1. The Greater London Council shall remain liable for the repayment of money borrowed by them prior to the relevant date in respect of any property described in paragraphs 1(b) of the Parts of the deposited Schedule.
2. The Greater London Council shall meet the full amount of any claim as to an act of negligence or breach of statutory duty made against them by a third party in respect of any property transferred under article 3, provided that such claim—
(a)relates to an act or breach committed before the relevant date; and
(b)is settled for an amount in excess of £100.
3. The Greater London Council shall meet all costs of repair and minor improvements started or contracted for before the relevant date.