Attachment 14H – Property settlement agreement

THIS SECTION 90C FINANCIAL AGREEMENT is dated 5 December 2008

BETWEEN:

NEIL RICHARD BLOGGS

of 470 Warrigal Road Ashburton

in the State of Victoria

Postman

("the husbanfefd")

and

JANET MARY BLOGGS
of 59 Brinsley Road Camberwell
in the State of Victoria
Home Duties

("the wife")

RECITALS:

  1. The parties were married at East Camberwell, Victoria, Australia on 16 January 1994, and there are two children of the marriage ("the Children") namely:

JASON JOHN BLOGGS born 26 January 1999; and

KYLIE JANE BLOGGS born 2 February 2000.

  1. The parties separated on 15 January 2007, and there is no prospect of reconciliation. The children reside with the wife, the husband having contact with them pursuant to an informal arrangement.
  2. There have been no previous proceedings and no existing orders between the parties under the Family Law Act 1975 ("the Act"). The husband provides child support for the Children pursuant to a child support agreement entered into between the parties simultaneously with this agreement.
  3. The assets dealt with in this Agreement ("the Assets") comprise:

(i)The house property at 59 Brinsley Road, Camberwell ("Camberwell"). Camberwell is registered in joint names and is the land described in certificate of title Volume 1234 Folio 567. It is valued at $900,000.00 for the purposes of this agreement, and is encumbered by a mortgage ("the Mortgage") to the Commonwealth Banking Corporation. There is $260,000.00 or thereabouts owing on the Mortgage as at 1 July 1997.

(ii)The holiday house at 8 Murmuring Way Goughs Bay (“GoughsBay”). GoughsBay is registered in the joint names of the parties and is the land described in certificate of title Volume 1256 Folio 293. It is valued at $200,000 and is unencumbered.

(iii)Chattels and other personal belongings ("the Chattels"): These remain in Camberwell, in the possession of the wife, and are valued at $15,000.00.

(iv)Savings ("the Savings"): $4,000.00 or thereabouts was contained in various savings accounts under the control of the wife.

(v)Insurance policies: The husband has a life assurance policy with AMP ("the Policy"), with a total surrender value of approximately $126,000.00. The wife is the beneficiary of that policy.

(vi)Superannuation: The husband contributes to the Postit Staff Superannuation Fund ("the Fund"). It is an accumulation fund and is valued at $120,000.00.

(vii)Motor vehicles: The husband has a 2005 Magna Sedan motor vehicle ("the Magna") valued at $8,000.00 and the wife has the use of a 2003 Peugeot Stationwagon motor vehicle registration number BER 620 ("the Peugeot") valued at $15,000.00. The Peugot is registered in the husband’s name.

  1. The liabilities ("the Debts") in existence at the date of separation, not referred to in recital D comprise the husband's VISA credit card with $3,000.00 owing and a joint overdraft facility of $5,000.00 with the Commonwealth Banking Corporation, Camberwell Branch.
  2. In reaching this Agreement, the parties have taken into account the following matters:

(i)At the time of the marriage, the wife had cash reserves of $70,000.00;

(ii)The husband owned Gough’s Bay, which was then registered in his sole name.

(iii)During the course of the marriage, the parties contributed to the purchase, conservation and improvement of the Assets to the best of their respective abilities;

(iv)The wife's father assisted in renovating the Home during 2003;

(v)The husband received an inheritance from his aunt in the sum of $45,000.00 which was applied in reduction of the Mortgage;

(vi)The children live with the wife;

(vii)The wife is in receipt of a pension; and

(viii)The wife's future earning capacity is affected by the fact that the Children live with her.

  1. The husband and wife make this Agreement pursuant to Section 90C of the Family Law Act (“the Act”).
  2. At the date of this Agreement, no other Agreement is in force between the parties pursuant to Sections 90B, 90C or 90D of the Act.
  3. Before each party signed this Agreement they received separate independent legal advice from a legal practitioner (as certified in the annexure to this agreement) as to the following:

(i)The effect of this Financial Agreement on the rights of the parties
pursuant to the Act; and

(ii)The advantages and disadvantages, at the time that the advice was
provided, to the parties of making the Financial Agreement.

OPERATIVE PART:

  1. The recitals shall form part of this agreement, and the parties warrant that they are accurate.
  2. Within sixty days of the date of this agreement, ("the Payment Date"):

(a)the husband shall transfer his interest in Camberwell to the wife at her expense, subject to existing encumbrances, including the Mortgage;

(b)the husband shall transfer the Peugot to the wife at her expense;

(c)the wife shall transfer GoughsBay to the wife at his expense; and

(d)the wife contemporaneously pay the husband $60,000.00 ("the Payment") and refinance the Mortgage in her sole name.

