PROP T2 A1 Clark loan and lease documents NSW 2023_10_16
pdf
keyboard_arrow_up
School
The College of Law *
*We aren’t endorsed by this school
Course
PROPERTY
Subject
Accounting
Date
Feb 20, 2024
Type
Pages
46
Uploaded by MegaHyenaMaster1070
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 1 of 46 © The College of Law Limited Property Practice Task 2, Activity 1 Clark –
16 Junction Street, Summer Hill Loan and lease documents INDEX Memorandum from Supervising Partner
......................................................................
2
Loan Contract ............................................................................................................
4
National Mortgage Form ...........................................................................................
14
Schedule to Mortgage Form .....................................................................................
17
Authority to Complete and Undertaking
.....................................................................
19
Direction to Pay
........................................................................................................
20
Lease
.......................................................................................................................
21
Planning Certificate ..................................................................................................
39
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 2 of 46 © The College of Law Limited Memorandum from Supervising Partner MEMORANDUM
To: (Student) From: (Your Supervising Partner) Re: Clark from Nguyen Date: Today Mr and Mrs Clark have made arrangements for finance for the purchase of 16 Junction Street, Summer Hill. Mr Clark is an accountant and his company, Clark Accountancy Services Pty Limited, leases a property at 1/16 Main Road, Ashfield. This is the address where he has run his business. He has done so for the last 5 years. Mr Clark instructs you that at some stage over the next year or so he would like to try and terminate his company’s lease of the Ashfield property and move his business to the Summer Hill property that he and his wife are purchasing. He says he and his wife propose to reside in part of the Summer Hill property and eventually use three of the front rooms for his business. Accordingly, Clark Accountancy Services Pty Limited will want to lease from Mr and Mrs Clark the part of the property Mr Clark wants to use for his business. Mr Clark has left you with a copy of the Loan Contract and the Mortgage and associated documents, as well as a copy of the lease of the Ashfield property. Action required
Review the attached documents and draft a file note of advice to the clients (no more than 1,000 words and in plain language) addressing each of the following specific questions asked by the clients: Questions on the mortgage 1. It was our understanding that the standard rate of interest we would pay in relation to the mortgage is 4.00% and that we may be required to pay 6.00% interest if we are late making our payments. However, the schedule to the mortgage states that we will pay interest at the rate of 6.00% per annum. It then goes on to say that if we make repayments within 14 days of the due date, the interest rate will be 4.00%. Why is the mortgage document expressed this way? 2. Does this mortgage allow us to make extra payments of principal or interest if we have extra funds available? 3. If our financial circumstances change and we are unable to make mortgage payments, does the mortgagee have any rights against us. Although we have read the memorandum, we cannot see where the mortgagee is granted these rights. 4. Do we have any specific obligations in respect of the state of repair of the property? 5. Is the form of loan agreement appropriate bearing in mind our proposed ultimate use of part of the property for a business?
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 3 of 46 © The College of Law Limited 6. What is the reason for the document headed “AUTHORITY TO COMPLETE & UNDERTAKING”
? We are not very trusting of banks and want to understand why there would be any blanks in the loan documents signed by us. Questions on the lease
7. Does rent remain the same for the rest of the lease? If not, how will any new rent be determined? 8. If we exercise the option and then want to depart from the resulting new lease early and move the business to Summer Hill, will there be any implications or liability to continue paying rent for the rest of the option period? 9. Are there any issues that might arise with our lender and/or the council if part of the Summer Hill property is leased in the future? 10. Clark Accountancy Services Pty Limited will only be using part of the Summer Hill premises for the business and we will use the rest as our residence. How should any new lease document best identify the area to be leased by the company?
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 4 of 46 © The College of Law Limited Loan Contract Loan contract To: PAT JOHN CLARK and LEIGH SALLY CLARK We, Metropolitan Bank, 50 Martin Place, Sydney NSW 2000, offer to lend you the loan amount on the terms set out below. To accept this offer, you must sign and date the enclosed duplicate and return it to us within 28 days from the date of this offer. Financial table 1. Loan amount $500,000.00 2. Annual interest rate 4.00% per annum percentage rate 3. Repayments You must pay us 360 monthly repayments of $2,387.08 (plus the applicable annual interest rate) each month during the term of 30 years. The first repayment is due on the day that is one month after your settlement date for purchase of the property. 4. Fees and charges (i) These fees and charges are payable in connection with this contract (on settlement date unless previously paid): •
Loan establishment fee (including legal costs): $400.00 •
Registration fee (for all documents which we know will be registered): $496.20 •
Property Exchange Australia Ltd (PEXA) fee (for all documents $132.66 which we know will be registered) Total fees and charges definitely payable in relation to this contract. $1,028.86 (ii) These fees and charges may become payable in connection with this contract: •
Dishonour fee: $25.00 (if a direct debit from an account with another financial institution is declined or a cheque or payment order received by Metropolitan Bank is dishonoured, this fee will be payable as part of the Balance). •
Arrears fee: $50.00 (this fee will be payable if you do not make a Repayment within fourteen days of it being due and on the 15
th
day after each subsequent date on which a Repayment is due whilst that amount remains unpaid. This fee will be payable as part of the Balance. Note:
Under this contract any of the following information set out above may be varied without your consent: •
annual interest rate, •
total amount of interest charges, amount or method of calculation, number, frequency or time for payment or repayments, •
amount and type of fees and charges and when they are payable (including by imposing new fees and charges or changing the method of calculation of a fee or charge).
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 5 of 46 © The College of Law Limited Disclosure date 5. The information in this contract is correct as at [
current date minus two weeks
] (the ‘disclosure date’).
Term 6. Thirty (30) years from the settlement date. Default rate 7. The default rate at any time equals the annual percentage rate at that time plus a margin of 2% per annum. At the disclosure date, it is 6.00% per annum. Security 8. The following mortgage and guarantee (if any) have been or are to be taken by us: Mortgage Name of mortgagor(s) (owner): PAT JOHN CLARK and LEIGH SALLY CLARK Property address: 16 Junction Street, Summer Hill NSW 2130 Minimum property insurance: $750,000.00 Guarantee Name of guarantor(s): not applicable Address:
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 6 of 46 © The College of Law Limited General terms and conditions What we lend you 1. We agree to lend you the loan amount. You authorise us to open an account in your name and to debit to it all amounts we lend you and all other amounts you owe us under this Contract. Purpose 2. The purpose of the loan is to assist you with the purchase of residential premises at 16 Junction Street, Summer Hill NSW 2130. We may refuse to lend 3. We need not lend if: (a) we have not received the security or any other document or information we reasonably require, in a form satisfactory to us; (b) any security is withdrawn; or (c) you are in default under this contract, any other contract you have with us or a security. Repayments 4. You must pay us: (a) all repayments we require; and (b) the balance and all other amounts you owe us under this contract on the last day of the term. Interest 5. You must pay us interest charges for each day calculated daily by applying the daily percentage rate (being the annual percentage rate divided by 365) to the balance at the end of that day. However, where cl 10 applies, we calculate interest charges on the relevant portion of the balance in accordance with that clause instead. Interest charges accrue daily and are debited in arrears on the last day of each month. Interest charges may also be debited on the day you repay the balance and all other amounts you owe under this Contract (including when you repay the loan early). Fees and charges 6. You must pay us: (a) all fees and charges set out in the financial table; and (b) an amount equal to government charges. Statements 7. We will send you a statement for your account every six months. However, we need not send one if: (a) no amount was debited or credited to your account and we wrote off your debt during the statement period; or
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 7 of 46 © The College of Law Limited (b) you have been in default under this contract during the statement period and we have commenced enforcement proceedings. Prepayment 8. You may prepay any part or all of the balance at any time. If you do, you must pay us any applicable fees and charges payable under the National Credit Code on the day you do so. Default 9. You will be in default if: (a) you do not pay an amount due under this contract by the date it is due; (b) you breach any provision of this contract or any other contract you have with us; or (c) a security provider is in breach under a security If you are in default, we may give you a default notice. If you do not or cannot remedy the default within the relevant period stated in the notice, the balance and all other amounts you owe us under this contract becomes immediately due and payable and we may enforce our rights under this contract and any security. Higher interest charges 10. A default rate of interest may be charged when payments are in default. We may charge interest at the default rate on any amount after the date it becomes due for payment (including under cl 9). These interest charges are calculated daily on the basis of a 365 day year. They accrue daily and are debited to your account in arrears on the last day of each month. Enforcement expenses 11. Enforcement expenses may become payable under this contract and any security in the event of a breach. You must pay us any reasonable expenses we reasonably incur in enforcing this contract or a security in the event of default. Payments 12. We may use any payment we receive from you in satisfying money due from you in any way we determine. Variations and waivers 13. Subject to the requirements of the National Credit Code, we may vary any provision of this contract as we choose. If we do, we must notify you in writing and the changes take effect from the time we specify in the notice. When we give the notice depends on the type of change we make. For example, we may: (a) change the annual percentage rate; (b) change the amount or frequency of payment of any fee or charge or impose a new fee or charge. If we do either or both of (a) and (b), we tell you in writing before we do so unless the change reduces your obligations under this contract, in which case we notify you in your next statement of account;
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 8 of 46 © The College of Law Limited (c) change the amount or method of calculation, number, frequency or time for payment of repayments. If we do any of these things, we tell you in writing before we do so unless the change reduces your obligations under this contract, in which case we notify you in your next statement of account. Security 14. Each security extends to this contract and this contract is an agreement covered by each security. You must ensure that each security provider complies with the terms of each relevant security. Applicable law 15. This contract is governed by the law in force in New South Wales. You and we submit to the non-exclusive jurisdiction of the courts of that place. Interpretation 16. These words and expressions have the following meaning when used in this contract: ‘
Annual percentage rate
’ means a per annum rate of interest which applies to this contract
‘Balance
’ m
eans, at any time, the difference between all amounts credited and all amounts debited under this contract at that time. ‘
Contract
’ means the contract you make with us when we sign this document
. ‘Default rate
’ means a per annum rate of interest payable un
der cl 10. ‘Disclosure date
’ means the date specified to be the ‘disclosure date’ in this contract
. ‘Government charges
’ means government charges and duties on receipts or withdrawals under this contract including financial institutions duty and debits tax. ‘Loan amount
’ means the amount specified to be the ‘loan amount’ in the financial table.
‘Person
’ includes a natural person and a corporation
. ‘Repayment
’ means each amount specified as a repayment in the financial table (as varied in accordance with this contract). ‘Security
’ means each security described in this contract under ‘security’ and any other security given in connection with this contract. ‘Security provider
’ means each person who gives a security
. ‘Settlement date
’ means the date we lend you the loan amount. ‘Term
’ means the period specified to be the ‘term’ in this contract.
. ‘We
’ means Metropolitan Bank. ‘You
’ means each person who signs this contract (other than us).
For and on behalf of METROPOLITAN BANK Date (5 days ago)
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 9 of 46 © The College of Law Limited IMPORTANT Before you sign –
Things you must know READ THIS CONTRACT DOCUMENT so that you know exactly what contract you are entering into and what you will have to do under the contract. Once you sign this contract document, you will be bound by it. However, you may end the contract before you obtain (or try to obtain) any credit by telling the credit provider in writing, but you will still be liable for any fees or charges already incurred. You should also read the information statement: “THINGS YOU SHOUL
D KNOW ABOUT YOUR PROPOSED CREDIT CONTRACT”.
You do not have to take out consumer credit insurance unless you want to. If this contract document says so, you must take out insurance over any mortgaged property. If you take out insurance, the credit provider cannot insist on any particular insurance company. Fill in or cross out any blank spaces. Get a copy of this contract document. If this contract document says so, the credit provider can vary the annual percentage rate (the interest rate), the repayments and the fees and charges and can add new fees and charges without your consent. Do not sign this contract document if there is anything you do not understand. If this contract document says so, the credit provider can charge a fee if you pay out your contract early. Accepted by the debtor(s) Date
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 10 of 46 © The College of Law Limited (Cl 11 and s 14(1)(b)) INFORMATION STATEMENT THINGS YOU SHOULD KNOW ABOUT YOUR PROPOSED CREDIT CONTRACT This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract. If you have any concerns about your contract, contact your credit provider and, if you still have concerns, your government consumer agency, or get legal advice. THE CONTRACT How can I get details of my proposed credit contract? 1. Your credit provider must give you a pre-contractual statement containing certain information about your contract. The pre-contractual statement, and this document, must be given to you before: •
your contract is entered into; or •
you make an offer to enter into the contract, whichever happens first. How can I get a copy of the final contract? 2. If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply, if the contract can be accepted by you: •
accessing or drawing down credit to incur a liability; or •
satisfying any other conditions. If you want another copy of your contract write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy: •
within 14 days of your written request if the original contract came into existence one year or less before your request; or •
otherwise within 30 days of your written request. Can I terminate the contract? 3. Yes, so long as you have not obtained or tried to obtain any credit under the contract, you can terminate the contract by writing to the credit provider. However, you will still have to pay any fees or charges incurred before you terminated the contract. Can I pay my credit contract out early? 4. Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract. How can I find out the pay out figure? 5. You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify. You can also ask for details of how the amount is made up. Your credit provider must give you the statement within seven days after you give your request to the credit provider. You may be charged a fee for the statement.
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 11 of 46 © The College of Law Limited Will I pay less interest in I pay out my contract early? 6. Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees. Can my contract be changed by my credit provider? 7. Yes, but only if your contract says so. Will I be told in advance if my credit provider is going to make a change in the contract? 8. That depends on the type of change. For example: •
You get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper. •
You get 30 days advance written notice for: -
a change in the way in which interest is calculated; -
a change in repayments; -
a change in credit fees and charges; or -
any other changes by your credit provider, except where the change reduces what you have to pay or the change happens automatically under the contract. Is there anything I can do if I think that my contract is unjust? 9. Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement. If that is not successful you could apply to the court. Contact the government consumer agency or get legal advice on how to go about this. INSURANCE Do I have to take out insurance? 10. Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not. Will I get details of my insurance cover? 11. Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal. Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance. You can always ask the insurer for details of your insurance contract. If you ask in writing your insurer must give you a statement containing all the provisions of the contract.
