Queensland Consolidated Acts Queensland Consolidated Acts(1) In the case of a freeholding lease whereto section 7(a)(i) applies--
(a) the purchasing price of the land shall be added to and become part of the moneys payable to the commission under the contract, and interest on the balance of the purchasing price outstanding at the beginning of each month shall be payable to the commission by the lessee at the rate determined by the Governor in Council; and
(b) from the commencement of the term of the freeholding lease, the monthly instalment payable under the contract and the State Housing Act 1945 shall be altered from time to time to such sum or sums as will liquidate both the moneys (including interest thereon) payable under the contract and the purchasing price (including interest thereon) of the land not later than the expiration of the term of the contract.
(2) In the case of a freeholding lease whereto section 7(a)(ii) applies, the unexpired period of the term of the contract remaining at the date when the freeholding lease commences shall be extended and shall be 10 years commencing on that date and--
(a) the purchasing price of the land shall be added to and become part of the moneys payable to the commission under the contract, and interest on the balance of the purchasing price outstanding at the beginning of each month shall be payable to the commission by the lessee at the rate determined by the Governor in Council; and
(b) from the commencement of the term of the freeholding lease, the monthly instalment payable under the contract and the State Housing Act 1945 shall be altered from time to time to such sum or sums as will liquidate both the moneys (including interest thereon) payable under the contract and the purchasing price (including interest thereon) of the land not later than the expiration of the extended term of the contract.
(3) In the case of a freeholding lease whereto section 7(a)(iii) applies--
(a) a deposit of one-twentieth of the amount of the purchasing price which shall accompany and be paid with the notice by the lessee that the lessee elects to proceed with the application under this division; and
(b) the balance of the purchasing price, together with interest on the amount thereof outstanding at the beginning of each month of the 10 year term of the lease at the rate determined by the Governor in Council, shall be liquidated by such monthly instalments as shall be determined by the commission from time to time which instalments are payable respectively on or before the last day of each month of the 10 year term of the lease, commencing on the quarter day next following the date when the deposit is paid.
(4) Notwithstanding any provision of the State Housing Act 1945, or any term or condition of the freeholding lease, the lessee may at any time complete payment in full of the purchasing price of the land paying--
(a) in a case where the purchasing price of the land has been added to the moneys payable under the contract of sale of a home erected on the land--the unpaid amounts of the moneys payable under the contract and of the purchasing price of the land together with the interest payable in respect of those amounts up to the date of payment thereof; and
(b) in any other case--the unpaid amount of the purchasing price of the land together with the interest payable thereon up to the date of the payment thereof.
(5) Without prejudice to any other remedy had by it, the commission may recover, by action as for a debt in any court of competent jurisdiction, any moneys due and not paid to it in respect of the purchasing price (including interest thereon) of the land comprised in a freeholding lease.
(6) Subject to subsection (7), the provisions of the State Housing Acts and Another Act Amendment Act 1957, section 9 shall continue to apply to leases deemed pursuant to this division to be freeholding leases prior to the commencement of the Commonwealth and State Housing Agreement and State Housing Act and Another Act Amendment Act 1978, part 4 as if those provisions had not been varied by that part 4.
(7) In respect of every lease deemed, pursuant to subsection (3), to be a freeholding lease prior to the commencement of the Commonwealth and State Housing Agreement and State Housing Act and Another Act Amendment Act 1978, part 4 the balance of the purchasing price and the interest thereon shall be liquidated by such monthly instalments as shall be determined from time to time by the commission payable respectively on or before the last day of each month of the balance of the 10 year lease commencing on the first quarter day next following the commencement of that part.