78 (1) Every agreement of purchase and sale of a proposed unit entered into by a declarant before the registration of the declaration and description that creates the unit shall be deemed to contain the following covenants by the declarant: Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 78 (1) of the Act is amended by striking out the portion before paragraph 1 and substituting the following: (See: 2015, c. 28, Sched. 1, s. 69 (1)) Implied covenants (1) Every agreement of purchase and sale of a unit or proposed unit entered into by a declarant or a person acting on behalf of or for the benefit of the declarant shall be deemed to contain the following covenants by the declarant, which shall apply despite anything in the declaration, a by-law, an agreement or an instrument: 1.  If the proposed unit is for residential purposes, a covenant to take all reasonable steps to sell the other residential units included in the property without delay, except for the units that the declarant intends to lease. Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 1 of subsection 78 (1) of the Act is amended by striking out “the proposed unit” and substituting “the unit or proposed unit”. (See: 2015, c. 28, Sched. 1, s. 69 (2)) 2.  A covenant to take all reasonable steps to deliver to the purchaser without delay a deed to the unit that is in registerable form. 3.  A covenant to hold in trust for the corporation the money, if any, that the declarant collects from the purchaser on behalf of the corporation. 1998, c. 19, s. 78 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, section 78 of the Act is amended by adding the following subsections: (See: 2015, c. 28, Sched. 1, s. 69 (3)) No acquisition of property, etc. (1.1) Every agreement of purchase and sale of a unit or a proposed unit entered into by a declarant or a person acting on behalf of or for the benefit of the declarant shall be deemed to contain the following covenants, which, subject to the regulations, shall apply despite anything in the declaration, a by-law, an agreement or an instrument: 1.  The purchaser under the agreement of purchase and sale shall not acquire an interest or right in property described in subsection (1.2) if the property is intended for or is for the collective use or enjoyment of the owners in the corporation of which the unit or proposed unit forms part. 2.  The declarant shall not charge and the purchaser under the agreement of purchase and sale shall not pay any amount that is or is intended to be a projected or actual contribution to the reserve fund of the corporation, unless otherwise permitted under this Act. 3.  Subject to subsection 23 (6), the purchaser under the agreement of purchase and sale shall not directly or indirectly indemnify, reimburse, or otherwise compensate the declarant or a declarant affiliate for any remedies exercised by or on behalf of a corporation against the declarant or declarant affiliate. 2015, c. 28, Sched. 1, s. 69 (3). Same (1.2) The property mentioned in paragraph 1 of subsection (1.1) is any real or personal property, other than real or personal property owned by the corporation, as may be prescribed, or the common elements. 2015, c. 28, Sched. 1, s. 69 (3). Other agreement (1.3) Subject to the regulations, a provision of an agreement to which a purchaser is a party is void if it contravenes the covenant described in subsection (1.1). 2015, c. 28, Sched. 1, s. 69 (3). No merger of covenants (2) The covenants shall be deemed not to merge by operation of law on delivery to the purchaser of a deed that is in registerable form. 1998, c. 19, s. 78 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 78 (2) of the Act is amended by adding “described in subsection (1) or (1.1)” after “covenants”. (See: 2015, c. 28, Sched. 1, s. 69 (4)) Compliance order (3) If the declarant breaches a covenant described in subsection (1), the purchaser under the agreement of purchase and sale may make an application for an order under section 134 and an order may be made under that section. 1998, c. 19, s. 78 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 78 (3) of the Act is amended by adding “or (1.1)” after “subsection (1)”. (See: 2015, c. 28, Sched. 1, s. 69 (5)) Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 69 - not in force