Common use of DEFAULT BY THE PARTIES Clause in Contracts

DEFAULT BY THE PARTIES. 5.1 If either of the parties commits a breach or breaches of the AGREEMENT or any clause herein, the aggrieved party will, subject to the provisions of 5.3 below, be entitled to cancel the AGREEMENT, or alternatively to enforce the terms of the AGREEMENT. 5.2 Without limiting the generality of 5.1, the SELLER shall have the right to cancel this AGREEMENT and put the UNIT up for resale if; 5.2.1 Transfer of the UNIT is delayed by the PURCHASER for any reason whatsoever. If transfer of the UNIT is delayed by the PURCHASER and the SELLER does not exercise his right to cancel the AGREEMENT, then the PURCHASER shall be liable for OCCUPATIONAL. 5.2.2 The PURCHASER markets the UNIT as being for sale in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT is registered in the name of the PURCHASER. If the PURCHASER breaches the AGREEMENT in terms of this paragraph, the SELLER shall be entitled to cancel the AGREEMENT immediately, without same constituting a breach by the SELLER and without any notice to the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the registration of the UNIT in the PURCHASER’s name. 5.3 It is specifically agreed that only the AGENT will be allowed to market and/or sell the UNIT in any way, before the registration of the UNIT into the name of the PURCHASER. 5.4 Should the SELLER elect to cancel the AGREEMENT, the SELLER shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, the CONVEYANCER to pay the SELLER such monies paid by him/her in terms of this AGREEMENT and/or repossess the UNIT. 5.5 Save for the provisions of paragraph 5.2.2 above, if either of the parties commits a breach or breaches of any of the provisions of this AGREEMENT and fails to remedy the same within 5 (Five) days of delivery of a written notice to the breaching party’s chosen physical address, or sending of a notice to the breaching party’s chosen e-mail address, calling upon him/her to remedy the breach/es, then the aggrieved party may cancel this AGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, in both circumstances, a claim for damages can be instituted by the aggrieved party.

DEFAULT BY THE PARTIES. 5.1 If either of The PURCHASER shall have the parties commits a breach or breaches of the AGREEMENT or any clause herein, the aggrieved party will, subject to the provisions of 5.3 below, be entitled right to cancel the AGREEMENT, or alternatively to enforce the terms this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of the AGREEMENT.minimum specifications (Annexure “C"); 5.2 Without limiting the generality of 5.1, the The SELLER shall have the right to cancel this AGREEMENT agreement and put the UNIT unit up for resale if; 5.2.1 Transfer of the UNIT property is delayed by the PURCHASER Purchaser for any reason whatsoever. reason. 5.2.2 If transfer of the UNIT property is delayed by the PURCHASER Purchaser and the SELLER Seller does not exercise his right to cancel the AGREEMENTas per clause 5.2.1, then the PURCHASER Purchaser shall be liable for OCCUPATIONALoccupational rental from date of occupation as set out in clause 2.1.15. 5.2.2 5.2.3 The PURCHASER Purchaser markets the UNIT as being for sale property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT property is registered in the name of the PURCHASERPurchaser. If the PURCHASER Purchaser breaches the AGREEMENT agreement in terms of this paragraph, the SELLER Seller shall be entitled to cancel the AGREEMENT agreement immediately, without same constituting a breach by the SELLER and without any notice to the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the registration of the UNIT in the PURCHASER’s namePurchaser. 5.3 5.2.4 It is specifically agreed that only the AGENT Agent will be allowed to market and/or and / or sell the UNIT Property in any way, before the registration of the UNIT unit into the name of the PURCHASERPurchaser. 5.4 5.2.5 Should the SELLER Seller elect to cancel the AGREEMENTagreement, the SELLER Seller shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, Purchaser shall be deemed to have authorised the CONVEYANCER Seller’s Conveyancers to pay the SELLER Seller such monies paid by him/her her/it in terms of this AGREEMENT and/or agreement and / or repossess the UNITsection. 5.5 5.3 Save for the provisions of paragraph 5.2.2 5.2 above, if either of the parties a party commits a breach or breaches of any of the provisions of this AGREEMENT agreement and fails to remedy the same within 5 3 (Fivethree) days after the dispatch (either by email and/or registered post) of delivery of a the written notice to the breaching defaulting party’s chosen physical address, or sending of a notice to the breaching party’s chosen e-mail address, calling upon him/her to remedy the breach/es, then the aggrieved party may cancel this AGREEMENT agreement. 5.4 In the event that an act of insolvency (as defined in the Insolvency Act 24 of 1936) has commenced or institute appropriate proceedings threatened to enforce the AGREEMENTcommence in respect of a Party, in both circumstances, a claim for damages can this Agreement shall be instituted by the aggrieved partydeemed automatically terminated.

