BUILDING PERIOD Clause Samples

BUILDING PERIOD. 14.1 The parties agree that the Seller shall be entitled to procure that in addition to all other conditions of title and/or subdivision referred to above, the following conditions of title inter alia be inserted in the deed of transfer in terms of which the Purchaser takes title to the Property: “The transferee or its successors in title or assigns to the within mentioned property is obliged to commence construction of improvements constituting a dwelling house within 1 (one) year from the date of registration of transfer from the township developer to the initial purchaser thereof and to complete the erection of improvements constituting a dwelling house on the property within 2 (two) years from the date of registration of transfer from the township developer to the initial purchaser thereof. Should the transferee or its successor in title or assigns fail to commence and/or complete the aforementioned dwelling house within the aforesaid time period, the transferee or its successor in title or assigns shall no longer benefit from the reduced levy presently applicable to this property as per special resolution and in addition to any other levies payable to the Beau Rivage Home Owners Association, become 14.2 In the event of the Registrar of Deeds requiring the amendment of the conditions in clause 14.1 above in any manner in order to affect registration of same, the Purchaser hereby agrees to such amendment.

BUILDING PERIOD. 4.1 The Directors may within their sole and absolute discretion from time to time impose the contribution of additional levies upon members who have not commenced building a residential dwelling on their freehold residential ▇▇▇▇▇ as per the Memorandum of Incorporation and Company’s rules within a period of 12 (twelve) months from date of transfer from the developer and completed the residential dwelling as per the Memorandum of Incorporation and Company’s rules within 18 (eighteen) months of building activities commencing. 4.2 Members in breach of this provision shall be liable to contribute monthly, from date of non-compliance until date of the full compliance, an additional monthly levy equivalent to the monthly levy payable by the member to the Company determined in terms of paragraph 7 of the Memorandum of Incorporation for the first year following non-compliance, three times an additional monthly levy equivalent to the monthly levy payable by the member to the Company determined in terms of paragraph 7 of the Memorandum of Incorporation in the second year and subsequent years following non-compliance until building commences and is completed as per the Memorandum of Incorporation and rules of the Company.

BUILDING PERIOD. 4.1 No building shall take place between 15 December of any year and 15 January of the following year 4.2 The normal build period is 9 months, excluding the close down period identified in 4.1. Fines may be imposed if construction to hand over takes longer than this.

BUILDING PERIOD. 14.1 The parties agree that the Seller shall be entitled to procure that in addition to all other conditions of title and/or subdivision referred to above, the following conditions of title inter alia be inserted in the deed of transfer in terms of which the Purchaser takes title to the Property: “The transferee or its successors in title or assigns to the within mentioned property is obliged to commence 14.2 In the event of the Registrar of Deeds requiring the amendment of the conditions in clause 14.1 above in any manner in order to affect registration of same, the Purchaser hereby agrees to such amendment.