Common use of BREACH AND CANCELLATION Clause in Contracts

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 7 contracts

Samples: Agreement of Sale, Agreement of Sale, Agreement of Sale

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BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach16.1. Should the Defaulting Party PURCHASER fail to comply with any of the terms or conditions of this Agreement within 7 (SEVEN) days of receipt of written demand, the SELLER shall on such breach be entitled without further notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to:either; 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right 16.1.1. to cancel this Agreement, then pending the determination take occupation of the disputePROPERTY and have the PROPERTY sold by auction or private treaty, in his sole discretion. The PURCHASER shall then be liable for all costs of such re-sale and any deficiency in price which results therefrom. All payments made by the Purchaser will be obliged PURCHASER to continue with the payment of all amounts payable by him in terms of SELLER and/or the AUCTIONEER pursuant to this Agreement on shall then be regarded as "rouwkoop" and be forfeited by the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts PURCHASER in favour of the Seller SELLER or be regarded as liquidated, pre-estimated damages; or 16.1.2. to hold the Sellers has become entitled PURCHASER bound by this Agreement and to retain claim forthwith payment of the Deposit or entire purchase price and any other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay damages caused because of such amounts to the Seller on demandbreach. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 16.1.3. In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the sale following upon; 16.1.4. a breach by the PURCHASER, the PURCHASER shall forthwith become liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth and the parties hereto agree that such commission and charges shall constitute a first charge against the deposit, if any, paid by the PURCHASER and shall be paid wholly or in part there from; 16.1.5. a breach by the SELLER, the SELLER shall forthwith become liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth; 16.1.6. an agreement subject between the SELLER and the PURCHASER to clause 7.2which agreement the AUCTIONEER is not party, the SELLER and the PURCHASER shall forthwith become jointly and severally liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth and the parties hereto agree that such commission and charges shall constitute a first charge against the deposit, if any, paid by the PURCHASER and shall be paid wholly or in part there from.

Appears in 7 contracts

Samples: Offer to Purchase, Offer to Purchase, Offer to Purchase

BREACH AND CANCELLATION. 28.1 26.1 If either Party ("the Defaulting Party") fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on the due date, or commit commits a breach of any other of the terms and conditions of this agreement then the other party Party ("the Aggrieved Party") will be entitled to give the Defaulting Party 5 (five) business days' days (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty twenty-four) hours) hours written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice prejudice, to any other rights and remedies that it may have in law law, including the right to claim damages to: 28.1.1 26.1.1 hold the defaulting party to the contract and demand fulfilment of his obligations in terms thereof; or 26.1.2 cancel this the Agreement without prejudice to the Aggrieved party’s rights without any further notice and claim damages and if suffered because of such breach. If the Purchaser being cancellation was due to the defaulting partyPURCHASER’S breach the SELLER shall be entitled to: 26.1.2.1 Retain all amounts paid by or on behalf of the PURCHASER on account of the purchase price as liquidated damages; and/or 26.1.2.2 claim all damages suffered by the SELLER by reason of such breach, in which event the Seller parties hereby agree that the SELLER shall be entitled to retain all monies any amounts paid under this agreement in reduction of such damages sustained by the Purchaser SELLER without prejudice to the Seller and/or the SellerSELLER's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 rights to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of such damages from the purchase price in the event of the Purchaser being the defaulting partyPURCHASER. 28.2 Should either party dispute 26.2 If the other party’s PURCHASER disputes the SELLER'S right to cancel this Agreement, then pending the determination and/or remains in occupation of the disputeUNIT after the date of cancellation or purported cancellation, the PURCHASER shall continue to pay occupational interest as herein provided in consideration for continuing to occupy the UNIT. 26.3 Suppose the Seller institutes legal proceedings against the Purchaser due to his failure to fulfill his obligations in the Agreement. In that case, the Purchaser acknowledges that he will be obliged to continue with the payment of liable for all amounts payable legal costs, including collection commission, incurred by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover on an attorney and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementclient scale. 28.3 26.4 Where the Purchaser has forfeited the Deposit Deposit, and other amounts in favour of the Seller or the Sellers has have become entitled to retain the Deposit or other different amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts charges to the Seller on demand. 28.4 26.5 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to will vacate the Property within 24 (twenty-four) hours of such cancellation cancellation, and the Seller shall immediately be entitled to resell the Propertyproperty. 28.5 26.6 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Schemeregistry, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 26.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the Purchaser's name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date. In this event, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26). 28.8 26.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 26.9 Should the sale be cancelled after complying with clause 8.2 the suspensive conditions due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% (five percent) of the Purchase Price as wasted costs as well as Agents Agent’s commission as liquidated damages. 28.10 26.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2agreement.

