sec.115Conditions of sale

### sec.115 Conditions of sale The following conditions apply to a sale by public auction— the highest bid at auction that is at least the reserve price or the reserve cash premium is the sale price; the deposit and other fees or payments, for survey or improvements, must be paid within the time stated in the sale notice; the buyer must be eligible to hold the interest under this Act and meet all other restrictions stated in the sale notice; the appropriate forms must be completed and lodged within the time stated in the sale notice. If the interest sold is a lease or permit— the amount bid at auction does not include the rent stated in the sale notice; and the rent stated is payable in the usual way. If the interest sold is a lease of rural leasehold land and the Minister is satisfied the land suffers from, or is at risk of, land degradation, the sale notice— may include a requirement that the proposed lessee enter into a land management agreement for the lease; and if a requirement as mentioned in paragraph (a) is included—must state that the lease will be issued subject to the condition that the lessee must comply with the agreement. s 115 amd 2007 No. 19 s 56 ; 2013 No. 23 s 63 ; 2014 No. 29 s 30 (sec.115-ssec.1) The following conditions apply to a sale by public auction— the highest bid at auction that is at least the reserve price or the reserve cash premium is the sale price; the deposit and other fees or payments, for survey or improvements, must be paid within the time stated in the sale notice; the buyer must be eligible to hold the interest under this Act and meet all other restrictions stated in the sale notice; the appropriate forms must be completed and lodged within the time stated in the sale notice. (sec.115-ssec.2) If the interest sold is a lease or permit— the amount bid at auction does not include the rent stated in the sale notice; and the rent stated is payable in the usual way. (sec.115-ssec.3) If the interest sold is a lease of rural leasehold land and the Minister is satisfied the land suffers from, or is at risk of, land degradation, the sale notice— may include a requirement that the proposed lessee enter into a land management agreement for the lease; and if a requirement as mentioned in paragraph (a) is included—must state that the lease will be issued subject to the condition that the lessee must comply with the agreement. - (a) the highest bid at auction that is at least the reserve price or the reserve cash premium is the sale price; - (b) the deposit and other fees or payments, for survey or improvements, must be paid within the time stated in the sale notice; - (c) the buyer must be eligible to hold the interest under this Act and meet all other restrictions stated in the sale notice; - (d) the appropriate forms must be completed and lodged within the time stated in the sale notice. - (a) the amount bid at auction does not include the rent stated in the sale notice; and - (b) the rent stated is payable in the usual way. - (a) may include a requirement that the proposed lessee enter into a land management agreement for the lease; and - (b) if a requirement as mentioned in paragraph (a) is included—must state that the lease will be issued subject to the condition that the lessee must comply with the agreement.