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 12 of 46 © The College of Law Limited If the insurer does not accept my proposal, will I be told? 12. Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected. In that case, what happens to the premiums? 13. Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer. What happens if my credit contract ends before any insurance contract over mortgaged property? 14. You can end the insurance contract and get a proportionate rebate of any premium from the insurer. MORTGAGES
If my contract says I have to give a mortgage, what does this mean? 15. A mortgage means that you give your credit provider certain rights over any property you mortgage. If you default under your contract, you can lose the property and you might still owe money to the credit provider. Should I get a copy of my mortgage? 16. Yes. It can be part of your credit contract or, if it is a separate document, you will be given a copy of the mortgage within 14 days after your mortgage is entered into. However, you need not be given a copy if, when the credit provider gives you a copy of the mortgage document to sign and return to the credit provider, you are also given a copy of the mortgage document to keep. Is there anything that I am not allowed to do with the property I have mortgaged? 17. The law says you cannot assign or dispose of the property unless you have your credit provider’s, or the court’s, permission.
You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or cannot do with the property. What can I do if I find that I cannot afford my repayments and there is a mortgage over property? 18. See answers to questions 22 and 23. Otherwise you may: •
if the mortgaged property is goods, give the property back to your credit provider, together with a letter saying you want the credit provider to sell the property for you; •
sell the property, but only if your credit provider gives permission first. OR •
give the property to someone who may then take over the repayments, but only if your credit provider gives permission first. If your credit provider won’t give permission contact your government consumer agency for help. If you have a guarantor, talk to the guarantor who may be able to help you. You should understand that you may owe money to your credit provider even after the mortgaged property is sold.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 13 of 46 © The College of Law Limited Can my credit provider take or sell the mortgaged property? 19. Yes, if you have not carried out all of your obligations under your contract. If my credit provider writes asking me where the mortgaged goods are, do I have to say where they are? 20. Yes. You have seven days after receiving your credit provider’s request to tell your credit
provider. If you do not have the goods you must give your credit provider all the information you have so they can be traced. When can my credit provider or its agent come into a residence to take possession of mortgaged goods? 21. Your credit provider can only do so if it has the court’s approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the Consumer Credit Code. GENERAL What do I do if I cannot make a repayment? 22. Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways. For example: •
to extend the term of the contract and either reduce the amount of each payment accordingly or defer payments for a specific period; or •
to simply defer payments for a specified period. What if my credit provider and I cannot agree on a suitable arrangement? 23. If you have been unemployed, sick or there is another good reason why you are having problems with your contract, then your contract may be able to be changed to meet your situation. You may be able to apply to the court. Contact your government consumer agency or get legal advice on how to go about this. There are other people, such as financial counsellors, who may be able to help. Can my credit provider take action against me? 24. Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact your government consumer agency or the Australian Competition and Consumer Commission, or get legal advice. Do I have any other rights and obligations? 25. Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully. IF YOU HAVE ANY DOUBTS, OR WANT MORE INFORMATION, CONTACT YOUR GOVERNMENT CONSUMER AGENCY OR GET LEGAL ADVICE. PLEASE KEEP THIS INFORMATION STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 14 of 46 © The College of Law Limited Mortgage Form version 1.5 National Mortgage Form Lodger
Details
Lodger Code 15245 Name METROPOLITAN BANK Address 50 Martin Place Sydney NSW 2000 Lodger Box 048 Phone 02 9985 1234 Reference P S CLARK - 187964 MORTGAGE
Jurisdiction NEW SOUTH WALES
Privacy Collection Statement The information in this form is collected under statutory authority and used for the purpose of maintaining publicly searchable registers and indexes.
Estate and/or interest being mortgaged FEE SIMPLE
Land Title Reference Part Land Affected? Land Description
B/412537 Mortgagor
Given Name(s) PAT JOHN
Family Name CLARK
Given Name(s) LEIGH SALLY Family Name CLARK
Mortgagee
Name METROPOLITAN BANK ACN 123456789 Australian Credit Licence L14758
The mortgagor mortgages the estate and/or interest in land specified in this mortgage to the mortgagee as security for the debt or liability described in the terms and conditions set out or referred to in this mortgage, and covenants with the mortgagee to comply with those terms and conditions. Terms and Conditions of this Mortgage
(a) Document Reference Q860000 (b) Additional terms and conditions IN THE ATTACHED SCHEDULE For Office Use Only THE BACK OF THIS FORM MUST NOT BE USED
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 15 of 46 © The College of Law Limited Mortgagor Execution 1. The Certifier has taken reasonable steps to verify the identity of the mortgagee. 2. The Certifier holds a properly completed Client Authorisation for the Conveyancing Transaction including this Registry Instrument or Document. 3. The Certifier has retained the evidence supporting this Registry Instrument or Document. 4. The Certifier has taken reasonable steps to ensure that this Registry Instrument or Document is correct and compliant with relevant legislation and any Prescribed Requirement. 5. The Certifier, or the Certifier is reasonably satisfied that the mortgagee it represents: (a) has taken reasonable steps to verify the identity of the mortgagor; and (b) holds a mortgage granted by the mortgagor on the same terms as this Registry Instrument or Document. Executed on behalf of Signer Name Signer Organisation Signer Role Signature Execution Date METROPOLITAN BANK ALAN LAW SOLICITOR FOR MORTGAGEE AUSTRALIAN LEGAL PRACTITIONER
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 16 of 46 © The College of Law Limited MORTGAGE WITNESSING REQUIREMENTS IN NSW
PARTY TO MORTGAGE
DOES SIGNATURE HAVE TO BE WITNESSED?
WHO MAY EXECUTE MORTGAGE?
WHO MAY BE THE WITNESS?
Mortgagor The Mortgagor (individual). Yes An “eligible
witness”, namely
a person who: 1. is over 18 years of age; 2. is not a party to the mortgage; and 3. has known the person who is signing the mortgage for at least a year or has taken reasonable steps to confirm the identity of the person. See s117(4) Real Property Act 1900 (NSW). The full name and address of the witness should be stated. (A PO Box or DX is not acceptable). The Mortgagor (corporation). Depends on the method of execution. Depends on the method of execution. For example, if a corporation executes a mortgage without using a common seal pursuant to section 127(1) of the Corporations Act 2001 (Cth), the signatures of the directors and company secretary, as the case may be, do not need to be witnessed. If a corporation executes a mortgage with a common seal pursuant to section 127(2) of the Corporations Act 2001 (Cth), the affixing of the seal must be witnessed by: 1. 2 directors; or 2. a director and a company secretary; or 3. for a proprietary company that has a sole director who is also the sole company secretary - that director. Other methods of execution authorised by a corporation's constitution or special resolution may require additional evidence to support the authority. An attorney (individual) on behalf of the Mortgagor. Yes An eligible witness An attorney (corporation) on behalf of the Mortgagor. Yes Same as for a Mortgagor who is a corporation. Mortgagee The Mortgagee (individual). Yes An eligible witness. The Mortgagee (corporation). Depends on the method of execution. Same as for a Mortgagor who is a corporation. An attorney (individual) on behalf of the Mortgagee. Yes An eligible witness. An attorney (corporation) on behalf of the Mortgagee. Depends on the method of execution. Same as for a Mortgagor who is a corporation. An Australian Legal Practitioner. No - A Licensed Conveyancer. No -
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 17 of 46 © The College of Law Limited Schedule to Mortgage Form 05M-3 (issued 0308) Schedule Referred and Attached to Mortgage
For the consideration aforesaid the mortgagor hereby
—
(a) Irrevocably appoints the mortgagee the attorney of the mortgagor immediately on or at any time after any breach or default by the mortgagor to exercise in the name of the mortgagor all rights, powers and remedies of the mortgagee expressed or implied herein and to receive any moneys payable to the mortgagor in respect of the mortgaged land whether in respect of the insurance compensation or otherwise and to do all things required to be done by the mortgagor and to execute all documents and to do all things necessary in regard to such matters. (b) Covenants with the mortgagee as follows
—
1. The mortgagor will observe the provisions set forth in the loan agreement between the parties dated …
2. The mortgagor will pay interest on the principal sum, or on so much thereof as shall remain unpaid, commencing on the . .
. 21st
. . . day of . . . (
current month) 20xx+30
. . . . . . . . . . . 3. The mortgagor will pay interest on the principal sum or on so much thereof as for the time being shall remain unpaid, and upon any judgment or order in which this or the preceding covenant may become merged, at the rate of .
. . six (6)
. . . per centum per annum as follows, namely by equal payments on the . . . twenty first
. . . days of the months of . .
. each month
. . . in each and every year until the principal sum shall be fully satisfied, the first of such payments computed from the . .
. 21st
. . . . day of . . .
(current month)
. . . to be made on the . . .
21
st
. . . day of . . .
(current month +1)
. . . next. 4. Provided always, and it is hereby agreed and declared, that if the mortgagor shall on every day on which interest is hereinbefore made payable under this security, or within fourteen (14) days after each of such days respectively, pay to the mortgagee interest on the principal sum or on so much thereof shall for the time being remain unpaid at the rate of . . . four (4)
. . . per centum per annum, and shall duly observe and perform all and every covenant on the mortgagor
’
s part herein contained or implied then the mortgagee shall accept interest on the said principal sum or on so much thereof as shall for the time being remain unpaid at the rate of . . .
four (4)
. . . per centum per annum in lieu of . .
. six (6) . . . per centum per annum every
. . . month . . . for which such interest shall be paid to the mortgagee within such fourteen (14) days as aforesaid. 5. Except with the written consent of the mortgagee, the mortgagor will not apply for or obtain from the Crown or from any statutory authority any money or material or otherwise do or suffer to be done anything whereby any charge or liability shall or might be
imposed on the mortgaged land or any part thereof in priority to or in derogation of this security. 6. The mortgagor will insure and keep insured against loss or damage all buildings now or hereafter erected on the mortgaged
land in the name of the mortgagee in the full insurable value
. I
n the event of loss the mortgagee alone shall have power to settle and
compromise any claim against any insurance company and the sum
received on account of such insurance shall be applicable either in or towards repair or rebuilding or in or towards repayment of the
mortgage debt at the option of the mortgagee. The mortgagor will give evidence of such insurance to the mortgagee immediately upon the issue thereof. 7. The mortgagor will during the continuance of this security, whether the mortgagee shall or shall not have entered upon and taken
possession of the mortgaged land, make such repairs as may be necessary for keeping the buildings now or hereafter to be erected on the
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 18 of 46 © The College of Law Limited mortgaged land in good and tenantable repair, order and condition, and in particular will, whenever the mortgagee considers it necessary, paint in a proper and workmanlike manner to the satisfaction of the mortgagee such parts of the mortgaged premises as are usually painted and will, on being required by the mortgagee so to do, forthwith amend every defect in the repair and
condition thereof, and will forthwith carry out all work that may be ordered by any competent public, local, shire or municipal
authority in respect thereof, and pay all rates, taxes, charges, outgoings, and assessments (including any land or property tax) that
may now or at any time be or become payable or become chargeable or be assessed or become due upon or in respect of the
mortgaged land or any part thereof, under or in pursuance of the provisions of any Act or Ordinance of the Commonwealth of Australia or the State of New South Wales, or any regulations thereunder now in force or that may come into operation during the
continuance of this security. 8. In case the mortgagor shall at any time fail to comply with paragraph 7, it shall be lawful for but not obligatory upon the mortgagee to do anything the mortgagor ought to have done, and all moneys or payments so expended or made shall be deemed principal moneys covered by this security. 9. Upon default being made in payment of principal or interest under the loan agreement, or upon default being made in the observance or performance of any of the covenants contained herein or in the mortgage or implied therein by the Real Property Act 1900
(NSW) or the Conveyancing Act 1919 (NSW) the mortgagee may exercise any of the powers of a mortgagee under the said Acts. If at any time default is made in the due payment of the interest on any of the days when the same
respectively shall become payable or within the time thereafter mentioned in the schedule to the mortgage, or, if the power of sale
given to the mortgagee under either of the said Acts shall become exercisable, then the principal sum shall immediately become due
and the mortgagor will thereafter pay the same on demand. 10. In addition to all costs and expenses which the mortgagor may be liable to pay in respect of this security, the mortgagor will pay all costs and expenses incurred by the mortgagee in connection with and in consequence of any default on the part of the mortgagor. 11. All powers, rights and remedies implied in favour of or conferred upon mortgagees by the Conveyancing Act 1919
(NSW) or the Real
Property Act 1900
(NSW) shall be in enlargement and not in curtailment of the powers, rights and remedies conferred by these provisions. 12. Service of any notice required or authorised by these presents may be affected in the manner permitted by section 170 of the
Conveyancing Act 1919 (NSW).
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 19 of 46 © The College of Law Limited Authority to Complete and Undertaking AUTHORITY TO COMPLETE & UNDERTAKING Metropolitan Bank 50 Martin Place SYDNEY NSW 2000 MORTGAGE ADVANCE to PAT JOHN CLARK and LEIGH SALLY CLARK a.) I/We,
the undersigned hereby authorise Metropolitan Bank to complete all documents relating to this transaction as required and to insert any information in such documents to enable them to be registered in the appropriate office (if applicable). b.) I/We undertake to comply with any requisitions raised by the NSW Land Registry Services concerning the registration of any document (if applicable) PAT JOHN CLARK LEIGH SALLY CLARK DATED: 50 Martin Place SYDNEY NSW 2000
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 20 of 46 © The College of Law Limited Direction to Pay
DIRECTION TO PAY
To: METROPOLITAN BANK Borrower(s): PAT JOHN CLARK and LEIGH SALLY CLARK Property: 16 JUNCTION STREET, SUMMER HILL NSW 2130 Loan Number: 187964 I/We Pat John Clark and Leigh Sally Clark hereby irrevocably authorise and direct Metropolitan Bank to pay the proceeds of our loan as follows: 1. Metropolitan Bank (in payment of Payment of fees as per Schedule of fees Charged) which includes: $400.00 2. a. NSW Land Registry Services b. PEXA Balance of loan proceeds as our solicitor directs in writing on our behalf $496.20 $132.66 PAT JOHN CLARK LEIGH SALLY CLARK DATED:
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 21 of 46 © The College of Law Limited Lease Form: 07L
LEASE New South Wales Real Property Act 1900
Leave this space clear. Affix additional pages to the top left-hand corner. Edition:
1309
PRIVACY NOTE: Section 31B of the Real Property Act 1900 (RPAct) authorises the Registrar General to collect the information required by this form for the establishment and maintenance of the Real Property Act Register. Section 96B RP Act requires that the Register is made available to any person for search upon payment of a fee, if any.