DEFAULT BY THE PARTIES. 5.1 If either of The PURCHASER shall have the parties commits a breach or breaches of the AGREEMENT or any clause herein, the aggrieved party will, subject to the provisions of 5.3 below, be entitled right to cancel the AGREEMENT, or alternatively to enforce the terms this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of the AGREEMENT.minimum specifications (Annexure “C"); 5.2 Without limiting the generality of 5.1, the The SELLER shall have the right to cancel this AGREEMENT agreement and put the UNIT unit up for resale if; 5.2.1 Transfer of the UNIT property is delayed by the PURCHASER Purchaser for any reason whatsoever. reason. 5.2.2 If transfer of the UNIT property is delayed by the PURCHASER Purchaser and the SELLER Seller does not exercise his right to cancel the AGREEMENTas per clause 5.2.1, then the PURCHASER Purchaser shall be liable for OCCUPATIONALoccupational rental from date of occupation as set out in clause 2.1.15. 5.2.2 5.2.3 The PURCHASER Purchaser markets the UNIT as being for sale property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT property is registered in the name of the PURCHASERPurchaser. If the PURCHASER Purchaser breaches the AGREEMENT agreement in terms of this paragraph, the SELLER Seller shall be entitled to cancel the AGREEMENT agreement immediately, without same constituting a breach by the SELLER and without any notice to the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the registration of the UNIT in the PURCHASER’s namePurchaser. 5.3 5.2.4 It is specifically agreed that only the AGENT Agent will be allowed to market and/or and / or sell the UNIT Property in any way, before the registration of the UNIT unit into the name of the PURCHASERPurchaser. 5.4 5.2.5 Should the SELLER Seller elect to cancel the AGREEMENTagreement, the SELLER Seller shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, Purchaser shall be deemed to have authorised the CONVEYANCER Seller’s 3.3 in either event to pay the SELLER claim such monies paid by him/her in terms damages as it may have suffered as a result of this AGREEMENT and/or repossess the UNITsuch breach of contract. 5.5 Save 5.4 In the event that an act of insolvency (as defined in the insolvency Act 24 of 1936) has commenced or threatened to commence in respect of a Party, this Agreement shall be deemed automatically terminated. 6. LOAN 6.1 This Agreement is subject to the suspensive condition that the Purchaser is able to raise a loan for an amount of not less than the provisions Loan Amount against the security of paragraph 5.2.2 above, if either a first mortgage of the parties commits a breach or breaches of any Unit at and upon prevailing bank rates and conditions within 21 (twenty one) ordinary days of the provisions of this AGREEMENT and fails to remedy Signing Date or such later date as the same within 5 (Five) days of delivery of a Seller may determine by giving written notice to the breaching party’s chosen physical addressPurchaser, failing which this Agreement shall lapse and be of no further force or sending of a notice effect and the parties shall be restored to the breaching party’s chosen e-mail address, calling upon himstatus quo ante. This condition shall be deemed to be fulfilled immediately after a letter is issued by a bank/her to remedy financial institution stating that the breach/es, then the aggrieved party may cancel this AGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, loan has been approved in both circumstances, a claim for damages can be instituted by the aggrieved partyprinciple.

