Common use of APPROVAL OF BOND Clause in Contracts

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.

APPROVAL OF BOND. 3.1 SUSPENSIVE CONDITION 2.1. 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, bank/financial institution in the amount of R ( / 20_ Rand - in words) before 23h59 on this day of the month of 20 (bond fulfilment fulfillment date) on the usual terms and conditions applicable from time to time and as required by the banksfinancial institution/bank. If the purchaser cannot obtain finance from a financial institution/bank within aforesaid period, this contract will lapse and be automatically null and void. 3.2 2.2. The purchaser undertakes to apply for the bond through the nominated bond originator bond/financial immediately after acceptance of this offer, regardless whether this transaction is subject to the sale of the purchaser’s property or not. The purchaser must on request by the seller or transferring attorney supply the contact details of the person and the institution handling the bond application. 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 2.3. If the purchaser qualifies for a lower bond than required in clause 3.1, 2.1 above but wishes to proceed with the transaction, transaction he/she has the right to waive the relevant suspensive condition unilaterally, in full or in part, by giving written notice to the sellerseller or transferring attorney, before such fulfilment fulfillment date. It will then be deemed that the purchaser has fulfilled this suspensive condition. The shortfall full purchase price is then immediately upon demand due and payable as an additional deposit in cash or secured by guarantees acceptable to the seller and transferring attorney. 3.4 The purchaser consents 2.4. If the purchaser’s bond contains condition(s) that places non-contractual nor legally enforceable obligation(s) on the agent or his/her nominated bond originator may apply for seller, the bond approval on his/her behalf. 3.5 will be deemed conditional. The seller must in writing, within 3 (three) calendar days after request by the transferring attorney, accept or reject such obligation(s). If the purchaser refuses to give his/her co-operation, alternatively frustrates seller rejects the bond approval even after written notice requesting the contraryobligation(s), it will be deemed that he/she repudiates his/her contractual obligation which the purchaser did not comply with the suspensive condition in clause 2. 1. If the seller accepts the obligation(s) imposed, it will be construed deemed that such condition(s) are incorporated in the sale agreement as breach a condition for registration. 2.5. The seller is obliged, upon request of contract by the purchaser and he/she bank’s valuator, to give and/or ensure immediate access to valuate the property. Should the seller refuse or neglect to ensure access to the valuator, even after written request thereto, the bond fulfillment date as stipulated in clause 2.1 will be liable for inter alia the estate agent’s commissionextended by 7 (seven) calendar days.

APPROVAL OF BOND. 3.1 2.1. 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_ ) within ( ) working days after acceptance of this offer with automatic extension of 14 (bond fulfilment datefourteen) on working days at the usual terms and conditions applicable from time to time and as required by discretion of the banksSeller. 3.2 2.2. 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. The purchaser must on request by the agent or the transferring attorney supply the contact details of the person and the institution handling the bond application. 3.3 2.3. Notwithstanding the provisions of clause 19.22.2, 3.3.1 2.3.1 If the purchaser’s bond is not approved before the bond fulfilment date in clause 3.12.1, 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 2.3.2 If the purchaser qualifies for a lower bond than required in clause 3.12.1, 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 2.4. If the purchaser’s bond contains condition(s), that places non-contractual nor legally enforceable obligation(s) on the seller, the bond approval will be deemed conditional. The seller must in writing, within 3 (three) business days after request by the transferring attorney, accept or reject such obligation(s). If the seller rejects the obligation(s), it will be deemed that the purchaser did not comply with the suspensive condition in clause 2. 1. If the seller accepts the obligation(s) imposed, it will be deemed that such condition(s) are incorporated in the sale agreement as a condition for registration. If there is a cost implication for such additional obligations requested, the parties involved must confirm in writing by whom such expenses will be xxxxxx. 2.5. The parties hereto consents that the agent or hismay refer personal information relevant to the Purchaser/her nominated bond s and Seller/s to Greendoor Homeloans Garden Route Pty Ltd whom functions as the designated mortgage originator of Keageoz Property Solutions Garden Route Pty Ltd. Personal information relevant may apply be required for the bond approval on his/her behalfpurposes of loan application, valuation access and related financial procedures necessary to conclude this sale successfully. 3.5 2.6. 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 commissionprofessional fee. 2.7. The seller is obliged, upon request of the bank’s valuator, to give and/or ensure immediate access to valuate the property. Should the seller refuse or neglect to ensure access to the valuator, even after written request thereto, the bond fulfilment date as stipulated in clause 2.1 will be extended with 3 (three) working days.

APPROVAL OF BOND. 3.1 SUSPENSIVE CONDITION 2.1. 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, bank/financial institution in the amount of R ( / 20_ Rand - in words) before 23h59 on this day of the month of 20 (bond fulfilment fulfillment date) on the usual terms and conditions applicable from time to time and as required by the banksfinancial institution/bank. If the purchaser cannot obtain finance from a financial institution/bank within aforesaid period, this contract will lapse and be automatically null and void. 3.2 2.2. The purchaser undertakes to apply for the bond through the nominated bond originator bond/financial immediately after acceptance of this offer, regardless whether this transaction is subject to the sale of the purchaser’s property or not. The purchaser must on request by the seller or transferring attorney supply the contact details of the person and the institution handling the bond application. 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 2.3. If the purchaser qualifies for a lower bond than required in clause 3.1, 2.1 above but wishes to proceed with the transaction, transaction he/she has the right to waive the relevant suspensive condition unilaterally, in full or in part, by giving written notice to the sellerseller or transferring attorney, before such fulfilment fulfillment date. It will then be deemed that the purchaser has fulfilled this suspensive condition. 2.4. If the purchaser’s bond contains condition(s) that places non-contractual nor legally enforceable obligation(s) on the seller, the bond approval will be deemed conditional. The shortfall is immediately upon demand due and payable as an additional deposit to seller must in writing, within 3 (three) calendar days after request by the transferring attorney. 3.4 The purchaser consents that the agent , accept or his/her nominated bond originator may apply for the bond approval on his/her behalf. 3.5 reject such obligation(s). If the purchaser refuses to give his/her co-operation, alternatively frustrates seller rejects the bond approval even after written notice requesting the contraryobligation(s), it will be deemed that he/she repudiates his/her contractual obligation which the purchaser did not comply with the suspensive condition in clause 2. 1. If the seller accepts the obligation(s) 2.5. The seller is obliged, upon request of the bank’s valuator, to give and/or ensure immediate access to valuate the property. Should the seller refuse or neglect to ensure access to the valuator, even after written request thereto, the bond fulfillment date as stipulated in clause 2.1 will be construed as breach of contract extended by the purchaser and he/she will be liable for inter alia the estate agent’s commission7 (seven) calendar days.