An agreement concluded between the Regulatory Authority and other delivery agents must—
| (a) |
specify the terms and conditions— |
| (ii) |
for monitoring the grant; and |
| (iii) |
for the utilisation of the grant; |
| (b) |
provide for regular monitoring by the Regulatory Authority of the management by the other delivery agent of the social housing portion of the project concerned; |
| (c) |
impose regular reporting requirements on the other delivery agent; |
| (d) |
stipulate that the social housing portion of the project must be occupied only by low to medium income households as contemplated in regulation 23(4). |
| (e) |
require the other delivery agent to refurbish and maintain the buildings comprising the social housing portion of the project in accordance with good practice and generally acceptable standards; |
| (f) |
require the other delivery agent's lease agreements governing the occupation of the social housing portion of the project to oblige the occupants to give access to the Regulatory Authority to the premises concerned on reasonable notice and at such time of the day as is reasonable in the circumstances to inspect the premises; |
| (g) |
provide that, in the event of material breach of the agreement, the Regulatory Authority shall be entitled to— |
| (i) |
recover from the other delivery agent either the amount of the capital grant or the value of the social housing portion of the project plus appreciation, whichever is the greater; |
| (aa) |
the transfer to a social housing institution or another delivery agent; and |
| (bb) |
disposal of the social housing portion, if it is severable from the remainder of the project; |
| (h) |
require the other delivery agent's compliance with the terms of the agreement to be secured by mortgage over the social housing portion or over the whole project, which mortgage must be subordinate to any mortgage to secure finance for the project advanced by a commercial bank or other financial institution. |
Supreme Court Act, 1959
