sec.10HPayment of purchasing price including interest thereon

sec.10H Payment of purchasing price including interest thereon

The deposit determined pursuant to section 10D (1) (b) shall accompany and be paid with the notice by the lessee that the lessee elects to proceed with the application under this part. The balance of the purchasing price, together with interest on the amount thereof outstanding at the beginning of each month of the term of the lease at the rate determined by the chief executive, shall be liquidated by such monthly instalments as shall be determined by the chief executive from time to time which instalments are payable respectively on or before the last day of each month of the term of the lease commencing on the quarter day next following the date when the deposit is paid. Notwithstanding any term or condition of the freeholding lease, the lessee may at any time complete payment in full of the purchasing price of the land paying the unpaid amount of the purchasing price of the land together with the interest payable thereon up to the date of the payment thereof. Without prejudice to any other remedy had by it, the chief executive may recover, by action as for a debt in any court of competent jurisdiction, any moneys due and not paid to it in respect of the purchasing price (including interest thereon) of the land comprised in a freeholding lease. s 10H ins 1980 No. 49 s 13 amd 1993 No. 76 s 3 sch 1 ; 2003 No. 52 s 153 sch 2 (amd 2005 No. 33 s 11 (retro)); 2005 No. 46 s 9 sch (sec.10H-ssec.1) The deposit determined pursuant to section 10D (1) (b) shall accompany and be paid with the notice by the lessee that the lessee elects to proceed with the application under this part. (sec.10H-ssec.2) The balance of the purchasing price, together with interest on the amount thereof outstanding at the beginning of each month of the term of the lease at the rate determined by the chief executive, shall be liquidated by such monthly instalments as shall be determined by the chief executive from time to time which instalments are payable respectively on or before the last day of each month of the term of the lease commencing on the quarter day next following the date when the deposit is paid. (sec.10H-ssec.3) Notwithstanding any term or condition of the freeholding lease, the lessee may at any time complete payment in full of the purchasing price of the land paying the unpaid amount of the purchasing price of the land together with the interest payable thereon up to the date of the payment thereof. (sec.10H-ssec.4) Without prejudice to any other remedy had by it, the chief executive may recover, by action as for a debt in any court of competent jurisdiction, any moneys due and not paid to it in respect of the purchasing price (including interest thereon) of the land comprised in a freeholding lease.