(a)
authorises the sale of the land free of all existing securities, other than
the securities the court preserves in its order; and
(b) has effect
despite—
(i) an existing caveat or lien affecting the land; or
(ii) any
Act, other than this Act.
(2) A person appointed as the vendor’s agent
under section 121(2) has the power to convey the land to a purchaser and to
do all things necessary to effect the conveyance.
(3) On settlement, the
vendor is to apply the sale proceeds in the following order—
(a) paying the
sale costs and the applicant’s costs in seeking the order for sale;
(b)
paying amounts payable under securities ranking in priority to the statutory
charge;
(c) satisfying the original order;
(d) paying exit entitlements
payable to residents if, because of the court order, the retirement village
scheme stops operating or the residence contracts under the scheme terminate;
(e) paying amounts payable under securities ranking in priority after the
statutory charge;
(f) paying the balance to the person who owned the
retirement village land immediately before the sale, or to someone else at the
person’s direction.
(4) For ensuring compliance with subsection (3) (d) ,
the vendor must take reasonable steps to locate any former resident to whom an
exit entitlement is payable.
