will pay all costs associated with the application for exemption.

1.5 In the event that the application for exemption is refused or is not determined on or before 30 days from the date of this Contract then this Contract will be at an end, the deposit refunded to the Buyer and this sale will be at an end apart from any rights either of the parties will have against the other as a result of any breach of this Contract.

1.6 If at any time during the 30 day period the Local Authority seals the attached plan then this Contract will become unconditional with regard to this special condition.

2. This Contract is subject to the registration in the Office of the Department of Natural Resources of a plan of subdivision in substantially the same form as the plan attached and marked with the letter “A” and registration of the Seller as registered owner of the land sold within 3 months of the date of this Contract failing which this Contract will be at an end and neither party will have any claim against the other.

3. Settlement shall be 10 days after the seller give written notice that the plan referred to in special condition 2 has registered.