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Exhibit 10.1

PROPERTY ACQUISITION AGREEMENT

THIS PROPERTY ACQUISITION AGREEMENT is made the ________________________ day of
_____________________, 2000.

BETWEEN:

SIZZLER AUSTRALIA PTY LTD ACN 010 060 876 (“SA”)of 16 Edmondstone Street,
Newmarket, Brisbane in the State of Queensland.

 

(“Vendor”)

 

 

AND:

CRANPORT PTY LTD ACN 010 271 271 as Trustee for THE THIE FAMILY TRUST of Lot 12
Enkleman Road, Yatala in the State of Queensland

 

(“Purchaser”)

 

 

WHEREAS:

 

A.

SA is the registered proprietor of the Land.

 

 

B.

SA wishes to sell and the Purchaser wishes to purchase an estate in fee simple
in the Land subject to the terms and conditions in this Agreement.

 

 

NOW THIS DEED WITNESSES AS FOLLOWS:-

 

 

 

 

 

1.

DEFINITIONS

 

 

1.1

In the Agreement, unless the subject or context is inconsistent, each of the
following expressions shall have the meaning assigned to it below:-

 

 

 

Adjustment Date:  the Date for Completion

 

 

 

Agreement:  this agreement for sale and all Schedules and Annexures to this
agreement and any variations hereof in writing and signed by the parties.

 

 

 

Balance Purchase Price:  $810,000.00

 

 

 

Business Days:  any day on which trading banks are open for business in Brisbane

 

 

 

Completion:  completion of the sale and purchase of the Land as detailed in this
Agreement.

 

 

 

Date for Completion:  the date 30 days after the date of this Agreement.

 

 

 

Deposit:  $90,000.00

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Encumbrance:  an interest or power:-

 

 

 

(a)

reserved in or over any interest in any part of the Land including, without
limitation, any retention of title; or

 

 

 

 

(b)

created or otherwise arising in or over any interest in any part of the Land
under a bill of sale, mortgage, charge, lien, pledge, trust or power by way of
security for the payment of debt or any other monetary obligation or the
performance of any other obligation and whether existing or agreed to be granted
or created.

 

 

 

 

Finance Date:  21 days from the date hereof.

 

 

 

Foreign Acquisitions and Takeovers Act:  the Foreign Acquisitions and Takeovers
Act 1975.

 

 

 

Governmental Agency:  any:-

 

 

 

(a)

state, commonwealth or local government or governmental, semi-governmental or
judicial entity or authority; or

 

(b)

minister, department, office, commission, delegate, instrumentality, agency,
board, authority or organisation of any government.

 

 

 

 

It also includes any regulatory organisation established under statute or any
stock exchange.

 

 

 

Land:  the property described in Schedule 1.

 

 

 

Land Title Act: the Land Title Act 1994 (Qld).

 

 

 

Lease: the lease contained in Schedule 2

 

 

 

Permit to Enter:  the document entitled “Lessor’s Consent and Permit to Enter”
to be given in favour of Westpac Banking Corporation, an example of which is set
out in Schedule 5.

 

 

 

 

Property Law Act:  the Property Law Act 1974 (Qld)

 

 

 

Purchase Price:  $900,000.00

 

 

 

Purchaser:  Cranport Pty Ltd ACN 010 271 271 as Trustee for The Thie Family
Trust of Lot 12 Enkleman Road, Yatala

 

 

 

Purchaser’s Solicitors:  Birch & Co Solicitors, PO Box 6089, Upper Mt Gravatt

 

 

 

SA:  Sizzler Australia Pty Ltd ACN 010 060 876

 

 

 

Stakeholder:  the Vendor’s Solicitors

 

 

 

Vendor:  SA

 

 

 

Vendor’s F F & E: the fixtures, fittings, furniture, plant, equipment,
partitions and chattels of all kinds including those which are described in
Schedule 4.

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Vendor’s Solicitors:  Hogan Besley Boyd, Second Floor, 169 Mary Street, Brisbane

 

 

 

 

2.

INTERPRETATION

 

 

2.1

In this Agreement headings are for convenience only and shall not affect its
interpretation.  Except to the extent that the context otherwise requires:-

 

 

 

(a)

reference to any statute or statutory provisions shall include any modification
or re-enactment of, or any legislative provisions substituted for, and all
legislation and statutory instruments issued under such legislation or such
provision;

 

 

 

 

(b)

words denoting the singular shall include the plural and vice versa;

 

 

 

 

(c)

words denoting individuals shall include corporations, associations, trustees,
instrumentalities and partnerships and vice versa;

 

 

 

 

(d)

words denoting any gender shall include all genders;

 

 

 

 

(e)

references to Parties, Parts, Clauses, Annexures and Schedules are references to
Parties, Parts, Clauses, Annexures and Schedules to this Agreement as modified
or varied from time to time;

 

 

 

 

(f)

references to any document, deed or agreement shall include references to such
document or agreement as amended, novated, supplemented, varied or replaced from
time to time;

 

 

 

 

(g)

references to any party to this Agreement or any other document, deed or
agreement shall include its successors or permitted assigns;

 

 

 

 

(h)

all references to dates and times are to Brisbane time; and

 

 

 

 

(i)

all references to “$” and “dollars” are references to the lawful currency of
Australia.

 

 

 

 

 

 

3.

SALE AND PURCHASE

 

 

3.1

The Vendor shall sell to the Purchaser and the Purchaser shall purchase from the
Vendor on the Date for Completion an estate in fee simple in the Land on the
terms and conditions in this Agreement.

 

 

3.2

The Land shall be sold and transferred to the Purchaser free from Encumbrances
except as set out in this Agreement and subject to easements and other
encumbrances noted or shown on the registered plan for the Land, and always
subject to the conditions appearing in this Agreement.

 

 

 

 

4.

PURCHASE PRICE

 

 

4.1

The Purchaser shall pay the Deposit to the Stakeholder on or before the date of
this Agreement.

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4.2

The Purchaser must pay the Balance Purchase Price on the Date for Completion.

 

 

4.3

Payment or tender of any moneys payable under this Agreement by the Purchaser to
the Vendor shall be made by telegraphic transfer (into an account or accounts
designated by the payee) of cleared funds which are confirmed as cleared by the
payee’s bank, or by bank cheque drawn by a bank carrying on the business of
banking in Queensland under the laws of the Commonwealth of Australia or the
State of Queensland and any such payment or tender shall be good and sufficient
payment or tender of any moneys payable under this Agreement.

 

 

 

 

5.

INVESTMENT OF DEPOSIT

 

 

 

Intentionally deleted.

 

 

 

 

6.

LEASE

 

 

6.1

The Land is sold subject to the Lease.

 

 

6.2

Promptly after the date of this Agreement, the Vendor’s solicitors shall make
available to the Purchaser 3 copies of the Lease for signing purposes.

 

 

6.3

The Purchaser shall promptly execute the Lease and return it to the Vendor’s
Solicitors within seven (7) days of receipt.

 

 

6.4

The Vendor shall promptly execute and, at its expense, stamp the Lease.

 

 

6.5

The Purchaser shall obtain the unconditional written consent to the terms of the
Lease from its incoming Mortgagee (if any) and shall deliver a copy of that
consent to the Vendor’s Solicitors on or before the Date for Completion.  The
Vendor shall not be required to sign any Deed or Covenant in favour of the
Purchaser’s incoming Mortgagee.

 

 

6.6

The Purchaser shall, immediately following Completion, register the Lease (after
the Transfer in its favour and its Mortgage to the incoming Mortgagee) and
deliver the Vendor’s (lessee’s) copy to it.  The registration fee shall be paid
by the Vendor by way of an adjustment in favour of the Purchaser on Completion.

 

 

6.7

For the purposes of the Retail Shop Leases Act 1994 (Qld) the parties agree
that:-

 

 

 

(a)

The Vendor shall be deemed to have been given a copy of the draft Lease in
Schedule 2 and the Disclosure Statement in Schedule 3, on the date of this
Agreement; and

 

 

 

 

(b)

The Vendor shall be deemed to have entered into the Lease as lessee on the Date
for Completion.

 

 

 

6.8

The Purchaser acknowledges that the Vendor will be required to grant a mortgage
over the Lease in favour of Westpac Banking Corporation.  As part of those
arrangements, Westpac Banking Corporation will require the Purchaser to sign the
Permit to Enter.  The Purchaser agrees to sign the Permit to Enter after it is
made available by the Vendor’s Solicitors.  No amendment to the format of the
Permit to Enter will be made by the Purchaser, and the Vendor shall not be
required to pay any legal costs or other

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expenses relative to the signing and return of that document by the Purchaser to
the Vendor’s Solicitors, whether at or prior to Completion.

 

 

 

 

7.

COMPLETION

 

 

7.1

In exchange for payment of the Purchase Price by the Purchaser to the Vendor in
accordance with Clause 4 and the performance and observance by the Purchaser of
the balance of its obligations under this Agreement, the events set out in
Clauses 7.3 and 7.4 shall occur.

 

 

7.2

Completion shall be effected on the Date for Completion at such time between
9:00am and 5:00pm at such place in Brisbane as may be nominated by the Vendor’s
Solicitors by notice in writing to the Purchaser’s Solicitors which may be given
at any time prior to the Date for Completion.  In the absence of such
nomination, Completion shall be effected at the office of the Vendor’s
Solicitors at 3:00pm on the Date for Completion.

 

 

7.3

On the Date for Completion the Vendor shall:-

 

 

 

 

 

(a)

deliver to the Purchaser an executed Transfer of the Land in favour of the
Purchaser capable of immediate registration after the payment of stamp duty;

 

 

 

 

(b)

deliver to the Purchaser a completed Form 24 for the Transfer;

 

 

 

 

(c)

deliver to the Purchaser any instruments of title for the Land required to
register the Transfer;

 

 

 

 

(d)

deliver to the Purchaser the executed, stamped but unregistered Lease;

 

 

 

 

(e)

deliver to the Purchaser all plans, drawings and documents in the possession or
control of the Vendor which the Purchaser would reasonably require to enable the
Purchaser to manage the Land; and

 

 

 

 

(f)

deliver to the Purchaser all other instruments (which shall be duly stamped) in
the possession or control of the Vendor evidencing estates and interests
affecting the Land and which are exclusive to the Land.

 

 

 

The Transfer and Form 24 shall be prepared by and at the expense of the
Purchaser and delivered to the Vendor’s Solicitors within a reasonable time
prior to Completion to permit execution of the same by the Vendor.

 

 

7.4

On (or before) the Date for Completion, the Purchaser shall deliver to the
Vendor’s Solicitors, the signed Permit to Enter.

 

 

7.5

If, on Completion, the Land is subject to any mortgages, charges or encumbrances
then the Purchaser will accept unstamped but duly executed Releases or partial
Releases of such mortgages, charges or encumbrances and a stamp duty declaration
Form G (if applicable) and to obtain those releases the Vendor may apply the
whole or any part of the moneys paid by the Purchaser.

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8.

TITLE

 

 

8.1

The title of the Vendor to the Land will as at the Date for Completion be under
the Land Title Act. The Purchaser shall take title to the Land subject to that
Act and subject to all notifications, easements and restrictions (other than any
mortgage) now noted on the Certificate of Title for the Land.

 

 

 

 

9.

ERRORS AND MISDESCRIPTIONS

 

 

9.1

Any mistake or error in the description of the particulars of the Land shall not
annul this Agreement but (unless the party’s remedies are limited, excluded or
otherwise dealt with elsewhere in this Agreement) compensation or equivalent
shall be given or taken by the relevant party.  Where the parties cannot agree
as to the compensation to be made or given as required then such compensation
shall be fixed by an expert to be appointed for that purpose  by the President
for the time being of the Queensland Law Society Incorporated at the instance of
either party.

 

 

 

 

10.

APPORTIONMENT OF OUTGOINGS

 

 

10.1

Subject to the terms of the Lease, all rates, taxes (other than land tax),
assessments, insurance premiums and other outgoings in respect of the Land shall
be borne and paid by the Vendor up until and including the Adjustment Date and
the same shall if necessary be apportioned between the Vendor and the Purchaser.

 

 

10.2

Land tax shall be similarly apportioned based on a calculation of the land tax
which is payable by the Vendor on a single-holding basis.

