✨ Power Station Agreement Continuation
2618 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
(b) to the fullest extent to which it is entitled at law to do so, assigns and transfers to the Purchaser, as from the Settlement Time, the right to enforce the Indemnity in the manner specified in sub-clause (a).
The parties shall use reasonable endeavours, both before and after Settlement, to obtain from the Crown confirmation of the rights of the Purchaser referred to in this clause.
11. VENDOR'S RETAINED INTERESTS/TITLE TO LAND
11.1 Retained interests:
The Purchaser acknowledges that, following Settlement, the Vendor will continue to operate a power generation business in the vicinity of the Land and that in operating such business, the Vendor will, from time to time, require rights to access the Land and any other land owned legally or beneficially by the Purchaser for the purpose of utilising, maintaining, repairing or otherwise dealing with the Vendor's operations and assets. The Purchaser agrees to grant all such rights of access and to allow the Vendor to undertake such works and shall, if requested by the Vendor, enter into a formal document or documents capable of registration with Land Information New Zealand giving full effect to such rights. Without limiting the generality of the foregoing, the Purchaser shall ensure that the following specific interests are granted to the Vendor:
(a) a vehicular right of way over the road known as Hayman Road, to the extent that it is owned by the Purchaser and not by the relevant district council;
(b) a right to lay, install, maintain, repair and replace that part of the 33kV transmission line that does not form part of the Line along an adequate width corridor;
(c) a right to lay, install, maintain, repair and replace the fibre optic cable and associated terminating equipment used in connection with the Power Stations in an adequate corridor; and
(d) a right of access over the land currently comprised within certificate of title 425212 (Canterbury Registry) in order to access the boat ramp on such land and in order to access Lake Pukaki to enable the Vendor to continue to enjoy its rights and interests and to comply with its obligations under the Lake Pukaki operating easement created by registered easement 7611810.1.
11.2 Action by Vendor:
The Vendor shall, both before and after Settlement, take such steps as may reasonably be required by the Purchaser to obtain title to that Land set out in Part B of Schedule 1, under the Land Transfer Act 1952 ("Title"), which for that Land which is subject to the Crown/ECNZ Agreements shall be by the Vendor:
(a) exercising the Vendor's rights pursuant to the relevant provisions of the Crown/ECNZ Agreements;
(b) using all commercially reasonable endeavours to procure any counterparty to the Crown/ECNZ Agreements to comply with their relevant obligations in those agreements; and
(c) complying with the Vendor's obligations pursuant to the relevant provisions of the Crown/ECNZ Agreements,
to the intent that such Land shall be transferred to the Vendor from Electricity Corporation of New Zealand Limited.
Next Page →
NZ Gazette 2011, No 93
✨ LLM interpretation of page content
🌾
Agreement for Sale and Purchase of Power Stations
(continued from previous page)
🌾 Primary Industries & ResourcesAgreement, Sale, Purchase, Power Stations, Assets, Obligations, Rectification, Indemnity, Hydrometric Stations, Licensed Consents, Replacement Consents, Settlement, Notification, Removal, Stakeholders, Co-operation, Information, Payments, Contracts, Counterparty Obligations, Mutual Indemnity, Expert Determination, Legislative Direction, Crown Indemnity, Retained Interests, Title to Land, Rights of Access, Transmission Lines, Fibre Optic Cables, Operating Easements