TNAG-1286-FCO40-16372-Constitutional-development-in-Hong-Kong.-Part-2-of-2-1984 — Page 159

A408

Ord. No. 62/84

CONVEYANCING AND PROPERTY

CONVEYANCING AND PROPERTY

Ord. No. 62/84

A409

PART IV

COVENANT FOR TITLE IMPLIED IN AN ASSIGNMENT BY A PERSON WHO IS EXPRESSED TO ASSIGN AS TRUSTEE. CONFIRMOR, MORTGAGEE. LEGAL CHARGEE, PERSONAL REPRESENTATIVE OR UNDER AN ORDER OF COURT That the person so assigning has not executed or done, or knowingly suffered, or been party or privy to, any deed or thing, whereby or by means whereof the land or any part thereof, is or may be impeached, charged, affected or incumbered in title, estate or otherwise or whereby or by means whereof the person who so conveys is in any way hindered from assigning the land or any part thereof in the manner in which it is expressed to be assigned.

2.

3.

4.

5.

PART V

COVENANTS FOR TITLE IMPLIED IN A LEGAL CHARGE BY

A PERSON WHO IS EXPRESSED TO CHARGE AS BENEFICIAL OWNER ("the borrower")

That the Crown lease is good, valid and subsisting. That--

(a) the premium or other money (if any) and the Crown rent payable under and

reserved by the Crown lease have been paid; and

(b) the covenants, terms and conditions contained in the Crown lease have been

observed and performed,

up to the date of the legal charge.

That the borrower now has good right and title to charge the land free from incumbrances save as specified in the legal charge and subject to the manner in which the charge is expressed to be made.

That, upon the lender being entitled so to do under the terms of the legal charge, the land may be quietly entered into and during the residue of the term created by the Crown lease (and any renewal thereof) held and enjoyed by the lender without any lawful interruption or disturbance by the borrower, any person charging by his direction or any person rightfully claiming through, under or in trust for the borrower (other than in respect of an estate or interest subject to which the legal charge is expressly made).

That the borrower and any person charging the land by his direction and any person deriving title under them and any other person having or rightfully claiming any estate or interest in the land or any part thereof (other than an estate or interest subject whereto the legal charge is expressly made) shall from time to time and at all times at the request of the lender or any person deriving title under him at the cost, until sale of the land in accordance with the legal charge, of the borrower and, after such sale, at the cost of the person making the request execute and do all such lawful acts assurances and things for further or more perfectly assuring the land and every part thereof to the lender and to those deriving title under him (subject to the manner in which the legal charge is expressed to be made) as by the lender or any such person may be reasonably required.

SECOND SCHEDULE

[s. 36.]

COVENANTS AND CONDITIONS WHICH MAY BE INCORPORATED BY REFERENCE

PART A

(In an Agreement for Sale of a Residential, Commercial, Industrial or Other Unit in a Completed Building)

1. RENTS, OUTGOINGS AND APPORTIONMENTS

The rents and profits shall be received and all outgoings shall be discharged by the vendor up to and inclusive of the actual day of completion, and as from but exclusive

of that day all outgoings shall be discharged by the purchaser. All such rents, profits and outgoings shall, if necessary, be apportioned between the vendor and the purchaser and paid on completion.

2.

INSURANCE

(1) As from the date of this agreement, the vendor shall hold in trust for the purchaser the benefit of any existing policy of insurance relating to the property.

(2) The vendor does not warrant that any or any adequate policy of insurance exists relating to the property or, if any such policy exists, that it will be renewed on expiration.

(3) The vendor shall, if required, and at the expense of the purchaser obtain or consent to an endorsement of notice of the purchaser's interest on the policy of insurance relating to the property and in such case the vendor (keeping such policy in force) may require the purchaser to pay on completion a proportionate part of the premium from the date of this agreement.

3. CONDITION OF PROPERTY

The purchaser purchases with full knowledge of the physical condition of the property and takes it as it stands.

4.

EASEMENTS, RIGHTS AND LIABILITIES

(1) The vendor warrants that the property is not adversely affected by any easement, right, privilege or liability of which he is aware or could have ascertained on reasonable inquiry other than-

(a) those disclosed in this agreement; or

(b) those of which the purchaser is aware or could have ascertained on

reasonable inspection of the property.

(2) Subject to subclause (1), the property shall be conveyed subject to all easements.

rights, privileges and liabilities adversely or beneficially affecting it.

5. TENANCIES

(1) This condition applies if the property is sold subject to any tenancy and shall have effect notwithstanding any partial or incomplete reference in the agreement to any tenancy.

(2) Full particulars of all tenancies not vested in the purchaser having been furnished to him, the purchaser shall be deemed to purchase with full knowledge thereof and shall take the property subject to the rights of the tenants thereunder or by reason thereof.

(3) The vendor gives no warranty as to the amount of rent lawfully recoverable from any tenant, as to the effect of any legislation in relation to any tenancy or as to compliance with any legislation affecting the same.

(4) The vendor shall inform the purchaser of any change in the disclosed terms and

conditions of any tenancy.

(5) If a tenancy subject to which the property is sold terminates for any reason, the ven- dor shall inform the purchaser and, on being indemnified by the purchaser against all consequential loss, expenditure or liability, shall act as the purchaser directs. (6) Subclauses (4) and (5) shall not entitle the vendor to agree to, or permit, any

change in the terms and conditions of any tenancy or its termination.

6. ERRORS, OMISSIONS AND MISSTATEMENTS

(1) No error, omission or misstatement herein or in any plan furnished or any statement made in the course of the negotiations leading to the contract shall annul the sale or entitle the purchaser to be discharged from the purchase.

(2) Any such error, omission or misstatement shown to be material shall entitle the pur- chaser to proper compensation, provided that the purchaser shall not in any event be entitled to compensation for matters falling within clause 3 or 5(3) hereof.