DEFAULT BY THE PARTIES. 5.1 If either of In the parties commits a breach or breaches of event the AGREEMENT or any clause hereinPurchaser fails to pay the Balance Consideration to the Vendor by the Extended Completion Date, the aggrieved party will, subject to the provisions of 5.3 below, Vendor shall be entitled to cancel forthwith terminate the AGREEMENTSPA and to forfeit absolutely the Deposit, or alternatively to enforce together with interest accrued under the terms of the AGREEMENT. 5.2 Without limiting SPA at the generality time of 5.1such forfeiture, and the Vendor shall refund free of interest to the Purchaser the sum, if any, equivalent to the difference between the total aggregate of any part payment of the total purchase price already paid by the Purchaser to the date of such breach less the Deposit, and in simultaneous exchange the Purchaser shall return or cause to be returned to the Vendor the Issue Document of Title, the SELLER Transfer and all other documents (unless the Transfer is required to be submitted to the Collector of Stamp Duty for a refund of the stamp duty within fourteen (14) days from the date of the termination) which are still in the possession of the Purchaser, the Purchaser’s solicitors, the Purchaser’s financier or the Purchaser’s financier’s solicitors, whereupon the SPA shall be null and void and of no further legal effect and neither Party shall have any claims against the right other save for antecedent breaches, and the Vendor shall be entitled in its absolute discretion to cancel this AGREEMENT resell the Property either by public auction or by private contract and put at such time and place and subject to such conditions and in such manner as the UNIT up for resale if; 5.2.1 Transfer of Vendor shall think fit without previously tendering or offering to make any sale to the UNIT is delayed by Purchaser. In the PURCHASER event that the Vendor fails to complete the Proposed Disposal for any reason whatsoever. If transfer of the UNIT is delayed by the PURCHASER and the SELLER does not exercise his right to cancel the AGREEMENT, then the PURCHASER shall be liable for OCCUPATIONAL. 5.2.2 The PURCHASER markets the UNIT as being for sale in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT is registered in the name of the PURCHASER. If the PURCHASER breaches the AGREEMENT in terms of this paragraph, the SELLER Purchaser shall be entitled to cancel the AGREEMENT immediatelyremedy at law for specific performance against the Vendor of any terms of the SPA and to claim damages for the breaches thereto, without same constituting or to seek a breach refund from the Vendor of all monies paid under the SPA free of interest, and in simultaneous exchange the Purchaser shall return or cause to be returned to the Vendor the Issue Document of Title, the Transfer and all other documents which are still in the possession of the Purchaser, the Purchaser’s solicitors, the Purchaser’s financier or the Purchaser’s financier’s solicitors, whereupon the SPA shall be null and void and of no further legal effect and neither Party shall have any claims against the other. The total sum payable to the Purchaser shall be paid by the SELLER and without any notice to Vendor within fourteen (14) days from the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the registration date of the UNIT in Vendor’s solicitors’ receipt the PURCHASERPurchaser’s nametermination notice. 5.3 It is specifically agreed that only the AGENT will be allowed to market and/or sell the UNIT in any way, before the registration of the UNIT into the name of the PURCHASER. 5.4 Should the SELLER elect to cancel the AGREEMENT, the SELLER shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, the CONVEYANCER to pay the SELLER such monies paid by him/her in terms of this AGREEMENT and/or repossess the UNIT. 5.5 Save for the provisions of paragraph 5.2.2 above, if either of the parties commits a breach or breaches of any of the provisions of this AGREEMENT and fails to remedy the same within 5 (Five) days of delivery of a written notice to the breaching party’s chosen physical address, or sending of a notice to the breaching party’s chosen e-mail address, calling upon him/her to remedy the breach/es, then the aggrieved party may cancel this AGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, in both circumstances, a claim for damages can be instituted by the aggrieved party.

DEFAULT BY THE PARTIES. 5.1 If either of the parties commits a breach or breaches of the AGREEMENT or any clause herein, the aggrieved party will, subject to the provisions of 5.3 below, be entitled to cancel the AGREEMENT, or alternatively to enforce the terms of the AGREEMENT. 5.2 Without limiting the generality of 5.1, the SELLER 12.1 The PURCHASER shall have the right to cancel this AGREEMENT and put agreement if the UNIT up for resale if; 5.2.1 Transfer construction and/or finishes of the UNIT is delayed Unit are not as per the Unit floor plan or the schedule of finishes. 