STAMP DUTY
Revenue NSW use only (A)
TORRENS TITLE
Property leased: if appropriate, specify the part or premises Folio Identifier 26/SP89725 (B)
LODGED
BY
Document Collection Box Name, Address or DX, Telephone, and Customer Account Number if any Vendor & Co Solicitors 570 George Street, Sydney, NSW 2000 Reference (optional)
:
Ph: 9999 8888
CODE L
(C)
LESSOR
Neil Paul DENNIS
The lessor leases to the lessee the property referred to above. (D)
Encumbrances (if applicable)
: 1.
2. 3
.
(E)
LESSEE CLARK ACCOUNTANCY SERVICES PTY LIMITED ACN 003 165 975 (F)
TENANCY:
(G)
1.
TERM
5 years
2.
COMMENCING DATE 1 January 20xx -3
3.
TERMINATING DATE 31 December 20xx +1 4.
With an OPTION TO RENEW for a period of
5 years
set out in clause 4 of Annexure B 5.
With an OPTION TO PURCHASE set out in N/A 6.
Together with and reserving the RIGHTS set out in N/A
7.
Incorporates the provisions or additional material set out in ANNEXURE(S) (A) & (B)
hereto. 8.
Incorporates the provisions set out in MEMORANDUM filed pursuant to section 80A Real Property Act 1900 as / registered LEASE No.
N/A
. 9.
The RENT is set out in item / clause . clause 13A
of ANNEXURE A
. ALL HANDWRITING MUST BE IN BLOCK CAPITALS
. Page 1 of 2
.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 22 of 46 © The College of Law Limited DATE 1 / January / 20xx -3 dd mm yyyy (H)
I certify that I am an eligible witness and that the lessor Certified correct for the purposes of the Real signed this dealing in my presence. [See note
** below]. Property Act 1900 by the lessor. Signature of witness: P. Murphy
Name of witness: PAUL MURPHY
Address of witness: 18 Wattle Crescent, Seaforth Signature of lessor
: N.P. Dennis
Corporation
:
CLARK ACCOUNTANCY SERVICES PTY LIMITED Authority
:
Section 127 of the Corporations Act 2001
Signature of authorised person
: P. J. Cla
Name of authorised person: Pat John CLARK Office held: SOLE DIRECTOR Note: where applicable, the lessor must complete the statutory declaration below.
I certify that I am an eligible witness and that the lessee signed this dealing in my presence. [See note
** below]. Certified correct for the purposes of the Real Property Act 1900 by the lessee.
Signature of witness: Name of witness: Address of witness: Signature of lessee
: (I)
STATUTORY DECLARATION *
I solemnly and sincerely declare that
—
1.
The time for the exercise of option to renew / option to purchase in expired lease No.
has ended; 2.
The lessee under that lease has not exercised the option. I make this solemn declaration conscientiously believing the same to be true and by virtue of the Oaths Act 1900. Made and subscribed at in the State of on
in the presence of of , Justice of the Peace (J.P. Number: ) Practising Solicitor Other qualified witness [specify]
. , ** who certifies the following matters concerning the making of this statutory declaration by the person who made it
:
1.
I saw the face of the person OR I did not see the face of the person because the person was wearing a face covering, but I am satisfied that the person had a special justification for not removing the covering; and 2.
I have known the person for at least 12 months OR I have confirmed the person’s
identity using an identification document and the document I relied on was a . [Omit ID No.]
Signature of witness: Signature of lessor: * As the services of a qualified witness cannot be provided at lodgment, the declaration should be signed and witnessed prior to lodgment. ** If made outside NSW, cross out the witness certification. If made in NSW, cross out the text which does not apply. ** s117 RP Act requires that you must have known the signatory for more than 12 months or have sighted identifying documentation.
ALL HANDWRITING MUST BE IN BLOCK CAPITALS
Page 2 of 2
1708
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
N.P. Dennis P. G. Clark PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 23 of 46 © The College of Law Limited ANNEXURE A ANNEXURE A
SEE A SOLICITOR ABOUT THIS LEASE
Lessor: NEIL PAUL DENNIS Lessee: CLARK ACCOUNTANCY SERVICES PTY LIMITED This annexure consists of 15 pages. © 2021 The Law Society of New South Wales ACN 000 000 699 You can prepare your own version of Annexure A of this Lease. Except as permitted under the CopyrightAct 1968 (Cth) or consented to by the copyright owner (including by way of guidelines issued from time to time), no other part of this Lease may be reproduced without the specific written permission of The LawSociety of New South Wales. NOTE
: Any alterations and additions to Lease Covenants in Annexure B must be made by additional clauses inAnnexure A. The printed clauses in Annexure B are to remain in their copyright form without alteration. SCHEDULE OF ITEMS (continued)
Item 5 (cls 1.6, 13.1) A.
The guarantor:
Not Applicable (cl 13.74) B.
Limit of guarantor’s liability
:
Not Applicable (cl 14.2) Address for service of notices: Not Applicable Item 6 (cl 4.1) Term: Item 7 (cl 4.1) Commencing date: Item 8 (cl 4.1, 12.1) Terminating date: Item 9 (cl 5) Option to renew
A. Further period of
5
years from
1 January 20xx + 2 to 31 December 20xx + 6 B. Further period of years from to Not Applicable C Maximum period of tenancy under this lease and permitted renewals: 10 years D. First day option for renewal can be exercised: 1 July 20xx + 1 E. Last day option for renewal can be exercised: 30 September 20xx + 1 Item 10 (cl 5) A.
Rent
For the lease period: From the commencement date to the first rent review date: $24,000
a year by monthly instalments of $2,000 Afterwards: At the new yearly rent beginning on each review date by monthly instalments of one twelfth of the new yearly rent.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
N.P. Dennis P. G. Clark PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 24 of 46 © The College of Law Limited For the further period in item 9A: From the commencement date to the first rent review date: (for example: Current market rent) Current market rent Afterwards: At the new yearly rent beginning on each review date by monthly instalments of one twelfth of the new yearly rent. For the further period in item 9B: From the commencement date to the first rent review date: (for example: Current market rent) Not Applicable Afterwards: At the new yearly rent beginning on each review date by monthly instalments of one twelfth of the new yearly rent. Item 11 (cl 5) Outgoings
A. Share of outgoings: Nil B. Outgoings –
Not Applicable [Select applicable items] (a) local council rates and charges; (b) water sewerage and drainage charges; (c) land tax; (d) public liability insurance and building insurance; (e) all levies and contributions of whatsoever nature determined and/or levied by the owners corporation with the exception of any contribution to a capital works fund or special levy in respect of the strata scheme of which the property forms part (if applicable). (f) other for the land or the building of which the property is part, fairly apportioned to the period of this lease. Item 12 (cl 5.1.5) Interest rate: 10% Item 13 (cl 5.5) Rent review
Rent review date Method of rent review If Method 1 applies, increase by (the increase should show percentage or amount) Anniversary of commencement date Method 2 Method 1 is a fixed amount or percentage. Method 2 is Consumer Price Index. Method 3 is current market rent. Method 2 applies unless another method is stated.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
N.P. Dennis P. G. Clark PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 25 of 46 © The College of Law Limited ANNEXURE A Item 14 (cl 6.1) Permitted use:
Commercial offices
Item 15 (cl 8.1.1) Amount of required public liability insurance: $
20 million Item 16 (cl 16) Bank Guarantee
Not Applicable months rent and the lessee’s proportion of outgoings increased by the rate of GST (expressed as a percentage) applicable from time to time. Item 17 (cl 17) Security Deposit
3 months rent and the lessee’s proportion of outgoings
increased by the rate of GST (expressed as a percentage) applicable from time to time. Details of strata manager/secretary of the owners corporation (if applicable)
Domain Strata Management, 21 West Street, Campsie NSW the mortgagee under mortgage + consents to this lease. Signed in my presence for and on behalf of the by the duly constituted attorney of the said bank who is personally known to me: Signature of witness: Name of Witness: Address of witness: 1 Signature of Attorney: Power of Attorney Book: No: [Delete if not required] The following alterations and additions are to be made to the Lease Covenants in Annexure B:
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 26 of 45 PAGE 1 OF 14 PAGES ANNEXURE B –
RETAIL LEASE 2021
SEE A SOLICITOR ABOUT THIS LEASE
Lessor: NEIL PAUL DENNIS Lessee: CLARK ACCOUNTANCY SERVICES PTY LIMITED This annexure consists of 14 pages. © 2021 The Law Society of New South Wales ACN 000 000 699 which has approved this Annexure B as printed to clause 18. WARNING: Unauthorised reproduction in whole or part is an infringement of copyright. NOTE
: Any alterations and additions to Lease Covenants in Annexure B must be made by additional clauses inAnnexure A. The printed clauses in Annexure B are to remain in their copyright form without alteration. CONTENTS CLAUSE SUBJECT PAGE CLAUSE SUBJECT PAGE 1
Interpretation .................................
2
11 Lessor’s
other Obligations
.............
8
2
Grant of Lease ...............................
2
12 Forfeiture and End of Lease ..........
9
3
Additional Leased Property
...........
2
13 Guarantee ......................................
10 4
Lease
Period ..................................
2
14 Exclusions and Notices ................
11 5
Money ...........................................
3
15 Goods and Services Tax ................
11 6
Use
................................................
5
16 Bank
Guarantee .............................
12 7
Condition and Repairs
...................
6
17 Security Deposit ............................
12 8
Insurance and Damage ..................
7
18 Strata ............................................
12 9
Access ...........................................
7
10 Transfer, Sublease and Change in Control ..........................................
8
RETAIL LEASE CERTIFICATE
If section 16 of the Retail Leases Act 1994
applies to this lease, and the term plus any further terms are less than 5 years (subject to section 16(4)), the term will be extended unless a section 16(3) certificate is given. Sections 16(1) and (2) provide –
16(1) The term for which a retail shop lease is entered into, together with any further term or terms provided for by any agreement or option for the acquisition by the lessee of a further term as an extension or renewal of the lease, must not be less than 5 years. An agreement or option is not taken into account if it was entered into or conferred after the lease was entered into. 16(2) If a lease is entered into in contravention of this section, the validity of the lease is not thereby affected but the term of the lease is extended by such period as may be necessary to prevent the lease contravening this section. I certify that: •
I am a solicitor not acting for the lessor; •
Before (or within 6 months after) the lessee entered into this lease –
- the lessee requested me to give this certificate; and - I explained to the lessee the effect of sections 16(1) and (2), and that the giving of this certificate would result in section 16 not applying to this lease. ...................................................................
.......................................................................
Date Signature .......................................................................
NAME (BLOCK LETTERS) ...................................................................
.......................................................................
...................................................................
.......................................................................
N.P. Dennis P.G. Clark
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 27 of 45 ANNEXURE B PAGE 2 OF 14 PAGES CLAUSE 1 INTERPRETATION About this lease. 1.1
There are three parts to this lease –
a lease form or electronic lease render, Annexure A and this Annexure B. 1.2
This lease is a deed even if it is not registered. 1.3
A reference in this deed to the schedule is to the schedule of items in Annexure A. 1.4
The lessor is named in item 3 in the schedule. 1.5
The lessee is named in item 4 in the schedule. 1.6
The guarantor is named in item 5A in the schedule, if there is a guarantor. 1.7
If a party consists of two or more persons, obligations of that party can be enforced against any one or more of them. 1.8
In this lease, “property”
means the Property leased in item 1 in the schedule . 1.9
In this lease, “Act” means
the Retail Leases Act 1994
. 1.1 0
This lease is subject to any provision of the Act that cannot be excluded. 1.1 1
In this lease “Secretary” has
the same meaning as in the Act
. 1.1 2
In this lease “Registrar” has
the same meaning as in the Act
. 1.1 3
A reference to any legislation is also a reference to any corresponding later legislation. 1.1 4
In the event of any inconsistency between Annexure A of this lease and any other part of this lease, Annexure A will prevail. CLAUSE 2 GRANT OF LEASE The lessor grants to the lessee, and the lessee accepts, a lease of the property. CLAUSE 3 ADDITIONAL LEASED PROPERTY What other property is leased? 3.1
The lessor’s
fixtures are included in the property. 3.2
If anything else is leased (such as furniture belonging to the lessor) and is described in item 2 in the schedule it is included in the property. 3.3
If the property has facilities and services shared in common with other persons in the same building as the property, clause 11.3.2 applies to those common facilities. The lessee shares the common facilities with the lessor, and with others. The lessor can set reasonable rules for sharing these common facilities. CLAUSE 4 LEASE PERIOD How long is this lease for? 4.1
This lease is for the period stated in item 6 in the schedule, commences on the date stated in item 7 in the schedule and ends on the date stated in item 8 in the schedule, subject to any extension under the Act. 4.2
If a further period, commencing when this lease ends, is stated in item 9A in the schedule then the lessee has the option to renew this lease for that period. 4.3
The lessee can renew this lease more than once if that is stated in item 9B in the schedule. However the period of tenancy under this lease and under any renewal(s) is, in total, not longer than the maximum period stated in item 9C in the schedule.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 28 of 45 ANNEXURE B PAGE 3 OF 14 PAGES 4.4
The lessee can exercise the option only if –
4.4 .1
the lessee serves on the lessor a notice of exercise of option not earlier than the first day stated in item 9D in the schedule and not later than the last day stated in item 9E in the schedule; 4.4 .2
there is at the time of service no rent or outgoing that is overdue for payment; and 4.4 .3
at the time of service all the other obligations of the lessee have been complied with or fully remedied in accordance with the terms of any notice to remedy given by the lessor. 4.5
After exercising the option the lessee must continue to pay all rents and outgoings on time and continue to comply with all of the lessee’s obligations under this lease. If the lessee does not do so, the lessor may treat anybreach as being a breach of the new lease as well as of this lease. 4.6
A new lease will be the same as this lease except for –
4.6 .1
the new rent; 4.6 .2
the commencement date and the termination date; 4.6 .3
the omission of clauses 4.2, 4.3, 4.4, 4.5 and 4.6 and items 9A and 9B in the schedule in the last lease allowed in item 9 in the schedule; 4.6 .4
item 9B becoming item 9A; 4.6 .5
adjustment of item 9C in the schedule; and 4.6 .6
adjustment of items 9D and 9E in the schedule. The number of days between the dates stated in items 9D and 9E in the schedule of the new lease and the termination date of the new lease and the number of days between each date stated in items 9D and 9E in the schedule of this lease and the termination date of this lease are to correspond. If the new rent is to be current market rent it will be decided in the same way that current market rent is to be decided under Method 3 stated in clause 5 assuming that this lease and the new lease were one continuous lease and the commencement date of the new lease was a rent review date. CLAUSE 5 MONEY What money must the lessee pay? 5.1
The lessee must pay to the lessor or as the lessor directs –
5.1 .1
the rent stated in item 10 in the schedule; 5.1 .2
the share stated in item 11A in the schedule of those outgoings stated in item 11B in the schedule and the utility charges referred to in clauses 5.23 and 5.24; 5.1 .3
the reasonable cost to the lessor of remedying a default by the lessee; 5.1 .4
the reasonable cost to the lessor (including legal costs) of dealing with any application by the lessee for the lessor’s consent or where applicable an owners corporation’s consent under this lease (whether or
not it is given); 5.1 .5
interest on these moneys at the rate stated in item 12 in the schedule when payment is more than 14 days overdue, calculated from the due date to the date of payment; 5.1 .6
registration fee for registration of this lease at NSW Land Registry Services (payable on delivery to the lessor’s
solicitor or conveyancer of the executed lease); 5.1 .7
if the lessee defaults, the lessor’s
reasonable legal costs relating to the default; 5.1 .8
the lessor’s
reasonable costs and expenses in connection with the preparation of this lease but only that part of those costs and expenses which are permitted to be recovered by a lessor under section 14 and section 45 of the Act; and 5.1 .9
GST as provided for in clause 15. 5.2
The first month’s instalment of rent is to be paid by the commencement date.
