10-NOV-1992 15:49
"BRITISH TRADE COMMISSION
SPECIAL CONDITION 14
The Government shall have full power to resume, re-enter upon and re-take possession of all of the lot if required for the general improvement of Hong Kong or for any other essential public purpose twelve calendar months' notice being given to the Grantee of its being so required, and upon the exercise of this power the Grantee's tenancy of the land so resumed shall cease, determine and be void, and the Grantee shall on the expiration of the said notice, subject to receipt of the compensation moneys referred to below, quit and deliver up possession of the land so resumed and the buildings thereon. Upon the exercise of the power there shall be paid by the Government to the
Grantee the following compensation:-
(a)
·
in respect of the land resumed one fifty-fourth of such amount as has been expended by the Grantee on site formation of the said land and infrastructure multiplied by the number of complete years in the portion
of the said term unexpired at the date of resumption;
A
(b) in respect of any building or buildings or parts of any building or buildings lawfully erected on the land resumed such sum as shall be agreed between the Government and the Grantee (or, failing such agreement on or prior to the date six months before the scheduled date for resumption, as shall be determined by an independent chartered
surveyor to be nominated at the request of either the Government or the
Grantee by the Chairman/President of the Hong Kong Institute of
Chartered Surveyors for the time being who shall act as an expert and
not an arbitrator, whose decision shall be final and binding and whose
costs shall be borne equally by the Government and the Grantee) to be
the full cost of re-instatement in equivalent alternative premises
including all ancillary costs reasonably incurred by the Grantee as a
result of the exercise of the Government's power under this Special
Condition 14.
offre
TOTAL P.03