Acorn Developments plc Acorn has instructed your firm in connection with the proposed

Acorn Developments plc (‘Acorn’) has instructed your firm in connection with the proposed purchase of a four-acre plot of land in Luton from Landspec Ltd (‘Landspec’). Acorn intends to use the land for the construction of 15 houses to be sold as luxury homes. Your

investigations have revealed the following:

(a) In November last year, Landspec granted Billings Tiles Ltd a right to exclusive possession of an industrial unit on the plot for a period of three years in return for an annual rent of £20,000. The parties had meant to formalise the agreement in a document but had not got round to it, so it remained purely oral.  (b) In April 2013 Landspec completed the document below with Enrico Cortes whose land adjoined the four-acre plot.Document (c) Three years ago Landspec executed a deed granting Riley Bros., who operate a farm machinery repair business next to the four acre plot, a right to use a drainage pipe across the northern part of Landspec’s land until Landspec needed that area for development.(d) Two months ago, Landspec entered into a written contract with Enrico Cortes for the sale of a small field forming part of the four-acre site at a price of £40,000. Both parties signed the contract and Enrico paid a deposit of £4,000 but no deed has been completed.  1 / 2

DOCUMENT

THIS DEED of covenant is made the 15 th day of April 2013 between ENRICO CORTES of 64 Liberty Place, Luton (‘the Covenantee’) and LANDSPEC LTD whose registered office is at Regis House, Wellington Road, Luton (‘the Owner’).

NOW THIS DEED WITNESSES as follows:

• Definitions

In this deed, unless the context otherwise requires, the following words and

expressions shall have the following meaning:

1.1‘the Plan’ means the plan annexed to this deed, (the plan is not reproduced for the purposes of this activity) 1.2‘the Red Land’ means the freehold land shown edged red on the Plan owned by the Owner, 1.3‘the Blue Land’ means the freehold land shown edged blue on the Plan owned by the Covenantee, 1.4‘the Covenant’ means the covenant set out in clause 2 of this deed.

• Covenant

The Owner covenants with the Covenantee for the benefit of each and every part of the Blue Land and with the intention of binding each and every part of the Red Land not to erect or cause to be erected any building within 5 metres of the boundary between the Red Land and the Blue Land.Executed as a deed ) P. Barker Director by LANDSPEC LTD ) acting by a director and )

its secretary:- ) S. Dosanjh Secretary

Signed as a deed ) Enrico Cortes by ENRICO

CORTES )

in the presence of:- )

J R Aitken Surveyor J R Aitken 23 Melrose Street Luton

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