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34 2009

National Asset Management Agency Act 2009

Chapter 7

Powers in Relation to Development of Land

Interpretation (Chapter 7).

174 .— For the purposes of this Chapter, a reference in this Chapter to NAMA shall be construed, in relation to a bank asset that has been acquired by a NAMA group entity, as a reference to either NAMA or the NAMA group entity unless the contrary intention appears.

Application (Chapter 7).

175 .— This Chapter applies where an acquired bank asset includes a charge over development land and—

(a) the Court has made a vesting order in relation to the land, or

(b) the chargee’s power of sale has become exercisable, or

(c) a statutory receiver has been appointed.

Development of land.

176 .— (1) Where this Chapter applies, NAMA may enter into an agreement (including an agreement with the person who was the debtor in relation to the bank asset concerned) for the purpose of developing the land.

(2) NAMA’s objective in entering into an agreement under subsection (1) shall be the orderly development of the land concerned to secure the best return reasonably possible.

NAMA to have certain contractual rights of land developers.

177 .— (1) Where this Chapter applies, NAMA has, without prejudice to any rights arising at law, the same rights as the participating institution and the debtor and any associated debtor, guarantor or surety in relation to the acquired bank asset concerned in relation to any breach of contract or obligation (including defective design or workmanship in any building or other structure constructed or to be constructed, or works to be carried out, on, in or under the land concerned). All such rights shall be taken to have been assigned to NAMA by the acquisition by NAMA of the bank asset, subject to—

(a) any obligations or liabilities of the participating institution under the relevant bank asset, and

(b) any exclusion of obligations and liabilities from the acquisition set out in the relevant acquisition schedule.

(2) Where under subsection (1) NAMA acquires a right in relation to any breach of contract or obligation, NAMA may, by certificate under its seal, confer that right on another person.

Designs and planning documents for land development.

178 .— (1) Where—

(a) this Chapter applies, and

(b) there is an agreement with a person in relation to the development of the land concerned,

then—

(i) the person shall deliver to NAMA, on demand, a copy of the agreement (and, if under the agreement any design, plan or other document has been prepared for the purposes of the development of the land, a copy of the design, plan or other document prepared), and

(ii) NAMA may elect to continue, in accordance with its terms, the agreement (with or without entering into a further agreement with the person) as it thinks fit and if it does continue the agreement, NAMA shall assume the rights and obligations under that agreement.

(2) Where an agreement referred to in subsection (1) (b) creates a lien over any design, plan or document prepared for the purposes of the development, the lien is void as against NAMA, without prejudice to the claim underlying the lien.

(3) Without prejudice to subsection (1) (b) (ii), where an agreement referred to in subsection (1) (b) confers a right to do so on a participating institution, NAMA may direct the participating institution to assign the agreement to NAMA and when NAMA does so, the participating institution shall comply with the direction.

(4) Where an agreement referred to in subsection (1) (b) is assigned to NAMA in accordance with a direction under subsection (3), or NAMA makes an election under subsection (1) (b) (ii), NAMA is not liable for any breach of the agreement that occurs, or liability that arises, before the assignment or the election to continue the agreement.

(5) Where a participating institution cannot assign to NAMA any licence that it holds, then NAMA, at its option, shall, by virtue of this section, be taken to hold a licence from the person referred to in subsection (1) (b)

(a) authorising the reproduction, making available, adaptation, distribution and use by NAMA of any intellectual property of the person in any drawings, designs, plans or other documents referred to in that subsection, and

(b) authorising NAMA to grant a sub-licence of that licence.

(6) Where a licence held by a participating institution—

(a) does not authorise the reproduction, making available, adaptation, distribution and use by the participating institution of any intellectual property of the person referred to in subsection (1) (b) in any drawings, designs, plans or other documents referred to in that subsection, or

(b) does not authorise the participating institution to grant a sub-licence of the licence,

then, at its option, NAMA shall, by virtue of this section, be taken to hold a licence from the person authorising it to do the things mentioned in paragraphs (a) and (b).

(7) Nothing in this section deprives a person of—

(a) fair and reasonable remuneration for work already done, or

(b) a fair and reasonable licence fee in relation to a licence referred to in subsection (5).

Limitation of right to renewal of certain business tenancies.

179 .— Section 16 of the Landlord and Tenant (Amendment) Act 1980 does not apply in relation to a tenancy (other than a renewal of an existing tenancy) granted by NAMA or a NAMA group entity of a tenement (within the meaning given by section 5 of that Act) unless NAMA or the NAMA group entity specifies otherwise in writing.