  1. Upon the husband transferring Camberwell to the wife, the wife shallassume responsibility for the Mortgage as well as all outstanding rates, taxes and any other outgoings relating to Camberwell. She shall also keep the husband indemnified against any claims which may arise against him as a result of the prior joint ownership of Camberwell.
  2. Upon the wife transferring GoughsBay to the husband, he shallassume responsibility for all outstanding rates, taxes and any other outgoings relating to GoughsBay. He shall also keep the wife indemnified against any claims which may arise against him as a result of the prior joint ownership of GoughsBay, and particular any taxation liability that may arise as a result of the transfer by her to him under.
  3. In default of the wife making the Payment by the Payment Date, interest is to accrue on the amount outstanding at the rate of 11.75% per annum. If the wife remains in default of payment with accrued interest after a further thirty days, Camberwell shall be sold on the following terms:

(a)by a licensed real estate agent ("the Estate Agent"), either as appointed by the parties, or failing agreement, as appointed by the then President of the Real Estate Institute of Victoria;

(b)at an agreed reserve price, or failing agreement at a price to be determined by the Estate Agent;

(c)on an unconditional Real Estate Institute contract of sale of ninety days duration, pending settlement, or as determined by the Estate Agent with the concurrence of the parties;

(d)by public auction within ninety days of the Payment Date, or such other time as may be nominated by the Estate Agent, with the concurrence of the parties;

(e)if Camberwell is not sold by auction, the parties shall do all things reasonably required of them by the Estate Agent to obtain a completed sale;

(f)the parties will co-operate in any way with the Estate Agent in relation to the auction, including making the key available, allowing inspection of Camberwell at times requested by the Estate Agent, and ensuring that it is in a neat and clean condition at the time of inspection by prospective purchasers;

(g)the wife's solicitors will have conduct of the sale, with any conveyancing costs to be charged by them and by the husband's solicitors ("Costs") in accordance with the appropriate scale applicable to conveyancing matters in the State of Victoria.

  1. The proceeds of the sale of Camberwell, if sold, are to be distributed at settlement as follows:

(a)in payment of all expenses of and incidental to the sale, including the estate agent's commission, Costs, and any necessary disbursements;

(b)to pay the sum required to discharge the Mortgage;

(c)to pay the husband the Payment, including accrued interest; and

(d)the balance to the wife.

  1. The husband will assume full responsibility for and indemnify the wife against any liability whatsoever for and arising from the Debts.
  2. The parties acknowledge that except as provided for in this agreement, the Assets remain the property of the person in whose control they presently are, and no further claims will be made by either party against the other in respect of them. In particular, the wife will retain the Chattels in Camberwell, the Savings and the Peugeot, and the husband will retain GoughsBay with chattels, the Policy, the Fund and the Magna.
  3. (a)The parties will respectively on the request of the other party execute any authority, release, instrument and any other document which may be necessary to give effect to the operation of this Agreement.

(b)In the event that a party fails to comply with the requirementsof thisclause within seven days of being requested to do so in writing by the other party, the defaulting party shall be deemed to have irrevocably appointed the other party as attorney of and in the name of the defaulting party to complete all acts necessary to enable this Agreement to be carried out.

(c)In the event of a party being obliged to take any steps under the preceding clause, the defaulting party will indemnify the firstnamed party against any claims which may arise as a result of that step being taken, and the defaulting party shall further ratify and confirm whatever action the other party has caused to be done by virtue of the attorney.

  1. In the event that there is a dispute as to the meaning of a particular clause, the parties shall be entitled to refer to all negotiations correspondence and discussions leading up to the execution of this agreement.
  2. This Agreement shall be binding on the executors, administrators and assigns of the husband and the wife respectively.
  3. This Agreement becomes operative upon the Separation Declaration in Schedule A being executed by the parties.

SIGNED SEALED & DELIVERED by NEIL RICHARD BLOGGSin the presence of: / )
)
) / Neil Bloggs
Signature

Peter Szabo

Signature of witness

Peter Szabo

Name of witness

SIGNED SEALED & DELIVERED by JANET MARY BLOGGSin the presence of: / )
)
) / Janet Bloggs
Signature

Paul Fildes

Signature of witness

Paul Fildes

Name of witness

ANNEXURE A

SEPARATION DECLARATION

We NEIL RICHARD BLOGGSand JANET MARY BLOGGSdo hereby declare that:

  1. We separated on 15 January 2007 and have remained living separately and apart since that time.
  2. We are currently living separately and apart as at the declared date.
  3. There is no reasonable likelihood of cohabitation being resumed.

Dated: 5 December 2008

SIGNED by NEIL RICHARD BLOGGS)Neil Bloggs

SIGNED byJANET MARY BLOGGS) Janet Bloggs

ANNEXURE 1

Family Law Act 1975

CERTIFICATE UNDER SECTION 90G(1)(b)

I, PETER SZABO of Moores Legal Pty Ltd, 9 Prospect Street, Box HillVictoria 3128, Solicitor, CERTIFY that in relation to the attached Agreement in writing proposed to be entered into between JANET MARY BLOGGSand NEIL RICHARD BLOGGSpursuant to section 90C of the Family Law Act:

I have advised NEIL RICHARD BLOGGS(my client) independently of the other party, and before my client signed the Agreement about:

(a)The effect of the Agreement on the rights of my client; and

(b)The advantages and disadvantages, at the time that the advice was provided, to my client of making the Agreement.

DATED 5 December 2008

Peter Szabo

……………………………………………..

(Signature of solicitor)

ANNEXURE 2

Family Law Act 1975

CERTIFICATE UNDER SECTION 90G(1)(b)

I, Paul Fildes of Middletons, 525 Collins Street, Melbourne, Victoria 3000, Solicitor, CERTIFY that in relation to the attached Agreement in writing proposed to be entered into between JANET MARY BLOGGSand NEIL RICHARD BLOGGSpursuant to section 90C of the Family Law Act:

I have advised JANET MARY BLOGGS(my client) independently of the other party, and before my client signed the Agreement about:

(a)The effect of the Agreement on the rights of my client; and

(b)The advantages and disadvantages, at the time that the advice was provided, to my client of making the Agreement.

DATED 5 December 2008

Paul Fildes

………………………………………………..

(Signature of solicitor)