Each later month’s instalment of
rent is to be paid in advance. 5.3
A payment under clause 5.1.2 must be paid on the next rent day after a request for payment is made by the lessor. A request for payment can be made –
5.3 .1
after the lessor has paid an outgoing; or 5.3 .2
after the lessor has received an assessment or account for payment of an outgoing.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 29 of 45 ANNEXURE B PAGE 4 OF 14 PAGES 5.4
If item 11B in the schedule refers to land tax, the liability of the lessee is not to exceed the amount of that liability had the amount of land tax payable by the lessor been assessed on the basis that the land was the only land owned by the lessor and that there was no special trust or non-concessional company involved and –
5.4 .1
if the property is a strata lot, the relevant land tax is land tax on that lot; or 5.4 .2
if the property is not a strata lot but is part of a building, the relevant land tax is land tax on the land on which the building is situated, plus any land of the lessor used or available for use by or for the benefit of lessees conducting business in the building or in connection with trading in the building. When and how is the rent to be reviewed? 5.5
The rent is to be reviewed on the rent review dates stated in item 13 in the schedule. If this lease is extended by legislation, the rent review dates include each anniversary of the latest rent review date stated in item 13 in the schedule (or if none is stated each anniversary of the commencement date) which falls during the extension. 5.6
The lessee must continue to pay rent at the old rate until the new rate is known. After that, the lessee is to pay the new rent from the next rent day. By that rent day the lessee is also to pay any shortfall between the old and new rate for the period since the rent review date. Alternatively, the lessor is to refund to the lessee any overpayment of rent. 5.7
There are three different methods described here for fixing the new rent on a rent review date. The method agreed by the lessor and the lessee is stated at item 13 in the schedule. The lessee is entitled to a reduction if themethod produces a rent lower than the rent current just before the review date. Method 1. By a fixed amount or percentage. 5.8
In this case the rent beginning on each review date will be increased by the percentage or amount stated in item 13 in the schedule. Method 2. By reference to Consumer Price Index. 5.9
In this case –
◼
take the yearly rent as of the last review date or if none, the rent at the commencement date ($X), ◼
divide that rent by the Consumer Price Index Number for Sydney (All Groups) for the quarter ended just before that date (CPI 1), ◼
multiply the result by the Consumer Price Index Number for Sydney (All Groups) for the quarter ended just before the review date (CPI 2). The product is the new rent for the year beginning on the review date ($Y), written as a formula –
$X x CPI 2 = $Y CPI 1 5.1 0
The lessor must calculate the new rent after each review date and give the lessee written notice of the new rent. 5.1 1
If the Australian Bureau of Statistics makes a change in the reference base of the index and there is a published co-relation between the old and new base then the published co-relation is to be applied to convert the CPI 1 figure to the new reference base. If there is none then the lessor and the lessee agree to accept the calculations of the lessor’s
solicitor or conveyancer who must be retained to determine a fair co-relation between the old and the new series of numbers. 5.1 2
If the index used to calculate the new rent is discontinued the lessor may substitute another index that, as nearly as practicable, serves the same purpose and, if there is no such index, then the rent will be fixed by Method 3. Method 3. By reference to current market rent. 5.1 3
In this case the rent is to be the current market rent. This can be higher or lower than the rent payable at the rent review date and is the rent that would reasonably be expected to be paid for the property, determined on an effective rent basis, having regard to the following matters –
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 30 of 45 ANNEXURE B PAGE 5 OF 14 PAGES 5.1 3 .1
the provisions of this lease; 5.1 3 .2
the rent that would reasonably be expected to be paid for the property if it were unoccupied and offered for renting for the same or a substantially similar use to which the property may be put under this lease; 5.1 3 .3
the gross rent, less the lessor’s
outgoings payable by the lessee; 5.1 3 .4
rent concessions and other benefits that are frequently or generally offered to prospective lessees of unoccupied retail shops; and 5.1 3 .5
the value of goodwill created by the lessee’s
occupation and the value of lessee’s
fixtures and fittings are to be ignored. 5.1 4
The lessor or the lessee may inform the other in writing at least 60 days before the rent review date of the rent that the lessor or lessee thinks will be the current market rent at the review date. 5.1 5
If the lessor and the lessee agree on a new rent then that rent will be the new rent beginning on the rent review date and the lessor and the lessee must sign a statement saying so. 5.1 6
If the lessor and the lessee do not agree on the amount of the new rent 30 days before the rent review date, the current market rent will be decided by a valuer appointed under clause 5.17. 5.1 7
The valuer appointed must be a specialist retail valuer appointed by agreement of the parties or, failing agreement, by the Registrar, upon application by the lessor or the lessee. 5.1 8
The valuer will act as an expert not an arbitrator. The lessor and the lessee can each make submissions in writing to the valuer . 5.1 9
The valuer’s
decision is final and binding. The valuer must state how the decision was reached in accordance with the provisions of the Act. 5.2 0
If the valuer –
5.2 0 .1
does not accept the nomination to act; 5.2 0 .2
does not decide the current market rent within 1 month after accepting the nomination; 5.2 0 .3
becomes incapacitated or dies; or 5.2 0 .4
resigns, then another valuer is to be appointed in the same way. 5.2 1
The lessor and lessee must each pay half the valuer’s
costs. 5.2 2
If the lessor and lessee do not agree upon a valuer and neither applies for a valuer to be appointed within 6 months after a review date then the rent will not change on that rent review date. Utility Charges 5.2 3
The lessee must pay separately metered utility charges for utilities such as water usage, ga s, electricity, telecommunications, trade waste or grease trap charges with respect to the property directly as they fall due. 5.2 4
If the utilities are not separately metered the lessor, acting reasonably, must apportion an amount attributable to the property. The amount apportioned by the lessor to the lessee must be paid by the lessee to the lessor on the next date that rent is due to be paid by the lessee to the lessor. 5.2 5
If the lessee does not pay the utility charges under either clause 5.23 or 5.24 the lessor may pay the same and immediately recover from the lessee the amount paid by the lessor as if the charges were rent in arrears payable by the lessee. CLAUSE 6 USE How must the property be used? 6.1
The lessee must –
6.1 .1
use the property for the purpose stated in item 14 in the schedule and not for any other purpose; 6.1 .2
open for business at times usual for a business of the kind conducted by the lessee; 6.1 .3
keep the property clean and dispose of waste properly; 6.1 .4
comply with all laws regulating how the property is used, obtain any consents or licences needed, comply with any conditions of consent, and keep current any licences or registrations needed for the use of the property or for the conduct of the lessee’s
business there; and
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 31 of 45 ANNEXURE B PAGE 6 OF 14 PAGES 6.1 .5
do all things required by the lessor from time to time (includin g, without limitation , signing any documents required by the lessor) to enable the lessor to register its security interests under the Personal Property Securities Act 2009 (Cth) and to release any security interests under that Act. 6.2
The lessee must not –
6.2 .1
do anything that might invalidate any insurance policy covering the property or that might increase the premium unless the lessor consents in which case the lessee must pay the increased premium; 6.2 .2
use the property as a residence or for any activity that is dangerous, offensive, noxious, illegal or immoral or that is or may become a nuisance or annoyance to the lessor or to the owner or occupier of any neighbouring property; 6.2 .3
hold any auction, bankrupt or fire sale in the property; 6.2 .4
display signs or advertisements on the outside of the property, or that can be seen from the outside, unless the lessor consents (but the lessor cannot withhold consent unreasonably); 6.2 .5
overload the floors or walls of the property; 6.2 .6
without the prior written consent of the lessor use any common area for any purpose other than for access to and egress from the property; or 6.2 .7
create a security interest (as that term is defined in the Personal Property Securities Act 2009 (Cth)) in favour of a third party in respect of the additional leased property without the lessor’s c
onsent which must not be unreasonably withheld. CLAUSE 7 CONDITION AND REPAIRS Who is to repair the property? 7.1
The lessor must –
7.1 .1
maintain in a state of good condition and serviceable repair the roof, the ceiling, the external walls and external doors and associated door jambs, and the floors of the property and must fix structural defects; 7.1 .2
maintain the property in a structurally sound condition; and 7.1 .3
maintain essential services. 7.2
The lessee must otherwise maintain the property in its condition at the commencement date and promptly do repairs needed to keep it in that condition but the lessee does not have to –
7.2 .1
alter or improve the property; 7.2 .2
fix structural defects; or 7.2 .3
repair fair wear and tear. 7.3
The lessee must also –
7.3 .1
reimburse the lessor for the cost of fixing structural damage caused by the lessee, apart from fair wear and tear; 7.3 .2
maintain and decorate the shop front if the property has one; 7.3 .3
decorate the inside of the property in the last 3 months of the lease period (however it ends) –
‘decorate’
here means restoring the surfaces of the property in a style and to a standard of finish originally used e.g. by repainting. 7.4
If an authority requires work to be done on the property and it is structural work or work needed to make the property safe to use then the lessor must do the work unless it is required only because of the way the lessee uses the property. If it is any other work, or is required only because of the way the lessee uses the property, then the lessee must do the work. 7.5
If the lessee fails to do any work that the lessee must do the lessor can give the lessee a notice in writing stating what the lessee has failed to do. After the notice is given the lessee must –
7.5 .1
do the work immediately if there is an emergency; and 7.5 .2
do the work promptly and diligently in any other case. If the lessee does not do the work, the lessor can do it and the lessee must reimburse the lessor for the cost of the work. 7.6
The lessee must not make any structural alterations to the property. Any other alterations require the lessor’s
consent in writing (but the lessor cannot withhold consent unreasonably).
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 32 of 45 ANNEXURE B PAGE 7 OF 14 PAGES CLAUSE 8 INSURANCE AND DAMAGE What insurances must the lessee take out? 8.1
The lessee must keep current an insurance policy noting the interests of the lessor and covering –
8.1 .1
liability to the public in an amount not less than the amount stated in item 15 in the schedule (for each accident or event); and 8.1 .2
damage or destruction from any cause to all plate glass in the windows and other portions of the property, and must produce to the lessor, upon request, the policy and the receipt for the last premium. What happens if the property is damaged? 8.2
If the property or the building of which it is part is damaged (a term which includes destroyed) –
8.2 .1
the lessee is not liable to pay rent, or any amount payable to the lessor in respect of outgoings and other charges, that is attributable to any period during which the property cannot be used under this lease or is inaccessible due to that damage; 8.2 .2
if the property is still useable under this lease but its useability is diminished due to the damage, the lessee’s
liability for rent and any amount in respect of outgoings attributable to any period during which useability is diminished is reduced in proportion to the reduction in useability caused by the damage; 8.2 .3
if the lessor notifies the lessee in writing that the lessor considers that the damage is such as to make its repair impracticable or undesirable, the lessor or the lessee can terminate this lease by giving not less than 7 days’ notice in writing of termination to the other and no compensation is payable in respect of
that termination; 8.2 .4
if the lessor fails to repair the damage within a reasonable time after the lessee requests the lessor to do so the lessee can terminate this lease by giving not less than 7 days’ notice in writing of termination to
the lessor; and 8.2 .5
nothing in clause 8.2 affects any right of the lessor to recover damages from the lessee in respect of any damage or destruction to which the clause applies. CLAUSE 9 ACCESS What are the lessor’s rights
of access to the property? 9.1
The lessee must give the lessor (or anyone authorised in writing by the lessor) access to the property at any reasonable time for the purpose of –
9.1 .1
inspecting the condition of the property, or how it is being used; 9.1 .2
doing anything that the lessor can or must do under this lease or must do by law; 9.1 .3
viewing the property as a valuer, prospective buyer or mortgagee; 9.1 .4
fixing a notice in a reasonable position on the outside of the property saying that it is for sale; or 9.1 .5
viewing the property as a prospective lessee not earlier than 6 months before the lease period ends; 9.1 .6
fixing a notice not earlier than 6 months before the lease period ends in a reasonable position on the outside of the property saying that it is to let; or 9.1 .7
inspecting, cleaning or repairing another property or any services to another property. 9.2
The lessor must give the lessee at least 2 days’ written notice for access (except in an emergency).