 

 

10.3

Unless and until separate assessments of rates, taxes (including land tax
assessments) and other outgoings are issued or available in respect of the Land
all necessary adjustments between the parties shall be made on the basis that
the Land shall be liable for that proportion thereof levied or paid against the
property in respect of which the assessment has issued (which amount shall be
calculated proportionately by reference to the proportion which the area of the
Land bears to the area of that property as a whole).

 

 

10.4

Where there is a statutory charge on the Land for land tax at the Date for
Completion, then the Purchaser may request that an amount of the Purchase Price
be retained and, when appropriate paid to the Office of State Revenue to obtain
a land tax clearance, with such amount to be retained being determined by
agreement between the parties by reference to any recommendation of the
Commissioner of Land Tax.

 

 

 

 

11.

PURCHASER’S DEFAULT

 

 

11.1

If the Purchaser fails to pay the Deposit, the Balance Purchase Price or any
part of the Purchase Price or otherwise fails to comply with any of the terms
and conditions of this Agreement then the Vendor in addition to any other rights
which are conferred upon it by this Agreement, at law or equity, may:-

 

 

 

 

(a)

affirm this Agreement and sue the Purchaser for damages for breach; or

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(b)

affirm this Agreement and sue the Purchaser for specific performance and damages
in addition to or in lieu thereof; or

 

 

 

 

(c)

terminate this Agreement and declare the Deposit forfeited and/or sue the
Purchaser for damages for breach; or

 

 

 

 

(d)

terminate this Agreement and declare the Deposit  forfeited and at its election
may re-sell the Land and any deficiency arising from or incidental to such
re-sale and any cost or expense arising from such re-sale shall be recoverable
by the Vendor from the Purchaser as liquidated damages.

 

 

 

 

 

12.

PURCHASER’S RISK

 

 

12.1

The Land shall remain at the risk of the Vendor at all times and the Vendor
shall maintain all insurances required pursuant to the terms of the Lease.

 

 

12.2

On or before the Date for Completion, the Vendor shall provide to the Purchaser
Certificates of Currency for all relevant insurances, which Certificates will
nominate the Purchaser and its Mortgagee (if any) to allow coverage for the
respective rights and interests of all parties.

 

 

 

 

13.

COSTS

 

 

13.1

The Vendor and the Purchaser shall each pay their own costs of and incidental to
the sale and purchase, but all stamp duty on this Agreement and any duplicate of
this Agreement pursuant to the Stamp Act 1894 (Qld) and any duty in respect of
the sale and purchase by the Vendor to the Purchaser and all registration fees
on the Transfers shall be paid by the Purchaser and if not paid by the
Purchaser  may be paid by the Vendor and recovered from the Purchaser.  The
Vendor shall, following execution of the Transfers (if required) and if so
requested by the Purchaser and upon payment by the Purchaser of the normal
production fee, cause the Transfers to be produced to the Office of State
Revenue for stamping.

 

 

 

 

14.

VENDOR’S STATEMENT

 

 

14.1

The Vendor states that, except as disclosed in this Agreement, each of the
following statements is accurate at the time the Vendor executes this
Agreement:-

 

 

 

 

(a)

the Vendor has free and unqualified capacity and power to contract and to
complete this Agreement;

 

 

 

 

(b)

the Vendor is not under any legal disability which affects the Vendor’s capacity
to contract and to complete this Agreement.

 

 

 

14.2

If a statement contained in Clause 14.1 is not accurate then the Purchaser may
at any time prior to the Date for Completion terminate this Agreement by notice
in writing to the Vendor.

 

 

14.3

If this Contract is terminated pursuant to Clause 14.2 then the Deposit and
other moneys paid under this Agreement shall be refunded to the Purchaser by the
Stakeholder and the

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Vendor shall be liable by way of damages as compensation for the loss suffered
by the Purchaser in such sum as at the time this Agreement was made was
reasonably foreseeable as the loss liable to result, and which does result from
a termination of this Contract due to a statement contained in Clause 14.1 not
being accurate.

 

 

 

 

15.

TIME OF THE ESSENCE

 

 

15.1

Time shall in all cases and in every respect be deemed to be of the essence of
this Agreement.

 

 

 

 

16.

NOTICES

 

 

16.1

Any notice required or permitted or desired to be given by either party to the
other pursuant to this Agreement must be in writing and may be given by that
party or its solicitor.  Any such notice may be delivered to or forwarded by
prepaid post to the person intended to receive the notice at its address shown
in this Agreement or such other address as may have been notified in writing for
that purpose or at the usual business or residential address of that party or
solicitor.  Any notice sent by post shall be deemed to have been given or
delivered on the second Business Day after the notice was posted.  Any notice
may be sent by facsimile transmission and shall in that case be deemed to have
been received after completion of the transmission of such notice by the party
for whose benefit it was given or sent.  In addition any notice in writing may
be given or document delivered in the manner prescribed in Section 257 of the
Property Law Act.  For the purposes of this Agreement any notice or advice given
by a party’s solicitor shall be deemed to have been given with the authority of
that party.

 

 

 

 

17.

PROPERTY ADVERSELY AFFECTED

 

 

17.1

If it is established that at the date of this Agreement:-

 

 

 

 

(a)

the access to the Land is other than by way of an adjoining road dedicated for
public use as a road or by way of a registered easement to a road dedicated for
public use;

 

 

 

 

(b)

the Land was affected by a proposal of any competent authority for the
re-alignment, widening, re-siting or altering of the then level or direction of
any road or railway abutting the Land;

 

 

 

 

(c)

any electricity, telephone, water supply, sewerage or drainage service to the
Land which passes through other land is not protected by a registered easement
or a statutory authority;

 

 

 

 

(d)

there is current in respect of the whole or part of the Land, a notice to treat
or notice of intention to resume issued by a competent authority;

 

 

 

 

(e)

the Land is dedicated as a protected area of any class mentioned in Section 14
of the Nature Conservation Act 1992 or is affected by a conservation agreement
or conservation plan pursuant to that Act;

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(f)

the Land is entered on the Heritage Register or is the subject of a stop order,
restoration order, or non-development order, or is in a declared protected area
or in a restricted zone pursuant to the Queensland Heritage Act 1992;

 

 

 

 

(g)

the Land is entered on the Contaminated Sites Register as a probable, confirmed
or restricted site pursuant to the Contaminated Land Act 1991 or has ever been
utilised for any of the purposes listed as prescribed purposes in Schedule 1 of
the Contaminated Land Regulation 1991 and the Land is not a released or a former
site;

 

 

 

 

(h)

there exists any claim for an interest in the Land by any Australian Aboriginal
people pursuant to the Aboriginal Land Act 1991, the Native Title Act 1993
(Cwth) or the Native Title (Queensland) Act 1993; or

 

 

 

 

(i)

the Land is included in the World Heritage List compiled under the Convention
for the Protection of World’s Cultural and Natural Heritage 1972;

 

 

 

 

and any such facts are not disclosed in this Agreement the Purchaser may by
notice in writing to the Vendor given on or before the Date for Completion
terminate this Agreement in which event the Stakeholder shall refund the Deposit
to the Purchaser.

 

 

17.2

The Vendor authorises the Purchaser or the Purchaser’s Solicitor to inspect all
records relating to the Land held by the Governmental Agency maintaining any
such records and will if requested by the Purchaser sign an appropriate
authority to the Governmental Agency for the purposes of this Clause 17.

 

 

 

 

18.

SURVEY & INSPECTION

 

 

18.1

The Purchaser shall be entitled to conduct a survey of the Land to ascertain the
boundaries and area of the Land and to establish the location of structures
purporting to be on the Land or on adjoining land.

 

 

18.2

If there is any immaterial error in the boundaries or area of the Land or any
immaterial encroachment, the Purchaser shall not be entitled to terminate this
Agreement but shall be entitled to such compensation (if demanded in writing on
or before the Date for Completion) as the case may require.  The Purchaser shall
not be entitled to delay Completion or to withhold any part of the Purchase
Price by reason of any such claim for compensation.

 

 

18.3

If there is any material error in the boundaries or area of the Land or any
material encroachment, the Purchaser shall be entitled to elect by notice in
writing to the Vendor given on or before the Date for Completion either:-

 

 

 

 

(a)

to terminate this Agreement in which event the Stakeholder shall refund the
Deposit to the Purchaser; or

 

 

 

 

(b)

to complete this Agreement with compensation, in which event the Purchaser shall
be entitled to such compensation as the case may require and shall not be
entitled to delay Completion or to withhold any part of the Purchase Price by
reason of  any such claim for compensation.

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19.

VENDOR’S F F & E

 

 

19.1

The Vendor shall retain ownership of the Vendor’s F F & E.

 

 

 

 

20.

JOINT AND SEVERAL LIABILITY

 

 

20.1

Any covenant or agreement on the part of two or more persons shall be deemed to
bind them jointly and each of them severally.

 

 

 

 

21.

ENTIRE AGREEMENT

 

 

21.1

This Agreement constitutes the full and complete understanding between the
parties with respect to the subject matter of this Agreement.  There is no other
oral understanding, agreement, warranty or representation whether expressed or
implied in any way extending, defining or otherwise relating to the provisions
of this Agreement or binding on the parties with respect to any of the matters
to which the terms of this Agreement relate.

 

 

21.2

Each of the parties covenants and irrevocably acknowledges that it has not been
induced to enter into this Agreement by any statement, warranty, representation,
understanding, act, omission, fact, matter, thing or conduct by or on behalf of
any person including the other party, other than as expressly recorded in this
Agreement.

 

 

21.3

The provisions of Clauses 21.1 and 21.2 shall operate and remain in full force
and effect, except in the case of fraud by another party to this Agreement.  No
other fact, matter or circumstance including breach of the provisions of Part 5
of the Trade Practices Act by a party to this Agreement shall interfere with or
any way derogate from the operation and effect of Clauses 21.1 and 21.2.

 

 

 

 

22.

GOVERNING LAW

 

 

22.1

This Agreement shall be governed by and construed in accordance with the law of
Queensland and each of the parties submits to the non-exclusive jurisdiction of
the Queensland Courts.

 

 

 

 

23.

NO MERGER

 

 

23.1

The representations, warranties, undertakings and covenants given by the parties
which are expressed in this Agreement to continue beyond Completion shall not
merge on Completion.

 

 

 

 

24.

PERFORMANCE ON BUSINESS DAYS

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24.1

Except where the Vendor and the Purchaser otherwise agree, where the Date for
Completion falls on a day which is not a Business Day, or any other obligation
is to be observed or performed on or before a certain day, or within a certain
period, and that date or certain day or the last day of that period is not a
Business Day then (as the case may require);

 

 

 

 

(a)

the Date for Completion;

 

 

 

 

(b)

that certain day; or

 

 

 

 

(c)

the last day of that period

 

 

 

 

shall be deemed to be the next following Business Day.

 

 

 

 

25.

FURTHER ASSURANCES

 

 

25.1

Subject to compliance by the Purchaser with its obligations under this
Agreement, the Vendor shall, as required, do all acts and execute all necessary
documents and paper writings for the purpose of completing the sale and ensuring
that the Purchaser obtains a good and valid title to the Land, but all transfer
documents shall be prepared by and at the expense of the Purchaser and delivered
to the Vendor within a reasonable time prior to the Date for Completion.

 

 

 

 

26.

AMENDMENTS

 

 

26.1

Subject to Clause 26.2 no modification or alteration of this Agreement shall be
valid or binding upon any party unless made in writing and duly executed or
signed on behalf of such party under its seal or by its officers or
representatives or attorneys or, in the case of an individual, by such party
under his hand.

 

 

26.2

The Vendor and the Purchaser each acknowledge and agree that any date stipulated
in this Agreement for the fulfillment of any condition or the performance of any
act may be modified or varied by an exchange of written correspondence
specifying such modified or varied date between the Vendor’s Solicitors and the
Purchaser’s Solicitors, and any such modification or variation shall be deemed
to have been made with the authority of each party.

 

 

 

 

27.