Appears in 3 contracts

Samples: Agreement of Sale, Sale Agreement, Agreement of Sale

BREACH AND CANCELLATION. 28.1 23.1. If either Party ("the Defaulting Party") fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on the due date, or commit commits a breach of any other of the terms and conditions of this agreement Agreement then the other party Party ("the Aggrieved Party") will be entitled to give the Defaulting Party 5 (five) business days' Business Days (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty twenty-four) hours) hours written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice prejudice, to any other rights and remedies that it may have in law law, including the right to claim damages to: 28.1.1 23.1.1. hold the defaulting party to the contract and demand fulfilment of his obligations in terms thereof; or 23.1.2. cancel this the Agreement without prejudice to the Aggrieved party’s rights without any further notice and claim damages and if suffered because of such breach. If the cancellation was due to the Purchaser’s breach the Seller shall be entitled to: 23.1.2.1. Retain all amounts paid by or on behalf of the Purchaser being on account of the defaulting partypurchase price as liquidated damages; and/or 23.1.2.2. claim all damages suffered by the Seller by reason of such breach, in which event the parties hereby agree that the Seller shall be entitled to retain all monies any amounts paid under this Agreement in reduction of such damages sustained by the Purchaser Seller without prejudice to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 rights to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of such damages from the purchase price in the event of Purchaser. 23.2. If the Purchaser being disputes the defaulting party. 28.2 Should either party dispute the other party’s Seller's right to cancel this Agreement, then pending the determination and/or remains in occupation of the disputeProperty after the date of cancellation or purported cancellation, the Purchaser shall continue to pay occupational interest as herein provided in consideration for continuing to occupy the Property. 23.3. Suppose the Seller institutes legal proceedings against the Purchaser due to his failure to fulfill his obligations in the Agreement. In that case, the Purchaser acknowledges that he will be obliged to continue with the payment of liable for all amounts payable legal costs, including collection commission, incurred by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover on an attorney and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreementclient scale. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement.Seller(s) Initial Purchaser(s) Initials Witnesses Initial 28.3 23.4. Where the Purchaser has forfeited the Deposit Deposit, and other amounts in favour of the Seller or the Sellers has have become entitled to retain the Deposit or other different amounts paid to the Trust Account, the Transferring Attorney Conveyancer will be obliged to pay such amounts charges to the Seller on demand. 28.4 23.5. Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to will vacate the Property within 24 (twenty-four) hours of such cancellation cancellation, and the Seller shall immediately be entitled to resell the Property. 28.5 23.6. If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Schemeregistry, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 23.7. Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the Purchaser's name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date. In this event, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26). 28.8 23.8. Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 R5, 000.00 (Five Thousand Rand). 28.9 23.9. Should the sale be cancelled after complying with clause 8.2 the suspensive conditions due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement Agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% (five percent) of the Purchase Price as wasted costs as well as Agents Agent’s commission as liquidated damages.. Seller(s) Initial Purchaser(s) Initials Witnesses Initial 28.10 23.10. The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney Conveyancer to pay the amount due to the Agent/Seller from the Transferring Attorneys Conveyancer’s trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2Agreement.

