1
Payment of Premium
Possession
SPECIAL CONDITIONS
(1)(a) Subject to (b) hereof, the purchaser shall pay to the
Government of Hong Kong the whole of the premium tendered in ine lump sum together with the submission of his tender.
(b) The purchaser shall be entitled to elect at the time of submission of his tender to pay 90% of the premium tendered by ten equal annual instalments together with interest at the rate of 5% per annum on the balance from time to time out- standing, it being agreed that the amount of each of the said annual instalments (including interest) will be calculated by applying a factor of 0.12333769 to an amount equal to 90 of the premium tendered. In the event of the purchaser so electing -
(i) he shall pay to the Government of Hong Kong together with the submission of his tender a sum amounting to 10% of the premium tendered and the first of the said annual instalments. The second of the said instalments shall be paid by the purchaser to the Government on the 2nd day of Junc 1979 and the remaining eight
2nd day of June
such instalments on the each succeeding year up to and including the 2nd
of June
1987, and
in
day
(ii) he shall be entitled at any time, after giving and en
the expiry of re sonable notice to the Director of Accounting Services of his intention so to do, to pay off in one lump sum the whole of the outstanding balance of the premium tendered together with interest accrued thereon at the said rate to the date of payment.
(c) If the purchaser having elected to pay the premium byi annual instalment, shall fail to pay the second or any of the remain- ing eight annual instalments as provided in Special Condition No. (1)(b) hereof, Her Majesty may either enforce or cancel the sale. On cancellation the sum forwarded by the defaulting purchaser with his tender under the provisions of Special Condition No. (1)(b)(i) and the second or any subsequent instalment and by him, if any shall be wholly forfeited to Her Majesty, and Her Majesty shall be at liberty to resell the the lot at such time and place and in such manner as Her Majesty shall deem fit, and all expenses attending a resale or attempted resale and any deficiency which may result on a resale shall be made good and paid by the defaulting purchaser and be recoverable by Her Majesty as liquidated damages. Any increase of price on a resale shall belong to Her Majesty.
(2) Subject to the due signature or execution of the said Memorandum of Agreement in accordance with General Condition No. 1 hereof, possession of the lot shall be deemed to have been given to the purchaser on the date to be specified in a letter from the Director of Public Works.
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