Article 6 Financial adjustments

Any monies which are held by the Residuary Body immediately before the transfer date pursuant to section 105 of the Law of Property Act 1925^f1 (application of proceeds of sale following exercise of mortgagee’s power of sale) shall on that date vest in Richmond; and Richmond shall hold those monies in accordance with that section.

On the transfer date Richmond shall pay to the Residuary Body an amount equal to the amount of any difference between the sums received by the Residuary Body as a consequence of the exercise of a mortgagee’s power of sale and the sums which the Residuary Body would have been entitled to apply for the purposes mentioned in section 105 of the Law of Property Act 1925 if the sum so received had been sufficient for those purposes.