FOREIGN ACQUISITIONS AND TAKEOVERS ACT

 

 

27.1

The Purchaser represents and warrants either that:-

 

 

 

 

(a)

the Purchaser has the written approval to the transactions contained in this
Agreement from the Australian Treasury under the provisions of the Foreign
Acquisitions and Takeovers Act; or

 

 

 

 

(b)

the Purchaser is ordinarily resident in Australia within the meaning of the
Foreign Acquisitions and Takeovers Act and the provisions of Section 21A, 25 and
26A of the Foreign Acquisitions and Takeovers Act do not apply to the Purchaser.

 

 

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27.2

If there is a breach of the representation and warranty in Clause 27.1, the
Purchaser hereby indemnifies the Vendor from and against any loss, damage,
penalty, fine or cost which may be suffered or incurred by the Vendor as a
consequence.

 

 

27.3

The warranty and indemnity in this Clause 27 shall not merge on Completion.

 

 

 

 

28.

COUNTERPARTS AND FACSIMILE

 

 

28.1

This Agreement may be executed in counterparts.  Each counterpart constitutes
one and the same document.

 

 

28.2

Evidence of this Agreement may be provided by facsimile on the condition that,
when providing the facsimile copy, the sending party undertakes to courier the
original document by overnight courier to the recipient.

 

 

 

 

29.

GUARANTEE

 

 

29.1

In the event that the Purchaser is a company whether acting in the capacity as
trustee or otherwise (other than a public company listed on any board of any
associated Australian Stock Exchange) then the directors of that company at the
time this agreement is entered into shall be deemed by reason of the execution
of this Agreement by or on behalf of the Purchaser company to have personally
guaranteed the performance by that company of its obligations under this
Agreement to the intent that should the Purchaser company fail or refuse to meet
its obligations under this Agreement then the directors and each of them jointly
and severally shall be liable to perform the said obligations and to be sued in
their own names for performance thereof and/or for damages as if they were
(severally and jointly) the Purchaser under this Agreement.

 

 

 

 

30.

FINANCE

 

 

30.1

This Agreement is conditional on the Purchaser obtaining approval of a loan for
an amount sufficient to enable it to complete this Agreement from a financial
institution by the Finance Date on terms satisfactory to the Purchaser.  The
Purchaser must take all reasonable steps to obtain approval.

 

 

30.2

The Purchaser must give notice to the Vendor that:-

 

 

 

 

(a)

approval has not been obtained by the Finance Date and the Agreement is
terminated; or

 

 

 

 

(b)

the finance condition has been either satisfied or waived by the Purchaser.

 

 

 

 

 

30.3

The Vendor may terminate this Agreement by notice to the Purchaser if notice is
not given under Clause 30.2 by 5:00pm on the Finance Date.  This is the Vendor’s
only remedy for the Purchaser’s failure to give notice.

 

 

30.4

The Vendor’s right under Clause 30.3 is subject to the Purchaser’s continuing
right to terminate this Agreement under Clause 30.2(a).

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-13-

31.

FURTHER INVESTIGATIONS BY PURCHASER

 

 

31.1

This Agreement is also subject to and conditional upon the Purchaser satisfying
itself by the Finance Date:-

 

 

 

(a)

as to the provisions of any easement registered on the title to the Land;

 

 

 

 

(b)

as to the boundaries of the Land and as to any encroachments;

 

 

 

 

(c)

as to the terms of the release of any charge registered over the Vendor at the
Australian Securities and Investment Commission so far as such release may
affect the land;

 

 

 

 

(d)

as to the results of its searches of the Environmental Management Register and
of the Contaminated Land Register;

 

 

 

 

(e)

as to the results of its land tax search;

 

 

 

 

(f)

as to the results of its searches with the local authority concerning town
planning and developments, building, health, plumbing, sewerage and drainage,
rates, resumptions or realignments, outstanding charges, flood and access
details (road maintenance) (if applicable);

 

 

 

 

(g)

as to the results of its Main Roads search;

 

 

 

 

(h)

as to the results of an inspection of the air conditioning equipment servicing
the buildings erected on the land by AHW (Queensland) Pty Ltd, Engineering
Consultants;

 

 

 

 

(i)

as to the terms of the Certificates of Currency of Insurance to be provided by
the Lessee to the Lessor pursuant to the provisions of Clause 7.2 of the Lease.

 

 

 

31.2

If the Purchaser does not obtain satisfactory search results by the Finance
Date, or such additional time as may be agreed by the parties, the Purchaser may
give notice of termination of this Contract to the Vendor.  In that event, the
Stakeholder will account to the Purchaser for the Deposit within 3 working days
of receiving a copy of the relevant notice of termination.

 

 

 

 

32.

DEPRECIATION SCHEDULE

 

 

32.1

On or before the date which is 3 business days prior to the Date for Completion,
the Vendor must provide to the Purchaser details of the construction and fitout
costs of the Premises (“the Schedule”) sufficient to enable the Purchaser
properly to calculate the depreciation allowable to the Purchaser under Division
43 of the Income Tax Assessment Act 1997 (Cth), such Schedule to be satisfactory
to the Purchaser’s accountant.

 

 

32.2

In the event that the Vendor fails to provide the Schedule to the Purchaser in
accordance with this Clause 32 the Purchaser may terminate this Agreement by
written notice to the Vendor in which event all moneys previously paid by the
Purchaser to the

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-14-

 

Vendor or to the Stakeholder as the case may be must be refunded to the
Purchaser by the Vendor or Stakeholder as the case may be.

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-15-

THIS AGREEMENT has been signed on the date specified at the commencement of this
Agreement.

 

 

 

 

 

THE COMMON SEAL of SIZZLER

)

--------------------------------------------------------------------------------

AUSTRALIA PTY LTD

)

Director

ACN 010 060 876 is affixed as required

)

 

by the terms of its Constitution:-

)

 

 

)

 

 

)

--------------------------------------------------------------------------------

 

 

Director/Secretary

 

 

 

 

 

 

 

 

 

THE COMMON SEAL of  CRANPORT

)

--------------------------------------------------------------------------------

PTY LTD ACN 010 271 271 as Trustee for

)

Director

THE THIE FAMILY TRUST is affixed as

)

 

required by the terms of its Constitution:-

)

 

 

)

 

 

)

--------------------------------------------------------------------------------

 

 

Director/Secretary

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-16-

SCHEDULE 1 – LAND

Address:

Sizzler Ipswich – Cnr Brisbane Road & Barrett Street, Ipswich

 

 

Description:

- Lot -

1

 

- Plan -

RP 209332

 

- Title Reference -

16965059

 

- County -

Stanley

 

- Parish -

Ipswich

 

 

Encumbrances

(if any)

 

 

Easement No 602424322

Drainage Easement to the Council of the City of Ipswich

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-17-

SCHEDULE 2 - LEASE

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-18-

SCHEDULE 3 – DISCLOSURE STATEMENT

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-19-

SCHEDULE 4 – VENDOR’S F F & E

 

•

Auto urn

 

•

Chip freezer

 

•

Chip fryers and timers

 

•

Cold room and store room shelving

 

•

Corporate signage and menu boards

 

•

Counter cache

 

•

Counters and associated refrigeration

 

•

Dishwasher and hoodwork

 

•

Display cabinets

 

•

Electric range

 

•

Facsimile

 

•

Finishing and holding cabinet

 

•

Fire extinguishers

 

•

Freestanding miscellaneous electrical equipment

 

•

Furniture (loose) and screens

 

•

Glass washer

 

•

Grills and cook line equipment

 

•

Hand dryers

 

•

Icemaker

 

•

Insect exterminators

 

•

Internal plants

 

•

Kitchen stainless steel and benches

 

•

Mechanical ventilation

 

•

Microwaves

 

•

Miscellaneous free standing refrigeration

 

•

Mixer and slicer

 

•

Music system

 

•

Office computer equipment

 

•

Ovens and complementary accessories (trolley)

 

•

Point of sale equipment

 

•

Post mix equipment

 

•

Poster holders

 

•

Prints

 

•

Safe

 

•

Salad and food bars

 

•

Security system

 

•

Shortening tender

 

•

Small wares

 

•

Steam kettles

 

•

Steamers

 

•

Time clock

 

•

Equipment which replaces any aforementioned item of equipment during the Term

SCHEDULE 5 – PERMIT TO ENTER

--------------------------------------------------------------------------------

TABLE OF CONTENTS

-20-

--------------------------------------------------------------------------------

TABLE OF CONTENTS

TABLE OF CONTENTS

CLAUSE

PAGE

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

 

 

 

1.

DEFINITIONS

1

 

 

 

2.

INTERPRETATION

3

 

 

 

3.

SALE AND PURCHASE

3

 

 

 

4.

PURCHASE PRICE

3

 

 

 

5.

INVESTMENT OF DEPOSIT

4

 

 

 

6.

LEASE

4

 

 

 

7.

COMPLETION

5

 

 

 

8.

TITLE

6

 

 

 

9.

ERRORS AND MISDESCRIPTIONS

6

 

 

 

10.

APPORTIONMENT OF OUTGOINGS

6

 

 

 

11.

PURCHASER’S DEFAULT

6

 

 

 

12.

PURCHASER’S RISK

7

 

 

 

13.

COSTS

7

 

 

 

14.

VENDOR’S STATEMENT

7

 

 

 

15.

TIME OF THE ESSENCE

8

 

 

 

16.

NOTICES

8

 

 

 

17.

PROPERTY ADVERSELY AFFECTED

8

 

 

 

18.

SURVEY & INSPECTION

9

 

 

 

19.

VENDOR’S F F & E

10

 

 

 

20.

JOINT AND SEVERAL LIABILITY

10

 

 

 

21.

ENTIRE AGREEMENT

10

 

 

 

22.

GOVERNING LAW

10

 

 

 

23.

NO MERGER

10

 

 

 

24.

PERFORMANCE ON BUSINESS DAYS

10

 

 

 

25.

FURTHER ASSURANCES

11

 

 

 

26.

AMENDMENTS

11

--------------------------------------------------------------------------------

TABLE OF CONTENTS

27.

FOREIGN ACQUISITIONS AND TAKEOVERS ACT

11

 

 

 

28.

COUNTERPARTS AND FACSIMILE

12

 

 

 

29.

GUARANTEE

12

 

 

 

30.

FINANCE

12

 

 

 

31.

FURTHER INVESTIGATIONS BY PURCHASER

13

 

 

 

32.

DEPRECIATION SCHEDULE

13

 

 

 

SCHEDULE 1 – LAND

16

 

 

SCHEDULE 2 - LEASE

17

 

 

SCHEDULE 3 – DISCLOSURE STATEMENT

18

 

 

SCHEDULE 4 – VENDOR’S F F & E

19

 

 

SCHEDULE 5 – PERMIT TO ENTER

19

--------------------------------------------------------------------------------

TABLE OF CONTENTS

BETWEEN

SIZZLER AUSTRALIA PTY LTD ACN 010 060 876
(“Vendor”)

AND

CRANPORT PTY LTD ACN 010 271 271
as Trustee for THE THIE FAMILY TRUST
(“Purchaser”)

PROPERTY ACQUISITION AGREEMENT
SIZZLER IPSWICH

HoganBesleyBoyd
Second Floor 169 Mary Street (Edward Street Entrance) Brisbane
GPO Box 458 Brisbane Queensland 4001
Telephone  (07) 3229 4408 • Facsimile  (07) 3229 0590

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 7 Version 3

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1994

LEASE/SUB LEASE

Page 1 of 33

Dealing No.

Stamp Duty Imprint

 

 

1.

Lessor

Lodger Name, address & phone number Lodger Code

 

 

 

 

Cranport Pty Ltd ACN 010 271 271 atf The Thie Family Trust under instrument
number 701678780

 

 

 

 

 

Telephone:

 

 

 

Facsimile:

 

--------------------------------------------------------------------------------

2.

Description of Lot

County

Parish

Title Reference

 

 

 

 

 

 

Lot 1 on RP 209332

Stanley

Ipswich

16965059

--------------------------------------------------------------------------------

 

 

 

 

 

3.

Lessee     Given names

Surname/Company name and number

(include tenancy if more than one)

 

 

 

 

 

 

 

Sizzler Australia Pty Ltd ACN 010 060 876

 

--------------------------------------------------------------------------------

4.

Interest being leased

 

 

 

Fee Simple

--------------------------------------------------------------------------------

5.

