APPROVAL OF BOND Sample Clauses

APPROVAL OF BOND. 2.1 This offer is subject to the suspensive condition that the Purchaser is able to obtain a quotation and a bond from a Bank as referred to in the National Credit Act 34/2005 for a loan amount of R to cover the purchase price and building price (words) or such a lower amount as accepted by the Purchaser, within 30 (Thirty) days after acceptance of this offer with no other condition imposed by the bank other than the registration of a bond. The Purchaser undertakes to apply for the bond at a financial institution immediately after acceptance of this offer, regardless whether his Property must first be sold or not. 2.2 The Purchaser undertakes to provide the sellers originator upon request the documentation and information they need to apply for a loan on the purchaser’s behalf and specifically give written confirmation that the originator may perform a credit check on the purchaser. This is to the benefit of the purchaser because the system of mortgage origination used by the seller avoids delays enabling the seller to reduce the price of his products. The seller requested certain banks to pre-value his product and will release the signed contract to his bond originator as part of the bond approval process and the originator shall contact the purchaser for any further information. Should the purchaser fail to make use of the seller’s originator and nominated bond attorney’s and obtain a bond through another originator or deal directly with a bank then the purchaser shall pay a penalty equal to one percent of the sum of the purchase price of the erf and the building agreement before transfer and on demand of the seller’s attorney. No penalty will be payable where the seller’s originator could not procure a bond and the purchaser obtained a bond through his own negotiations or where the purchaser is a private bank client and obtains a loan from his private bank. 2.3 The bond is to be allocated as follow: (2.3.1) R for the purchase of the erf. (2.3.2) R for building. 2.4 Should the suspensive condition not be fulfilled by the date set out in paragraph 2.1 this agreement shall terminate and the deposit paid herein will be refunded.
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APPROVAL OF BOND. 3.1 This offer is subject to the suspensive condition that the purchaser qualifies for a bond from a bank as regulated by the National Credit Act, 34 of 2005, if the Act is applicable, in the amount of R ( / 20_ (bond fulfilment date) on the usual terms and conditions applicable from time to time and as required by the banks. 3.2 The purchaser undertakes to apply for the bond through the nominated bond originator immediately after acceptance of this offer, regardless whether this transaction is subject to the sale of the purchaser’s property or not. 3.3 Notwithstanding the provisions of clause 19.2 3.3.1 If the purchaser’s bond is not approved before the bond fulfilment date in clause 3.1, the seller will have the right to postpone the fulfilment date unilaterally by giving written notice to the purchaser before such fulfilment date. 3.3.2 If the purchaser qualifies for a lower bond than required in clause 3.1, but wishes to proceed with the transaction, he/she has the right to waive the relevant suspensive condition unilaterally, in full or in part, by giving written notice to the seller, before such fulfilment date. It will then be deemed that the purchaser has fulfilled this suspensive condition. The shortfall is immediately upon demand due and payable as an additional deposit to the transferring attorney. 3.4 The purchaser consents that the agent or his/her nominated bond originator may apply for the bond approval on his/her behalf. 3.5 If the purchaser refuses to give his/her co-operation, alternatively frustrates the bond approval even after written notice requesting the contrary, it will be deemed that he/she repudiates his/her contractual obligation which will be construed as breach of contract by the purchaser and he/she will be liable for inter alia the estate agent’s commission.
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APPROVAL OF BOND. 14.2.1 You or any person on behalf of you, obtains approval in principle, by not later than or within such extended period as you and us may in writing agree, of a loan by an institution of not less than R (amount in words ) upon the security of a first mortgage bond to be registered over the Property, at such rates of interest and on such conditions as are stipulated by the institution/s to which application/s for the loan is/are made. The suspensive conditions shall be deemed to be fulfilled even if the loan is approved subject to the condition that your spouse (or any of the directors and/or shareholders and/or members of you, as the case may be) sign as surety for and co-principle debtor with you for the fulfilment of all your obligations under the loan.
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APPROVAL OF BOND. This Agreement is subject to the Purchaser raising finance by not later than including for the granting of a loan by a registered South African Bank of not less than R ( Rand) upon the security of a mortgage bond to be registered over the Property at such rates of interest and on such conditions as are stipulated by the institution/s to which application/s for the loan is/are made provided that if the loan is granted subject to valuation, or the Purchaser selling any immovable property or cancelling any existing mortgage bond or repaying any loan secured by a mortgage bond, the suspensive condition will not be fulfilled. This suspensive condition shall be deemed to have been fulfilled, inter alia. 13.1.1 on the date that the Purchaser obtains a quotation and/or pre-agreement statement from any registered financial institution in terms of which such financial institution offers a loan to the Purchaser in an amount of not less than the amount referred to above and even if such loan is approved subject to the Purchaser's spouse (or any of the directors and/or shareholders and/or members and/or trustees of the Purchaser, as the case may be) interposing himself as surety for and co-principal debtor in solidum (jointly) with the Purchaser for the fulfilment of all the Purchaser's obligations under the loan; and/or 13.1.2 even if such loan is offered as a conditional approval from a Bank or registered financial institution to which the Purchaser applied to for a loan in the form of a grant quotation, an offer issued in respect of a mortgage loan, a conditional offer preceding a quotation or otherwise. It is recorded that some financial institutions issue offers which are not official quotations in terms of the provisions of the National Credit Act 34 of 2005 as amended and/or replaced from time to time (the “NCA”) in order to indicate to a purchaser that they would be willing to provide an official quotation in terms of the NCA to such purchaser and in respect of such specific property. In light of the same it is specifically agreed that this suspensive condition will be deemed to be fulfilled in the event that a registered South African bank or financial institution registers a document which reflects the name of the Purchaser, the Property, a mortgage loan amount which is equal to or greater than the amount set out above and the rate of interest and such other information which would usually reflect on a quotation issued under provisions of the NCA. 13.1.3 This...
Sample 1
APPROVAL OF BOND. 2.1. This offer is subject to the suspensive condition that the Purchaser is able to obtain a quotation and a bond from a Bank as referred to in the National Credit Act 34/2005 for a loan amount of R ( rand) within ( ) calendar days after acceptance of this offer. The Purchaser undertakes to apply for the bond at a financial institution immediately after acceptance of this offer, regardless whether his Property must first be sold or not. 2.2. The Agent is hereby irrevocably authorized, but not obliged, to lodge such application and the Purchaser undertakes to sign the necessary application document. The Purchaser similarly undertakes to provide the necessary information and documentation required by the Bank upon request. 2.3. The Purchaser consents to LINKY XXXXXXX ATTORNEYS or its nominated intermediary applying for a home loan on his behalf.
Sample 1
APPROVAL OF BOND. 2.1 This offer is subject to the suspensive condition that the Purchaser is able to obtain a quotation and a loan from a Bank as referred to in the National Credit Act 34/2005 for a loan amount of R ( ) within 21 (Twenty One) days after acceptance of this offer. 2.2 The Purchaser undertakes to apply for the bond at a financial institution immediately after acceptance of this offer, regardless whether his property must first be sold or not. 2.3 In the event that the Purchaser’s bond is not approved within the specified period, the Seller will have the right to extend the period unilaterally in writing before the fulfillment date. If the Purchaser obtained a bond for an amount less than the amount stipulated in clause 2.1, the Purchaser may unilaterally, in full or partially, waive the suspensive condition before the date of fulfillment. 2.4 The Purchaser consents that the Agent or his nominated bond originator may apply for bond approval. The bond originator is SEE PAGE 7 OF THE CONTRACT
Sample 1

