TNAG-1809-FCO40-2570-Hong-Kong-Conveyancing-and-Property-(Amendment)-Ordinance-19-1988 — Page 15

A150

Amendment of Part V of the

First Schedule.

Amendment of Second Schedule.

Amendment of Third Schedule.

Ord. No. 31/88 CONVEYANCING AND PROPERTY (AMENDMENT)

(b) the covenants, terms and conditions contained in the Crown lease and any Deed of Mutual Covenant have been observed and performed,

up to the date of the assignment.".

26. Paragraph 2 of Part V of the First Schedule to the principal Ordinance is deleted and replaced by the following-

"2. That, so far as the same relate to the land mortgaged-

(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 and any Deed of Mutual Covenant have been observed and performed,

up to the date of the legal charge and will continue to be paid, observed and performed during the subsistence of the legal charge."

27. Part A of the Second Schedule to the principal Ordinance is amended-

(a) in paragraph 9, by deleting "certified" wherever it appears; and (b) by adding, at the end, the following-

"13. RECEIPT OF MONEY

(1) The vendor's solicitors are the vendor's agents for the purposes of the receipt of any money due under this agreement and any payment made under the agreement to the vendor's solicitors shall be a full and sufficient discharge of the purchaser's obligation in respect of that payment.

(2) Any revocation of the authority of the vendor's solicitors

under this clause shall be effective only if it—

(a) is in writing addressed to the purchaser;

(b) is delivered to the purchaser care of his solicitors at

least 7 days before completion; and

(c) specifically identifies this agreement.".

28. The Third Schedule to the principal Ordinance is amended (a) in Form 1, in paragraph 2(d) of the Schedule, by deleting

"Property" and substituting the following-

"Lot number”;

(b) in Form 2, in paragraph 2(d) of the Schedule, by deleting

"Property" and substituting the following-

(c) in Form 3-

"Lot number";

(i) in paragraph 3, by inserting, immediately after "Lender", the following-

"by way of equitable mortgage"

ļ

!

Page 15Page 16