Common use of Security Payment Clause in Contracts

Security Payment. ‌ 20.1 If the Buyer made a Land Rent Lease Election, on the Date of this Contract the Buyer must pay the Security Payment to the Seller. 20.2 The Seller must hold the Security Payment in trust on behalf of the Buyer until Completion or until this Contract is terminated or otherwise ends.‌ 20.3 The Security Payment may be paid by cheque but if it is not paid on time or, if it is paid by cheque which is not honoured on first presentation, the Buyer is in default.‌ 20.4 If the Buyer is in default under clause 20.3, then immediately and without the notice otherwise necessary under clause 29, clause 21 applies. 20.5 The Buyer irrevocably directs the Seller that upon Completion the Seller must: (a) pay the amount of the Security Payment paid by the Buyer, to the Commissioner for Revenue in respect of present or future Land Rent payable on the Land by the Buyer; and (b) notify the Buyer of such payment. 20.6 The Buyer waives any interest in respect of the Security Payment from the Date of this Contract to the date ninety (90) days following the Completion or rescission or termination of this Contract.

Security Payment. ‌ 20.1 19.1 If the Buyer made a Land Rent Lease Election, on the Date of this Contract the Buyer must pay the Security Payment to the Seller. 20.2 19.2 The Seller must hold the Security Payment in trust on behalf of the Buyer until Completion or until this Contract is terminated or otherwise ends.‌ends. 20.3 19.3 The Security Payment may be paid by cheque but if it is not paid on time or, if it is paid by cheque which is not honoured on first presentation, the Buyer is in default.‌default. 20.4 19.4 If the Buyer is in default under clause 20.319.3, then immediately and without the notice otherwise necessary under clause 2927, clause 21 28 applies. 20.5 19.5 The Buyer irrevocably directs the Seller that upon Completion the Seller must: (a) pay the amount of the Security Payment paid by the Buyer, to the Commissioner for Revenue in respect of present or future Land Rent payable on the Land by the Buyer; and (b) notify the Buyer of such payment. 20.6 19.6 The Buyer waives any interest in respect of the Security Payment from the Date of this Contract to the date ninety (90) days following the Completion or rescission or termination of this Contract.