Appears in 2 contracts

Samples: Turnkey Deed of Sale, Turnkey Deed of Sale

BREACH AND CANCELLATION. 28.1 If either Party (“9.1 Should the Defaulting Party”) fail to pay any amount, or fail to provide Tenant and/or the guarantee(s) required in terms Resident be responsible for a material breach of this Agreement on and/or fail to make due date, payment or commit remedy such breach (if capable of remedy) within a breach period of any other ten (10) business days after receipt of written notice of that effect from the terms and conditions of this agreement then Landlord: 9.1.1 the other party (“the Aggrieved Party”) will Landlord shall be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written without further notice to remedy such breach. Should the Defaulting Party fail Tenant to comply with such notice, the Aggrieved Party shall be entitled, cancel this Agreement without prejudice to any other rights and remedies that claims of any nature whatsoever which it may have in law including against the right to claim damages to:Parties as a result thereof; 28.1.1 cancel this Agreement without any further notice 9.1.2 the Landlord shall impose a cancellation penalty on the Tenant and claim damages Resident, as set out below; 9.1.3 the Tenant and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser Resident will remain liable to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with Landlord for any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party amounts owed in terms of this Agreement, including immediate payment up to date of cancellation. 9.2 Should the Resident breach this Agreement due to breaching any of the balance and/or whole House Rules (not being a material breach) 3 (three) times during the Lease Period the Landlord shall be entitled, but not obliged, to: 9.2.1 cancel this Agreement as at the end of the purchase price next calendar month immediately following the expiry of 20 (twenty) Business Days following the Landlord’s written notice to the Resident of its intention to cancel the Agreement; 9.2.2 impose a cancellation penalty on the Tenant and Resident, as set out below, in addition to any amounts owed to the Landlord in terms of this Agreement up to date of cancellation. 9.3 If the Tenant wishes to cancel this Agreement prior to the Termination Date, in terms of any right to do so, the: 9.3.1 Tenant shall be entitled to cancel this Agreement as at the end of the next calendar month immediately following the expiry of 20 (twenty) Business Days following the Tenant’s written notice to the Resident of its intention to cancel the Agreement; 9.3.2 Tenant remaining liable for the Rental Amount, cancellation penalty and any other amounts due to the Landlord up to date of cancellation; 9.3.3 Landlord shall be entitled to a cancellation penalty based on, amongst other factors the amount of the Rent payable, the remaining duration of the Agreement and the prospect for re-letting. 9.4 The Parties agree that in the event that a suitable replacement tenant is not procured to replace the Tenant prior to the cancellation date, the Landlord shall be entitled to charge a minimum cancellation penalty equal to three (3) months’ Rent. 9.5 While the Resident is in occupation of the Purchaser being Unit and irrespective of any dispute between the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this AgreementParties, then pending the determination of the dispute, the Purchaser will be obliged Tenant shall continue to continue with the payment of pay all amounts payable by him due to the Landlord in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.same

Appears in 1 contract

Samples: Lease Agreement

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on due date, or commit commits a breach of any other of the terms and conditions of this agreement Agreement then the other party Party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 : cancel this Agreement without any further notice and claim damages and if in the event that the Purchaser being is the defaulting partyDefaulting Party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 or to claim immediate performance and/or payment, of all the obligations of the defaulting Defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price Purchase Price in the event of the Purchaser being the defaulting party. 28.2 Defaulting Party. Should either party Party dispute the other partyParty’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 . Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 . Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-twenty- four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 . If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Sectional Title Register and the registration of the Sectional Plan or the registration of the extension of the SchemePlan, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 . In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Sectional Title Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 . Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 25. Should the contract Agreement be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 . Should the sale Agreement be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement Agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 . The reservation deposit Reservation Seposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 27.8 and 28.927.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement Agreement subject to clause 7.2.

Appears in 1 contract

Samples: Agreement of Sale

BREACH AND CANCELLATION. 28.1 If either Party (“Except as otherwise provided in this paragraph, it is understood and agreed that if Forx Builders Association fails to open the Defaulting Party”) fail to pay any amountExpo on the date and at the place as herein provided, or fail to provide furnish the guarantee(s) required in terms of this Agreement on due datespace to the Exhibitor as herein described, or commit comparable space, it will refund to the Exhibitor all payments paid hereunder, which sum shall be in full satisfaction of all loss or damage suffered by the Exhibitor from such cause. If, however, it becomes necessary to cancel the Expo on account of epidemic, pandemic, viral outbreak, strikes, fires, casualties, acts of God or any other cause beyond Forx Builders’ control, any refunds to Exhibitors of sums paid to Forx Builders shall be handled as follows: All sums paid by Exhibitors to Forx Builders shall first be retained by Forx Builders to reimburse FBA for the total expenses incurred by FBA in the production of the Expo; any excess sums remaining thereafter shall be refunded to individual Exhibitors on a breach pro rata basis based on the Contract Price actually paid by the Exhibitor, all as determined in the sole discretion of Forx Builders. In the event the Expo is cancelled for any reason, the Exhibitor shall and does hereby waive any claims for damages resulting from such cancellation. If it becomes necessary to postpone the production of the Spring Expo for any reason and Exhibitor elects not to participate in the postponed Expo, all amounts paid by the Exhibitor to the FBA toward the Contract Price will be refunded, and the Exhibitor shall and does hereby waive any claim for damages. In fairness to the Exhibitors and public alike, the Forx Builders reserves the right to refuse any exhibit, or any Exhibitor, or employee, which or who in the opinion of the Forx Builders is not in the best interest of the Expo, and may at any time without assigned causes, and without notice, cancel the Contract and remove the Exhibitor, his agents and property from the building. In the event of such cancellation, the Exhibitor hereby waives any claim for damages or for the recovery of any other rental monies. Absolutely no refunds will be made. Any Exhibitor violating any of the terms above rules and conditions of this agreement then regulations shall upon oral notification by the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registrationForx Builders, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to forthwith comply with such noticerules and regulations. The Forx Builders reserves the right, the Aggrieved Party shall be entitledupon refusal of Exhibitor to comply herewith, without prejudice to any other rights cancel Exhibitor’s lease and remedies that it may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice remove, at Exhibitor’s expense, its exhibit and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies previously paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser rent as liquidated damages. Such costs shall include but not be limited to the wasted costs damages for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand)Exhibitor’s breach. 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Exhibitor Contract