Description of premises being leased

 

 

 

The whole of the Land

--------------------------------------------------------------------------------

 

 

6.

Term of lease

7.

Rental/Consideration

 

 

 

 

 

 

 

Commencement date:           03.05.2000

 

$99,996.00

 

 

*Expiry date:                          02.05.2008

 

 

 

 

*not required for leases in a retirement village

 

 

--------------------------------------------------------------------------------

 

 

8.

Grant/Execution

 

The Lessor leases the premises described in item 5 to the lessee for the term
stated in item 6 subject to the covenants and conditions contained in the
attached schedule and acknowledges the debt or liability secured by this lease.

 

 

 

 

Witnessing Officer

Execution Date

 

Lessor’s Signature

 

 

 

 

--------------------------------------------------------------------------------

  signature

/

/

See Enlarged Panel

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

  full name

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

  qualification

 

 

 

as per Schedule 1 of Land Title Act 1994 (eg Legal Practitioner, JP, C.Dec)

--------------------------------------------------------------------------------

9.

Acceptance

 

The Lessee accepts the lease and acknowledges the amount payable or other
considerations for the lease.

 

Witnessing Officer

Execution Date

 

Lessee’s Signature

 

 

 

 

--------------------------------------------------------------------------------

  signature

/

/

See Enlarged Panel

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

  full name

 

 

 

 

 

 

 

 

--------------------------------------------------------------------------------

  qualification

 

 

 

as per Schedule 1 of Land Title Act 1994 (eg Legal Practitioner, JP, C.Dec)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

ENLARGED PANEL

Page 2 of 33

--------------------------------------------------------------------------------

 

Title Reference:  16965059

 

 

8.

Grant/Execution

 

 

 

 

 

The Lessor leases the premises described in item 5 to the lessee for the term
stated in item 6 subject to the covenants and conditions contained in the
attached schedule and acknowledges the debt or liability secured by this lease.

 

 

 

 

Witnessing Officer

Execution Date

 

Lessor’s Signature

 

 

 

--------------------------------------------------------------------------------

  signature

/

/2000

--------------------------------------------------------------------------------

 

 

 

 

Director

--------------------------------------------------------------------------------

  full name

 

 

 

 

 

 

--------------------------------------------------------------------------------

  qualification

 

--------------------------------------------------------------------------------

as per Schedule 1 of Land Title Act 1994 (eg Legal Practitioner, JP, C.Dec)

Director/Secretary

--------------------------------------------------------------------------------

9.

Acceptance

 

 

 

 

 

The Lessee accepts the lease and acknowledges the amount payable or other
considerations for the lease.

 

 

 

 

Witnessing Officer

Execution Date

 

Lessee’s Signature

 

 

 

 

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

  signature

/

/2000

Director

 

 

 

 

 

--------------------------------------------------------------------------------

  full name

 

 

 

 

 

 

--------------------------------------------------------------------------------

  qualification

 

--------------------------------------------------------------------------------

as per Schedule 1 of Land Title Act 1994 (eg Legal Practitioner, JP, C.Dec)

Director/Secretary

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 3 of 33

--------------------------------------------------------------------------------

 

Title Reference:  16965059

 

 

1.

REFERENCE DATA

 

 

ITEM 1

PARTIES

 

 

 

 

Lessor:

Cranport Pty Ltd ACN 010 271 271

 

 

atf The Thie Family Trust

 

 

 

 

Address for Notices:

Lot 12 Enkleman Road

 

 

YATALA  QLD  4207

 

Telephone:

 

 

Facsimile:

 

 

Solicitors for Lessor:

Birch & Co

 

 

PO Box 6089

 

 

Upper Mt Gravatt

 

 

 

 

Lessee:

Sizzler Australia Pty Ltd

 

 

 

 

Address for Notices

16 Edmondstone Street

 

 

NEWMARKET  QLD  4051

 

 

 

 

Telephone:

3352 0800

 

Facsimile:

3352 0894

 

Solicitors for the Lessee:

Hogan Besley Boyd

 

 

GPO Box 458

 

 

BRISBANE  QLD  4001

 

 

 

ITEM 2

TERM

 

 

 

 

 

Term:

8 years

 

Commencement Date:

03.05.2000

 

Termination Date:

02.05.2008

 

 

 

ITEM 3

PREMISES

 

 

 

 

 

Premises:

The whole of the Land including the Sizzler Restaurant building and other
improvements constructed on the Land.

 

 

 

 

Address:

Cnr Brisbane Road and Barrett Street, Ipswich

 

 

 

 

Real Property Description:

Lot 1 on RP 209332

 

 

 

ITEM 4

ANNUAL RENT

 

 

 

 

 

Annual Rent:

$99,996.00

)

Subject to Clauses 3.1 and 3.2

 

Monthly Rent:

$8,333.00

)

 

 

 

ITEM 5

ANNUAL RENT REVIEW PROCEDURE

 

 

 

 

 

In accordance with Clause 3.2

 

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 4 of 33

--------------------------------------------------------------------------------

 

Title Reference:  16965059

 

 

ITEM 6

RENT REVIEW DATES

 

 

 

 

 

At the commencement of the second and subsequent Lease Years

 

 

 

 

Market Review Date:  the first day of the first Lease Year of the Option Term
(if exercised)

 

 

 

ITEM 7

PERCENTAGE OF OUTGOINGS PAYABLE BY LESSEE

 

 

 

 

100%

 

 

 

 

ITEM 8

PERCENTAGE RENT

 

 

 

 

 

5% of Gross Sales in excess of the Percentage Rent Qualification Threshold.

 

 

 

 

Percentage Rent Qualification Threshold for Year 1:  $2,032,375.00

 

 

ITEM 9

USE OF PREMISES

 

 

 

 

 

Restaurant

 

 

 

 

ITEM 10

INSURANCE REQUIREMENTS

 

 

 

 

 

As per Clause 7

 

 

 

 

ITEM 11

FIRST OPTION TO RENEW

 

 

 

 

 

First Option Term:

5 years

 

 

 

 

Date of Commencement of  First Option Term:

03.05.2008

 

 

 

 

Date by which First Option
must be exercised in writing: Three months prior to Termination Date

 

 

 

ITEM 12

SECOND OPTION TO RENEW

 

 

 

 

 

Second Option Term:

5 years

 

 

 

 

Date of Commencement of

 

 

 

 

 

Second Option Term:

03.05.2013

 

 

 

 

Date by which Second Option
must be exercised in writing: Three months prior to Termination Date

 

 

 

ITEM 13

GUARANTOR

 

 

 

 

 

Collins Foods International Pty Ltd ARBN 009 980 250

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 5 of 33

--------------------------------------------------------------------------------

 

Title Reference : 16965059

 

 

 

 

2.

DEFINITIONS AND INTERPRETATIONS

 

 

2.1

Definitions

 

 

 

“Annual Rent” is the amount stated in Item 4.

 

 

 

“Annual Rent Review Procedure” is set out in Item 5.

 

 

 

“Air Conditioning Equipment” means the plant, electrical installations, ductwork
and diffusers used for the manufacture and reticulation of conditioned air
throughout the Premises and includes all mechanical ventilation.

 

 

 

“Building” means the improvements and structures erected on the Land, including
the Air Conditioning Equipment.

 

 

 

“Commencement Date” means the date stated in Item 2 as the Commencement Date.

 

 

 

“Company” means a company other than a company whose shares are listed on any
Australian Stock Exchange.

 

 

 

“Consumer Price Index” means the All Groups Index for the city of Brisbane;
provided that if the All Groups Index is discontinued or suspended, then the
Lessor may select another index which is the closest to the discontinued or
suspended All Groups Index.

 

 

 

“Essential Term” means Clauses 3.1, 3.3, 5.1, 7.1 and 10.1.

 

 

 

“First Option Term” means the period of the extended lease term referred to in
Item 11 and Clause 13.

 

 

 

“Guarantor”means the person or persons named in Item 13 and each of their
respective successors and assigns.

 

 

 

“Gross Sales” means the aggregate of all money and the money value of
non-monetary items received or receivable, and any other remuneration for all
goods and services sold or otherwise disposed of on or from the Premises for
cash or credit or otherwise by the Lessee or any permitted licensee or
concessionaire, without reserve or deduction for bad debts, including but not
limited to:-

 

 

 

 

(a)

Order(s) which originate from or are accepted at the Premises but delivery or
performance is made at or from any place other than the Premises and vice versa;

 

 

 

 

(b)

Sales made as a result of business obtained away from the Premises by persons
operating from or reporting to the Premises;

 

 

 

 

(c)

Mail, telephone, facsimile transmissions or other similar orders received,
submitted or completed at or from the Premises;

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 6 of 33

--------------------------------------------------------------------------------

 

Title Reference : 16965059

 

 

 

 

 

 

(d)

All sales made or services provided by means of mechanical or other vending
devices in the Premises;

 

 

 

 

(e)

Any sales made or services provided which are the result of transactions
originating on the Premises of stock provided but not kept at the Premises;

 

 

 

 

(f)

Any sale made or services provided which in the normal course of business would
or should be credited or attributed to the business effected on the Premises;

 

 

 

 

(g)

Any other money and monetary value of non-monetary items received by the Lessee
in the course of business in the Premises which are not included or excluded by
the other provisions of this Lease.

 

 

 

 

Gross Sales do not include:

 

 

 

 

(a)

The net amount of discounts reasonably and properly allowed to any customer in
the usual course of business;

 

 

 

 

(b)

The amount of losses incurred in the resale or disposal of goods reasonably and
properly purchased from customers as trade-ins in the usual course of business;

 

 

 

 

(c)

The amount of uncollected credit accounts written off by the Lessee;

 

 

 

 

(d)

The amount of any cash or credit refund allowed on a sale of goods or services
the proceeds of which have previously been included as gross receipts where the
merchandise is returned and the sale cancelled or fees for the services are
refunded wholly or partly;

 

 

 

 

(e)

The amount of any instalment of purchase monies refunded to customers where a
layby transaction is cancelled;

 

 

 

 

(f)

The amount of any purchase, goods and services, sales, receipts or other similar
tax imposed upon the purchase price or cost of hire of merchandise or services
at the point of sale or hire;

 

 

 

 

(g)

The cost of delivery;

 

 

 

 

(h)

The price of merchandise exchanged between stores of the Lessee made solely for
the convenient operation of the business of the Lessee and not for the purpose
of concluding a sale made at or from the Premises;

 

 

 

 

(i)

The price of merchandise returned to shippers, wholesalers or manufacturers;

 

 

 

 

(j)

The amount received from the sale of the fixtures and fittings of the Lessee
from the Premises; and

 

 

 

 

(k)

Receipts from lottery sales made on a commission basis other than amounts
derived as commission or fees from those sales.

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 7 of 33

--------------------------------------------------------------------------------

 

Title Reference : 16965059

 

 

 

 

 

 

“Gross Sales Certificate” means a Statement of the Lessee’s Gross Sales for a
particular period certified by the Lessee.

 

 

 

“Land” means the land described in Item 2 of the Form 7.

 

 

 

“Lease Year” means each separate year of the Term (including any broken
periods).  For the purposes of this Lease, the first Lease Year commences on the
Commencement Date and ends on the following June 30.  Each successive Lease Year
commences on July 1 and ends on June 30, apart from the final Lease Year, which
ends on the Termination Date.

 

 

 

“Lessee” means the Lessee named in Item 3 of the Form 7 together with its
executors, administrators and permitted assigns.  Unless inconsistent with the
context, the term includes the Lessee’s employees, agents, customers and
invitees.

 

 

 

“Lessor” means the Lessor referred to in Item 1 of the Form 7, together with its
successors and assigns. Unless inconsistent with the context the term includes
all persons authorised by the Lessor to act on its behalf.

 

 

 

“Option Term” means the period of the extended lease term referred to in either
Item 11 and/or Item 12 and Clause 13.

 

 

 

“Outgoings” means the following expenses which the Lessor shall be entitled to
recover from the Lessee:-

 

 

 

(a)

rates, levies and other charges imposed by the Local Authority with relation to
the occupation of the Land;

 

 

 

 

(b)

Body Corporate Administrative Levies payable in respect of the Land (if
applicable).

