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Page Background 79. (1)

A declarant who has entered into an agreement of purchase and sale of a proposed

unit shall take all reasonable steps to complete the buildings required by the agreement subject to

all prescribed requirements and to register, without delay, a declaration and description in respect

of the property in which the proposed unit will be included. 1998, c. 19, s. 79 (1).

No right to terminate

(2)

Despite any provision to the contrary in the agreement of purchase and sale, the

declarant is not entitled to terminate an agreement of purchase and sale of a proposed unit by

reason only of the failure to register the declaration and description within a period of time

specified in the agreement, unless the purchaser consents to the termination in writing. 1998,

c. 19, s. 79 (2).

Application to court

(3)

Despite subsection (2), if a declaration and description have not been registered, the

declarant may, upon 15 days written notice to the purchasers of all proposed units in the property

affected by the declaration and description, make an application to the Superior Court of Justice

for an order terminating the agreements of purchase and sale of the purchasers. 1998, c. 19,

s. 79 (3); 2000, c. 26, Sched. B, s. 7 (5).

Subsequent registration

(4)

The court may, in the order, provide that a declaration and description shall not be

registered in respect of the property in which the proposed units will be included during a period

specified in the order. 1998, c. 19, s. 79 (4).

Considerations

(5)

On an application for an order, the court shall consider whether,

(a) the declarant has taken all reasonable steps to register a declaration and description;

(b) a declaration and description can be registered within a reasonable period of time; and

(c) the failure and inability to register a declaration and description is caused by

circumstances beyond the control of the declarant. 1998, c. 19, s. 79 (5).

Registration of order

(6)

The order is ineffective until a certified copy of it is registered. 1998, c. 19, s. 79 (6).

Interim occupancy

80. (1)

An agreement of purchase and sale may permit or require interim occupancy of a

proposed unit. 1998, c. 19, s. 80 (1).

Definition

(2)

In this section,

“interim occupancy” means the occupancy of a proposed unit before the purchaser receives a

deed to the unit that is in registerable form. 1998, c. 19, s. 80 (2).

Right to pay in full

(3)

Despite any provision to the contrary in the agreement of purchase and sale, before the

expiry of the time period mentioned in subsection 73 (2) for rescinding the agreement, a

purchaser may elect to pay in full, on assuming interim occupancy of the proposed unit, the

balance of the purchase price remaining after deducting the amounts paid under the agreement

before assuming interim occupancy. 1998, c. 19, s. 80 (3).