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Terms & Conditions DISCLAIMER We endeavour to ensure all information contained within our website is true and accurate, however accept no liability in respect to errors, inaccuracies or mis-statements contained. Prices displayed are current at the time of issue, however may change at any time without notice and are subject to availability. Prospective Purchasers should make their own enquiries to verify the information displayed. TERMS AND CONDITIONS OF RENTAL SHORTFALL If you cannot find a tenant within 14 days of settlement we will pay you until you do. The terms and conditions of this offer are: 1. INTRODUCTION OF TENANT If: (a) the Buyer complies strictly with the Contract Terms and in particular settles in the due date without extension; and (b) they Buyer appoints Harcourts Victoria Point (or another agent approved by the Seller) as its managing agent for the Lot on the usual terms and conditions of the managing agent; and (c) within fourteen (14) days of the date of settlement, the Lot is ready for immediate occupancy by a tenant, including all curtains and other fit-out usually supplied by a landlord for similar properties offered for rent, the Seller agrees to introduce a Qualifying Tenant to the Buyer (or the Buyer’s managing agent) within fourteen days of settlement. 2. CONSEQUENCES OF BREACH If: (a) the Seller fails to introduce a Qualifying Tenant in accordance with clause 1 of this Special Condition; and (b) the Buyer is unable to otherwise secure a Qualifying Tenant within fourteen days of settlement, the Seller must pay compensation to the Buyer in accordance with clause 3 of these Special Conditions. 3. PAYMENT OF COMPENSATION The following conditions apply to the payment of compensation by the Seller: (a) Compensation will be calculated as from the 15th day after settlement. (b) Compensation will be payable on a monthly basis in arrears based on the amount by which the gross rental received is less than the Weekly Rental Amount. (c) Compensation is payable pro rata in respect of periods less than a week. (d) Subject to clause 4 of this Special Condition, the Seller will continue to be liable to pay compensation while the Buyer continues to: (i) offer the Lot for rent at a weekly rental and on terms acceptable to the Seller; and (ii) use its best endeavors to procure a tenant for the Lot. 4. TERMINATION OF OBLIGATION TO PAY COMPENSATION The Seller’s obligation to pay compensation will automatically terminate on the earlier of the following dates: (a) the date one year after settlement; or (b) the date the seller introduces a Qualifying Tenant to the Buyer’s managing agent for the Lot; (c) the date the Buyer commences occupation of the Lot; (d) the date the Buyer enters into a contract to sell the Lot; or (e) the date the Buyer loses effective control over the Lot (for example, by a mortgagee of liquidator taking possession of the Lot). 5. ENTITLEMENT TO COMPENSATION IS PERSONAL The Buyer’s entitlement to compensation under this Special Condition is personal to the Buyer. The Buyer cannot transfer that entitlement to someone who buys the Lot from the Buyer or to anyone to whom the Buyer assigns or purports to assign the benefit of this Contract. 6. DEFINITIONS For the purposes of these Special Conditions, the following definitions apply: (a) “Weekly Rental Amount” means the weekly market rent for the Lot calculated in accordance with the following formula: Weekly Rental Amount = Purchaser Price x 5% / 52 (b) “Qualifying Tenant” means a tenant who is prepared to rent the Lot for a period of no less than twelve (12) months at an annual rental equal to or exceeding the Weekly Rental Amount. Online Privacy Issues COSMOPOLITAN will apply this policy to all personal information it handles, whether collected online or otherwise. To the extent that this Privacy Policy applies to online privacy issues, it is to be read as forming part of the terms of use for our website. This clause is intended to provide more information about privacy for the users of our website. a) Online collection of personal and non-personal information Our website collects information which may or may not be personal information. For each visitor to our website, our server automatically recognises and stores your 'address' (eg your domain name or Internet protocol address), the type of your Internet browser, the address of the site which 'referred' you to our website and clickstream data. In addition, our website uses cookies to track usage of our web site. Most web browsers are set by default to accept cookies. However, if you do not wish to receive any cookies you may set your browser to either prompt or refuse cookies. Please note that rejecting cookies may mean that not all the functions on the website are available to you. We use cookies for tracking the statistics of our website. This allows us to better understand our users and improve the layout and functionality of our website. This tracking is conducted in such a way to ensure the anonymity of visitors - in this context the cookie may identify your computer - but it should not identify you. b) Links to other websites Sometimes our website contains links to third party websites, for your convenience and information. When you access a non-COSMOPOLITAN website, please understand that COSMOPOLITAN is not responsible for the privacy practices of that site. We suggest that you review the privacy policies of each site you visit. |