BREACH AND CANCELLATION. 28.1 27.1 If either Party ("the Defaulting Party") fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on the due date, or commit commits a breach of any other of the terms and conditions of this agreement then the other party Party ("the Aggrieved Party") will be entitled to give the Defaulting Party 5 (five) business days' days (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty twenty-four) hours) hours written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice prejudice, to any other rights and remedies that it may have in law law, including the right to claim damages to: 28.1.1 27.1.1 hold the defaulting party to the contract and demand fulfilment of his obligations in terms thereof; or 27.1.2 cancel this the Agreement without prejudice to the Aggrieved party’s rights without any further notice and claim damages and if suffered because of such breach. If the Purchaser being cancellation was due to the defaulting partyPURCHASER’S breach the SELLER shall be entitled to: 27.1.3 Retain all amounts paid by or on behalf of the PURCHASER on account of the purchase price as liquidated damages; and/or 27.1.4 claim all damages suffered by the SELLER by reason of such breach, in which event the Seller parties hereby agree that the SELLER shall be entitled to retain all monies any amounts paid under this agreement in reduction of such damages sustained by the Purchaser SELLER without prejudice to the Seller and/or the SellerSELLER's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 rights to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of such damages from the purchase price in the event of the Purchaser being the defaulting partyPURCHASER. 28.2 Should either party dispute 27.2 If the other party’s PURCHASER disputes the SELLER'S right to cancel this Agreement, then pending the determination and/or remains in occupation of the disputeUNIT after the date of cancellation or purported cancellation, the PURCHASER shall continue to pay interest (including occupational interest) and all levies as herein provided in consideration for continuing to occupy the UNIT. 27.3 Suppose the Seller institutes legal proceedings against the Purchaser due to his failure to fulfill his obligations in the Agreement. In that case, the Purchaser acknowledges that he will be obliged to continue with the payment of liable for all amounts payable legal costs, including collection commission, incurred by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover on an attorney and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementclient scale. 28.3 27.4 Where the Purchaser has forfeited the Deposit Deposit, and other amounts in favour of the Seller or the Sellers has have become entitled to retain the Deposit or other different amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts charges to the Seller on demand. 28.4 27.5 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby now undertakes to vacate the Property within 24 (twenty-twenty- four) hours of such cancellation cancellation, and the Seller shall immediately be entitled to resell the Propertyproperty. 28.5 27.6 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that 27.7 If the Seller claims specific performance, the Purchaser shall shall, in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement lodgment thereof. 28.7 27.8 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the Purchaser's name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date. In this event, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26Clause 5. 28.8 27.9 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 27.10 Should the sale be cancelled after complying with clause 8.2 due 7due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% (five percent) of the Purchase Price as wasted costs as well as Agents Agent’s commission as liquidated damages. 28.10 27.11 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 26.8 and 28.926.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2agreement.

