the Academy Trust must pay the Debt or the Market Value; and/or the Academy Trust must sell the Land keeping some or all of the sale proceeds to fulfil its charitable purposes by funding the purchase of an alternative permanent site for the Academy, and accounting to the Secretary of State for any proceeds not so used. Sharing the Land If: the Academy does not reach its planned number of places, as stated in clause 2.10[ *and clause 2.11][*select if clause 2.11 used], within [●] Academy Financial Years; or the Academy Trust or the Secretary of State serves notice to terminate this Agreement under clause 7.1; or the Secretary of State considers that not all the Land is needed for the operation of the Academy at planned number of places, then: the Academy Trust must share occupation of the Land with such other Academy as the Secretary of State considers appropriate and enter into any legal arrangements which the Secretary of State requires for this purpose; or the Academy Trust must sell the Land as required by the Secretary of State and account for the sale proceeds to the Secretary of State in payment of the Debt, after which the Secretary of State will carry out the Discharge Process over the Land. Exercise of Rights On termination of this Agreement, the Secretary of State may give notice that he intends to exercise his rights under clauses 5.11, 7.31 or 7.32 or under the Legal Charge. Any such notice must state which clause of this Agreement the
the Academy Trust must pay the Debt or the Market Value; and/or the Academy Trust must sell the Land keeping some or all of the sale proceeds to fulfil its charitable purposes by funding the purchase of an alternative permanent site for the Academy, and accounting to the Secretary of State for any proceeds not so used. Sharing the Land If: the Academy does not reach its planned number of places, as stated in clause 2.10[ *and clause 2.11][*select if clause 2.11 used], within [●] Academy Financial Years; or the Academy Trust or the Secretary of State serves notice to terminate this Agreement under clause 7.1; or the Secretary of State considers that not all the Land is needed for the operation of the Academy at planned number of places, then: the Academy Trust must share occupation of the Land with such other Academy as the Secretary of State considers appropriate and enter into any legal arrangements which the Secretary of State requires for this purpose; or the Academy Trust must sell the Land as required by the Secretary of State and account for the sale proceeds to the Secretary of State in payment of the Debt, after which the Secretary of State will carry out the Discharge Process over the Land. Exercise of Rights On termination of this Agreement, the Secretary of State may give notice that he intends to exercise his rights under clauses 5.11, 7.31 or 7.32 or under the Legal Charge. Any such notice must state which clause of this Agreement the
Special_single_v3_March18.docx