The day of the giving of the notice and any Saturday, Sunday or public holiday on which the property is not open for business are not counted. 9.3
The lessor must promptly make good any damage caused to the property and to any of the lessee’s belongings
which results from exercising these rights. 9.4
The lessee must give to the lessor a copy of any notice relating to the property or relating to any neighbouring property immediately after receiving the notice.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 33 of 45 ANNEXURE B PAGE 8 OF 14 PAGES CLAUSE 10 TRANSFER, SUB-LEASE AND CHANGE IN CONTROL Can this lease be transferred or the property shared or sub-let? 10.1
The lessee must not transfer this lease without the lessor’s
written consent. 10.2
The lessor can withhold consent only if –
10.2 .1
the proposed transferee proposes to change the use to which the property is put; 10.2 .2
the proposed transferee has financial resources or retailing skills inferior to those of the proposed transferor as at the date of request for the lessor’s consent;
10.2 .3
in the case of a lease awarded by public tender, the proposed transferee fails to meet any criteria of the public tender; 10.2 .4
the lessee has not complied with clause 10.3 and clause 10.4; or 10.2 .5
section 80E of the Act applies. 10.3
A request for the lessor’s consent to a transfer of lease must be made in writing and the lessee must provide the lessor with such information as the lessor may reasonably require concerning the financial resources and retailing skills of the proposed transferee. 10.4
Before requesting the consent of the lessor to a proposed transfer of this lease, the lessee must furnish the proposed transferee with a copy of any disclosure statement given to the lessee in respect of this lease, together with details of any changes that have occurred in respect of the information contained in the disclosure statement (being changes of which the lessee was aware or could reasonably be expected to be aware). For the purpose of enabling the lessee to comply with this obligation, the lessee can request the lessor to provide the lessee with an updated lessor’s
disclosure statement within 14 days and, if the lessor fails to comply with such a request within 14 days after it is made, it is sufficient compliance by the lessee if the proposed assignee is provided with an updated lessor’s disclosure statement completed by the lessee to the best of the lessee’s knowledge (but with
information as to current outgoings in place of information as to estimated outgoings). 10.5
The lessor must deal expeditiously with a request for consent to assignment of lease. Where the lessee has complied with clause 10.3 and clause 10.4, and the lessor has not within 28 days after the request was made or the lessee has complied with the requirements of section 41 of the Act, whichever is the later, given notice in writing to the lessee either consenting or withholding consent, the lessor is taken to have consented. 10.6
The lessee has to pay in connection with any consent the lessor’s reasonable legal costs, any duty and the
registration fee for the transfer. 10.7
The lessee can sub-let, grant a licence or concession, share or part with the possession of the whole or any part of the property or mortgage or otherwise charge or encumber the lessee’s
estate or interest in this lease only with the written consent of the lessor which can be refused in the lessor’s
absolute discretion. 10.8
Change in control of lessee: company 10.8 .1
If the lessee is a company and there is a proposal for the lessee or any company controlling the lessee to change its shareholding or change its constitution so that the effective control of the lessee is altered then that proposed change in control is treated as a proposed transfer of this lease and clause 10.1 applies. 10.8 .2
Clause 10.8.1 does not apply if the lessee is listed on the Australian Securities Exchange or, if the change occurs to a company controlling the lessee, that company is listed on the Australian Securities Exchange. CLAUSE 11 LESSOR’S
OTHER OBLIGATIONS What are the lessor’s
other obligations? 11.1
So long as the lessee does all the things that must be done by the lessee under this lease the lessor must allow the lessee to possess and use the property in any way permitted under this lease without interference from the lessor, or any person claiming under the lessor or having superior title to the title of the lessor. 11.2
The lessor must pay all outgoings for the land or the building of which the property is part when they fall due.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 34 of 45 ANNEXURE B PAGE 9 OF 14 PAGES 11.3
If the property is part of a building owned or controlled by the lessor –
11.3 .1
the lessor must maintain in reasonable structural condition all parts of the building that the lessee can use under this lease; and 11.3 .2
if the property has facilities and service connections shared in common with other persons the lessor must –
11.3 .2 .1
allow reasonable use of the facilities and service connections including –
◼
the right for the lessee and other persons to come and go to and from the property over the areas provided for access; ◼
access by the lessee to service connections; and ◼
the right for the lessee’s customers to park vehicles in any area set aside for customer
parking, subject to any reasonable rules made by the lessor. 11.3 .2 .2
maintain the facilities and service connections in reasonable condition. 11.4
The lessor must provide the lessee with an executed copy of the lease within 3 months after the lease is returned to the lessor or the lessor’s solicitor, conveyancer or agent following its execution by the lessee. That 3 month
period is to be extended for any delay attributable to the need to obtain any consent from a head lessor or mortgagee (being delay not due to any failure by the lessor to make reasonable efforts to obtain consent). 11.5
If this lease is for a term of more than 3 years or is to be registered –
11.5 .1
the lessor must lodge the lease for registration in accordance with the Real Property Act 1900 within 3 months after the lease is returned to the lessor or the lessor’s solicitor, conveyancer or agent following
its execution by the lessee; and 11.5 .2
the 3 month period within which a lease must be lodged for registration is to be extended for any delay attributable to –
11.5 .2 .1
the need to obtain any consent from a head lessor or mortgagee (being delay not due to any failure by the lessor to make reasonable efforts to obtain consent), or 11.5 .2 .2
requirements arising under the Real Property Act 1900 that are beyond the control of the lessor. 11.6
For the purposes of clause 11.5 the term of this lease includes any term for which the lease may be extended or renewed at the option of the lessee. Clauses 11.5 and 11.6 do not affect the operation of the Real Property Act 1900
. 11.7
Where this lease is lodged for registration, the lessor must ensure that it is registered and 11.7 .1
provide notification of registration and the relevant dealing number; or 11.7 .2
provide the original registered lease to the lessee, where available. 11.8
Where this lease is lodged for registration, the lessee must assist with any requirements to achieve registration. 11.9
If a consent is needed for this lease, from someone such as a mortgagee or head lessor of the property, then the lessor must get the consent. CLAUSE 12 FORFEITURE AND END OF LEASE When does this lease end? 12.1
This lease ends –
12.1 .1
on the date stated in item 8 in the schedule; 12.1 .2
if the lessor lawfully enters and takes possession of any part of the property; or 12.1 .3
if the lessor lawfully demands possession of the property. 12.2
The lessor can enter and take possession of the property or demand possession of the property if –
12.2 .1
the lessee has repudiated this lease; 12.2 .2
rent or any other money due under this lease is 14 days overdue for payment; or 12.2 .3
the lessee has failed to comply with a lessor’s
notice under section 129 of the Conveyancing Act 1919
.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 35 of 45 ANNEXURE B PAGE 10 OF 14 PAGES 12.3
When this lease ends, unless the lessee becomes a lessee of the property under a new lease the lessee must –
12.3 .1
return the property to the lessor in the state and condition that this lease requires the lessee to keep it in (including any obligation to decorate under clause 7.3.3); and 12.3 .2
have removed any goods (unless otherwise directed by the lessor to the extent the lessor has any security interest) and anything that the lessee fixed to the property and have made good any damage caused by the removal. Anything not removed becomes the property of the lessor who can keep it or remove and dispose of it and charge to the lessee the cost of removal, making good and disposal. 12.4
If the lessor allows the lessee to continue to occupy the property after the end of the lease period (other than under a new lease) then –
12.4 .1
the lessee becomes a monthly lessee and must go on paying the same rent and other money in the same way that the lessee had to do under this lease just before the lease period ended (apportioned and payable monthly); 12.4 .2
the monthly tenancy will be on the same terms as this lease, except for –
■
clause 4; and ■
clauses 5.5 to 5.22 inclusive; 12.4 .3
either the lessor or the lessee can end the monthly tenancy by giving, at any time, 1 month written notice to the other expiring on any date; and 12.4 .4
anything that the lessee must do by the end of this lease must be done by the end of the monthly tenancy. 12.5
Essential terms of this lease include –
12.5 .1
the obligation to pay rent not later than 14 days after the due date for payment of each periodic instalment (and this obligation stays essential even if the lessor, from time to time, accepted late payment); 12.5 .2
the obligations of the lessee in clause 5.1.2 (outgoings); 12.5 .3
the obligations of the lessee in clauses 5.23 to 5.25 (utility charges); 12.5 .4
the obligations of the lessee in clause 6.1, 6.2.1, 6.2.2 and 6.2.5 (use); 12.5 .5
the obligations of the lessee in clause 7 (repairs); 12.5 .6
the obligations of the lessee in clause 8.1 (insurance); 12.5 .7
the obligations of the lessee in clause 10 (transfer, sub-lease and change in control); 12.5 .8
the obligations of the lessee in clause 15 (GST); and 12.5 .9
the obligations of the lessee in clause 16 (bank guarantee) or clause 17 (security deposit). 12.6
If there is a breach of an essential term the lessor can recover damages for losses over the entire period of this lease but must do every reasonable thing to mitigate those losses and try to lease the property to another lessee on reasonable terms. 12.7
The lessor can recover damages even if –
12.7 .1
the lessor accepts the lessee’s repudiation
of this lease; 12.7 .2
the lessor ends this lease by entering and taking possession of any part of the property or by demanding possession of the property; 12.7 .3
the lessee abandons possession of the property; or 12.7 .4
a surrender of this lease occurs. CLAUSE 13 GUARANTEE What are the obligations of a guarantor? 13.1
This clause applies if a guarantor of the lessee is named in item 5A in the schedule and has signed or executed this lease or, if this lease is a renewal of an earlier lease, the earlier lease. 13.2
The guarantor guarantees to the lessor the performance by the lessee of all the lessee’s obligations (including
any obligation to pay rent, outgoings or damages) under this lease, under every extension of it or under any renewal of it or under any tenancy and including obligations that are later changed or created.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 36 of 45 ANNEXURE B PAGE 11 OF 14 PAGES 13.3
If the lessee does not pay any money due under this lease, under any extension of it or under any renewal of it or under any tenancy the guarantor must pay that money to the lessor on demand even if the lessor has not tried to recover payment from the lessee. 13.4
If the lessee does not perform any of the lessee’s
obligations under this lease, under any extension of it or under any renewal of it or under any tenancy the guarantor must compensate the lessor even if the lessor has not tried to recover compensation from the lessee. 13.5
If the lessee is insolvent and this lease or any extension or renewal of it is disclaimed the guarantor is liable to the lessor for any damage suffered by the lessor because of the disclaimer. The lessor can recover damages for losses over the entire period of this lease or any extension or renewal but must do every reasonable thing to mitigate those losses and try to lease the property to another lessee on reasonable terms. 13.6
Even if the lessor gives the lessee extra time to comply with an obligation under this lease, under any extension of it or under any renewal of it or under any tenancy, or does not insist on strict compliance with the terms of this lease or any extension of it or renewal of it or of any tenancy, the guarantor’s obligations
are not affected. 13.7
If an amount is stated in item 5B in the schedule the guarantor’s liability under this clause is limited to that
amount. 13.8
The terms of this guarantee apply even if this lease is not registered, even if any obligation of the lessee is only an equitable one, and even if this lease is extended by legislation. CLAUSE 14 EXCLUSIONS AND NOTICES 14.1
No covenant or power is implied in this lease by section 84 or 85 of the Conveyancing Act 1919
. 14.2
A document under or relating to this lease is –
14.2 .1
signed by a party if it is signed by the party or the party’s
solicitor or conveyancer; 14.2 .2
served if it is served by the party or the party’s
solicitor or conveyancer; 14.2 .3
served if it is served in any manner provided in section 170 of the Conveyancing Act 1919
; 14.2 .4
served on the lessee if it is left at the property; 14.2 .5
served if it is sent by email or by fax to the email address or fax number for that party set out in the schedule (or any substitute email address or fax number given in writing by that party), unless it is not received; 14.2 .6
served if it is left at, or posted to, that party’s
address for service of notices as set out in the schedule (or any substituted address given in writing by that party); 14.2 .7
served on a person if it or a copy of it comes into possession of that person; and 14.2 .8
served at the earliest time it is served, if it is served more than once. CLAUSE 15 GOODS AND SERVICES TAX 15.1
As consideration in whole or in part for a taxable supply the person receiving the supply must pay to the party making the supply an additional amount equal to the amount of GST payable on the supply unless that consideration is expressed in this lease to be inclusive of GST. 15.2
To the extent that the lessee is required to reimburse the lessor in whole or in part for outgoings incurred by the lessor, for the purposes of this lease the amount of the outgoings must be reduced by the amount of any credit or refund of GST to which the lessor is entitled as a result of incurring outgoings. 15.3
Outgoings in item 11B in the schedule are to be calculated after deducting any input tax credit to which the lessor is entitled. 15.4
For the purposes of this lease GST means a tax in the nature of a supply of goods and services tax levied or imposed by the Commonwealth of Australia.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
© 2021 THE LAW SOCIETY OF NEW SOUTH WALES ACN 000 000 699. BREACH OF COPYRIGHT MAY RESULT IN LEGAL ACTION. Page 37 of 45 ANNEXURE B PAGE 12 OF 14 PAGES CLAUSE 16 BANK GUARANTEE 16.1
If an amount or a number of months appears in item 16 in the schedule, clauses 16.2 to 16.6 apply. 16.2
On or before the commencement date of this lease the lessee will deliver to the lessor a guarantee for the performance of the lessee’s
obligations under this lease by an authorised deposit-taking institution trading in the State of New South Wales in the form of an unconditional and irrevocable undertaking to pay drawn in favour of the lessor (unlimited as to time) in a form acceptable to the lessor, acting reasonably, and for an amount equivalent to the number of months or the amount referred to in item 16 in the schedule. 16.3
The lessor is entitled to claim under the guarantee an amount equal to any moneys due but unpaid by the lessee to the lessor under this lease and the lessee must deliver to the lessor within 14 days of a notice from the lessor, an additional guarantee equal to the amount claimed. 16.4
The lessee agrees to vary the amount of the guarantee within 28 days of a written request from the lessor after any rent review so that the amount represents the equivalent of the number of months referred to in the schedule. 16.5
Subject to the provisions of section 16BA of the Act the lessor will deliver the guarantee (or so much of it as is then held by the lessor) to the lessee within 2 months after the lessee completes performance of the obligations under this lease for which the guarantee is provided as security. 16.6
If there is a change in lessor, the lessee must at the cost of the lessor provide a replacement guarantee that complies with clause 16.2 drawn in the name of the new lessor, within 2 months of receipt of a written request for a replacement guarantee. CLAUSE 17 SECURITY DEPOSIT 17.1
If an amount or a number of months appears in item 17 in the schedule, clauses 17.2 to 17.5 apply. 17.2
On or before the commencement date of this lease the lessee will deliver the security deposit to the lessor and any lodgment form to lodge the security deposit with the Secretary. 17.3
The lessor is entitled to deduct from the security deposit an amount equal to any monies due but unpaid by the lessee to the lessor under this lease and the lessee must deliver to the lessor within 14 days of a notice from the lessor, an additional amount equal to the amount claimed. 17.4
The security deposit will be held in accordance with Section 16C of the Act. 17.5
The lessee agrees to vary the amount of the security deposit within 28 days of a written request from the lessor after any rent review so that it represents the equivalent of the number of months referred to in the schedule. CLAUSE 18 STRATA 18.1
“Strata Acts” means the Strata Schemes Management Act 2015 and the Strata Schemes Development Act 2015
, and includes any amending Acts, rules, regulations, ordinances, by-laws, statutory instruments, orders or notices made under those Acts. 18.2
“Owners
corporation”,
“owner”,
“strata
scheme”,
“lot”
and “parcel”
where used in this lease have the meanings given under the Strata Acts. 18.3
“Strata
conversion”
means a subdivision of the property under the Strata Schemes Development Act 2015 or the Community Land Development Act 1989 or the Community Land Management Act 1989 or other legislation permitting such subdivision. 18.4
Strata Conversion 18.4 .1
By its entry into this lease the lessee acknowledges that the lessor can register a strata plan, a strata plan of subdivision, a strata plan of consolidation or a building alteration plan insofar as any of these may relate to the property, the building or the land. The lessor will provide the lessee with copies of the proposed strata plan and associated documentation for the lessee’s approval, which approval must not
be unreasonably withheld. 18.4 .2
Unless the lessee raises an objection to the strata conversion referred to in clause 18.4.1, then within 14 days of written request by the lessor the lessee will sign and return to the lessor any consents or other documents necessary to enable the lessor to carry out the strata conversion and will make no objection or claim for compensation in relation to the strata conversion.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 38 of 46 © The College of Law Limited ANNEXURE B PAGE 13 OF 14 PAGES 18.4 .3
If the strata conversion occurs: 18.4 .3 .1
