Page:1930 QLD Royal Commission into Racing Report.djvu/73

 12. While any money payable under this agreement remains unpaid the purchasers hereby expressly agree with the vendors that they will not without the previous consent in writing of both vendors sell transfer or assign the contract set out in this agreement or any part thereof or any of their rights or interests thereunder or mortgage encumber let sublet or lease pledge charge part with or otherwise deal with the possession of the properties or assets contracted to be sold or any part thereof or of this agreement to any person or persons company or association whatsoever.

13. In the event of any of the said instalments not being duly and punctually paid upon the respective days hereinbefore fixed for payment thereof then at the option of the vendors and if and when such option shall be exercised by notice in writing interest shall be paid by the purchasers after the rate of Seven Pounds per centum per annum upon any and all such overdue instalments from the respective dates upon which the said respective instalments became payable until the same shall have been paid but without prejudice to the vendors' rights under clause 21 of this agreement.

14. The vendors are the registered proprietors as tenants in common of the said freehold lands and the said respective titles shall be produced to the purchasers or their Solicitor for inspection upon their making application for the same to the vendors' Solicitors within fourteen days from the date hereof and the purchasers shall within twenty-eight days from the day of signing or executing this agreement deliver to the vendors' Solicitors Messrs. O'Shea & O'Shea 43 Queen Street Brisbane aforesaid a statement in writing of all objections and requisitions (if any) to or upon the titles and all objections or requisitions not included in such statement shall be considered as absolutely waived and the purchasers shall (subject to any objection or requisition so delivered) be considered having accepted the title.

15. If the purchasers shall within the time aforesaid make any objection or requisition to or upon the title which the vendors shall be unable or unwilling or shall in their absolute discretion refuse to remove or comply with (which right of refusal the vendors absolutely reserve to themselves) the vendors may by notice in writing to the purchasers or their Solicitors annul the sale and the vendors shall within one week after giving such notice repay to the purchasers the whole amount of the purchase money which shall have been paid but without any interest costs or expenses of investigation of title or any other costs or expenses whatsoever.

16. Upon payment of the full amount of the purchase money and other moneys arising under this agreement or under any indemnity herein contained and any interest which may become due and payable hereunder the vendors will sign a proper transfer of the said lands to the purchasers. Such transfer shall be prepared by and at the cost of the purchasers who shall also pay all stamp duties fees costs and charges in respect thereof.

17. Up to the first day of January one thousand nine hundred and twenty-three all outgoings in respect of the said racecourses shall be defrayed by the vendors and from and after that date all outgoings including fire insurance premiums and Federal and State Land Taxes shall be defrayed by the purchasers as hereinbefore provided and all rents profits and outgoings shall be apportioned accordingly.

18. While any money payable under this agreement remains unpaid the vendors hereby expressly reserve to themselves their executors administrators and transferees the right of entry on any of the properties hereby contracted to be sold or any part thereof at all reasonable and convenient times in the day time for the purpose of inspecting the condition of the buildings out-buildings fences racing rails erections furniture machinery plant material and the racing and training tracks lawns and gardens thereon which right the purchasers hereby admit and in case the same or any of them shall be found in a condition in the opinion of the vendors inconsistent with the due performance of clause 8 hereof the vendors may by a written notice signed by one or both of them or their solicitor or agent and delivered at or posted to the purchasers at the office of the Brisbane Amateur Turf Club at Brisbane aforesaid require the purchasers to put maintain repair uphold and keep the whole of the said hereditaments and premises including buildings out-buildings fences racing rails erections furniture machinery plant material and racing and training tracks lawns and gardens in such particulars and wants of repair maintenance upholding and keeping in repair as shall be specified in such notice and as shall be necessary in the opinion of the vendors to put such premises into a condition consistent with the due performance of clause 8 hereof within one month after delivering or posting of such notice and the failure or partial failure of the purchasers to comply completely and effectively with the requirements of such notice within the time hereby limited shall be a breach of this agreement.