Common use of ASSOCIATIONS OR TRUSTS Clause in Contracts

ASSOCIATIONS OR TRUSTS. If any person purports to represents another person, association or a trust and sign this agreement in that capacity, then the individual so signing shall be personally liable to procure the signatures of the other relevant individuals mandated to sign documents and agreements of this nature, in terms of that association’s constitution or the trust’s Deed of Trust. If the other designated persons either do not exist at the time of signing this document or if their signatures are not procured by the individual signing this agreement within two weeks from date of signature hereof, then and in that event, such person signing shall be personally liable and bound by the terms hereof and shall in all respects be considered to be the Purchaser in terms of this agreement. 12.1 Where the Purchaser is acting as an agent or nominee for a principal, the Purchaser shall be entitled, by notice in writing to that effect addressed to the Seller or Property Practitioner, to nominate its principal in its place as Purchaser, upon the following terms and conditions: 12.1.1 notice of such nomination shall be handed to the Seller or the Property Practitioner by not later than close of business on the day of acceptance of this offer by the Seller, accompanied by a copy of the agreement, inter alia, so appointing the Purchaser as agent or nominee; 12.1.2 the notice shall set out the name and address of the nominee so nominated as Xxxxxxxxx; 12.1.3 the notice shall be accompanied by the principal’s written acknowledgement: 12.1.3.1 that it is fully aware of all the terms and conditions of this agreement as well as the rules of auction as fully set out in such written acknowledgement; and 12.1.3.2 that it is bound by the provisions of this agreement and the rules of auction as the Purchaser; 12.2 Should the Purchaser nominate a nominee in terms of this clause, then: 12.2.1 all reference to the Purchaser in this agreement shall be deemed to be a reference to its nominee; and 12.2.2 the Purchaser, by its signature hereto, hereby interposes and binds itself jointly and severally as surety and co-principal debtor in solidum to the Seller and the Property Practitioner for all the obligations of the nominee in terms of this agreement, including damages and losses and consequential damages as may arise. 12.3 Should the Purchaser fail to nominate a principal by close of business on the date of acceptance by the Seller, then it shall be bound to perform all his obligations as Purchaser in terms of this agreement. 12.4 Other than set out above in respect of nominee agreements, the Purchaser shall not without the express written consent of the Seller on-sell the property, or alienate, cede and/or assign any of its rights and responsibilities under this agreement to any third party prior to registration of transfer of the property into its name. Any transaction entered into by the Purchaser in contradiction of this prohibition may be ignored as pro non scripto by the Seller.

ASSOCIATIONS OR TRUSTS. If any person purports to represents another person, association or a trust and sign this agreement in that capacity, then the individual so signing shall be personally liable to procure the signatures of the other relevant individuals mandated to sign documents and agreements of this nature, in terms of that association’s constitution or the trust’s Deed of Trust. If the other designated persons either do not exist at the time of signing this document or if their signatures are not procured by the individual signing this agreement within two weeks from date of signature hereof, then and in that event, such person signing shall be personally liable and bound by the terms hereof and shall in all respects be considered to be the Purchaser in terms of this agreement. 12.1 Where the Purchaser is acting as an agent or nominee for a principal, the Purchaser shall be entitled, by notice in writing to that effect addressed to the Seller or Property Practitioner, to nominate its principal in its place as Purchaser, upon the following terms and conditions: 12.1.1 notice of such nomination shall be handed to the Seller or the Property Practitioner by not later than close of business on the day of acceptance of this offer by the Seller, accompanied by a copy of the agreement, inter alia, so appointing the Purchaser as agent or nominee; 12.1.2 the notice shall set out the name and address of the nominee so nominated as XxxxxxxxxPurchaser; 12.1.3 the notice shall be accompanied by the principal’s written acknowledgement: 12.1.3.1 that it is fully aware of all the terms and conditions of this agreement as well as the rules of auction as fully set out in such written acknowledgement; and 12.1.3.2 that it is bound by the provisions of this agreement and the rules of auction as the Purchaser; 12.2 Should the Purchaser nominate a nominee in terms of this clause, then: 12.2.1 all reference to the Purchaser in this agreement shall be deemed to be a reference to its nominee; and 12.2.2 the Purchaser, by its signature hereto, hereby interposes and binds itself jointly and severally as surety and co-principal debtor in solidum to the Seller and the Property Practitioner for all the obligations of the nominee in terms of this agreement, including damages and losses and consequential damages as may arise. 12.3 Should the Purchaser fail to nominate a principal by close of business on the date of acceptance by the Seller, then it shall be bound to perform all his obligations as Purchaser in terms of this agreement. 12.4 Other than set out above in respect of nominee agreements, the Purchaser shall not without the express written consent of the Seller on-sell the property, or alienate, cede and/or assign any of its rights and responsibilities under this agreement to any third party prior to registration of transfer of the property into its name. Any transaction entered into by the Purchaser in contradiction of this prohibition may be ignored as pro non scripto by the Seller.