NRAS Property Deed

NRAS PROPERTY DEED

This Deed is made on between Owner: ACN/ABN: of ; and Provider: ACN/ABN: of .

RECITALS

WHEREAS the Owner is the registered proprietor of the land and premises described as Title Reference: and situated at (the "Property").

WHEREAS the parties intend that the Property be made available as a dwelling eligible under the National Rental Affordability Scheme or equivalent rental affordability initiative (the "NRAS Scheme") and that certain obligations and covenants be imposed on the Property to secure compliance with the NRAS Scheme requirements.

WHEREAS the Provider administers nominations for incentive entitlements and the Owner seeks to grant covenants, authorisations and undertakings to ensure ongoing compliance and to permit registration of such covenants on the title to the Property.

NOW THEREFORE

In consideration of the mutual covenants contained in this Deed and other good and valuable consideration the receipt and sufficiency of which are acknowledged, the parties agree as follows.

1. DEFINITIONS

In this Deed, unless the context otherwise requires:

"Property" means the land and buildings described at property_address and title_reference and any part thereof and any replacement land notified in accordance with this Deed.

"Compliance Obligations" means the Owner's duties to ensure eligibility, tenant income certification, rent setting at prescribed discount levels, record keeping, reporting and all other obligations required under the NRAS Scheme as in force from time to time.

"Incentive Payments" means any financial incentive, rebate or benefit payable in respect of the Property under the NRAS Scheme and any successor program.

2. GRANT OF COVENANT

The Owner hereby covenants with the Provider that the Owner will:

1. ensure that the Property at all times while subject to this Deed is made available as an eligible NRAS dwelling and that Compliance Obligations are strictly observed;
2. not grant any lease, licence, transfer or other dealing which would materially prejudice the Owner's ability to comply with the NRAS Scheme without the prior written consent of the Provider, such consent not to be unreasonably withheld where the proposed dealing preserves the NRAS eligibility;
3. permit the Provider and any authorised auditor or regulator reasonable access to the Property and records for the purpose of verifying compliance with the NRAS Scheme, subject to reasonable prior notice where practicable.

3. OWNER'S REPRESENTATIONS AND WARRANTIES

The Owner represents and warrants that as at the Execution Date:

1. the Owner has full power and authority to enter into and perform this Deed and, where required, will obtain any consents necessary to register this Deed on title;
2. there are no existing encumbrances, agreements or facts known to the Owner that would prevent the Owner from complying with the Compliance Obligations, other than those disclosed in writing at the time of execution in the field below.

4. INCENTIVE PAYMENTS AND NOMINATION

The Owner acknowledges that Incentive Payments may be payable to the Owner but that the Owner must comply with the NRAS Scheme rules for eligibility. The Owner irrevocably authorises the Provider to act on behalf of the Owner for the sole purpose of lodging nominations, reports and other documentation necessary to obtain Incentive Payments in respect of the Property, subject to the Owner's prior written authorisation for each nomination.

The Owner agrees that any Incentive Payments received, or to be received, in respect of the Property shall be applied in accordance with the written agreement between the parties and applicable law. Any alternative allocation of Incentive Payments must be documented in a signed written agreement between the parties.

5. RECORDS, REPORTING AND AUDIT

The Owner must keep accurate records and supporting documentation necessary to demonstrate compliance with the NRAS Scheme and must provide such records to the Provider or relevant auditor on request within a reasonable time. The Owner agrees that records shall be retained for a period of not less than seven years following the end of the period to which they relate.

6. TRANSFER, ASSIGNMENT AND REGISTRATION

The Owner must not dispose of the Property or grant any interest in the Property which would prevent compliance with this Deed unless:

1. the transferee executes a deed or instrument by which it expressly assumes the obligations of the Owner under this Deed; and
2. the Provider provides written consent, which consent shall not be unreasonably withheld where the transferee undertakes to perform the Compliance Obligations.

The Owner agrees to take all reasonable steps to register this Deed or a notice of this Deed on the title to the Property if required to protect the Provider's interest and to give notice to any prospective purchasers of the existence of this Deed.

7. INDEMNITY AND LIABILITY

The Owner indemnifies the Provider and its officers and agents against any loss, liability, claim or expense arising from the Owner's breach of this Deed, any negligent act or omission of the Owner, or any failure to comply with the Compliance Obligations, except to the extent caused by the Provider's fraud or wilful misconduct.

Except as expressly provided in this Deed, neither party will be liable to the other for indirect or consequential loss arising from the performance or non-performance of this Deed.

8. TERM AND TERMINATION

This Deed commences on the Execution Date and continues for the period during which the Property remains nominated under the NRAS Scheme and for so long as any Compliance Obligations or liabilities in respect of past nomination periods remain outstanding (the "Term"). The obligations in clauses concerning records, indemnity, and registration survive termination to the extent necessary to give effect to liabilities incurred during the Term.

9. NOTICES

Any notice under this Deed must be in writing and delivered to the addresses set out below or as otherwise notified in writing by a party.

10. AMENDMENT, WAIVER AND COUNTERPARTS

No amendment to this Deed is effective unless it is in writing and signed by both parties. A waiver of any right under this Deed must be in writing. This Deed may be executed in any number of counterparts and all counterparts together constitute one instrument.

11. GOVERNING LAW

This Deed is governed by and must be construed in accordance with the laws of . Each party submits to the non-exclusive jurisdiction of the courts of that jurisdiction.

12. ENTIRE AGREEMENT AND SEVERABILITY

This Deed constitutes the entire agreement between the parties in relation to its subject matter. If any provision of this Deed is held to be invalid or unenforceable, that provision will be severed and the remainder of this Deed will remain in full force and effect.

13. MISCELLANEOUS

The parties acknowledge that the obligations contained in this Deed are intended to bind the Owner and, where permitted by law, run with the land and bind future owners of the Property. The Owner will execute all documents and do all things reasonably required to give effect to this clause, including registration of this Deed on the title to the Property.

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