BOND FINANCE. 12.1. This agreement is subject to the following suspensive conditions:
12.1.1. that a Building Contract be concluded between the Contractor and the Purchaser, for the erection of a dwelling house on the property, within 7 (seven) days from date of signature of this Agreement;
12.1.2. that the Purchaser obtain a loan upon the security of a first mortgage bond to be passed over the property from a Bank or other recognised financial institution at prevailing bank rates and terms in the amount of not less than R........................................... (........................................... ……................................................................................... …....................................................................................... .............................................................................. RAND) within 21 (twenty-one) days from date of signature of this Agreement hereof, both days inclusive, or within any extended period granted to the Purchaser by the Seller in writing. The parties agree that the issue of a pre- agreement quotation by any financial institution will constitute fulfilment of this condition.
12.2. The Purchaser undertakes, within 7 (seven) days from date of signature of this Agreement, to sign all documents relating to such application and to do all such things as may be required to make application for a loan to a financial institution through the Bond Originator or Agent.
12.3. The Purchaser acknowledges that he is familiar with all the applicable requirements of financial institutions relating to the granting of a bond based on the Purchaser's income and liabilities, ability to pay and the total exposure of the Purchaser towards other financial institutions.
12.4. The Purchaser warrants that he is solvent and that no existing judgments are recorded against his name.
12.5. The Purchaser hereby irrevocably and unconditionally authorises and appoints the Bond Originator or Agent to make application for the mortgage bond on his behalf.
12.6. It is specifically agreed between the parties that, should –
12.6.1. the Building Contract not be concluded as set out in clause 12.1.1; OR
12.6.2. loan finance not be granted to the Purchaser, for any reason whatsoever, within the period provided for in clause 12.1.2; OR
12.6.3. The Seller or the Bond Originator or Agent, at any time in their sole discretion, become of the opinion that it will be impossible to obtain the required loan finance for th...
BOND FINANCE. 6.1 This sale is subject to the Purchaser (or the Seller or the Agency on the Purchaser’s behalf) by no later than (DATE) raising a loan on security of a mortgage bond over the Property for R ( such lessor amount as may be accepted by the purchaser. On such terms and subject to such conditions as are customarily imposed by mortgage lending financial institutions. The Purchaser warrants that he/she/it qualifies for such loan and knows of no factors which might prevent a financial institution from issuing a loan quotation. This condition shall be deemed to have been fulfilled on the date upon which the mortgage lender issues a written loan quotation. If the loan quotation is not issued by the date referred to above the period for raising the loan shall be extended automatically for a further 10 (Ten) days.
6.2 The provisions of 6.1 are inserted for the benefit of the Purchaser who/which may waive the condition expressly or by conduct.
6.3 The parties by written agreement shall be entitled to waive, amend or extend the period of fulfillment of the suspensive condition, in which event the guarantees referred to in clause 2.2 shall be delivered within 15 days after receipt of the written loan quotation.
6.4 This condition shall be deemed to be fulfilled once the financial institution issues a Grant Quotation or Cost of Credit document in respect of the loan.
BOND FINANCE. 2.1 This sale is subject to the suspensive condition that the Purchaser is able to procure a loan / finance in the amount of not less than R ( ) within days of signature hereof on the security of a mortgage bond/s to be registered over the Property by a recognised Bank and subject to the terms and conditions imposed by the financial institution at his expense.
2.2 Should the bond/s not be granted, both parties agree, at the sole election of the AGENT, to a 21 day extension of time to facilitate the obtaining of the mortgage bond/s. Should the bond/s be granted for a lesser amount upon the PURCHASER’S request, the suspensive condition shall be deemed to be fulfilled.
2.3 Should the Purchaser not be granted the full amount of the mortgage bond that they have requested from the banking or lending institution, the purchaser states that he/she/they are able to secure the balance of the purchase price within the specified time stated in 2.1
2.4 The Seller and the Purchaser agree that the Agent may attend to the application and submission of all home loan/building bond applications on behalf of the purchasers to ensure that any possible delays are contained to an absolute minimum.
2.5 The Purchaser accordingly unconditionally and irrevocably agrees to give full co-operation to the Agent and to do all things necessary to enable the Agent on the Purchaser's behalf to procure bond finance.
2.6 The Purchaser acknowledges that it is a material term of this sale that he signs and submits all documentation necessary to make application for a mortgage bond/s in fulfilment hereof. Failure to do so will constitute a breach of contract and shall have the effect of this clause being fictionally fulfilled.
2.7 The Purchaser acknowledges that charges are payable in respect of the granting of credit.
2.8 The Purchaser warrants that he is solvent and no existing judgments/adverse reports are recorded against his name.
2.9 The loan will be deemed fulfilled on the date that the financial institution issues a written approval or a quotation and/or pre agreement statement for the amount of the loan required from the financial institution and will further be deemed fulfilled upon advice given by the respective mortgagee/s that the loan/s has/have been approved in principle or in final form.
2.10 If the loan/s is/are not approved through no fault of the Purchaser, the sale shall lapse and be of no force and effect and the deposit paid by the Purchaser shall, subject to Clause 9, be re...
BOND FINANCE. 6.1. The sale is subject to the Purchaser (or the Seller or CLEAR STREAM REALTY on the Purchaser's behalf) by no later than raising a loan on security of a mortgage bond over the Property for R ( ) on such terms and conditions and subject to such conditions as are customarily imposed by mortgage lending financial institutions. The Purchaser warrants that he/she/it qualifies for such loan and knows of no factors which might prevent the loan from being granted. This condition shall be deemed to have been fulfilled on the date upon which the mortgage lender approves the loan in writing. If the loan is not granted by the date referred to above the period for raising the loan shall be extended automatically for a further 30 (thirty) days.
