RENTAL PURCHASE PLAN AGREEMENT

Means an agreement entered into between the State and someone else (the Buyer) about residential premises (a) under which the Buyer agrees to buy, or after the Buyer has bought, a part interest (a share) in the premises; and (b) under which the State gives the Buyer the right to occupy the premises; and (c) under which the Buyer is required to make payments to the State and (i) if the Buyer is buying a share – the payments are divided by the State between the amount owing for the purchase of the share and rent for the right to occupy the premises; or (ii) if the Buyer has bought a share and is not buying a further share – the payment of rent for the right to occupy the premises.

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