Coed Rhyal, Burry Port, between Llanelli and Kidwelly, Carmarthenshire, 13.33 acres of mature oak woodland. £44,000 (freehold) [#M1334]

  1. the transferee covenants with the Transferor that the Transferee will observe and perform the new positive covenants in this clause
  2. if within 50 years from the date of this transfer any planning permission is obtained by or on behalf of the transferee or its successors in the title to the property in respect of the Property or any part of it the Transferee must pay the Additional Sum to the Transferor or his successors in title.
  3. If the parties fail to agree whether or not the grant of planning permission or such commercial use as indicated in the definition of “the Additional Sum” therein triggers the payment of the Additional Sum or the amount of the of the Additional Sum then the same shall be determined by a valuer to be agreed upon by the transferor and the transferee and in default of agreement appointed upon the application of either p[arty at the time by the President for the time being of the Royal Institute of Chartered Surveyors such valuer to act as an expert who shall nevertheless afford the parties the opportunity of making representations to him prior to making his decision and whose decision shall be final and binding on the parties.
  4. The Transferee and his successors in the title must pay the Additional Sum by telegraphic transfer to the Transferor or its successors in title and it is expressly agreed that if the Additional Sum is not paid within 28 days of the date of grant of planning permission obtained by or on behalf of the Transferee or its successors in the title in the property the Transferee or its successors in title will in addition to the Additional Sum be entitled to interest on the Additional Sum 4% per annum above the base rate of Lloyds Bank such interest to be calculated on a daily basis from the last date for payment until the date of actual payment of the Additional Sum
  5. The Transferee must not sell or transfer the property or any part of it without first ensuring that the owner enters into a direct covenant with the transferor or its successors in title to observe and perform the covenants set out in this deed.

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