 

 

 

“Percentage Rent Qualification Threshold” means the amount set out in Item 8, as
varied in each subsequent Lease Year by the same proportion as the rental is
varied in accordance with the formulae set out in Clause 3.2.

 

 

 

“Premises” means the whole of the Land.

 

 

 

“Removable Equipment” includes fixtures, fittings, furniture, plant, equipment,
partitions and chattels of all kinds which have been brought into or on the
Premises by the Lessee, including (inter alia):

 

 

 

 

•

Auto urn

 

•

Chip freezer

 

•

Chip fryers and timers

 

•

Cold room and store room shelving

 

•

Corporate signage and menu boards

 

•

Counter cache

 

•

Counters and associated refrigeration

 

•

Dishwasher and hoodwork

--------------------------------------------------------------------------------

TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 8 of 33

--------------------------------------------------------------------------------

 

Title Reference : 16965059

 

 

 

 

 

•

Display cabinets

 

•

Electric range

 

•

Facsimile

 

•

Finishing and holding cabinet

 

•

Fire extinguishers

 

•

Freestanding miscellaneous electrical equipment

 

•

Furniture (loose) and screens

 

•

Glass washer

 

•

Grills and cook line equipment

 

•

Hand dryers

 

•

Icemaker

 

•

Insect exterminators

 

•

Internal plants

 

•

Kitchen stainless steel and benches

 

•

Microwaves

 

•

Miscellaneous free standing refrigeration

 

•

Mixer and slicer

 

•

Music system

 

•

Office computer equipment

 

•

Ovens and complementary accessories (trolley)

 

•

Point of sale equipment

 

•

Post mix equipment

 

•

Poster holders

 

•

Prints

 

•

Safe

 

•

Salad and food bars

 

•

Security system

 

•

Shortening tender

 

•

Small wares

 

•

Steam kettles

 

•

Steamers

 

•

Time clock

 

•

Equipment which replaces any aforementioned item of equipment during the Term

 

 

 

 

“Rent” has the same meaning as Annual Rent.

 

 

 

“Second Option Term” means the period of the extended lease term referred to in
Item 12 and Clause 13.

 

 

 

“Stipulated Rate” means the annual interest rate equal to the total of two per
centum (2%) and the highest rate from time to time charged by the Lessor’s
bankers to its customers on overdraft accounts in excess of One hundred thousand
dollars ($100,000.00).

 

 

 

“Termination Date” means the date stated in Item 2 as the Termination Date.

 

 

 

“Trading Hours” means the hours of business generally adopted by Sizzler
Restaurants operating in the State of Queensland.

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2.2

Interpretation

 

 

 

(a)

A reference to the singular number only includes the plural number and vice
versa.

 

 

 

 

(b)

A reference to any gender includes all genders.

 

 

 

 

(c)

Words denoting individuals include corporations.

 

 

 

 

(d)

A reference to an Act of Parliament (or any section in an Act) includes any
statutory modification or replacement of that Act.

 

 

 

 

(e)

Any provision in this Lease referring to the consent or approval of the Lessor
includes the consent or approval of any mortgagee of the Land and any superior
Lessor.  Any consent or approval must be in writing.

 

 

 

 

(f)

The terms “Parties” or “Party” mean the Lessor and/or the Lessee.

 

 

 

 

(g)

References to any clause, sub-clause or schedule refers to the corresponding
clause, sub-clause or schedule in this Lease.

 

 

 

 

(h)

The headings or marginal notes in this Lease are included for convenience only
and shall not affect the construction of this Lease.

 

 

 

 

(i)

References in this Lease to an “Item” refer to the corresponding Item number in
the Reference Data.

 

 

 

 

 

3.

RENT

 

 

 

3.1

Rent

 

 

 

 

(a)

The Lessee must pay the Annual Rent to the Lessor in equal monthly instalments
in advance on the first day of each month.  The Lessor shall accept payment by
means of electronic banking.

 

 

 

 

(b)

The first instalment must be paid on the Commencement Date.  (Monthly Rent must
be paid at the rate specified in Item 4 until the end of the first Lease Year.)

 

 

 

 

(c)

If the first and last instalments are for a period less than one month, those
instalments will be calculated on a daily basis.

 

 

3.2

Rent Review

 

 

 

 

(a)

For the second Lease Year, the Annual Rent will be the amount derived by
application of the following formula:

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R  =  A  x  B
             C

 

 

 

 

 

Where:

 

 

 

 

 

R  =

Annual Rent for the subject year;

 

 

 

 

 

 

A  =

Annual Rent as specified in Item 4;

 

 

 

 

 

 

B  =

the Consumer Price Index for the March Quarter 2000; and

 

 

 

 

 

 

C  =

the Consumer Price Index for the December Quarter 1999.

 

 

 

 

 

(b)

For each successive Lease Year, the Annual Rent will be the amount derived by
application of the following formula:-

 

 

 

 

 

R  =  A  x  B
             C

 

 

 

 

 

Where:

 

 

 

 

 

R  =

Annual Rent for the subject year;

 

 

 

 

 

 

A  =

Annual Rent for the immediately preceding year;

 

 

 

 

 

 

B  =

the Consumer Price Index for the March Quarter preceding the commencement of the
subject year; and

 

 

 

 

 

 

C  =

the Consumer Price Index for the corresponding March Quarter but one (1) year
earlier than the quarter referred to in B.

 

 

 

 

 

(c)

Annual Rent for the final Lease Year will be paid on a pro rata basis until the
Termination Date.

 

 

 

 

3.3

Percentage Rent

 

 

 

 

(a)

The Lessee must also pay Percentage Rent (if applicable) for each Lease Year.

 

 

 

 

(b)

Calculation of Percentage Rent

 

 

 

 

 

Percentage Rent is the amount (if any) calculated by applying the percentage
stated in Item 8 to the amount by which the Gross Sales for the Lease Year
exceed the Percentage Rent Qualification Threshold.

 

 

 

 

(c)

Lessee to Provide Gross Sales Certificate

 

 

 

 

 

Within 21 days after the end of each Lease Year the Lessee must provide the
Lessor with a Gross Sales Certificate signed by the Lessee detailing the
Lessee’s Gross Sales for that Lease Year.

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(d)

Notice of Percentage Rent

 

 

 

 

 

Within 30 days from the receipt of the Gross Sales Certificate for the Lease
Year, the Lessor must advise the Lessee of the amount of Percentage Rent payable
for that Lease Year (“the Notice of Percentage Rent”).

 

 

 

 

(e)

Apportionment

 

 

 

 

 

Percentage Rent shall be calculated on a pro rata basis for each of the first
Lease Year and the final Lease Year.  The Percentage Rent Qualification
Threshold applicable during each of the first Lease Year and the final Lease
Year will also be applied on a pro rata basis for the purposes of Percentage
Rent calculations.

 

 

 

 

(f)

Payment of Percentage Rent

 

 

 

 

 

The Lessee must pay the Percentage Rent to the Lessor within 30 days from
receipt of the Notice of Percentage Rent.

 

 

 

 

(g)

Records and Accounting

 

 

 

 

 

The Lessee must keep proper accounting records including all sales slips, cash
register rolls, page stripes and any other evidence of Gross Sales for a period
of 18 months after the end of each Lease Year.

 

 

 

 

(h)

Audit of Records

 

 

 

 

 

(i)

The Lessor may request an audit of all the books of account and records relating
to Gross Sales.  The Lessee must provide such records immediately on the request
of the Lessor to the Lessor or its representative for audit at a place mutually
agreed between the Lessor and Lessee.

 

 

 

 

 

(ii)

If the audit reveals that the Gross Sales shown on the Lessee’s Gross Sales
Certificate for any month is understated by more than 5% then the Lessee must
pay the costs of the audit.

 

 

 

 

 

(iii)

The Lessor may request an audit within 18 months after the end of a Lease Year
but this right expires after such 18 month period.

 

 

 

 

 

(i)

Errors in Gross Sales Certificate

 

 

 

 

 

If it is revealed by audit or otherwise that any Gross Sales Certificate
delivered to the Lessor contains inaccurate information, then the parties must
do everything necessary to correct the inaccuracy.  An adjustment will be made
and the appropriate party will pay to the other on demand the amount of the
adjustment.

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3.4

Interest on Arrears

 

 

 

The Lessee must pay to the Lessor interest on any rent or other moneys which are
in arrears for more than fourteen (14) days calculated at the Stipulated Rate
from the due date until the date of payment.

 

 

 

 

4.

OUTGOINGS

 

 

4.1

Lessee’s Percentage of Outgoings

 

 

 

The Lessee must pay the Percentage of Outgoings specified in Item 7 to the
Lessor on demand.

 

 

4.2

Lessor to Provide Annual Estimate

 

 

 

The Lessor must (if requested by the Lessee) provide the Lessee with an annual
estimate of Outgoings at least one month prior to the Lease Year to which it
relates. (The Parties acknowledge that this shall not be required in respect of
the first Lease Year.)

 

 

4.3

Audited Statement of Outgoings

 

 

 

Within three months after the end of each Lease Year, the Lessor must (if
requested by the Lessee) provide the Lessee with an audited statement of
Outgoings for that Lease Year.

 

 

4.4

Utilities & Services

 

 

 

The Lessee must pay to the relevant assessing authority by the due date, all
water, gas, heat, electricity, telephone and any other charges relating
specifically to the Premises.

 

 

4.5

Air Conditioning

 

 

 

The Lessee must pay for air conditioning to the Premises.  The cost of air
conditioning includes electricity, maintenance, insurance and repairs (but not
replacement of major components) of the Air Conditioning Equipment.

 

 

 

 

5.

USE OF PREMISES

 

 

5.1

Permitted Use

 

 

 

The Lessee must use the Premises only for the purpose stated in Item 9.

 

 

5.2

No Warranty

 

 

 

The Lessor does not warrant the suitability of the use of the Premises for the
Lessee’s business.

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5.3

Limitations on Use

 

 

 

The Lessee must:-

 

 

 

 

(a)

comply with the terms of any Statute and all orders and regulations of all
relevant authorities relating to use of the Premises;

 

 

 

 

(b)

not cause any annoyance, damage or disturbance to the Lessor, other lessees or
any other person;

 

 

 

 

(c)

not use anything  in the Premises for any purpose other than that for which it
is intended;

 

 

 

 

(d)

subject to Clause 6.1, not interfere with any drains, water supply, gas,
electrical, plumbing or other services contained in the Premises without the
Lessor’s consent;

 

 

 

 

(e)

not alter the walls, ceilings or other parts of the Premises (fair wear and tear
excepted) without the Lessor’s consent;

 

 

 

 

(f)

keep the Premises clean and tidy;

 

 

 

 

(g)

keep the Premises free of insects and pests;

 

 

 

 

(h)

advise the Lessor promptly in writing of any damage sustained to the Premises or
the defective operation of any equipment or services therein;

 

 

 

 

(i)

keep the Premises secure;

 

 

 

 

(j)

ensure it holds all necessary current licences and permits required to operate
the Lessee’s business;  and

 

 

 

 

(k)

ensure the Premises are not used for living or sleeping or any other unlawful
purpose.

 

 

 

5.4

Inspection by Lessor

 

 

 

The Lessee must permit the Lessor to show the Premises to prospective lessees
and allow the Lessor to affix “To Let” notices on the Premises for the three
month period prior to the Termination Date.

 

 

 

 

 

6.

MAINTENANCE, REPAIR AND REDECORATION

 

 

6.1

Maintenance

 

 

 

The Lessee must maintain the Premises in good repair and condition, fair wear
and tear excepted.  (For these purposes, the Lessee acknowledges that this
obligation includes a requirement to maintain the driveways, garden beds and
other elements of landscaping which are situated on the Land.)  The Lessee shall
in all cases be entitled

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to appoint its own employees or contractors to carry out all aspects of
maintenance works and the Lessee shall be responsible for payment of all
expenses incurred by it in that regard.

 

 

6.2

Lessor’s Right to Inspect

 

 

 

The Lessor may, at all reasonable times, inspect the Premises and if notice is
given to the Lessee by the Lessor to carry out reasonable repairs, the Lessee
must do so at its own expense and within a reasonable time.