Appears in 1 contract

Samples: Agreement of Sale

BREACH AND CANCELLATION. 28.1 12.1 If either Party the Purchaser commits any breach of this agreement and fails to remedy such breach within 7 (seven) days after dispatch, by registered post or email, of written notice requiring the Defaulting Party”) fail Purchaser to pay any amountremedy the breach complained of, or fail then the Seller shall be entitled either:- 12.1.1 to provide the guarantee(s) required enforce this agreement and to claim payment of all amounts payable in terms of this Agreement on agreement, whether or not such amounts are then due date, or commit a breach for payment; or 12.1.2 to cancel this agreement by written notice to the Purchaser. 12.1.3 It will be deemed that such notice has been received and the cancellation become effective if sent by registered mail within 5 days from date of any other sending and if sent by email within 24 hours of time of sending of email. 12.2 In the event of such cancellation: - 12.2.1 the Purchaser shall immediately deliver possession and occupation of the terms Property and conditions of this agreement then any improvements therein to the other party (“Seller at the Aggrieved Party”) will Purchaser’s expense; 12.2.2 the Purchaser shall have no claim for compensation for any improvements to the Property, which improvements shall vest in the Seller; 12.2.3 any amounts paid by the Purchaser to the Seller shall be forfeited to the Seller or, 12.2.4 alternative to 12.2.3 at the Seller’s option, the Seller shall be entitled to give claim and recover such damages as the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it Seller may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting partysuffered, pending determination of which the Seller shall be entitled to retain all monies paid by amounts referred to in 12.2.3 to be set off against the said damages upon the determination thereof. 12.2.5 The Purchaser will be liable for the Conveyancing attorneys wasted costs in respect of the transfer and the bond as well as the agents commission. 12.3 any legal action against the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid the costs shall be payable on the scale as between attorney and own client. 12.4 The purchaser is not entitled to cancel the agreement or to request a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party lowering in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in or any other amount due to any difference or discrepancy between the event of site plan, floor plan and/or section title plan and/or any amendment to the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the disputeamount of, the Purchaser will be obliged to continue with the payment extent of all amounts payable by him in terms or situation of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementunits. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Offer to Purchase

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 : cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 or to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 . Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 . Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 . Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-twenty- four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 . If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 . In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 . Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 . Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 . Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 . The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Agreement of Sale

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand)documentation. 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Sale Agreement

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BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 : cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 or to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 . Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 . Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 . Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-twenty- four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 . d If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 . In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Sale Agreement

BREACH AND CANCELLATION. 28.1 24.1 If either Party ("the Defaulting Party") fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on the due date, or commit commits a breach of any other of the terms and conditions of this agreement then the other party Party ("the Aggrieved Party") will be entitled to give the Defaulting Party 5 (five) business days' days (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty twenty-four) hours) hours written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice prejudice, to any other rights and remedies that it may have in law law, including the right to claim damages to: 28.1.1 24.1.1 hold the defaulting party to the contract and demand fulfilment of his obligations in terms thereof; or 24.1.2 cancel this the Agreement without prejudice to the Aggrieved party’s rights without any further notice and claim damages and if suffered because of such breach. If the Purchaser being cancellation was due to the defaulting partyPURCHASER’S breach the SELLER shall be entitled to: 24.1.2.1 Retain all amounts paid by or on behalf of the PURCHASER on account of the purchase price as liquidated damages; and/or 24.1.2.2 claim all damages suffered by the SELLER by reason of such breach, in which event the Seller parties hereby agree that the SELLER shall be entitled to retain all monies any amounts paid under this agreement in reduction of such damages sustained by the Purchaser SELLER without prejudice to the Seller and/or the SellerSELLER's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 rights to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of such damages from the purchase price in the event of the Purchaser being the defaulting partyPURCHASER. 28.2 Should either party dispute 24.2 If the other party’s PURCHASER disputes the SELLER'S right to cancel this Agreement, then pending the determination and/or remains in occupation of the disputeUNIT after the date of cancellation or purported cancellation, the Purchaser PURCHASER shall continue to pay occupational interest as herein provided in consideration for continuing to occupy the UNIT. 24.3 If the Aggrieved Party institutes legal proceedings against the Defaulting Party due to his failure to fulfill his obligations in the Agreement. In that case, the Aggrieved Party acknowledges that he will be obliged to continue with the payment of liable for all amounts payable legal costs, including collection commission, incurred by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover on an attorney and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementclient scale. 28.3 24.4 Where the Purchaser has forfeited the Deposit Deposit, and other amounts in favour of the Seller or the Sellers has have become entitled to retain the Deposit or other different amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts charges to the Seller on demand. 28.4 24.5 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to will vacate the Property within 24 (twenty-four) hours of such cancellation cancellation, and the Seller shall immediately be entitled to resell the Propertyproperty. 28.5 24.6 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that 24.7 If the Seller claims specific performance, the Purchaser shall shall, in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement lodgment thereof. 28.7 24.8 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the Purchaser's name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date. In this event, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26). 28.8 24.9 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 24.10 Should the sale be cancelled after complying with clause 8.2 the suspensive conditions due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% (five percent) of the Purchase Price as wasted costs as well as Agents Agent’s commission as liquidated damages. 28.10 24.11 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2agreement.

