Use version 5 if the Secretary of State is the landlord i.e. granting the lease} – [Version 1: new freehold site provided by ESFA with a legal charge in favour of the Secretary of State] an amount equal to 100% of the Land Value; “Debt” Process” the removal of: “Discharge the Legal Charge registered with Companies House against the Academy Trust; the Legal Charge from the charges register at the Land Registry against the title for the Land; the restriction in the proprietorship register referred to in clause 4.C(a); and the notice in the proprietorship register referred to in clause 4.H(a). the land at [ADDRESS], being [part of] the land registered with title “Land” number [●], which is to be the permanent site of the Academy. Value” means, at any time: “Land where the Land has been disposed of as a result of the enforcement of the Legal Charge by the Secretary of State, the proceeds of that disposal after payment of the seller’s necessary and reasonable costs in connection with the disposal; or in any other case, the Market Value. Charge” means the legal charge over the Land to be entered into by the “Legal Academy Trust in favour of the Secretary of State, in a form and substance satisfactory to the Secretary of State.
Use version 5 if the Secretary of State is the landlord – i.e. granting the lease} [Version 1: new freehold site provided by ESFA with a legal charge in favour of the Secretary of State] “Debt” an amount equal to 100% of the Land Value; “Discharge Process” the removal of: the Legal Charge registered with Companies House against the Academy Trust; the Legal Charge from the charges register at the Land Registry against the title for the Land; the restriction in the proprietorship register referred to in clause 4.C(a); and the notice in the proprietorship register referred to in clause 4.H(a). “Land” the land at [ADDRESS], being [part of] the land registered with title number [●], which is to be the permanent site of the Academy. “Land Value” means, at any time: where the Land has been disposed of as a result of the enforcement of the Legal Charge by the Secretary of State, the proceeds of that disposal after payment of the seller’s necessary and reasonable costs in connection with the disposal; or in any other case, the Market Value. “Legal Charge” means the legal charge over the Land to be entered into by the Academy Trust in favour of the Secretary of State, in a form and substance satisfactory to the Secretary of State.
UTC_SS_Supp_V4__March18.docx