 

 

6.3

Lessor’s Right to Repair

 

 

 

If the Lessee does not carry out reasonable repairs, the Lessor may carry out
those repairs at the expense of the Lessee.

 

 

6.4

Lessor to Repair Building

 

 

 

Subject to Clauses 6.5, 6.7 and 8.1, the Lessor must maintain and keep in good
repair the roofs, exterior surfaces  and structural elements of the Premises and
the Lessor’s plant and equipment (excluding Air Conditioning Equipment).  The
Lessor shall be responsible for the replacement of any major components of Air
Conditioning Equipment.  If the occupation or use or enjoyment of the Premises
has, in the reasonable opinion of the Lessee, been diminished  to a material
extent as a result of the failure of the Lessor to comply with its obligations
under this Clause 6.4, and such failure continues for a period of 14 days after
service on the Lessor of a written notice specifying the default, then the
Lessee may carry out the necessary repairs and recover the cost by way of a
set-off against Rent payable to the Lessor.

 

 

6.5

Exception

 

 

 

The Lessor is not required to repair the Premises to the extent that any
relevant damage to the Building is caused by the Lessee.

 

 

6.6

Lessee to Notify

 

 

 

The Lessor will not be in breach of Clause 6.4 unless:-

 

 

 

(a)

the Lessee has given the Lessor written notice to carry out repair;  and

 

 

 

 

(b)

the Lessor has not carried out the repair within a reasonable time after receipt
of that notice.

 

 

 

6.7

Lessee to Redecorate

 

 

 

Subject to Clause 15.1, the Lessee must, not less than once during every six
years of the Term or any extension thereof, Redecorate the Premises.  (For the
purposes of this Clause, “Redecorate” means painting the interior and exterior
surfaces of the Premises and replacing the floor coverings if they are worn or
damaged.)

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6.8

Alterations

 

 

 

The Lessee may not make any alteration to the Premises without first submitting
full detailed drawings to the Lessor and obtaining the Lessor’s consent.

 

 

 

 

7.

INSURANCES

 

 

7.1

Lessee’s Insurances

 

 

 

The Lessee must obtain and keep in effect for the duration of the Term in the
name of the Lessee, and noting the interest of the Lessor and any other person
named by the Lessor (for their respective interests) the following insurances:-

 

 

 

(a)

Building [including plant, fixtures and fittings and all other contents
excluding stock]

 

 

 

 

 

Insurance covering all loss or damage for replacement value resulting from any
cause.  This insurance may exclude:

 

 

 

 

 

(i)

the cost of making good fair wear and tear or gradual deterioration;

 

 

(ii)

the cost of making good faulty design, workmanship and materials;

 

 

(iii)

consequential loss of any kind.

 

 

 

 

(b)

Public Risk

 

 

 

 

 

Insurance for a minimum of $10,000,000.00 for any one occurrence and unlimited
in all

 

 

 

 

(c)

Plate Glass

 

 

 

 

 

Insurance covering all plate glass for replacement value.

 

 

 

 

Policies referred to in Clauses 7.1(a) and (b) shall contain a cross liability
clause in which the insurer agrees to waive all rights of subrogation or action
against any of the persons comprising the insured.

 

 

7.2

Lessee to Provide Copies

 

 

 

The Lessee must provide copies of the certificates of insurance to the Lessor as
soon as practicable after they are taken out and (if requested by the Lessor)
each time the insurances are renewed.  These certificates must contain an
undertaking to notify the Lessor and its mortgagee in writing not less than
thirty (30) days prior to any material change in terms, cancellation or
termination.

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7.3

Lessor’s Right to Effect Insurances

 

 

 

If the Lessee does not take out or keep in force any such insurance the Lessor
may effect such insurance.  The cost of that insurance must be paid by the
Lessee immediately upon demand by the Lessor.

 

 

 

 

8.

DAMAGE OR DESTRUCTION OF PREMISES

 

 

8.1

Consequence of Damage or Destruction

 

 

 

If the Premises are damaged so that they are substantially unfit for the
permitted use, then, within 21 days after the damage occurs, the Lessee must
give notice to the Lessor that either:-

 

 

 

(a)

the Lease will end on the date which is 14 days after the date of the notice
PROVIDED THAT the Lessee shall only be entitled to give such notice in the event
that relevant damage to the Premises occurs within 6 months prior to the
Termination Date; or

 

 

 

 

(b)

the Lessee will restore the Premises (utilising any insurance proceeds recovered
by it from any insurer which has issued a policy referred to in Clause 7.1).

 

 

 

8.2

Rent Payments to Continue

 

 

 

Notwithstanding the extent of the damage to the Premises, the Lessee shall
continue to pay Rent up until and including the Termination Date, or such
earlier date as the Lease is surrendered in accordance with Clause 8.1(a).

 

 

8.3

Restriction on Termination

 

 

 

The Lessee may not terminate this Lease if any significant part of the damage or
destruction was caused or contributed to by the Lessee.

 

 

8.4

Utilisation of Insurance Proceeds by Lessor

 

 

 

If the Lessee does give notice under the terms of Clause 8.1(a), the Lessee
shall immediately pay to the Lessor (when received) the proceeds of any
insurance claim under a policy referred to in Clause 7.1(a).  The Lessee shall
also be liable to pay any excess which may apply to the relevant policy.

 

 

 

 

9.

RESUMPTION OF THE PREMISES

 

 

9.1

Notification of Resumption

 

 

 

If either party receives notification that any part of the Premises are to be
taken for any public purpose, then that party must notify the other party
immediately.

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9.2

Compensation Payment

 

 

 

In the event that the Lessor receives a payment of compensation moneys from a
Government Department or Governmental Authority after a resumption of any
property including all or part of the Premises, the Lessor shall account to the
Lessee for such proportion of those moneys that relates to compensation for loss
of the business formerly conducted by the Lessee at the Premises.

 

 

 

 

10.

ASSIGNMENT AND SUB-LETTING

 

 

10.1

Lessor’s Consent

 

 

 

The Lessee must not assign, sublet or grant any licence over all or any part of
the Premises without obtaining the Lessor’s consent.

 

 

10.2

Requirements for Consent

 

 

 

Prior to granting its consent, the Lessor may require:-

 

 

 

(a)

that the assignee or sublessee enter into a covenant to observe all of the
Lessee’s obligations under this Lease;

 

 

 

 

(b)

that the assignee or sublessee sign a Power of Attorney in favour of the Lessor
in the form required by the Lessor; and

 

 

 

 

(c)

provision of a Bank Guarantee equivalent to not less than 3 months rental and
outgoings (in substitution for the guarantee provided by Collins Foods Australia
Pty Ltd at the Commencement Date, which guarantee is to be released by the
Lessor in the event of an actual or deemed assignment to any entity which is not
a subsidiary of Collins Foods International Pty Ltd).

 

 

10.3

Costs of Assignment

 

 

 

All costs associated with requesting and obtaining the Lessor’s consent are
payable by the Lessee.

 

 

10.4

Lessor’s Restrictions

 

 

 

The Lessor must not unreasonably refuse its consent in the case of a financially
secure assignee or sublessee.

 

 

10.5

Transfer of Shares

 

 

 

If the Lessee is a Company, any proposed dealing which will alter the effective
control of the shareholding of the Lessee is deemed an assignment requiring the
consent of the Lessor.

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10.6

Assignment by lessor

 

 

 

Subject to the provisions of the Retail Shop Leases Act, if the Lessor transfers
its interest in the Premises or in this Lease it will be relieved of its
obligations and liability under this Lease.

 

 

 

 

11.

INDEMNITY AND COSTS

 

 

11.1

Indemnity

 

 

 

The Lessee indemnifies the Lessor from any liability or loss or costs and
expenses:-

 

 

 

(a)

caused or contributed to (but only to the extent of such contribution) by the
neglect or default of the Lessee; and

 

 

 

 

(b)

incurred as a result of any action taken by the Lessor to rectify any breach of
the provisions of this Lease by the Lessee.

 

 

 

11.2

Costs

 

 

 

The Lessee must pay the following costs in relation to this Lease:-

 

 

 

(a)

the cost of obtaining the consent of any Mortgagee of the Land (for any purpose
other than the registration of this Lease and the mortgage over the Lease to be
given by the Lessee in favour of Westpac Banking Corporation);

 

 

 

 

(b)

all stamp duty, registration fees and other necessary disbursements;

 

 

 

 

(c)

the costs of upstamping of this Lease; and

 

 

 

 

(d)

the Lessor’s costs and expenses associated with the enforcement of this Lease
against the Lessee.

 

 

 

 

 

 

12.

LESSOR’S COVENANTS

 

 

12.1

Quiet Enjoyment

 

 

 

Provided that the Lessee is not in breach of this Lease, the Lessor must not
unreasonably interrupt the Lessee’s use of the Premises.

 

 

12.2

Lessor to Pay Rates

 

 

 

Subject to Clauses 16 and 17, the Lessor must pay all rates, taxes and, where
applicable, body corporate levies payable in respect of the Land.  The Lessor
must attend to payments on a timely basis so as to take advantage of any
available discounts, rebates and reductions.

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12.3

Lessee to Have Access

 

 

 

Provided that the Lessee is not in breach of the terms of this Lease, the Lessee
is entitled to have full and free access to the Premises for the duration of
this Lease.

 

 

 

 

13.

OPTIONS

 

 

13.1A

Grant of First Option

 

 

 

Provided the Lessee is not in breach of this Lease, the Lessor agrees to grant
the Lessee an option to renew the Lease for the term specified in Item 11 on the
same terms and conditions of this Lease (subject to the provisions of Clauses
13.3, 13.6, 13.7 and 13.8).

 

 

13.1B

Grant of Second Option

 

 

 

Provided the Lessee is not in breach of this Lease, the Lessor agrees to grant
the Lessee an option to renew the Lease for the term specified in Item 12 on the
same terms and conditions of this Lease excluding this Clause 13 (subject also
to the provisions of Clauses 13.3, 13.6, 13.7 and 13.8).

 

 

13.2

Time for Exercise

 

 

 

The Lessee must exercise the option at least three months prior to the
Termination Date.

 

 

13.3

Annual Rent for Option Term

 

 

 

The Annual Rent for the first Lease Year of the Option Term will be calculated
in accordance with Clause 13.4.  (Once determined, the new Annual Rent and
Monthly Rent figures will be inserted in Item 4 in substitution for the amounts
originally specified in this Lease.)  The Annual Rent for the subsequent Lease
Years of the Option Term, will be calculated in accordance with Clause 3.2.

 

 

13.4

Market Rent Review

 

 

 

For the first Lease Year of the Option Term, the Annual Rent will be the
annualised amount calculated by review of the rent to market as follows:-

 

 

 

(a)

At any time not later than four (4)  months prior to the first day of the Option
Term (“Market Review Date”) the Lessor will notify the Lessee in writing of the
market rent for the Premises for that Lease Year (“Lessor’s Notice”).

 

 

 

 

(b)

If the Lessee does not agree that the amount stated in the Lessor’s Notice is
the market rent for the Premises, the Lessee may, within 21 days of receipt of
the Lessor’s Notice, give the Lessor a notice in writing requiring that the
market rent be determined in accordance with Clause 13.5 (“Lessee’s Notice”).

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(c)

If the Lessee does not issue a Lessee’s Notice within the time stipulated in
Clause 13.4(b), the Parties agree that the amount stated in the Lessor’s Notice
is the market rent for the Premises and will be the Annual Rent from the Market
Review Date.

 

 

 

13.5

Dispute as to Rent

 

 

 

(a)

If, after one month following receipt by the Lessor of the Lessee’s Notice the
Parties have not agreed upon the market rent for the Premises, then either party
may request the Executive Officer of the Retail Shop Lease Tribunal to appoint
an independent specialist Retail Valuer (“Umpire”) to make a final determination
of the market rent of the Premises (“Determination”), pursuant to the provisions
of Division 4 of Part 6 of the Retail Shop Leases Act.

 

 

 

 

(b)

The Determination is to reflect the rent that would reasonably be expected to be
paid for the Premises if they were unoccupied and offered for leasing for the
use specified in Item 9 or a substantially similar use.  The Determination must
not have regard to the value of the goodwill of the Lessee’s business or any
leasehold improvements owned by the Lessee.