any reference in this lease will be deemed to be a reference to the buildings comprised in theregistered plan or plans of which the property forms part; 18.4 .3 .2
any levies or other monies payable to the owners corporation will be payable by the lesseewith the exception of any contribution to a capital works fund or special levy; and 18.4 .3 .3
this lease will be deemed to be amended in any respect that is necessary to ensure that thislease reflects that the strata conversion has been carried out. 18.5
Not to prejudice interests of owners corporation. 18.5 .1
Without the prior written consent of the owners corporation, the lessee must not do any act, matter or thing under the exercise of its rights and obligations elsewhere contained in this lease or permit or allowany act, matter or thing to be done which will or may: 18.5 .1 .1
increase the rate of premium payable by the owners corporation under any policy ofinsurance taken out by the owners corporation; or 18.5 .1 .2
invalidate, avoid or suspend the operation of any policy of insurance or otherwise prejudicethe owners corporation rights under any such policy. 18.5 .2
Upon the occurrence of any of the matters referred to in clause 18.5.1, the lessee must: 18.5 .2 .1
pay to the lessor or such other person responsible for payment any amounts payable to theowners corporation as a consequence of any such matters; 18.5 .2 .2
pay to the lessor for and on behalf of the owners corporation any amounts payable by theowners corporation as a consequence of any such matters and not the subject of clause 18.5.1; and 18.5 .2 .3
pay to the lessor for and on behalf of the owners corporation the amount of any and alllosses and damages arising from the occurrence of any such matters. 18.6
Indemnity The lessee indemnifies the lessor for any loss or damage suffered by the lessor if the lessee or the lessee’s
employees fail to comply with the obligations as to conduct imposed upon the lessee or the lessee’s employees by this lease or by reason of the Strata Acts. 18.7
Use 18.7 .1
Where the property is a lot in a strata scheme the lessee must: 18.7 .1 .1
use the common property only in connection with the use of the property and to obtain accessto and egress from the property; 18.7 .1 .2
co-operate with all other permitted users of the common property; 18.7 .1 .3
comply with the provisions of the Strata Acts and the by-laws and all lawful orders, motionsand directives under the Strata Acts as may be applicable to the exercise of the lessee’s
rightsand obligations under this lease; 18.7 .1 .4
meet the cost of all damage to the common property caused by the lessee or any invitee or licensee of the lessee; 18.7 .1 .5
permit the owners corporation, temporarily, to close any part of the common property for thepurpose of making and effecting repairs to it; and 18.7 .1 .6
permit the owners corporation access to the property on giving the lessee reasonable prior notice for the purpose of making and effecting any repairs to the common property. 18.7 .2
Where the property is a lot in a strata scheme the lessor must use its reasonable endeavours to: 18.7 .2 .1
assist the lessee, at the expense of the lessee, to obtain the consent of the owners corporation
to the lessee’s fit out of the property (as approved by the lessor) and the lodgment of any development application in relation to the lessee’s
use of the property; and 18.7 .2 .2
cause the owners corporation to maintain and repair the common property, to the extent of any obligation of the lessor to maintain the building.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 39 of 46 © The College of Law Limited ANNEXURE B PAGE 13 OF 13 PAGES IMPORTANT NOTES The following notes are for guidance and do not form part of this lease. If you are a lessor, a solicitor or conveyancer will prepare this lease for you. This lease is specifically for use for retail premises only. It imports requirements of the Retail Leases Act 1994 which may not be appropriate for non-retail premises. This lease should not be used for a lease of non-retail premises. If you are a lessee, a solicitor or conveyancer can advise you about it. 1.
This document creates legal rights and legal obligations. 2.
The lessor must give a lessor’s disclosure statement at least 7 days before the lease is entered into in
accordance with the Retail Leases Act 1994. 3.
Failure to register a lease can have serious consequences. 4.
If an option for renewal is not exercised at the right time it will be lost. 5.
The lessee can exercise an option for renewal even if there has been a breach of this lease in a case where section 133E of the Conveyancing Act 1919 applies. The lessor must give a prescribed notice within 14 days after the option is exercised if the lessor wants to rely on the breach to prevent the exercise of the option. 6.
If there is a mortgage on the title to the property, ensure mortgagee consent is obtained. 7.
Clause 15 provides for payment by the lessee of GST. 8.
The Law Society of New South Wales is not responsible for any loss resulting from the use of this lease as printed whether authorised or not. N.P. Dennis
...............................................
P. J. Clark
......................................................
..................................................................
........................................................................
..................................................................
........................................................................
I certify that this and the preceding twelve pages are in exactly the same wording as Annexure B of the copyright Law Society Lease. R Jones Solicitor for the lessor N.P. Dennis
P. J. Clark
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 40 of 46 © The College of Law Limited Planning Certificate PLANNING CERTIFICATE UNDER SECTION 10.7 ENVIRONMENTAL PLANNING AND ASSESSMENT ACT, 1979 No 20xx/20xx+1: 422.380
Fee: $62.00
Receipt No: 503880
Certificate Date: (3 weeks ago)
Reference: MARION NGUYEN
Applicant Owner (as recorded by Council) Vendor & Co 2 Chandos Street ST LEONARDS NSW 2065 Marion Nguyen 16 Junction Street SUMMER HILL NSW 2130 Subject property address Legal description 16 Junction Street, SUMMER HILL NSW 2130 Lot B DP 412537 Parcel No: 43995 Information provided pursuant to Section 10.7(2) of the EP&A Act In accordance with the requirements of section 10.7(2) of the Environmental Planning and Assessment Act 1979
, the following prescribed matters relate to the land at the date of this certificate. PO Box 14 Patsham NSW 2049 | P 02 9392 5000 | F 02 9392 5911 | E council@innerwest.nsw.gov.au Customer Service Centres | Patsham 2-14 Fisher Street | Leichhardt 7-15 Wetherill Street | Ashfield 260 Liverpool Road
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 41 of 46 © The College of Law Limited 1. Names of relevant planning instruments and development control plans State Environmental Planning Policies (SEPPs) & proposed SEPPs ●
State Environmental Planning Policy No. 19 –
Bushland in Urban Areas ●
State Environmental Planning Policy No. 21 –
Caravan Parks ●
State Environmental Planning Policy No. 33 –
Hazardous and Offensive Development ●
State Environmental Planning Policy No. 55 –
Remediation of Land ●
State Environmental Planning Policy No. 64 –
Advertising and Signage ●
State Environmental Planning Policy No. 65 –
Design Quality of Residential Flat Apartment Development ●
State Environmental Planning Policy No. 70 –
Affordable Housing (Revised Schemes) ●
State Environmental Planning Policy (Affordable Rental Housing) 2009 ●
State Environmental Planning Policy (Building Sustainability Index: BASIX) 2004 ●
State Environmental Planning Policy (Exempt and Complying Development Codes) 2008 ●
State Environmental Planning Policy (Housing for Seniors or People with a Disability) 2004 ●
State Environmental Planning Policy (Infrastructure) 2007 ●
State Environmental Planning Policy (Mining, Petroleum Production and Extractive Industries) 2007 ●
State Environmental Planning Policy (State and Regional Development) 2011 ●
State Environmental Planning Policy (Miscellaneous Consent Provisions) 2007 ●
State Environmental Planning Policy (Educational Establishments and Child Care Facilities) 2017 ●
State Environmental Planning Policy (Vegetation in Non-Rural Areas) 2017 ●
State Environmental Planning Policy (PriMarion Production and Rural Development) 2019 ●
Draft Environment State Environmental Planning Policy 2017 ●
Draft Remediation of Lands State Environmental Planning Policy 2018 The following Local Environmental Plan applies to the land: Ashfield Local Environmental Plan 2013 The following proposed Local Environmental Plan applies to the land. The proposed Local Environmental Plan has been the subject of community consultation or has been placed on public exhibition: None The following Development Control Plan applies to the land: Ashfield Development Control Plan 2013 2. Zoning and land use under relevant environmental planning instruments referred to in clause 1 (other than a SEPP or proposed SEPP) Zone R1 General Residential 1 Objectives of zone ●
To provide for the housing needs of the community.
●
To provide for a variety of housing types and densities.
●
To enable other land uses that provide facilities or services to meet the day to day needs of residents.
●
To improve opportunities to work from home.
●
To provide housing that is compatible with the character, style, orientation and pattern of surrounding buildings, streetscapes, works and landscaped areas.
●
To provide landscaped areas for the use and enjoyment of existing and future residents.
●
To ensure that subdivision creates lots of regular shapes that are complementary to, and compatible with, the character, style, orientation and pattern of the surrounding area.
●
To protect and enhance the amenity of existing and future residents and the neighbourhood. 2 Permitted without consent Home occupations
3 Permitted with consent Attached dwellings; Bed and breakfast accommodation; Boarding houses; Centre-based child care facilities; Community facilities; Dwelling houses; Group homes; Hostels; Multi dwelling housing; Neighbourhood shops; O yster aquaculture; Places of public worship; Pond-based aquaculture; Residential flat buildings; Respite day care centres; Restaurants or cafes; Roads; Semi-detached dwellings; Seniors housing; Shop top housing; Shops; Take away food and drink premises; Tank-based aquaculture; Any other development not specific in item 2 or 4 4 Prohibited
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 42 of 46 © The College of Law Limited Advertisements; Advertising structures; Agriculture; Air transport facilities; Airstrips; Amusement centres; Animal boarding or training establishments; Boat building and repair facilities; Boat sheds; Camping grounds; Car parks; Caravan parks; Cemeteries; Charter and tourism boating facilities; Commercial premises; Correctional centres; Crematoria; Depots; Eco-tourist facilities; Electricity generating works; Emergency services facilities; Entertainment facilities; Environmental facilities; Exhibition villages; Extractive industries; Farm buildings; Forestry; Freight transport facilities; Function centres; Heavy industrial storage establishments; Helipads; Highway service centres; Home occupations (sex services); Industrial retail outlets; Industrial training facilities; Industries; Information and education facilities; Jetties; Marinas; Mooring pens; Moorings; Mortuaries; Open cut mining; Passenger transport facilities; Port facilities; Recreation facilities (indoor); Recreation facilities (major); Registered clubs; Research stations; Residential accommodation; Restricted premises; Retail premises; Rural industries; Service stations; Sewerage systems; Sex services premises; Storage premises; Tourist and visitor accommodation; Transport depots; Truck depots; Vehicle body repair workshops; Vehicle repair stations; Veterinary hospitals; Warehouse or distribution centres; Waste or resource management facilities; Water recreation structures; Water supply systems; Wharf or boating facilities; Wholesale supplies. Whether any development standards applying to the land fix minimum land dimensions for the erection of a dwelling -
house on the land and, if so, the minimum land dimensions so fixed: NO
Whether the land includes or comprises critical habitat: NO Whether the land is in a conservation area (however described): YES Whether an item of environmental heritage (however described) is situated on the land: NO 3. Contribution plans
1) Developer Contributions Plan No 1 –
Open Space and Recreation (in operation from 18.1.05) (2) Developer Contributions Plan No 2 –
Community Facilities and Services (in operation from 23.8.05) (3) Transport and Access Contributions Plan (in operation from 3.11.99) 4. Complying Development –
State Environmental Planning Policy (Exempt and Complying Development Codes) 2008
Housing Code Whether complying development may be carried out on this land under the Housing Code: NO
, because of the provisions of clause 1.19 of the State Environmental Planning Policy (Exempt and Complying Development Codes) 2008 the land is excluded land being land that is: ●
Within a Conservation Area in Ashfield LEP XXX –
unless the development is for a detached outbuilding, detached development (other than a detached studio), or swimming pool and no exclusions above apply. Housing Alterations Code Whether complying development may be carried out on this land under the Housing Alterations Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. General Development Code Whether complying development may be carried out on this land under the General Development Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. Commercial and Industrial Alterations Code Whether complying development may be carried out on this land under the Commercial and Industrial Alterations Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. Commercial and Industrial (New Buildings and Additions) Code Whether complying development may be carried out on this land under the Commercial and Industrial (New Buildings and Additions Code): NO
, because of the provisions of clause 1.19 of the State Environmental Planning Policy (Exempt and Complying Development Codes) 2008 the land is excluded land being land that is: ●
Within a Conservation Area in Ashfield LEP XXX. Container Recycling Facilities Code
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 43 of 46 © The College of Law Limited Whether complying development may be carried out on this land under the Container Recycling Facilities Code Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. Subdivisions Code Whether complying development may be carried out on this land under the Subdivisions Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. Demolition Code Whether complying development may be carried out on this land under the Demolition Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. Fire Safety Code Whether complying development may be carried out on this land under the Fire Safety Code Code: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. 5. Exempt Development –
State Environmental Planning Policy (Exempt and Complying Development Codes) 2008
Whether exempt development may be carried out on this land under the Exempt and Complying Development Codes: YES
, subject to satisfaction of all the relevant criteria in State Environmental Planning Policy (Exempt and Complying Development Codes) 2008. 6. Affected building notices and building product rectification orders (1) A statement of whether there is any affected building notice of which the council is aware that is in force in respect of the land. No
(2) A statement of: a. whether there is any building product rectification order of which the council is aware that is in force in respect of the land and has not been fully complied with, and No. b. whether any notice of intention to make a building product rectification order of which the council is aware has been given in respect of the land and is outstanding. No. (3) In this clause: affected building notice has the same meaning as in Part 4 of the Building Products (Safety) Act 2017. building product rectification order has the same meaning as in the Building Products (Safety) Act 2017. 7. Land reserved for acquisition Whether or not any environmental planning instrument or proposed environmental planning instrument referred to in Item 1 makes provision in relation to the acquisition of the land by a public authority, as referred to in section 3.15 of th e Act: NO 8. Road widening and road realignment Whether or not the land is affected by any road widening or road realignment under: Division 2 of Part 3 of the Roads Act 1993
NO any Environmental Planning Instrument NO
any resolution of the Council NO
9. Flood related development controls information (1) Whether or not development on the land or part of the land for the purposes of dwelling houses, dual occupancies, multi dwelling housing or residential flat buildings (not including development fo r the purposes of group homes or seniors housing) is subject to flood related development controls:
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 44 of 46 © The College of Law Limited NO (2) Whether or not development on the land or part of the land for any other purposes is subject to flood related development: NO (3) Words and expressions in this clause have the same meanings as in the instrument set out in the Schedule to the Standard Instrument (Local Environmental Plans) Order 2006
. 10. Council and other public authority policies on hazard risk restrictions Whether or not the land is affected by a policy adopted by the Council that restricts the development of the land because of the likelihood of: land slip NO bushfire NO
tidal inundation NO
subsidence NO acid sulfate soils NO any other risk (other than flooding) YES
–
The Council has adopted a policy which may restrict the development of the land if the potential for the risk of land contamination exists. This policy is Development Control Plan 2013 refer to Part C: Place Section 1 General Provisions –
C1.8 Contamination. Persons relying on this certificate should refer to this DCP to satisfy themselves that the land is suitable for the intended use. Whether or not the land is affected by a policy adopted by any other public authority and notified to the Council for the express purpose of its adoption by that authority being referred to in planning certificates issued by the Council that restricts the development of the land because of the likelihood of:
land slip NO bushfire NO tidal inundation NO subsidence NO acid sulfate soils NO any other risk (other than flooding) NO 11. Bush fire prone land The land is NOT bush fire prone land as defined under of the Environmental Planning and Assessment Act
. 12. Loose-fill asbestos insulation Is Council aware of whether the land includes residential premises listed on the register maintained under Division 1A of Part 8 of the Home Building Act 1989
? NO 13. Mine subsidence Whether or not the land is proclaimed to be a mine subsidence district within the meaning of the Coal Mine Compensation Act 2017
: NO 14. Paper subdivision information (1) There IS NOT any development plan adopted by a relevant authority that applies to the land or that is proposed to be subject to a consent ballot. (2) There IS NOT any subdivision order that applies to the land. (3) Words and expressions used in this clause have the same meaning as they have in Schedule 7 of the Environmental Planning and Assessment Regulation 2021
. 15. Property vegetation plans
Property vegetation plans approved under Part 4 of the Native Vegetation Act 2003 (and that continues in force) DO NOT apply to this land. 16. Biodiversity stewardship sites The land IS NOT a biodiversity stewardship site under a biodiversity stewardship agreement under Part 5 of the Biodiversity Conservation Act 2016 (that Council has been notified of by the Chief Executive of the Office of Environment and Heritage).
