Legal charge to secure overage payments

Published by a LexisNexis Property expert
Precedents

Legal charge to secure overage payments

Published by a LexisNexis Property expert

Precedents
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Date [date]

Parties

  1. 1

    [name of Buyer] [of OR incorporated in England and Wales (Company registration number [number]) whose Registered office is at] [address] (Buyer)

  1. 2

    [name of Seller] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Seller)

    1. 1

      Definitions

      In this Deed, the following definitions apply:

      [Affordable Housing

      1. [social rented, affordable rented and intermediate subsidised housing available to persons who cannot afford to rent or buy housing generally available on the open market OR has the meaning given to that expression in Annex 2 of the National Planning Policy Framework current today];]

      Competent Authority

      1. any:

        1. (a)

          local authority, highway authority, government department or other authority, body or person exercising powers under statute or by Royal Charter; or

        2. (b)

          utility service or supply company;

      Costs

      1. are any costs, losses, damages and liabilities, whether or not resulting from claims, demands, actions or proceedings incurred in, or incidental to, or in contemplation of:

        1. (a)

          the negotiation, preparation and completion of this Deed;

        2. (b)

          the protection, preservation and realisation of this security;

        3. (c)

          the enforcement of any of the Buyer’s obligations under this Deed;

      [Deed

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Jurisdiction(s):
United Kingdom
Key definition:
Deed definition
What does Deed mean?

Deeds are written agreements but differ from contracts in that the limitation period is 12 years and consideration is not required. There are very few categories of transactions that require execution by deed but they are transfers of land, leases, mortgages and charges, sales by mortgagees, appointments of trustees, powers of attorney and gifts.

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