 

 

 

 

(c)

The Determination shall be final and binding on the Parties.  The Umpire shall
give his/her determination and basis for that valuation in writing.

 

 

 

 

(d)

The costs incurred in the Determination are to be paid equally by the Lessor and
the Lessee.

 

 

 

 

(e)

The rent payable until the Determination is the rent payable immediately prior
to the Market Review Date

 

 

 

 

(f)

Any variation in rent resulting from the Determination shall take effect on and
from the Market Review Date and any differential amount must be paid by the
appropriate Party to the other within 14 days of the Determination.

 

 

13.6

Percentage Rent for Option Term

 

 

 

For the purpose of calculation of Percentage Rent in the first year of the
Option Term, the Percentage Rent Qualification Threshold will be the amount
applicable in the final Lease Year of the Term as increased or decreased by the
same percentage factor as applies to the new market rental (as compared to the
rental which applied in the final Lease Year of the Term).  The resulting figure
shall be specified at the end of the second sentence in Item 8 in lieu of the
figure which applied for the first Lease Year of the Term.

 

 

13.7A

Schedule of Changes for First Option Term Lease

 

 

 

The lease to be prepared in accordance with the terms of Clause 13.1A will
incorporate the following amendments:-

 

 

 

 

Item 2:

the date to be specified as the “Commencement Date” will be the first day of the
First Option Term; the date to be specified

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as the “Termination Date” will be the last day of the First Option Term.

 

 

 

 

 

 

Item 4:

the “Annual Rent” and the “Monthly Rent” figures shall be inserted, as referred
to in Clause 13.3.

 

 

 

 

 

 

Item 8:

the Percentage Rent Qualification Threshold is to be inserted, as detailed in
Clause 13.6.

 

 

 

 

 

 

Item 11:

details concerning the “First Option to Renew” are to be deleted.

 

 

 

 

 

 

Clause 3.2(a):

in the definition of “B”, the reference to the year “2000” is to be deleted and
replaced with the words “in the year that the Option Term commences”.  In the
definition of “C”, the reference to the year “1999” is to be deleted and
replaced with the words “in the year preceding the year in which the Option Term
commences”.

 

 

 

 

 

 

Clause 4.2:

the second sentence in this clause is to be deleted.

 

 

 

 

 

 

Clause 13.1A:

this clause is to be deleted.

 

 

 

 

13.7B

Schedule of Changes for Second Option Term Lease

 

 

 

The lease to be prepared in accordance with the terms of Clause 13.1B will
incorporate the following amendments:-

 

 

 

 

Item 2:

the date to be specified as the “Commencement Date” will be the first day of the
Second Option Term; the date to be specified as the “Termination Date” will be
the last day of the Second Option Term.

 

 

 

 

 

 

Item 4:

the “Annual Rent” and the “Monthly Rent” figures shall be inserted, as referred
to in Clause 13.3.

 

 

 

 

 

 

Item 6:

the reference to “Market Review Date” is to be removed.

 

 

 

 

 

 

Item 8:

the Percentage Rent Qualification Threshold is to be inserted, as detailed in
Clause 13.6.

 

 

 

 

 

 

Item 12:

details concerning the “Second Option to Renew” are to be deleted.

 

 

 

 

 

 

Clause 13:

this clause is to be deleted entirely.

 

 

 

 

13.8

Lessor’s Covenant

 

 

 

So long as any option for renewal remains open for exercise and unexercised by
the Lessee, the Lessor must not transfer its interest in the Land without first
obtaining a

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covenant from the transferee in favour of the Lessee acknowledging that it is
bound by the option/s for renewal and agreeing to obtain a similar covenant from
any further  transferee of the Land.

 

 

 

 

14.

DEFAULT BY LESSEE

 

 

14.1

Events of Default

 

 

 

If:-

 

 

 

 

 

(a)

any part of the Annual Rent is unpaid 14 days after it has become due; or

 

 

 

 

(b)

judgment is obtained against the Lessee in any Court and the Lessee does not
satisfy it within 21 days; or

 

 

 

 

(c)

the Lessee, being a corporation, becomes liable to be wound up or liquidated or
to have a Receiver or Manager appointed; or

 

 

 

 

(d)

the Lessee, being an individual, becomes liable to be declared bankrupt; or

 

 

 

 

(e)

the Lessee ceases to carry on its business from the Premises without the
Lessor’s consent; or

 

 

 

 

(f)

the Lessee breaches any term of this Lease;

 

 

 

 

the Lessee will be in default.

 

 

14.2

Consequences of Default

 

 

 

(a)

If the Lessee is in default and does not remedy its default within 14 days after
notification from the Lessor to do so, the Lessor may:-

 

 

 

 

 

(i)

re-enter and take possession of the Premises;

 

 

 

 

 

 

(ii)

terminate this Lease;

 

 

 

 

 

 

(iii)

exercise any other legal remedy.

 

 

 

 

 

(b)

If the Lessee breaches an Essential Term, the Lessor may recover all money
payable by the Lessee up to the Termination Date.

 

 

 

14.3

Non-Waiver

 

 

 

(a)

No delay by the Lessor in acting in response to a default by the Lessee will
constitute a waiver of the Lessor’s rights under Clause 14.2.

 

 

 

 

(b)

Exercise by the Lessor of its rights under Clause 14.2 for a later default will
not amount to a waiver by the Lessor of any earlier default by the Lessee.

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15.

TERMINATION

 

 

15.1

Condition of Premises

 

 

 

On the Termination Date (or earlier termination of this Lease) the Lessee must
deliver up the Premises to the Lessor in the same condition as at the
Commencement Date, fair wear and tear excepted.

 

 

15.2

Removal of Lessee’s Property

 

 

 

Prior to the Termination Date, the Lessee may, at its discretion, remove all or
part of its Removable Equipment from the premises and rectify any damage caused
to the Premises by that removal.  The Lessee shall only be entitled (but shall
not be required) to remove any additional item of plant and equipment owned by
it if it has obtained the prior written consent of the Lessor.

 

 

15.3

Consequences of Non-Removal

 

 

 

If  the Lessee does not remove its property from the Premises within 14 days
after the Termination Date, the Lessor may treat the Lessee’s property as
abandoned and deal with it in any way it chooses.  The Lessee will have no claim
for any proceeds received on the sale of the Lessee’s property by the Lessor.

 

 

15.4

Holding Over

 

 

 

If the Lessee, with the consent of the Lessor, occupies the Premises after the
Termination Date (other than pursuant to the grant of a further lease), the
Lessee will do so as a monthly tenant on the same terms and conditions as this
Lease as far as they apply to a monthly tenancy.

 

 

 

 

16.

CHANGES IN TAXATION

 

 

16.1

Parties to Confer

 

 

 

If and whenever during the term of this Lease the system of taxation in
Australia is changed so that the amount of the Gross Sales on which Percentage
Rent is calculated is varied, the parties shall at the written request of either
of them to the other confer in good faith with a view to reaching agreement on
an alternative formula for the calculation of Percentage Rent which removes so
far as is reasonably practicable any disadvantage which either party may suffer
(or if that is not achievable, which disadvantages neither party more than the
other) from any such change in the system of taxation.  Any such request shall
be made not earlier than three (3) months and not later than twelve (12) months
after the change in the system of taxation becomes effective.  Only one request
may be made in respect of each change.

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16.2

Failure to Agree

 

 

 

If the parties have not reached agreement on an alternative formula within sixty
(60) days after service of the request to confer, either party may at any time
thereafter prior to reaching agreement (evidenced in writing) by notice in
writing to the other require that an alternative formula be determined by an
independent assessor in accordance with the following provisions:-

 

 

 

(a)

If the parties have not agreed upon an independent assessor and/or agreed with
the independent assessor upon the terms and conditions of his appointment within
fourteen (14) days after the service of the notice requiring an independent
assessor, either party may at any time thereafter request the President for the
time being of the Queensland Division of the Australian Property Institute to
appoint an assessor and/or to fix the terms and conditions of his appointment.

 

 

 

 

(b)

The conditions of appointment of the assessor shall require the assessor to give
his ruling in writing stating his reasons within sixty (60) days of his
appointment.

 

 

 

 

(c)

The independent assessor shall act as an expert and not as an arbitrator.

 

 

 

 

(d)

Each party may within thirty (30) days of the appointment but not thereafter
make one written submission to the assessor and shall contemporaneously forward
a copy of that submission to the other party.

 

 

 

 

(e)

Each party may within fourteen (14) days of the receipt of a copy of the other
party’s submission but not thereafter forward to the assessor one written
response to the other party’s submission.

 

 

 

 

(f)

No other submission shall be made by either party to the assessor unless
requested by the assessor.  The assessor shall not be obliged to have regard to
any submission or response not given within the prescribed time.

 

 

 

 

(g)

The preferred form of alternative formula is one which adjusts the rates used
for the calculation of Percentage Rent and/or adjusts the threshold figures used
for the calculation of Percentage Rent but the assessor shall be at liberty to
depart from the preferred form if the preferred form is not practicable having
regard to the nature of the changes to the system of taxation.

 

 

 

 

(h)

Each party shall be bound by the ruling of the assessor which shall not be
challenged by either party except to correct a manifest error in law made by the
assessor.

 

 

 

 

(i)

The fees and expenses of any assessor shall be paid one-half by the Lessor and
one-half by the Lessee and either party paying the full amount thereof may
recover one-half of such amount from the other as a debt.

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16.3

Variation of Lease

 

 

 

The alternative formula (whether agreed between the parties or determined by an
independent assessor) shall be embodied in a memorandum of variation of lease in
registrable form to be prepared, stamped and registered by the Lessor’s lawyers
at the cost of the party which first requested an alternative formula.

 

 

16.4

Transitional Provisions

 

 

 

Pending agreement (or determination) of an alternative formula, the Lessee shall
continue to pay Percentage Rent in accordance with the then existing formula but
on reaching agreement (or determination), such agreement (or determination)
shall apply retrospectively to the date on which the change in the system of
taxation becomes effective and any necessary adjustments shall be made between
the parties.

 

 

16.5

Examples of Changes Invoking Clause

 

 

 

Changes in the system of taxation referred to in clause 16.1 include, but are
not limited, to:-

 

 

 

(a)

the imposition of a consumption tax or goods and services tax or value added tax
or tax in the nature of a tax on goods and services imposed at the point of
retail sale and which is required to be remitted to the taxing authority;

 

 

 

 

(b)

the discontinuance of any tax of general application imposed on goods prior to
the point of retail sale known at the date hereof as sales tax;

 

 

 

 

(c)

the reduction in the rate of any tax of general application imposed on goods
prior to the point of retail sale known at the date hereof as sales tax.

 

 

 

16.6

Examples of Changes Not Invoking Clause

 

 

 

Changes in the system of taxation to which clause 16.1 does not apply include,
but are not limited, to:-

 

 

 

(a)

the discontinuance of or variations in the rates of sales tax on selected goods
(as distinct from a discontinuance or variation of general application);

 

 

 

 

(b)

taxes imposed on the Lessor on rents and other monies recoverable by the Lessor
from the Lessee under this Lease which are intended as a tax on income or
profits arising from the business activities of the Lessor;

 

 

 

 

(c)

taxes imposed on the Gross Receipts of the Lessee which are intended as a tax on
the income or profits arising from the business activities of the Lessee.

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17.

GST

 

 

17.1

Definition

 

 

 

In this clause, “GST” means a goods and services tax or any similar tax, impost
or duty introduced by the Commonwealth of Australia or any State or Territory of
Australia.

 

 

17.2

GST Payments

 

 

 

If any supply under this Lease (including the supply of the right to occupy the
Premises and the supply of any goods, services, rights, benefits or other
things) is or becomes subject to GST the Lessor may, in addition to any amount
or consideration payable or to be provided under this Lease, recover from the
Lessee an additional amount on account of GST, such amount to be calculated by
multiplying the value of the consideration payable or to be provided by the
Lessee for the relevant supply by the prevailing GST rate.  Any additional
amount recoverable by the Lessor under this clause is payable by the Lessee at
the same time as the consideration for the relevant supply is payable or to be
provided.

 

 

 

 

18.