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 45 of 46 © The College of Law Limited Note: Biodiversity stewardship agreements include biobanking agreements under Part 7AAof the Threatened Species Conservation Act 1995 that is taken to be biodiversity stewardship agreement under Part 6 of the Biodiversity Conservation Act 2016
. 17. Biodiversity certified land The land IS NOT biodiversity certified land as defined under Part 8 of the Biodiversity Conservation Act 2016
. Note: Biodiversity certified land includes land certified under Part 7AA of the former Threatened Species Conservation Act 1995 that is taken to be certified under Part 8 of the Biodiversity Conservation Act 2016
. 18. Orders under Tree (Disputes Between Neighbours) Act 2006
Whether an order has been made under the Trees (Disputes Between Neighbours) Act 2006 to carry out work in relation to a tree on the land (but only if the Council has been notified of the order): NO 19. Annual charges under Local Government Act 1993 for coastal protection services that relate to existing coastal protection works
In relation to a coastal council: The owner (or any previous owner) of the land has not consented in writing to the land being subject to annual charges under section 496B of the Local Government Act 1993 for coastal protection services that relate to existing coastal protection works (within the meaning of section 553B of that Act). Note
. “Existing coastal protection works” are works to reduce the impact of coastal hazards on land (such as seawalls, revetments, groynes and beach nourishment) that existed before 1 January 2011. 20. Western Sydney Aerotropolis Not applicable. 21. Development consent conditions for seniors housing State Environmental Planning Policy (Housing) 2021 Chapter 3, Part 5 does not apply to the land to which the certificate relates
22. Site compatibility certificates and development consent conditions for affordable rental housing There IS NOT a valid site compatibility certificate (of which the Council is aware), issued under clause 37 of State Environmental Planning Policy (Affordable Rental Housing) 2009 in respect of proposed development on the land. Note the following matters are prescribed by section 59 (2) of the Contaminated Land Management Act 1997 as additional matters to be specified in a planning certificate: (a) that the land to which the certificate relates is significantly contaminated land within the maning of that Act –
if the land (or part of the land) is significantly contaminated land at the date when the certificate is issued, NO (b) that the land to which the certificate relates is subject to a management order within the meaning of the Act –
if the land is subject to such an order at the date when the certificate is issued, NO (c) that the land to which the certificate relates is the subject of an approved voluntary management proposal within the meaning of the Act –
if the land is subject to such an order at the date when the certificate is issued, NO
(d) that the land to which the certificate relates is subject to an ongoing maintenance order within the meaning of the Act –
if the land is subject to such an order at the date when the certificate is issued, NO
(e) that the land to which the certificate relates is the subject of a site audit statement within the meaning of the Act –
if the land is subject to such an order at the date when the certificate is issued, NO
Note the following matters are prescribed by section 26 of the Nation Building and Jobs Plan (State Infrastructure Delivery) Act 2009 as additional matters to be specified in a planning certificate:
Whether an exemption has been made under section 23 and/or an authorisation under section 24 of the Nation Building and Jobs Plan (State Infrastructure Delivery) Act 2009 (but only if the Council has been provided with a copy of the exemption and/or authorisation by the Co-ordinator General under that Act): NO Information regarding outstanding notices and orders For information regarding outstanding notices and orders a Certificate for outstanding notices or intention order and/or an Order under section 735A of the Local Government Act 1993 and section 121ZP of the Environmental Planning and Assessment Act may be applied for at Inner West Council service centres.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
PROP T2 A1 Clark loan and lease documents NSW 2023_10_16 Page 46 of 46 © The College of Law Limited General Message on matters not able to be included in this Certificate The Planning Certificate provides information relating to the land itself. Persons should make their own enquiries into external matters which may affect the enjoyment of the land such as development consents on adjacent land, Park Plans of Management etc.
General Information The absence of any reference to a matter affecting the land shall not imply that the land is not affected by that matter not referred to in this certificate. Information provided under section 10.7(2) is in accordance with the matters prescribed under schedule 4 of the Environmental Planning and Assessment Regulation 2021 and is provided only to the extent that the Council has been notified by relevant departments or public authorities. When advice in accordance with section 10.7(5) is requested, the Council is under no obligation to furnish any advice. If advice is provided Council draws your attention to section 10.7(6) and Schedule 6(2) of the Environmental Planning and Assessment Act 1979 which have the effect that Council shall not incur any liability in respect of advice provided in good faith pursuant to section 10.7(5), including the furnishing of advice in respect of contaminated land. Any enquiries regarding State Environmental Planning Policies should be directed to Planning and Environment. Please contact Council’s Strategic Planning
section for further information about this Planning Certificate. David Birds Group Manager Strategic Planning Per: J. Montague
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Documents
Related Questions
Impaired goodwill and amortization of patent
arrow_forward
OW21 Onlin teachin x
N2 | Online teaching
esource from Cengag...
w.com
eBook
Cash
Inventory
Land
Notes Payable
tMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false
V
Xi Lin, Capital
Feedback
ps
Panthère de Cartier...
✓
Show Me How
Journalizing Partner's Original Investment
assumed a $57,000 note payable owed by Lin that was used originally to purchase the land.
Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also
Required:
Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.
35,000
53,100 X
152,000
48,900
X
79,000 X
57,000
Pink Playful Femini...
Check My Work 5 more Check My Work uses remaining.
&
MX
Check My Work
Record the assets at their current values, and record the liability at its current value. Lin's Capital…
arrow_forward
12 Adaptive Practice #tx w Chapter 12 Adaptive Practice ^ education.wiley.com/was/ui/v2/adaptive-assessment-player/index.html?launchid-909eb940-8a22-4497-999d-f3c56b6203d8#/activity 12.5 Admission of a Partner m: X we Assignment introduction - Chapt X + Don and Ellen had capital balances of $85,000 and $95,000 respectively when Frank invested $90,000 for a 35% ownership of the business. Don and Ellen share profits and losses in a 70:30 ratio. Which statement is correct? O Frank will get a bonus of $4,500. O There will be no bonus. Save for Later mo O Ellen will get a bonus of $1,350. O Don will get a bonus of $3,150. ppt12_LO5.pptx 4 Submit Answer 1 X ⠀ 98% Show all X
arrow_forward
needing answer to B
arrow_forward
0.4KB/s ll
4G+
1:03 PM
65
וח
00:58:13 Remaining
Multiple Choice
Which of the following items is not
chargeable to the land account?
Expenditures for fence, water system,
sidewalk and pavement
Cost of survey by engineers
Broker's commission and fees for registration
and title transfer
Attorney's fee and any other expenditures for
establishing clean title
57 of 75
II
arrow_forward
S.
Area Rating
4
use Table 19-4
and
total
(in $) ?
to Calculate the building, Contents,
property insurance premiums for the policy
Structual Class Buiding Value Building Premium Contents Value Contents Total
$86,000
127,000 Premium Premium
arrow_forward
May 2024
บ
M
Tu
W
Th
F
8
29
30
1
2
3
5
6
7
8
9
10
12 13
15
14
16
17
19
20 21
22 23
24
26
27
28 29
30
31
Su
June 2024
M Tu W
Th
F
Seth
6-3
1-2
2.3
Brendyn 9-6
34 mod 194 v lifiv
T
T
F
7479
139
.....
Saturday, May 11
Friday, May 24
Saturday, May 25
Sunday, May 26
Monday, May 27
arrow_forward
0
S
eBook
Ask
Print
eferences
Mc
Graw
Hill
::
FI
2
Sophie Sue Breeders has the following voluntary withholdings to remit:
AFLAC payable: $600.00
401(k) payable: $1,320.00
-WKCTC_....txt A
Garnishments payable: $439.00
United Way contributions payable: $280.00
S
W
mend
X
Required:
Create the General Journal entry on June 11, 2021, for the remittance of these withheld amounts. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
8
J
DII
FB
Il
I
N M
(
9
K
&
F9
O
)
A
O
F10
L
*
Help Save & Exit
P
command
:
Check my work
Subw
Show Al
F12
option
W
arrow_forward
5
X100
ry
https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld-5829202317504197666520360810&eISBN=97... A
S
CENGAGE | MINDTAP
I
Chapter 4 Assignment
Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional
organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For
instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also
has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues.
Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it
it's
a great deal. Suppose that the appropriate annual interest rate is 8.5%.
O 13 years
O 15 years
What is the minimum number of years that…
arrow_forward
M Question 2-Chapte
ps//ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252F... A
09 Homework i
k
t
nces
Bw
1
here to search
Activity
Supervision
Equipment depreciation and lease.
Miscellaneous supplies
AREBALLS
Heidt Cleaning Services (HCS) is a local custodial service company serving both the residential and commercial markets. The owner is
considering dropping the commercial clients because that business seems only marginally profitable.
Twenty-five employees worked a total of 45,300 hours last year, 30,200 on commercial jobs and 15,100 on residential jobs. Wages
were $20 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis
of labor-hours worked, which is also the basis for customer charges. Given current economic conditions and competition, HCS bills
residential clients $40 per hour and commercial clients $30 per hour.
Total overhead
a.…
arrow_forward
ork Problems Chapter 2
of 3
eBook
Print
References
Mc
Graw
Hill
9
O8 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=
!
Required information
[The following information applies to the questions displayed below.]
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and
Year 2.
December 31
Cash
Accounts receivable
Office supplies
Office equipment
Trucks
Building
Land
Accounts payable
Note payable
Equity, December 31, Year 1
Add: Owner's investment
Less: Dividends
Equity, December 31, Year 2
Year 1
$ 52,692
28,602
F2
4,512
138,498
54, 196
0
0
75,195
0
2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During
Year 2, the owner invested $36,000 additional cash in the business in exchange for common stock, and the company paid a $37,200
cash dividend.
C
#
$
65
Year 2
F3
$ 9,883
22,424
3,305
147,527
63, 196
180,667
45,083…
arrow_forward
Tue 9:08 AM
Bookmarks Window Help
A v2.cengagenow.com
CengageNOWv2 | Online teaching and..
A AAMA - State Scope
Learning Module 1- ACCT1105: Financi..
C https://geyser.cl-cms.com/assets/fr5am..
Show Me How
O eBook
Straight-Line Depreciation
A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years.
Determine the following.
a. The depreciable cost
X
10
b. The straight-line rate
c. The annual straight-line depreciation
Feedback
Check My Work
Next
All work saved.
Save and Exit
Submit Assignment for Gra
tv
MacBook Air
DII
F3
DD
F4
F6
F9
F10
F11
F12
%23
24
&
4
6.
8.
9.
T.
Y
U
{
D
G
H J
K
+ ||
....
arrow_forward
Draw ledger account for solution
arrow_forward
7
8
9
10
11
12
13
15
16
Landscaping equipment
Listed property. Enter the amount from line 29 . . . . . .
17
Part
III
Total elected cost of section 179 property. Add amounts in column (c), lines 6
and 7.
