National Australia Bank Limited v Sayed (No 4) [2015] NSWSC 420

Supreme Court New South Wales

Medium Neutral Citation: National Australia Bank Limited v Sayed (No 4) [2015] NSWSC 420 Hearing dates: 27 February 2015 Date of orders: 16 April 2015 Decision date: 16 April 2015 Jurisdiction: Common Law Before: Harrison AsJ Decision: The Court orders that:

(1)The parties are to specifically perform the In Principle Agreement dated 23 August 2012 in accordance with Orders 1A, 1B, 1C and 1D:

1A.Subject to Order ID, the plaintiff is at liberty after 16 August 2015 to enter judgment against the defendants on its amended statement of claim for:

(a)$700,000 (seven hundred thousand dollars);

(b)interest from 16 April 2015; and

(c)possession of the whole of the land referred to in Certificate of Title, Folio Identifier 3/1017140 and known as 25 Gahans Lane, Woonona, New South Wales.

1B.Subject to Order ID, after 16 August 2015 the plaintiff is to have leave to issue a writ of possession for the whole of the land referred to in Certificate of Title, Folio Identifier 3/1017140 and known as 25 Gahans Lane, Woonona, New South Wales ("the Woonona Property").

1C.Subject to Order ID, in the event the defendants fail to pay to the plaintiff the Settlement Amount of $670,000 (six hundred and seventy thousand dollars) by 16 August 2015, then the plaintiff shall be entitled to recover the plaintiff's enforcement expenses (on an indemnity basis) of enforcing the judgments and writ of possession referred to in Orders 1A and IB.

ID.In the event the defendants pay to the plaintiff the Settlement Amount under the In Principle Agreement, namely, $670,000 (six hundred and seventy thousand dollars) by 16 August 2015, then Orders 1A, IB and 1C are discharged, the amended statement of claim is to be otherwise dismissed and the plaintiff must deliver a discharge of its mortgage over the Woonona Property.