LAND TAX

 

 

18.1

Adjustment of Land Tax Payable by Lessor

 

 

 

In the event that the Queensland Government ceases to charge land tax to (or
adjusts the amount of land tax payable by) owners of freehold properties in
Queensland, the Annual Rent payable by the Lessee to the Lessor will be adjusted
by an amount agreed by the Lessor and Lessee as representing the extent of the
change in the Lessor’s land tax liability.

 

 

 

This clause will be applied on each occasion on which the Lessor’s land tax
liability is adjusted.

 

 

18.2

Failure to Agree

 

 

 

If the parties are unable to agree on the amount of the rental adjustment to be
made under Clause 18.1, the matter will be referred to an independent assessor
for determination.  Such assessment will be conducted in the same manner as is
set out in Clause 16.2, with the exception of sub-clause (g) of that provision.

 

 

18.3

Rental Adjustment

 

 

 

Any rental adjustment referred to in either of Clauses 18.1 or 18.2 will be made
as from the effective date on which the Lessor is no longer liable for payment
of the relevant amount of land tax.

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19.

MISCELLANEOUS PROVISIONS

 

 

19.1

Notices

 

 

 

(a)

Any notice or approval must be given in writing and signed by the party giving
the notice or its authorised Agent.

 

 

 

 

(b)

Any notice must be delivered to the receiving party personally or posted to the
address or sent to the facsimile number of that party set out in Item 1.

 

 

 

 

(c)

The notice or approval will be deemed to have been received:-

 

 

 

 

 

(i)

if sent by post, on the second business day after posting; or

 

 

 

 

 

 

(ii)

if sent by facsimile, on receipt by the sender of a successful transmission
report.

 

 

 

 

19.2

Assumption of Risk by Lessee

 

 

 

The Lessee will occupy and use the Premises at its own risk.  The Lessor will
not in any circumstances be liable to the Lessee for any damage to the Lessee or
any person or any property, unless such damage is caused directly by the wilful
neglect or default of the Lessor.

 

 

19.3

Interruption of Services

 

 

 

Except in the case of the Lessor’s wilful neglect or default, the Lessor will
not be liable to the Lessee for any loss or damage suffered by the Lessee due to
any malfunction or interruption of or to the water, gas or electricity services
or the fire equipment or for the blockage of any sewers, wastes, drains,
gutters, downpipes or storm water drains.

 

 

19.4

Time to be of the Essence

 

 

 

Time is of the essence with respect to all obligations of the Parties and all
time periods referred to in this Lease.

 

 

19.5

Entire Agreement

 

 

 

The terms and conditions set out in this Lease contain the entire agreement
between the Parties.

 

 

19.6

Severability

 

 

 

If it is held by any Court that -

 

 

 

(a)

any part of this Lease is unenforceable; or

 

 

 

 

(b)

this Lease would be unenforceable unless any part of this Lease was deleted,

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that part must be deleted from this Lease without affecting the rest of this
Lease.

 

 

19.7

Completion of Lease and Registration Requirements

 

 

 

The Lessee and the Guarantor (if any) hereby expressly authorise the Lessor
and/or the Lessor’s Solicitors to:-

 

 

 

(a)

complete all blanks in this Lease including but not limited to the Commencement
Date, Termination Date, and area;  and

 

 

 

 

(b)

make any minor changes to this Lease to enable registration with the Department
of Natural Resources.

 

 

 

19.8

Governing Law

 

 

 

This Lease is governed by the law in force in Queensland.

 

 

 

 

20.

POWER OF ATTORNEY

 

 

 

(a)

The Lessee hereby appoints the Lessor to be the Attorney of the Lessee at any
time after the power to re-enter has become exercisable to:-

 

 

 

 

 

(i)

sign a transfer or a surrender of this Lease;

 

 

 

 

 

 

(ii)

effect registration of a surrender of this Lease; and

 

 

 

 

 

 

(iii)

do any act or thing relative to the Premises as effectually as the Lessee could
do.

 

 

 

 

 

(b)

The Lessee must ratify and confirm anything the Lessee lawfully does with
respect to the Premises.

 

 

 

 

21.

GUARANTEE

 

 

21.1

Guarantee

 

 

 

The Guarantor guarantees the payment of all moneys to be paid by the Lessee
under this Lease and the performance of all obligations of the Lessee under this
Lease.

 

 

21.2

Indemnity

 

 

 

The Guarantor indemnifies the Lessor against all losses and expenses which the
Lessor may incur as a result of any default by the Lessee.

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21.3

Guarantor’s Liability

 

 

 

(a)

In the event of default by the Lessee the Guarantor must on demand by the Lessor
remedy the default of the Lessee and compensate the Lessor for all losses and
expenses incurred by the Lessor as a consequence of that default.

 

 

 

 

(b)

The Guarantor’s liability will not be affected by:-

 

 

 

 

 

(i)

the granting of time or any other indulgence to the Lessee;

 

 

 

 

 

 

(ii)

any assignment or purported assignment of the Lessee’s interest under this Lease
(subject to Clause 10.2(c), in the event that Sizzler Australia Pty Ltd is the
actual or deemed assignor);

 

 

 

 

 

 

(iii)

any waiver or variation of the rights of the Lessor against the Lessee;

 

 

 

 

 

 

(iv)

any variation of this Lease;

 

 

 

 

 

 

(v)

any neglect or omission to enforce any rights by the Lessor;

 

 

 

 

 

 

(vi)

any notice to quit given by either party to this Lease;

 

 

 

 

 

 

(vii)

the death, insolvency, liquidation or dissolution of the Lessee or any of the
Guarantors;

 

 

 

 

 

 

(viii)

the unenforceability of any part of this Lease;

 

 

 

 

 

 

(ix)

the exercise of any option period under this Lease;

 

 

 

 

 

 

(x)

the lawful Termination of this Lease;

 

 

 

 

 

 

(xi)

non-execution of this Guarantee by any Guarantor or unenforceability of this
Guarantee and Indemnity against any Guarantor.

 

 

 

 

(c)

Subject to Clause 10.2(c), the Guarantor’s liability will continue until all
obligations of the Lessee have been performed by the Lessee.

 

 

 

 

(d)

To the fullest extent permitted by law, the Guarantor waives such of its rights
which may at any time be inconsistent with any of the provisions of this
Guarantee and Indemnity.

 

 

 

 

(e)

In the event of the liquidation of the Lessee and disclaimer by the Liquidator
of this Lease, the Guarantor will accept from the Lessor a lease of the Premises
for a term equal to the remaining unexpired term of this Lease and on the same
terms and conditions as this Lease.  The Guarantor must pay all costs of and
incidental to the new lease.

 

 

 

 

(f)

Where there is more than one Guarantor to this Lease, the obligations and
liabilities of each and every Guarantor are joint and several.

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(g)

The Guarantor must not prove or claim in any liquidation, composition or
assignment for the benefit of creditors until the Lessor has received all monies
owing to it by the Lessee.

 

 

 

THE COMMON SEAL of COLLINS

)

--------------------------------------------------------------------------------

 

 

FOODS INTERNATIONAL PTY LTD

)

Authorised Officer

 

 

ARBN 009 980 250 is affixed as required

)

 

 

 

by the terms of its Constitution:-

)

 

 

 

 

)

 

 

 

 

)

--------------------------------------------------------------------------------

 

 

 

 

Authorised Officer

 

 

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INDEX

 

 

 

 

CLAUSE

 

PAGE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

 

 

1.

REFERENCE DATA

3

 

 

 

2.

DEFINITIONS AND INTERPRETATIONS

5

 

 

 

2.1

Definitions

5

2.2

Interpretation

9

 

 

 

3.

RENT

9

 

 

 

3.1

Rent

9

3.2

Rent Review

9

3.3

Percentage Rent

10

3.4

Interest on Arrears

12

 

 

 

4.

OUTGOINGS

12

 

 

 

4.1

Lessee’s Percentage of Outgoings

12

4.2

Lessor to Provide Annual Estimate

12

4.3

Audited Statement of Outgoings

12

4.4

Utilities & Services

12

4.5

Air Conditioning

12

 

 

 

5.

USE OF PREMISES

12

 

 

 

5.1

Permitted Use

12

5.2

No Warranty

12

5.3

Limitations on Use

13

5.4

Inspection by Lessor

13

 

 

 

6.

MAINTENANCE, REPAIR AND REDECORATION

13

 

 

 

6.1

Maintenance

13

6.2

Lessor’s Right to Inspect

14

6.3

Lessor’s Right to Repair

14

6.4

Lessor to Repair Building

14

6.5

Exception

14

6.6

Lessee to Notify

14

6.7

Lessee to Redecorate

14

6.8

Alterations

15

 

 

 

7.

INSURANCES

15

 

 

 

7.1

Lessee’s Insurances

15

7.2

Lessee to Provide Copies

15

7.3

Lessor’s Right to Effect Insurances

16

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8.

DAMAGE OR DESTRUCTION OF PREMISES

16

 

 

 

8.1

Consequence of Damage or Destruction

16

8.2

Rent Payments to Continue

16

8.3

Restriction on Termination

16

8.4

Utilisation of Insurance Proceeds by Lessor

16

 

 

 

9.

RESUMPTION OF THE PREMISES

16

 

 

 

9.1

Notification of Resumption

16

9.2

Compensation Payment

17

 

 

 

10.

ASSIGNMENT AND SUB-LETTING

17

 

 

 

10.1

Lessor’s Consent

17

10.2

Requirements for Consent

17

10.3

Costs of Assignment

17

10.4

Lessor’s Restrictions

17

10.5

Transfer of Shares

17

10.6

Assignment by lessor

18

 

 

 

11.

INDEMNITY AND COSTS

18

 

 

 

11.1

Indemnity

18

11.2

Costs

18

 

 

 

12.

LESSOR’S COVENANTS

18

 

 

 

12.1

Quiet Enjoyment

18

12.2

Lessor to Pay Rates

18

12.3

Lessee to Have Access

19

 

 

 

13.

OPTIONS

19

 

 

 

13.1A

Grant of First Option

19

13.1B

Grant of Second Option

19

13.2

Time for Exercise

19

13.3

Annual Rent for Option Term

19

13.4

Market Rent Review

19

13.5

Dispute as to Rent

20

13.6

Percentage Rent for Option Term

20

13.7A

Schedule of Changes for First Option Term Lease

20

13.7B

Schedule of Changes for Second Option Term Lease

21

13.8

Lessor’s Covenant

21

 

 

 

14.

DEFAULT BY LESSEE

22

 

 

 

14.1

Events of Default

22

14.2

Consequences of Default

22

14.3

Non-Waiver

22

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TABLE OF CONTENTS

FORM 20 Version 1

QUEENSLAND LAND REGISTRY

Land Title Act 1994 and Land Act 1962

SCHEDULE

Page 33 of 33

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Title Reference : 16965059

15.

TERMINATION

23

 

 

 

15.1

Condition of Premises

23

15.2

Removal of Lessee’s Property

23

15.3

Consequences of Non-Removal

23

15.4

Holding Over

23

 

 

 

16.

CHANGES IN TAXATION

23

 

 

 

16.1

Parties to Confer

23

16.2

Failure to Agree

24

16.3

Variation of Lease

25

16.4

Transitional Provisions

25

16.5

Examples of Changes Invoking Clause

25

16.6

Examples of Changes Not Invoking Clause

25

 

 

 

17.

GST

26

 

 

 

17.1

Definition

26

17.2

GST Payments

26

 

 

 

18.

LAND TAX

26

 

 

 

18.1

Adjustment of Land Tax Payable by Lessor

26

18.2

Failure to Agree

26

18.3

Rental Adjustment

26

 

 

 

19.

MISCELLANEOUS PROVISIONS

27

 

 

 

19.1

Notices

27

19.2

Assumption of Risk by Lessee

27

19.3

Interruption of Services

27

19.4

Time to be of the Essence

27

19.5

Entire Agreement

27

19.6

Severability

27

19.7

Completion of Lease and Registration Requirements

28

19.8

Governing Law

28

 

 

 

20.

POWER OF ATTORNEY

28

 

 

 

21.

GUARANTEE

28

 

 

 

21.1

Guarantee

28

21.2

Indemnity

28

21.3

Guarantor’s Liability

29