Appears in 1 contract

Samples: Sale Agreement

BREACH AND CANCELLATION. 28.1 If 11.1. The Parties to this Agreement acknowledge that this Agreement is based on good faith and, in the event of a disagreement or dispute arising between the Parties (whether having arisen out of a breach of this Agreement or otherwise), the Parties shall endeavour to resolve the issues between them by means of consultation and negotiation in terms of clause 12 below. 11.2. In the event of a breach of any of the provisions of this Agreement, and the Parties are unable to resolve same in accordance with clause 11.1 above, then either Party (“the Defaulting Partyaggrieved party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then shall give the other party Party (“the Aggrieved Partydefaulting party”) will be entitled to give the Defaulting Party 5 10 (fiveten) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) Days written notice to remedy such the breach. Should the Defaulting Party defaulting party fail to comply with such notice, the Aggrieved Party aggrieved party shall be entitled to terminate this Agreement by providing the defaulting party with written notification of termination, which termination shall be on no less than 1 (one) months' notice. 11.3. Notwithstanding the above clause, in the event that the Customer has failed to pay any amount and/or Invoice due to Reflex after 5 (five) Days have elapsed from the due date of the applicable Invoice, and such unpaid amount and/or Invoice is not subject to a dispute in terms of clauses 5.12 and 5.13, Reflex shall be entitled, in its sole discretion, to cancel this Agreement and/or any applicable Service Schedule(s) on 5 (five) Days written notice to the Customer and demand payment of any and/or all outstanding amounts. 11.4. In the event that the Customer has breached this Agreement and such breach has remained unresolved after written notice to Customer, Customer shall be liable for and shall pay Reflex a breach penalty charge calculated as the Fees and charges that would have become due and payable by Customer to Reflex under this Agreement and/or Service Schedule for the remainder of the duration of this Agreement and/or Service Schedule, as the case may be. 11.5. The aforesaid relief is without prejudice to any other rights and remedies that it which either Party may have in law including the right to claim damages to:law. 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the 11.6. The defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event case of a breach, shall pay the Purchaser being the defaulting aggrieved party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement 's legal costs and disbursements on the due dates thereof scale as between attorney and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementown client. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Master Services Agreement

BREACH AND CANCELLATION. 28.1 23.1 If either Party ("the Defaulting Party") fail fails to pay any amount, or fail fails to provide the guarantee(s) required in terms of this Agreement on the due date, or commit commits a breach of any other of the terms and conditions of this agreement then the other party Party ("the Aggrieved Party") will be entitled to give the Defaulting Party 5 (five) business days' days (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty twenty-four) hours) hours written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice prejudice, to any other rights and remedies that it may have in law law, including the right to claim damages to: 28.1.1 23.1.1 hold the defaulting party to the contract and demand fulfilment of his obligations in terms thereof; or 23.1.2 cancel this the Agreement without prejudice to the Aggrieved party’s rights without any further notice and claim damages and if suffered because of such breach. If the Purchaser being cancellation was due to the defaulting partyPURCHASER’S breach the SELLER shall be entitled to: 23.1.2.1 Retain all amounts paid by or on behalf of the PURCHASER on account of the purchase price as liquidated damages; and/or 23.1.2.2 claim all damages suffered by the SELLER by reason of such breach, in which event the Seller parties hereby agree that the SELLER shall be entitled to retain all monies any amounts paid under this agreement in reduction of such damages sustained by the Purchaser SELLER without prejudice to the Seller and/or the SellerSELLER's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 rights to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of such damages from the purchase price in the event of the Purchaser being the defaulting partyPURCHASER. 28.2 Should either party dispute 23.2 If the other party’s PURCHASER disputes the SELLER'S right to cancel this Agreement, then pending the determination and/or remains in occupation of the disputeUNIT after the date of cancellation or purported cancellation, the PURCHASER shall continue to pay occupational interest as herein provided in consideration for continuing to occupy the UNIT. 23.3 Suppose the Seller institutes legal proceedings against the Purchaser due to his failure to fulfill his obligations in the Agreement. In that case, the Purchaser acknowledges that he will be obliged to continue with the payment of liable for all amounts payable legal costs, including collection commission, incurred by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover on an attorney and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreementclient scale. 28.3 23.4 Where the Purchaser has forfeited the Deposit Deposit, and other amounts in favour of the Seller or the Sellers has have become entitled to retain the Deposit or other different amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts charges to the Seller on demand. 28.4 23.5 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to will vacate the Property within 24 (twenty-four) hours of such cancellation cancellation, and the Seller shall immediately be entitled to resell the Propertyproperty. 28.5 23.6 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Schemeregistry, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 23.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the Purchaser's name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date. In this event, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26). 28.8 23.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 R5, 000.00 (Five Thousand Rand). 28.9 23.9 Should the sale be cancelled after complying with clause 8.2 the suspensive conditions due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% (five percent) of the Purchase Price as wasted costs as well as Agents Agent’s commission as liquidated damages. 28.10 23.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2agreement.