12.2 Should the PURCHASER fail to fulfil any of the PURCHASERS obligations under this Agreement and fail to comply with his obligations within 5 (five) business days after a letter, facsimile or email has been sent to the PURCHASER, at the PURCHASERS domicile informing the PURCHASER of his failure and calling upon him to fulfil his obligations in question the SELLER shall be entitled, Without prejudice to any other rights the SELLER may have in law: 12.2.1 to claim immediate payment of all amounts owing under this Agreement which amounts shall be deemed to become due and payable forthwith; or 12.2.2 to cancel this sale, obtain Immediate repossession of the Unit and to evict the PURCHASER from the Unit, and: 12.2.2.1 to retain as "rouwkoop" and/or as liquidated damages and compensation, all amounts paid by the PURCHASER for under this Agreement, or in lieu of such payments, to retain and/or recover an amount equivalent to 10% (Ten Per Centum) of the purchase price, whichever is the greater, together with an amount equal to any Agent's commission which may be payable to or have been paid by the SELLER; or 12.2.2.2 to recover from the PURCHASER the actual damages sustained by the SELLER by reason whatsoever. of the PURCHASER's default, and to retain all amounts paid by the PURCHASER pending the determination of such damages. 12.3 If transfer of the UNIT Unit is delayed by the PURCHASER and the SELLER does not exercise his its right to cancel the AGREEMENTas per clause 12.2.2, then the PURCHASER shall be liable for OCCUPATIONAL. 5.2.2 The PURCHASER markets the UNIT as being for sale in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT is registered in the name of the PURCHASER. If the PURCHASER breaches the AGREEMENT in terms of this paragraph, to pay Occupational Interest to the SELLER shall be entitled from date of occupation to cancel the AGREEMENT immediately, without same constituting a breach by the SELLER and without any notice to the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the date of registration of the UNIT in the PURCHASER’s name.Unit 5.3 It is specifically agreed that only the AGENT will be allowed to market and/or sell the UNIT in any way, before the registration of the UNIT into the name of the PURCHASER. 5.4 Should the SELLER elect to cancel the AGREEMENT, the SELLER shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, the CONVEYANCER to pay the SELLER such monies paid by him/her in terms of this AGREEMENT and/or repossess the UNIT. 5.5 12.3.1 Save for the provisions of paragraph 5.2.2 12.2 above, if either any of the parties commits Parties commit a breach or breaches of any of the provisions of this AGREEMENT agreement and fails falls to remedy the same within 5 (Fivefive) days of delivery of a written notice (or to the breaching party’s chosen physical a nominated facsimile number or email address, or sending of a notice to the breaching party’s chosen e-mail address, calling upon him/her to remedy the breach/es), then the aggrieved party may cancel this AGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, in both circumstances, a claim for damages can be instituted by the aggrieved partyagreement.

DEFAULT BY THE PARTIES. 5.1 If either of The PURCHASER shall have the parties commits a breach or breaches of the AGREEMENT or any clause herein, the aggrieved party will, subject to the provisions of 5.3 below, be entitled right to cancel the AGREEMENT, or alternatively to enforce the terms this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of the AGREEMENT.minimum specifications (Annexure “C"); 5.2 Without limiting the generality of 5.1, the The SELLER shall have the right to cancel this AGREEMENT agreement and put the UNIT unit up for resale if; 5.2.1 Transfer of the UNIT property is delayed by the PURCHASER Purchaser for any reason whatsoever. reason. 5.2.2 If transfer of the UNIT property is delayed by the PURCHASER Purchaser and the SELLER Seller does not exercise his right to cancel the AGREEMENTas per clause 5.2.1, then the PURCHASER Purchaser shall be liable for OCCUPATIONALoccupational rental from date of occupation as set out in clause 2.1.15. 5.2.2 5.2.3 The PURCHASER Purchaser markets the UNIT as being for sale property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the UNIT property is registered in the name of the PURCHASERPurchaser. If the PURCHASER Purchaser breaches the AGREEMENT agreement in terms of this paragraph, the SELLER Seller shall be entitled to cancel the AGREEMENT agreement immediately, without same constituting a breach by the SELLER and without any notice to the PURCHASER. This clause 5.2.2 does not preclude the PURCHASER from advertising the UNIT as being for rent to potential tenants prior to the registration of the UNIT in the PURCHASER’s namePurchaser. 5.3 5.2.4 It is specifically agreed that only the AGENT Agent will be allowed to market and/or and / or sell the UNIT Property in any way, before the registration of the UNIT unit into the name of the PURCHASERPurchaser. 5.4 5.2.5 Should the SELLER Seller elect to cancel the AGREEMENTagreement, the SELLER Seller shall be entitled, without prejudice to any other rights available to it, to claim damages, retain all such amounts paid as a genuine pre-estimate of damages as a result of such breach in which event the PURCHASER irrevocably consents and authorises, without any further notice required, Purchaser shall be deemed to have authorised the CONVEYANCER Seller’s Conveyancers to pay the SELLER Seller such monies paid by him/her her/it in terms of this AGREEMENT and/or agreement and / or repossess the UNITsection. 5.5 Save for the provisions of paragraph 5.2.2 above, if either of the parties commits a breach or breaches of any of the provisions of this AGREEMENT and fails to remedy the same within 5 (Five) days of delivery of a written notice to the breaching party’s chosen physical address, or sending of a notice to the breaching party’s chosen e-mail address, calling upon him/her to remedy the breach/es, then the aggrieved party may cancel this AGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, in both circumstances, a claim for damages can be instituted by the aggrieved party.