(1) A strata development contract relating to a strata scheme has effect as an agreement under seal containing the covenants specified in Schedule 1BA entered into by the body corporate and each person who for the time being is:(a) the developer concerned, or(b) a proprietor of a lot (other than that developer), or(c) a registered or enrolled mortgagee, chargee, covenant chargee or lessee, or an occupier, of a lot.(2) The contract ceases to have effect:(a) in relation to a person described in subsection (1) (a), (b) or (c), on that person ceasing to be a person so described, and(b) in relation to all of the persons described in subsection (1), when the development scheme to which the contract relates is concluded.
This subsection does not affect any obligation that was incurred by a person, or any right that accrued to a person, under the contract before it ceased to have effect in relation to the person.(3) A strata development contract does not permit development to be carried out in contravention of this or any other Act or any other law.(4) A lessee entitled under a lease to immediate possession of a development lot is taken to be the developer, and the person who would otherwise be the developer is taken not to be the developer, for the purposes of this Act, the regulations and the strata development contract concerned.(5) A mortgagee, chargee or covenant chargee in possession of a development lot is taken to be the developer, and the person who would otherwise be the developer is taken not to be the developer, for the purposes of this Act, the regulations and the strata development contract concerned.(6) A provision in any other contract or instrument under which a strata development contract is excluded, modified or restricted is void.(7) A covenant entered into under a strata development contract does not merge on transfer of a lot.(8) Nothing in this section affects any right or remedy a person may have apart from a right or remedy under a strata development contract, with the exception that Part 5 does not apply to matters arising under any such contract.