Appears in 1 contract

Samples: Deed of Sale

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach16.1. Should the Defaulting Party PURCHASER fail to comply with any of the terms or conditions of this Agreement within 7 (SEVEN) days of receipt of written demand, the SELLER shall on such breach be entitled without further notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to:either; 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right 16.1.1. to cancel this Agreement, then pending the determination take occupation of the disputePROPERTY and have the PROPERTY sold by auction or private treaty, in his sole discretion. The PURCHASER shall then be liable for all costs of such re-sale and any deficiency in price which results therefrom. All payments made by the Purchaser will be obliged PURCHASER to continue with the payment of all amounts payable by him in terms of SELLER and/or the AUCTIONEER pursuant to this Agreement on shall then be regarded as "rouwkoop" and be forfeited by the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts PURCHASER in favour of the Seller SELLER or be regarded as liquidated, pre-estimated damages; or 16.1.2. to hold the Sellers has become entitled PURCHASER bound by this Agreement and to retain claim forthwith payment of the Deposit or entire purchase price and any other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay damages caused as a result of such amounts to the Seller on demandbreach. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 16.2. In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the sale following upon; 16.2.1. a breach by the PURCHASER, the PURCHASER shall forthwith become liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth and the parties hereto agree that such commission and charges shall constitute a first charge against the deposit, if any, paid by the PURCHASER and shall be paid wholly or in part therefrom; 16.2.2. a breach by the SELLER, the SELLER shall forthwith become liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth; 16.2.3. an agreement subject between the SELLER and the PURCHASER to clause 7.2which agreement the AUCTIONEER is not party, the SELLER and the PURCHASER shall forthwith become jointly and severally liable for and shall pay the AUCTIONEER’S commission and other costs and charges as herein set forth and the parties hereto agree that such commission and charges shall constitute a first charge against the deposit, if any, paid by the PURCHASER and shall be paid wholly or in part therefrom.

Appears in 1 contract

Samples: Purchase and Sale Agreement

BREACH AND CANCELLATION. 28.1 If either Party (“Except as otherwise provided in this paragraph, it is understood and agreed that if Forx Builders Association fails to open the Defaulting Party”) fail to pay any amountshow on the date and at the place as herein provided, or fail to provide furnish the guarantee(s) required in terms of this Agreement on due datespace to the Exhibitor as herein described, or commit a breach comparable space, it will refund to the Exhibitor all payments paid hereunder, which sum shall be in full satisfaction of all loss or damage suffered by the Exhibitor from such cause. If, however, the Forx Builders is unable to open the Show as herein provided, or is compelled to postpone or relocate said Show on account of strikes, fires, casualties, acts of God or other causes beyond Forx Builders Association’s control, then it shall not be obligated to refund to the Exhibitor any payments paid hereunder nor shall Forx Builders be liable to the Exhibitor for any loss of any other kind arising out of the terms cancellation, relocation or rescheduling of the Show. In fairness to the Exhibitors and conditions public alike, the Forx Builders reserves the right to refuse any exhibit, or any Exhibitor, or employee, which or who in the opinion of this agreement then the other party (“Forx Builders is not in the Aggrieved Party”) best interest in the Show, and may at any time without assigned causes, and without notice, cancel the Contract and remove the Exhibitor, his agents and property from the building. In the event of such cancellation, the Exhibitor hereby waives any claim for damages or for the recovery of any rental monies. Cancellation of exhibit area must be made in writing . Absolutely no refunds will be entitled to give made. Any Exhibitor violating any of the Defaulting Party 5 (five) business days' (unless above rules and regulations shall upon oral notification by the transaction has already been lodged at the deeds office for registrationForx Builders, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to forthwith comply with such noticerules and regulations. The Forx Builders reserves the right, the Aggrieved Party shall be entitledupon refusal of Exhibitor to comply herewith, without prejudice to any other rights cancel Exhibitor’s lease and remedies that it may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice remove, at Exhibitor’s expense, its exhibit and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies previously paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser rent as liquidated damages. Such costs shall include but not be limited to the wasted costs damages for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand)Exhibitor’s breach. 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Exhibitor Contract

