S.L. 573.8 Art. 5Valuation for change or deletion of a condition or conditions in the original contract. Cap. 573. 3

(1) The value in the new contract shall be determined by an architect or architects appointed by the Authority which evaluation shall be in conformity with the provisions of article 79 of the Government Lands Act. In each case, the evaluation carried out shall also have regard to:

(a) the value of the original concession; TRANSFERRED FROM THE GOVERNMENT, THE LANDS AUTHORITY OR ECCLESIASTICAL ENTITIES BY TITLE

OF EMPHYTEUSIS

(b) the period remaining for the original concession to expire;

(c) the potential for development that may take place on the site in question, according to the planning laws in force on the date of the evaluation;

(d) the market value of a similar property;

(e) market indicators which may influence the price;

(f) the condition of the property.

(2) The applicant shall pay the Authority the entire value indicated in the evaluation undertaken by the architects appointed by the said Authority on the date of the contract once this has been accepted by the Authority.