Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies to the proceeds of the sale of a land rent lease under section 26.
(2) The proceeds of the sale are to be applied in the following order:
(a) payment of the market value of the lease to the Territory;
(b) payment of the total of the amounts mentioned in section 26 (4) (a) (i) to (iii) (A);
(c) payment of the amount owing to a person under a mortgage of the improvements (or, if that amount is more than the amount of any remaining proceeds, the remaining proceeds);
(d) subject to subsection (4), payment of the total of amounts to which section 26 (4) (a) (iii) (B) applies (or, if that amount is more than the amount of any remaining proceeds, the remaining proceeds);
(e) subject to subsection (5), the payment of any balance to the lessee.
(3) If there were 2 or more mortgagees of the improvements before the sale, the court may make the orders about their respective entitlements that the court considers just.
(4) On application by a person who has an interest in the improvements otherwise than as lessee or mortgagee, the court may order that the person is entitled to be paid the value of the person's interest (as decided by the court) in priority to the commissioner's entitlement under subsection (2) (d).
(5) On application by any other interested person, the court may order payment out of court of all or part of any balance to a person other than the person who was the lessee before the sale if the court considers it just to do so.
(6) Any sale of the land rent lease under this section must be abandoned if the lessee pays—
(a) the total land rent in arrears for the land rent lease; and
(b) if the commissioner has made a request under section 26 (3) in the application in relation to any land tax or rates in arrears for the land rent lease—the total amount of any land tax or rates in arrears for the land rent lease at the time of the payment; and
(c) the costs and expenses incurred up to the time of payment in relation to the declaration, application and sale in relation to the land rent lease; and
(d) the costs and expenses reasonably incurred in relation to the abandonment of the sale; and
Example
advising the public that an auction has been cancelled
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(e) if the commissioner has made a request under section 26 (3) in the application in relation to 1 or more related parcels of land—the total amount of any land rent, land tax or rates in arrears for the related parcel or parcels at the time of the payment.