BREACH AND CANCELLATION. 28.1 If either Party (“the Defaulting Party”) fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or commit a breach of any other of the terms and conditions of this agreement then the other party (“the Aggrieved Party”) will be entitled to give the Defaulting Party 5 (five) business days' (unless the transaction has already been lodged at the deeds office for registration, in which event the notice period will be reduced to 24 (twenty four) hours) written notice to remedy such breach. Should the Defaulting Party fail to comply with such notice, the Aggrieved Party shall be entitled, without prejudice to any other rights and remedies that it may have in law including the right to claim damages to: 28.1.1 cancel this Agreement without any further notice and claim damages and if the Purchaser being the defaulting party, the Seller shall be entitled to retain all monies paid by the Purchaser to the Seller and/or the Seller's agents or the Transferring Attorney in terms hereof, including monies paid as a deposit to the Transferring Attorney together with any interest earned thereon; pending determination of damages; or 28.1.2 to claim immediate performance and/or payment, of all the obligations of the defaulting party in terms of this Agreement, including immediate payment of the balance and/or whole of the purchase price in the event of the Purchaser being the defaulting party. 28.2 Should either party dispute the other party’s right to cancel this Agreement, then pending the determination of the dispute, the Purchaser will be obliged to continue with the payment of all amounts payable by him in terms of this Agreement on the due dates thereof and the Seller will be entitled to recover and accept those payments without prejudice to any of the Seller’s rights in terms of this Agreement. Failure to pay any of the aforesaid amounts will constitute a material breach of the Agreement. 28.3 Where the Purchaser has forfeited the Deposit and other amounts in favour of the Seller or the Sellers has become entitled to retain the Deposit or other amounts paid to the Trust Account, the Transferring Attorney will be obliged to pay such amounts to the Seller on demand. 28.4 Upon cancellation of this Agreement for any reason whatsoever, the Purchaser/all persons occupying the Property through him hereby undertakes to vacate the Property within 24 (twenty-twenty four) hours of such cancellation and the Seller shall immediately be entitled to resell the Property. 28.5 If the Purchaser causes an unjustified delay in the registration of the Property and/or the registration of the bond, which delay results in the relevant documentation not being lodged for registration in the relevant deeds registry at the time of the lodging of the application for the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme, the Seller will have the right, without prejudice to any other right or remedy he may have in law (including but not limited to the right to claim damages) to either: immediately cancel this Agreement or claim specific performance of the terms and provisions of this Agreement. 28.6 In the event that the Seller claims specific performance, the Purchaser shall in addition to the monthly levies and the monthly occupational interest, also be liable for the payment of an amount of R10 000,00 (Ten Thousand Rand) per month from the date on which the documentation pertaining to the opening of the Register and the registration of the Sectional Plan or the registration of the extension of the Scheme could have been lodged in the relevant deeds registry until the actual date of lodgement thereof. 28.7 Notwithstanding anything stated to the contrary herein, the Purchaser shall be entitled to cancel this Agreement by written notice to the Seller if the Seller fails to pass transfer of the Property into the name of the Purchaser within a period of 36 (thirty-six) months from the Signature Date, in which event the Purchaser shall be entitled to a refund of the Reservation Deposit and other amounts (if applicable) as contemplated in clause 26. 28.8 Should the contract be cancelled by agreement the Purchaser shall remain liable for costs incurred which costs cannot be recovered from a subsequent purchaser as liquidated damages. Such costs shall include but not be limited to the wasted costs for preparing and drafting documentation not exceeding R5,000.00 (Five Thousand Rand). 28.9 Should the sale be cancelled after complying with clause 8.2 due to the failure of the Purchaser in carrying out any of his obligations in terms of this agreement the Seller reserves the right to claim from the Purchaser who will be liable to the Seller for payment on demand of a cancellation fee of up to 5% of the Purchase Price as wasted costs as well as Agents commission as liquidated damages. 28.10 The reservation deposit or part thereof shall be used by the Seller/Agent to recover the costs mentioned in clause 28.8 and 28.9. The Seller and Purchaser authorise the Transferring Attorney to pay the amount due to the Agent/Seller from the Transferring Attorneys trust account within 5 (five) days of the cancellation of the agreement subject to clause 7.2.

Appears in 1 contract

Samples: Sale Agreement

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