Tentative deduction. Enter the smaller of line 5 or line 8
Carryover of disallowed deduction from line 13 of your 2021 Form 4562
14 Special depreciation allowance for qualified property (other than listed property)
placed in service during the tax year (see instructions)
Business income limitation. Enter the smaller of business income (not less than
zero) or line 5 (see instructions) . . . . . .
Section 179 expense deduction. Add lines 9 and 10, but don't enter more than
line 11.....
Carryover of disallowed deduction to 2023. Add lines 9
and 10, less line 12. . . .
Note: Don't use Part II or Part III below for listed property. Instead, use Part V.
Part Special Depreciation Allowance and Other Depreciation (Don't include listed property.
See instructions.)
II
Property subject to section…
arrow_forward
%24
%24
%24
%24
%24
geNOWv2 | Online teachin X
eAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator3D&inprogress3Dfalse
Blackboard Leam
US: The Texas Abort...
abe California governor...
USN Idaho Supreme Co...
c Oklah
Calculate interest using a 360-day year. If required, round your answers to the nearest cent.
Principal Interest Rate
Time
Interest
30 days
8.0%
45 days
3,300
6.0%
80 days
3,800
10.5%
120 days
5,300
12.0%
150 days
arrow_forward
PDE 8 po 7
Tal x
b gr| M (#| M Ye| b Ar| b M| de © Vi
9 0 E yc +
Si
8 https://moodle.uowplatform.edu.au/mod/quiz/attempt.php?attempt=4846365&cmid=1946209&page=6
2
As a prospective owner of a club known as the Red Rose, you are interested in determining the volume of sales dollars necessary for the
coming year to reach the break-even point. You have decided to break down the sales for the club into four categories, the first category
being beer. Your estimate of the beer sales is that 36,000 drinks will be served. The selling price for each unit will average $1.50; the cost
is $1.25. The second major category is meals, which you expect to be 12,000 units with an average price of $10.00 and a cost
of $6.00. The third major category is desserts and wine, of which you also expect to sell 10,000 units, but with an average price
of $2.75 per unit sold and a cost of $0.75 per unit. The final category is lunches and inexpensive sandwiches, which you expect to
total 20,000 units at an average…
arrow_forward
V
00
%24
%%23
Course Home
6 Question 14 - Quiz #3 - Connect X
zto.mheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl%=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/
Saved
Help
Save & Exit
If the government allows firms to immediately expense all investments in assets,
project will
capital projects will be accepted while NPV per
Multiple Choice
More; increase
More; decrease
Fewer: increase
Mc
14 of 15
Ji Prey
M
5:24 PM
12/1/2021
ype here to search
acer
Home
Pg Dn
Del
PrtSc
SysRq
F11
F12
Pause
F10
F7
61
Scr Lk
Break
F5
F6
F4
F2
DIO
Backspace
V
)
7.
8.
9.
3.
4.
L
R
E.
K
HEnter
F
H
B.
N.
Alt Gr
目
arrow_forward
Honorlock Launch
O Question 48 - MidTerm, Chapte >x
C A
Aser n A s 2 252%252
H Netflix
* 192,188.23.72/Ed...
* https://ee.dde.pr/.
y Gma
YouTube
Maps
Traducir
Se eSantaFe Iniciar ..
MidTerm, Chapters 1-7
Baved.
TB MC Qu. 7-111 Kansas Enterprises purchased equipment for...
48
Kansas Enterprises purchased equipment for $75,500 on January 1, 2021. The equipment
$9,000 at the end of five years.
Using the double-declining balance method, the book value at December 31,2022, wou
36
Multiple Cholce
$31,660.
$27180
arrow_forward
Online teachin x
n/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress%3false
еВook
Discussion Question 13-6 (LO. 4)
On July 16, 2020, Logan acquires land and a building for $500,000 to use in his sole proprietorship. Of the purchase price, $400,000 is
allocated to the building, and $100,000 is allocated to the land. Cost recovery of $4,708 is deducted in 2020 for the building (nonresidential
real estate).
a. What is the adjusted basis for the land and the building at the acquisition date?
Land
Building
b. What is the adjusted basis for the land and the building at the end of 2020?
Land
Building
$
40
Previous
Next
Check My Work
10:57 PM
28°F Clear
2/14/2022
arrow_forward
x
M Question 6-QUIZ- CH 18-C X
Gran
Project 6
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.tulsacc.edu%252Fw...
Saved
Help
Exercises 18-41 (Algo) Allocation of Central Costs; Profit Centers [LO 18-3]
Woodland Hotels Incorporated operates four resorts in the heavily wooded areas of northern California. The resorts are named after
the predominant trees at the resort: Pine Valley, Oak Glen, Mimosa, and Birch Glen. Woodland allocates its central office costs to each
of the four resorts according to the annual revenue the resort generates. For the current year, the central office costs (000s omitted)
were as follows:
Front office personnel (desk, clerks, etc.)
Administrative and executive salaries
Interest on resort purchase
Advertising
Housekeeping
Depreciation on reservations computer
Room maintenance
Carpet-cleaning contract
Contract to repaint rooms
$ 12,100
5,700
4,700
600
3,700
80
1,210
50
570
$ 28,710
Revenue (000s)
Pine
Valley
$ 9,150…
arrow_forward
practice
arrow_forward
chnical College
Connect Log-In link - ACC-124X
Question 10 - Unit 1 (Chapter 1 X
Evaluating Alternative Tax Syst x +
i ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-..
mail
D YouTube A Maps
Unit 1 (Chapter 1) Exercises i
Saved
Help
Save & Exit
Su
Check my wo
10
Given the following tax structure,
Taxpayer Salary Total Tax
$32,000 $3,200
$49,000
10
Mae
Pedro
???
points
eBook
a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid?
Hint
Print
Minimum tax
References
b. This would result in what type of tax rate structure?
Tax rate structure
Mc
Graw
Hill
...
MacBook Air
F4
%23
24
&
3
4
5
6
8.
E
R
Y
P
D
G
J
K
V
B
M
command
command
opt
arrow_forward
ACC 201
Chapter 15 Open-Ended Assignment
Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below.
On December 31, Year One, the Dispersion Company decides to lease a piece of equipment rather than buy it. The lease is for 8 years. Payments are $49,000 every December 31 beginning on December 31, Year One. The implicit rate is 11 percent and is known by Dispersion.
Required:
A. Assume this lease is classified as a finance lease. What journal entries are made in Year One and Year two?
B. Assume this lease is classified as an operating lease. What journal entries are made in Year One and Year two?
Your answers to this open-ended assignment should be placed in the space below this line.
A
Assuming the lease is a finance lease:
Date
Account Name
Debit
Credit
Dec. 31, Year One
Dec. 31, Year One…
arrow_forward
on 13-Exam 1-Chapter X
Exam 1-Chapter 10 and 11
13
eBook
eztomheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/actie
here to search
Document
Depreciation
Book Value
P Philo | Let Me Reintroduce Mys X +
2024
2025
You skipped this question in the previous attempt.
TB Problem 11-189 (Static) On January 1, 2024, Hobart Manufacturing...
2024 and 2025, 25,000 and 84,000 units, respectively, were produced.
On January 1, 2024, Hobart Manufacturing Company purchased a drill press at a cost of $36,000. The drill press is expected to last 10
years and has a residual value of $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In
Required:
assuming the sum-of-the-years'-digits method is used.
Compute depreciation for 2024 and 2025 and the book value of the drill press on December 31, 2024 and December 31, 2025,
Note: Round your intermediate calculations and final answers to the…
arrow_forward
M Question 9 - Exam 1- Chapter X
→ C
Exam 1- Chapter 10 and 11 i
9
10
points
eBook
References
Mc
Graw
ezto.mheducation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activ
Document
Land
Building
Equipment
Inventory
$ 229,500
306,000
612,000
382,500
No
1
PPhilo | Let Me Reintroduce Mys x +
TB Problem 10-213 (Algo) Watson Company purchased assets...
Watson Company purchased assets of Holmes Limited at auction for $1,400,000. An independent'appraisal of the fair value of the
assets acquired is listed below:
Required:
Prepare the journal entry to record the purchase of the assets.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list View journal entry worksheet
Transaction
1
Land
Building
Calamar
You received partial credit in the previous attempt.
AR
Saved
General Journal
Prey
L
BBA
RUM
Debit
229 500
306.000
Help Sa
Credit
View
arrow_forward
question in ss below
thanks
45
46
42
52
26
arrow_forward
Students Home
M Federal Financial Aid Program X
Students Home
Ch. 7 Hmwk: Invoices, Trade &X
A Ch. 7 Hmwk Invoices, Trade & X
A webassign.net/web/Student/Assignment-Responses/last?dep3D27277752
Apps M Gmail
DYouTube Maps
...
...
EReading list
7. [-/1 Points]
DETAILS
BRECMBC9 7.I1.010.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent.
List Price
Trade Discount Rate
Net Price Factor
Net Price
$3,499.00
35%
$4
Need Help?
Read It
8. [-/1 Points]
DETAILS
BRECMBC9 7.J1.014.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
Calculate the trade discount (in $) and trade discount rate (as a %). Round your answer to the nearest tenth of a percent.
List Price
Trade Discount Rate
Trade Discount
Net Price
$4,500.00
$3,515.00
Need Help?
11:28 PM
71°F
(岁
10/9/2021
P Type here to search
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Related Questions
- Impaired goodwill and amortization of patentarrow_forwardOW21 Onlin teachin x N2 | Online teaching esource from Cengag... w.com eBook Cash Inventory Land Notes Payable tMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false V Xi Lin, Capital Feedback ps Panthère de Cartier... ✓ Show Me How Journalizing Partner's Original Investment assumed a $57,000 note payable owed by Lin that was used originally to purchase the land. Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also Required: Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank. 35,000 53,100 X 152,000 48,900 X 79,000 X 57,000 Pink Playful Femini... Check My Work 5 more Check My Work uses remaining. & MX Check My Work Record the assets at their current values, and record the liability at its current value. Lin's Capital…arrow_forward12 Adaptive Practice #tx w Chapter 12 Adaptive Practice ^ education.wiley.com/was/ui/v2/adaptive-assessment-player/index.html?launchid-909eb940-8a22-4497-999d-f3c56b6203d8#/activity 12.5 Admission of a Partner m: X we Assignment introduction - Chapt X + Don and Ellen had capital balances of $85,000 and $95,000 respectively when Frank invested $90,000 for a 35% ownership of the business. Don and Ellen share profits and losses in a 70:30 ratio. Which statement is correct? O Frank will get a bonus of $4,500. O There will be no bonus. Save for Later mo O Ellen will get a bonus of $1,350. O Don will get a bonus of $3,150. ppt12_LO5.pptx 4 Submit Answer 1 X ⠀ 98% Show all Xarrow_forward
- needing answer to Barrow_forward0.4KB/s ll 4G+ 1:03 PM 65 וח 00:58:13 Remaining Multiple Choice Which of the following items is not chargeable to the land account? Expenditures for fence, water system, sidewalk and pavement Cost of survey by engineers Broker's commission and fees for registration and title transfer Attorney's fee and any other expenditures for establishing clean title 57 of 75 IIarrow_forwardS. Area Rating 4 use Table 19-4 and total (in $) ? to Calculate the building, Contents, property insurance premiums for the policy Structual Class Buiding Value Building Premium Contents Value Contents Total $86,000 127,000 Premium Premiumarrow_forward
- May 2024 บ M Tu W Th F 8 29 30 1 2 3 5 6 7 8 9 10 12 13 15 14 16 17 19 20 21 22 23 24 26 27 28 29 30 31 Su June 2024 M Tu W Th F Seth 6-3 1-2 2.3 Brendyn 9-6 34 mod 194 v lifiv T T F 7479 139 ..... Saturday, May 11 Friday, May 24 Saturday, May 25 Sunday, May 26 Monday, May 27arrow_forward0 S eBook Ask Print eferences Mc Graw Hill :: FI 2 Sophie Sue Breeders has the following voluntary withholdings to remit: AFLAC payable: $600.00 401(k) payable: $1,320.00 -WKCTC_....txt A Garnishments payable: $439.00 United Way contributions payable: $280.00 S W mend X Required: Create the General Journal entry on June 11, 2021, for the remittance of these withheld amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 8 J DII FB Il I N M ( 9 K & F9 O ) A O F10 L * Help Save & Exit P command : Check my work Subw Show Al F12 option Warrow_forward5 X100 ry https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld-5829202317504197666520360810&eISBN=97... A S CENGAGE | MINDTAP I Chapter 4 Assignment Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it it's a great deal. Suppose that the appropriate annual interest rate is 8.5%. O 13 years O 15 years What is the minimum number of years that…arrow_forward
- M Question 2-Chapte ps//ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252F... A 09 Homework i k t nces Bw 1 here to search Activity Supervision Equipment depreciation and lease. Miscellaneous supplies AREBALLS Heidt Cleaning Services (HCS) is a local custodial service company serving both the residential and commercial markets. The owner is considering dropping the commercial clients because that business seems only marginally profitable. Twenty-five employees worked a total of 45,300 hours last year, 30,200 on commercial jobs and 15,100 on residential jobs. Wages were $20 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis of labor-hours worked, which is also the basis for customer charges. Given current economic conditions and competition, HCS bills residential clients $40 per hour and commercial clients $30 per hour. Total overhead a.…arrow_forwardork Problems Chapter 2 of 3 eBook Print References Mc Graw Hill 9 O8 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl= ! Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Less: Dividends Equity, December 31, Year 2 Year 1 $ 52,692 28,602 F2 4,512 138,498 54, 196 0 0 75,195 0 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $36,000 additional cash in the business in exchange for common stock, and the company paid a $37,200 cash dividend. C # $ 65 Year 2 F3 $ 9,883 22,424 3,305 147,527 63, 196 180,667 45,083…arrow_forwardTue 9:08 AM Bookmarks Window Help A v2.cengagenow.com CengageNOWv2 | Online teaching and.. A AAMA - State Scope Learning Module 1- ACCT1105: Financi.. C https://geyser.cl-cms.com/assets/fr5am.. Show Me How O eBook Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost X 10 b. The straight-line rate c. The annual straight-line depreciation Feedback Check My Work Next All work saved. Save and Exit Submit Assignment for Gra tv MacBook Air DII F3 DD F4 F6 F9 F10 F11 F12 %23 24 & 4 6. 8. 9. T. Y U { D G H J K + || ....arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningAccounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning