Common use of Cancellation Clause Clause in Contracts

Cancellation Clause. If the PURCHASER fails to: 10.1. Make any payments punctually on due date; or 10.2. Comply punctually with any other provision of this agreement; and should remain in such default 7 (SEVEN) days after despatch by either the SELLER or its nominated Attorneys of written notice (by email or hand delivered), demanding proper performance, the SELLER shall be entitled without any further notice: 10.2.1. To Claim the full purchase price (or the balance thereof) in terms of this Agreement together with interest of prime plus 5% per annum as from the date of the PURCHASER’S DEFAULT, without prejudice to any claim for damages which he may have against the PURCHASER; or alternatively, 10.2.2. To cancel this agreement. In the event of cancellation for whatever reason the SELLER shall be entitled to resume immediate possession of the property and to eject the PURCHASER and/or persons occupying it. Should the sale be cancelled in terms of this Clause, the PURCHASER shall forfeit all payments to the SELLER in terms of this agreement as liquidated damages. Alternatively, the SELLER shall be entitled to claim damages from the PURCHASER in lieu of the liquidated damages referred to above. 10.3. Should the SELLER or his authorized agent hand over a written notice, in respect of which an acknowledgement of receipt is obtained, claiming compliance of his obligations in terms of this agreement within 7 (SEVEN) days after receiving same, the provisions of Clause 10.2 will apply mutatis mutandis. 10.4. Should this contract be cancelled by agreement, the PURCHASER shall remain liable for the costs incurred which costs cannot be recovered from a subsequent PURCHASER. The PURCHASER shall also be liable for occupational interest for the period during which the property is unoccupied. The deposit or a part thereof shall be used for such purpose. 10.5. Should the sale be cancelled after complying with Clause 1.

Cancellation Clause. If the PURCHASER fails to: 10.1. Make any payments punctually on due date; or 10.2. Comply punctually with any other provision of this agreement; and should remain in such default 7 (SEVEN) days after despatch by either the SELLER or its nominated Attorneys of written notice (by fax, email or hand deliveredother means), demanding proper performance, the SELLER shall be entitled without any further notice: 10.2.1. To Claim the full purchase price (or the balance thereof) in terms of this Agreement together with interest of prime plus 5% per annum as from the date of the PURCHASER’S DEFAULT, without prejudice to any claim for damages which he may have against the PURCHASER; or alternatively, 10.2.2. To cancel this agreement. In the event of cancellation for whatever reason the SELLER shall be entitled to resume immediate possession of the property and to eject the PURCHASER and/or persons occupying it. Should the sale be cancelled in terms of this Clause, the PURCHASER shall forfeit all payments to the SELLER in terms of this agreement as liquidated damages. Alternatively, the SELLER shall be entitled to claim damages from the PURCHASER in lieu of the liquidated damages referred to above. 10.3. Should the SELLER or his authorized agent hand over a written notice, in respect of which an acknowledgement of receipt is obtained, claiming compliance of his obligations in terms of this agreement within 7 (SEVEN) days after receiving same, the provisions of Clause 10.2 will apply mutatis mutandis. 10.4. Should this contract be cancelled by agreement, the PURCHASER shall remain liable for the costs incurred which costs cannot be recovered from a subsequent PURCHASER. The PURCHASER shall also be liable for occupational interest for the period during which the property is unoccupied. The deposit or a part thereof shall be used for such purpose. 10.5. Should the sale be cancelled after complying with Clause 1.

Cancellation Clause. If the PURCHASER fails to: 10.19.1. Make any payments punctually on due date; or 10.29.2. Comply punctually with any other provision of this agreement; and should remain in such default 7 (SEVEN) days after despatch by either the SELLER or its nominated Attorneys of written notice (by fax, email or hand deliveredother means), demanding proper performance, the SELLER shall be entitled without any further notice: 10.2.19.2.1. To Claim the full purchase price (or the balance thereof) in terms of this Agreement together with interest of prime plus 5% per annum as from the date of the PURCHASER’S DEFAULT, without prejudice to any claim for damages which he may have against the PURCHASER; or alternatively, 10.2.29.2.2. To cancel this agreement. In the event of cancellation for whatever reason the SELLER shall be entitled to resume immediate possession of the property and to eject the PURCHASER and/or persons occupying itproperty. Should the sale be cancelled in terms of this Clause, the PURCHASER shall forfeit all payments to the SELLER in terms of this agreement as liquidated damages. Alternatively, the SELLER shall be entitled to claim damages from the PURCHASER in lieu of the liquidated damages referred to above. 10.39.3. Should the SELLER or his authorized agent hand over a written notice, in respect of which an acknowledgement of receipt is obtained, claiming compliance of his obligations in terms of this agreement within 7 (SEVEN) days after receiving same, the provisions of Clause 10.2 9.2 will apply mutatis mutandis. 10.49.4. Should this contract be cancelled by agreement, the PURCHASER shall remain liable for the costs incurred which costs cannot be recovered from a subsequent PURCHASER. The PURCHASER shall also be liable for occupational interest for the period during which the property is unoccupied. The deposit or a part thereof shall be used for such purpose. 10.59.5. Should the sale be cancelled after complying with Clause 1.

Cancellation Clause. If the PURCHASER fails to: 10.1. Make any payments punctually on due date; or 10.2. Comply punctually with any other provision of this agreement; and should remain in such default 7 (SEVEN) days after despatch by either the SELLER or its nominated Attorneys of written notice (by email or hand delivered), demanding proper performance, the SELLER shall be entitled without any further notice: 10.2.1. To Claim the full purchase price (or the balance thereof) in terms of this Agreement together with interest of prime plus 5% per annum as from the date of the PURCHASER’S DEFAULT, without prejudice to any claim for damages which he may have against the PURCHASER; or alternatively, 10.2.2. To cancel this agreement. In the event of cancellation for whatever reason the SELLER shall be entitled to resume immediate possession of the property and to eject the PURCHASER and/or persons occupying it. Should the sale be cancelled in terms of this Clause, the PURCHASER shall forfeit all payments to the SELLER in terms of this agreement as liquidated damages. Alternatively, the SELLER shall be entitled to claim damages from the PURCHASER in lieu of the liquidated damages referred to above. 10.3. Should the SELLER or his authorized agent hand over a written notice, in respect of which an acknowledgement of receipt is obtained, claiming compliance of his obligations in terms of this agreement within 7 (SEVEN) days after receiving same, the provisions of Clause 10.2 will apply mutatis mutandis. 10.4. Should this contract be cancelled by agreement, the PURCHASER shall remain liable for the costs incurred which costs cannot be recovered from a subsequent PURCHASER. The PURCHASER shall also be liable for occupational interest for the period during which the property is unoccupied. The deposit or a part thereof shall be used for such purpose. 10.5. Should the sale be cancelled after complying with Clause 11.1.3 herein due to the failure of the PURCHASER in carrying out any of the obligations hereunder, the PURCHASER shall be liable to the SELLER for payment on demand of a cancellation fee of 5% of the selling price, plus interest on the purchase price, plus wasted costs, plus attorney fees, plus Agents Commission from date of cancellation, up to and including date of payment.