Article 12
1. In respect of those properties described in paragraphs 1(a) of the Parts of the deposited Schedule, the appropriate transferee authority shall from the relevant date—
(a)assume liability for all repayments of principal, interest and management expenses relating to the loan debt outstanding at the relevant date on the properties transferred (including the cost of the land) and due to the consolidated loans fund of the Greater London Council; and
(b)discharge such liability by making payments to the Greater London Council of such amounts and at such times each year as shall be agreed between the Greater London Council and the transferee authority.
2. In respect of those properties described in paragraphs 1(b) of the Parts of the deposited Schedule, the Greater London Council shall remain liable for making all repayments of principal, interest or management expenses relating to the loan debt outstanding at the relevant date on the properties transferred, and the appropriate transferee authority shall with respect to such properties pay to the Greater London Council a capital sum or sums notified by the Greater London Council to the transferee authority as amounting in total to the cost of provision of the properties (including the cost of the land), such capital sum or sums to become payable either on the relevant date or, if not notified to the transferee authority by that date, on such later date or dates as may be specified by the Greater London Council.
The Greater London Council shall pay from its Key Deposit Account to each transferee authority on or after the relevant date the sum of £1 for each property transferred on the following estates—
| Estate | Authority |
|---|---|
| Dovercourt | The council of the London borough of Islington |
| Graham | The council of the London borough of Islington |
| Tremlett Grove | The council of the London borough of Islington |
| Weston Rise | The council of the London borough of Islington |
| Roundshaw | The council of the London borough of Sutton |
| Brindley Road Extension of Warwick estate | The council of the City of Westminster |
1. The Greater London Council shall remain liable for the repayment of money borrowed by them prior to the relevant date in respect of any property described in paragraphs 1(b) of the Parts of the deposited Schedule.
2. The Greater London Council shall meet the full amount of any claim as to an act of negligence or breach of statutory duty made against them by a third party in respect of any property transferred under article 3, provided that such claim—
(a)relates to an act or breach committed before the relevant date; and
(b)is settled for an amount in excess of £100.
3. The Greater London Council shall meet all costs of repair and minor improvements started or contracted for before the relevant date.