Dated
29 TH
JUNE
2009
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Option
agreement
relating to
UNIT
8,
E PLAN INDUSTRIAL
ESTATE
NEWHAVEN
between
QUENTIN
KING
and
CLEAN
POWER TECHNOLOGIES LIMITED
THIS
AGREEMENT is dated
29 th
June 2009
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Quentin King of
Unit 4 E Plan Industrial Estate, New Road, Newhaven, East Sussex,
BN9 0EH ( Owner ).
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Clean Power
Technologies Limited incorporated and registered in England and
Wales with company number 5812360 whose registered office is at
Wiston House, 1 Wiston Avenue, Worthing, West Sussex, BN14 7QL (
Buyer ).
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The definitions
in this clause apply in this agreement.
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Completion
Date: the date 4 weeks
after the date of service of the Option Notice.
Deposit: £42,500 (exclusive of VAT).
Independent
Valuation: the price
agreed between the Owner and the Buyer but in default of agreement
a valuation of the Open Market Value of the Property prepared by
the Independent Valuer
Independent
Valuer: a Surveyor
appointed jointly by the Landlord and the Tenant or in default of
agreement by the President of the RICS
Open Market
Value: the price at which
the Property might reasonably be expected to be sold at on the open
market with vacant possession at the date of the Option Notice
disregarding the existence of the leases under which the Buyer
occupies the Property
Option: the option granted by the Owner to the Buyer by
this agreement.
Option
Notice: a notice served
by the Tenant on the Landlord notifying the Landlord of its
intention to exercise the Option
Option
Period: The period of 28
days commencing on the date that the Landlord provides the Tenant
with the Independent Valuation or the date on which the Purchase
Price is agreed between the Owner and the Buyer
Option
Sum: £1 (exclusive
of VAT).
Owner's
Conveyancer: Stephen
Rimmer LLP, 28 Hyde Gardens, Eastbourne, East Sussex, BN21 4PX, Fax
01323 733034, Ref MP.KP.King
Part 1
Conditions: the
conditions in Part 1 of the Standard Commercial Property Conditions
(Second Edition) and Condition means any one of
them.
Part 2
Conditions: the
conditions in Part 2 of the Standard Commercial Property Conditions
(Second Edition).
Property: the freehold property at Unit 8 E Plan
Industrial Estate, New Road, Newhaven shown more particularly
delineated in red on the plan attached to this agreement and being
registered at HM Land Registry with title absolute under title
number ESX231882
Purchase
Price: the greater
of:
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the price
stated in the Independent Valuation (exclusive of VAT)
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£425,000
(exclusive of VAT)
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VAT: value added tax chargeable under the Value Added
Tax Act 1994 and any similar replacement tax and any similar
additional tax.
Working
Day: any day from Monday
to Friday (inclusive) which is not Christmas Day, Good Friday or a
statutory Bank Holiday.
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The rules of
interpretation in this clause apply in this agreement.
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Clause and
Schedule headings do not affect the interpretation of this
agreement.
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Except where a
contrary intention appears, a reference to a clause or a Schedule
is a reference to a clause of, or Schedule to this
agreement.
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Unless
otherwise specified, a reference to a law is a reference to it as
it is in force for the time being taking account of any amendment,
extension, application or re-enactment and includes any subordinate
legislation for the time being in force made under it.
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A person
includes a corporate or unincorporated body.
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Writing or written includes faxes but not
e-mail.
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Any obligation
in this agreement on a person not to do something includes an
obligation not to agree or allow that thing to be done.
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Any reference
to the Owner includes its successors in title.
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On the date of
this agreement t
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