Related to APPROVAL OF BOND

  • Approval of Agreement The Board of Directors of the Company has authorized the execution and delivery of this Agreement by the Company and has approved this Agreement and the transactions contemplated hereby.

  • Approval of Counsel The exercise of the Option and the issuance and delivery of shares of Class A Stock pursuant thereto shall be subject to approval by the Corporation's counsel of all legal matters in connection therewith, including, but not limited to, compliance with the requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Class A Stock may then be listed.

  • Approval of Listing At the Closing Time, the Securities shall have been approved for listing on the New York Stock Exchange, subject only to official notice of issuance.

  • Approval of Plan Approval of the Plan by the Commissioner of Internal Revenue as referred to in 17.1 means a continuing approval sufficient to establish that the Plan and related trust(s) are at all times qualified and exempt from income tax under Section 401(a) and other applicable provisions of the Internal Revenue Code of 1986, and that contributions made by the Company under the Plan are deductible for income tax purposes in accordance with law. The cognizant governmental authorities referred to in 17.1 include, without limitation, the Department of Labor, the Pension Benefit Guaranty Corporation and the Securities and Exchange Commission, and their approval means their confirmation with respect to any matter within their regulatory authority that the Plan does not conflict with applicable law.

  • Effect of non-approval of proposals Notwithstanding that under subclause (1) any proposals of the Company are approved by the Minister or determined by arbitration award, unless each and every such proposal and matter is so approved or determined by 31 October 1992 or by such extended date or period if any as the Company shall be granted pursuant to the provisions of this Agreement then the Minister may give to the Company 12 months notice of intention to determine this Agreement and unless before the expiration of the said 12 months period all the detailed proposals and matters are so approved or determined this Agreement shall cease and determine subject however to the provisions of Clause 35.

  • Waiver of Notice; Approval of Meeting; Approval of Minutes The transactions of any meeting of Limited Partners, however called and noticed, and whenever held, shall be as valid as if it had occurred at a meeting duly held after regular call and notice, if a quorum is present either in person or by proxy. Attendance of a Limited Partner at a meeting shall constitute a waiver of notice of the meeting, except when the Limited Partner attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and except that attendance at a meeting is not a waiver of any right to disapprove the consideration of matters required to be included in the notice of the meeting, but not so included, if the disapproval is expressly made at the meeting.

  • Approval of Documents The form and substance of all certificates, instruments and other documents required to be delivered to the Seller under this Agreement shall be reasonably satisfactory in all respects to the Seller and its counsel.

  • Approval of Bank Counsel All legal matters incidental to the extension of credit by Bank shall be satisfactory to Bank's counsel.

  • PRELIMINARY APPROVAL OF SETTLEMENT Promptly upon execution of this Stipulation, Lead Plaintiffs will move for preliminary approval of the Settlement, certification of the Settlement Class for settlement purposes only, and the scheduling of a hearing for consideration of final approval of the Settlement, which motion shall be unopposed by Defendants. Concurrently with the motion for preliminary approval, Lead Plaintiffs shall apply to the Court for, and Defendants shall agree to, entry of the Preliminary Approval Order, substantially in the form attached hereto as Exhibit A.

  • Approval of Documentation The form and substance of all certificates, instruments, opinions, and other documents delivered to Buyer under this Agreement shall be satisfactory in all reasonable respects to Buyer and its counsel.

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