Question: When is a Deadline not a Deadline?
Answer: When the Developer decides not to exercise his right to rescind the Sale after the deadline + extension period have passed. Owners are left swinging in the breeze because there is nothing in the SPA that says we have any rights to withdraw from the sale at all, at any time, for any reason. All our rights as Vendors were happily crossed out. Our Team handed TC to the Developer on a silver platter with no strings attached. I warned about this in 'Waiting for Godot' and we have proof positive now that this is the case with the recent Legal Letter dated 30 Jan 2018.
The OPP deadline came and went. .....yet the sale goes on. Notice the 'check' in the box regardless of the fact that 'OPP not obtained by deadline'.
With every deadline that passes the Developer can simply ignore it without penalty and the Sale Goes On and on and on and on. All deadlines + extensions have the same wording so they are all clearly claptrap. There is no long-stop date that will stick. Look at page 2 at the bottom under the box. See what it says there? Aren't you outraged? Funny how this wasn't highlighted to us at the Aug 25th meeting. Hmmm
Back to the Legal letter:
So, despite our Lawyer saying at the SP Meeting 2 on 25 Aug 2018 - and I quote from my audio (27.59)
"Just to highlight again, if the Top-Up premium is way more, or more than $115m - then there's NO SALE"
"Just to highlight again, if the Top-Up premium is way more, or more than $115m - then there's NO SALE"
The LUP ceiling has been well and truly busted, it's definitely 'way more'... and yet the Sale Goes On and on and on..
On the POSITIVE side; the Letter made no reference to SPs having to fork out the difference and it is still up to the Developer to take his sweet time in deciding to pay the LUP or not.
But I also reserve my right to change my mind about that last paragraph.
I don't trust them one inch, never have and never will.
(The Titanic reference is to the song 'My Heart will go on' from the movie - I did not mean that the enbloc is going to sink. It won't. We are locked in and will 'go on' unless SL decides to bail)