6.2. The provisions of 6.1 are inserted for the benefit of the Purchaser who/which may waive the condition expressly or by conduct.
BOND FINANCE. 15.2.1 This agreement is further subject thereto that the Purchaser obtain a loan upon the security of a first mortgage bond to be passed over the Unit from a Bank or other recognised financial institution at prevailing bank rates and terms in the amount of not less than R........................................... (........................................... …….................................................................................... …........................................................................................ ............................................................................ RAND) within twenty one (21) days from date of signature of this Agreement hereof, both days inclusive, or within any extended period granted to the Purchaser by the Seller in writing. The parties agree that the acceptance of a pre- agreement quotation by any financial institution will constitute fulfilment of this condition.
BOND FINANCE. It is a specific term of this Agreement that the Owner will finance the works for which the Contractor is being appointed, with a building loan and that the works will at all times be subject to the requirements of the Commercial Bank which approves the loan for this purpose. The building loan will be in the form of an irrevocable guarantee for the contract price, which is acceptable to the contractor, delivered within 45 (forty five) days from signature of this contract by the contractor.
BOND FINANCE. 9.1 The sale constituted by the acceptance of this Offer to Purchaser is subject to the Purchaser being granted approval of a loan on security of the Property for an amount of: R_________________________________ on such terms and conditions as are customarily imposed by mortgage lending financial institutions.
9.2 The loan must be approved on or before ___________________________ or such extended period as the Seller may in his sole discretion allow in writing, failing which this Agreement shall be cancelled automatically and any deposit paid in terms hereof shall be refunded and no commission is payable to the agent.
9.3 This condition shall be deemed to have been fulfilled on the date upon which the financial institution issues a written loan quotation to the Purchaser.
9.4 This condition is inserted for the benefit of the Purchaser who may waive compliance therewith by written notice to the Seller.
BOND FINANCE. 5.1 This sale is suspensive conditional upon the Purchaser (or the Seller or the estate agent or the bond originator on behalf of the purchaser) obtaining approval in principle of a loan upon the security of a first mortgage bond to be passed over the property as a result of this sold from a Bank or other recognised financial institution at prevailing bank rates and terms in the amount of not less than R……………………………..(……………………………… ……………………………………………………………….. ………………………………………………………… RAND) within thirty (30) days from date of signature hereof, both days inclusive, or any extension of time granted in writing to the purchaser by the seller from time-to-time.
5.2 The conditions set out in clause 5.1 hereof will be deemed to have been fulfilled if such financial institution agrees to grant such loan:
5.2.1 and upon receipt by the agent or seller of written advice from the bank/financial institution that the loan/bond had been granted in principle;
5.2.2 subject to it being guaranteed by the purchaser's spouse or surety, as the case may be; and
5.2.3 subject to any terms usually imposed by such financial institution including the requirement of suretyship in the case of a Trust, Company or Corporation;
5.2.4 for an amount of less than the sum stipulated in clause 5.1 hereof. The purchaser does not notify the seller in writing (before the date required for the fulfilment of the suspensive condition) that he does not wish to proceed with the transaction.
5.3 The Purchaser:
5.3.1 warrants that his financial position is such that, having regard to the criteria or requirements usually applied by financial institutions (assurances that he is solvent and that no existing judgments are recorded against his name), his application for a loan will not be refused;
5.3.2 undertakes, within 7 (seven) days from date of signature hereof, to sign all such documents relating to such application and to do all such things as may be required to make an application for a loan to a financial institution. He shall use his best endeavours to procure fulfilment of this condition and, without limiting the generality of the preceding, the purchaser furthermore undertakes to fulfil all of the requirements laid down by the financial institution in question in connection with the grant of such loan;
5.3.2.1 where the purchaser is married in community of property, the spouse of the purchaser must sign this agreement, or where the purchaser is a company or close corporation (whether to be formed or...
BOND FINANCE. 2.1 The Purchaser undertakes forthwith to apply for a loan for the amount stated in 1.4 of the Offer and agrees that if such loan is not granted within 30 days of the acceptance of the offer contained in this Agreement by the Seller or by such later date as the Seller may agree to in writing, then this Agreement shall lapse and be of no further force or and the Seller shall forthwith repay to the Purchaser all amounts paid by the Purchaser in respect of the Purchase Price of the Property.
2.2 In order to facilitate the efficient and expeditious fulfilment of suspensive conditions it is recorded that the services of a mortgage originator appointed by the Seller will be used by the Purchaser when making application for a loan as referred to in 2.1 above; and that the Conveyancers shall be instructed to attend to the registration of any mortgage bond pursuant to such loan.
BOND FINANCE. This sale is conditional upon:
5.1 The Purchaser being able to obtain from a registered financial institution, within 30 days of signature hereof, a Loan/s of not less than on the security of a mortgage bond/s to be registered over the property at rates and subject to terms and conditions as imposed by the financial institution to which application is made by the Purchaser.
5.2 The Purchaser undertakes to complete, sign and submit to such financial institution, a loan application within 7 (seven) days of acceptance of this offer and subsequently on request to complete any new loan application and all documents deemed necessary by the Seller to facilitate transfer, failing which the suspensive condition herein contained shall be deemed to be fulfilled.
5.3 This document is null and void if the bond is not granted within 30 days of acceptance of this offer.
