CBS Buildings - Units Subject to Alienation Restriction

• Under the alienation restriction clause, owners of units are not permitted to sell, assign, mortgage, charge, underlet, or part with possession of, or otherwise dispose of their units, or enter into any agreement for such purposes.
• The Participants whose units are subject to alienation restriction shall obtain the Waivers prior to entering into any agreements (including the Joint Sale Agreement) with URFS. With the authorization of the Participants, URFS will apply for extension of the Waivers before their expiry to ensure that the validity of the Waivers will cover the entire project period.
• The Participants who have signed the Joint Sale Agreement and whose units are subject to alienation restrictions shall pay the requisite land premium to the Government of the HKSAR to remove the alienation restriction upon successful joint sale. The detailed arrangement of the same will be stated in the Joint Sale Agreement.