(b) Properties will not be acceptable if:
* they are wholly or partly residential
* they are outside the UK
* they would be expected to involve L&C Pensions in any expense which would not be covered by other available money in your Fund
* there is, or has been, evidence of contamination which could involve any liability now or in the future to L&C Pensions
* at any time within the last 3 years they have been owned by you or by some other person (including any company or other organisation) connected with you

(c) Please note especially:
(i) L&C Pensions reserves the right to refuse to purchase any property if it would not comply with Inland Revenue requirements or if in our opinion it would involve any unacceptable risk to Fiduciary Corporation Limited.
(ii) L&C Pensions reserves the right to sell a property without your consent if anything is discovered which in our opinion would involve us in an unacceptable risk or if it is necessary to comply with Inland Revenue requirements.
(iii) L&C Pensions will not purchase properties at auction or in similar competitive bidding situations.
(iv) L&C Pensions will not purchase a property if you (or someone connected with you) have already exchanged contracts.

(d) Developments, extensions, improvements
We will consider proposals involving developments, extensions or improvements on their merits.

If accepted, the works must be carried out under the terms of a "building lease" by the tenant and at the tenant's expense. This expense will be compensated for by a rent free (or possibly a reduced rent) period following completion of the work. The Scheme Property Managers will determine the appropriate length of this period and will supervise the work.

The terms of the lease will be determined by L&C Pensions Solicitors. After the end of the rent free or reduced rent period the rent will become the full open market rent as determined by the Property Managers.

If the tenant requires a loan to assist with the financing of the work, then if required, it will normally be possible for The Fiduciary Corporation Limited Ltd to agree to a charge against the property as security for the loan. L&C Pensions Ltd will not, however, accept any liability beyond this for repayment or servicing of each loan.

L&C Pensions will not permit payments from your fund to finance development or other similar works.