GREY:ADEXF - Post by User
Comment by
Greenandgold.on Jan 29, 2012 8:22am
228 Views
Post# 19462507
RE: RE: The 2009 Agreement
RE: RE: The 2009 Agreement When contracts are broken then re-negotiations and litigation can result. Who knows how that turns out? But it's absolutely clear from the 2009 agreement with Roche Bay plc that the minimum $1 million annual payments, beginning in 2013, are required for AXI to be in good standing.
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The first thing that happens if AXI is in default on payments is that Roche Bay plc takes over as operator of the property. This deal is a smart one for Roche Bay plc: it gives them generous annual rent payments and forces AXI to either develop the property quickly or give the property back.