Common use of DEFAULT BY THE PARTIES Clause in Contracts

DEFAULT BY THE PARTIES. 5.1 The PURCHASER shall have the right to cancel this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of minimum specifications (Annexure “C"); 5.2 The SELLER shall have the right to cancel this agreement and put the unit up for resale if; 5.2.1 Transfer of the property is delayed by the Purchaser for any reason. 5.2.2 If transfer of the property is delayed by the Purchaser and the Seller does not exercise his right to cancel as per clause 5.2.1, then the Purchaser shall be liable for occupational rental from date of occupation as set out in clause 2.1.15. 5.2.3 The Purchaser markets the property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the property 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 any notice to the Purchaser. 5.2.4 It is specifically agreed that only the Agent will be allowed to market and / or sell the Property in any way, before the registration of the unit into the name of the Purchaser. 5.2.5 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 shall be deemed to have authorised the Seller’s Conveyancers to pay the Seller such monies paid by him/her/it in terms of this agreement and / or repossess the section. 5.3 Save for the provisions of paragraph 5.2 above, if a party commits a breach of any of the provisions of this agreement and fails to remedy same within 3 (three) days after the dispatch (either by email and/or registered post) of the written notice to the defaulting party, then the aggrieved party may cancel this agreement. 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.

DEFAULT BY THE PARTIES. 5.1 The PURCHASER shall have the right to cancel this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of minimum specifications (Annexure “C"); 5.2 The SELLER shall have the right to cancel this agreement and put the unit up for resale if; 5.2.1 Transfer of the property is delayed by the Purchaser for any reason. 5.2.2 If transfer of the property is delayed by the Purchaser and the Seller does not exercise his right to cancel as per clause 5.2.1, then the Purchaser shall be liable for occupational rental from date of occupation as set out in clause 2.1.15. 5.2.3 The Purchaser markets the property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the property 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 any notice to the Purchaser. 5.2.4 It is specifically agreed that only the Agent will be allowed to market and / or sell the Property in any way, before the registration of the unit into the name of the Purchaser. 5.2.5 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 shall be deemed to have authorised the Seller’s Conveyancers to pay the Seller such monies paid by him/her/it in terms of this agreement and / or repossess the section. 5.3 Save for the provisions of paragraph 5.2 above, if a party commits a breach of any of the provisions of this agreement and fails to remedy same within 3 (three) days after the dispatch (either by email and/or registered post) of the written notice to the defaulting party, then the aggrieved party may cancel this agreement. 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.

DEFAULT BY THE PARTIES. 5.1 The PURCHASER In the event the Purchaser fails to pay the Balance Consideration to the Vendor by the Extended Completion Date, the Vendor shall have be entitled to forthwith terminate the right SPA and to cancel this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of minimum specifications (Annexure “C"); 5.2 The SELLER shall have forfeit absolutely the right to cancel this agreement and put Deposit, together with interest accrued under the unit up for resale if; 5.2.1 Transfer terms of the property is delayed SPA at the time of such 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 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 other save for antecedent breaches, and the Vendor shall be entitled in its absolute discretion to resell the Property either by public auction or by private contract and at such time and place and subject to such conditions and in such manner as the Vendor shall think fit without previously tendering or offering to make any sale to the Purchaser. In the event that the Vendor fails to complete the Proposed Disposal for any reason. 5.2.2 If transfer of the property is delayed by the Purchaser and the Seller does not exercise his right to cancel as per clause 5.2.1reason whatsoever, then the Purchaser shall be liable entitled to the remedy at law for occupational rental from date specific performance against the Vendor of occupation as set out in clause 2.1.15. 5.2.3 The Purchaser markets any terms of the property in any manner, by either placing advertisements or appointing an agentSPA and to claim damages for the breaches thereto, or any to seek a 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 manner of marketing, before the property is registered documents which are still in the name possession of the Purchaser. If the Purchaser breaches the agreement in terms of this paragraph, the Seller Purchaser’s solicitors, the Purchaser’s financier or the Purchaser’s financier’s solicitors, whereupon the SPA shall be entitled null and void and of no further legal effect and neither Party shall have any claims against the other. The total sum payable to cancel the agreement immediately, without any notice to the Purchaser. 5.2.4 It is specifically agreed that only the Agent will be allowed to market and / or sell the Property in any way, before the registration of the unit into the name of the Purchaser. 5.2.5 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 shall be deemed to have authorised the Seller’s Conveyancers to pay the Seller such monies paid by him/her/it in terms of this agreement and / or repossess the section. 5.3 Save for Vendor within fourteen (14) days from the provisions of paragraph 5.2 above, if a party commits a breach of any date of the provisions of this agreement and fails to remedy same within 3 (three) days after Vendor’s solicitors’ receipt the dispatch (either by email and/or registered post) of the written notice to the defaulting party, then the aggrieved party may cancel this agreementPurchaser’s termination notice. 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.

DEFAULT BY THE PARTIES. 5.1 The PURCHASER shall have If either of the right 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 this agreement if; 5.1.1 Construction and/or finishes are not as per schedule the AGREEMENT, or alternatively to enforce the terms of minimum specifications (Annexure “C");the AGREEMENT. 5.2 The Without limiting the generality of 5.1, 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 property UNIT is delayed by the Purchaser PURCHASER for any reason. 5.2.2 reason whatsoever. If transfer of the property UNIT is delayed by the Purchaser PURCHASER and the Seller SELLER does not exercise his right to cancel as per clause 5.2.1the AGREEMENT, then the Purchaser PURCHASER shall be liable for occupational rental from date of occupation as set out in clause 2.1.15OCCUPATIONAL. 5.2.3 5.2.2 The Purchaser PURCHASER markets the property UNIT as being for sale in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the property UNIT 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 PurchaserPURCHASER. 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. 5.2.4 5.3 It is specifically agreed that only the Agent AGENT will be allowed to market and / or and/or sell the Property UNIT in any way, before the registration of the unit UNIT into the name of the PurchaserPURCHASER. 5.2.5 5.4 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 shall be deemed to have authorised PURCHASER irrevocably consents and authorises, without any further notice required, the Seller’s Conveyancers CONVEYANCER to pay the Seller SELLER such monies paid by him/her/it her in terms of this agreement and / or AGREEMENT and/or repossess the sectionUNIT. 5.3 5.5 Save for the provisions of paragraph 5.2 5.2.2 above, if a party either of the parties commits a breach or breaches of any of the provisions of this agreement AGREEMENT and fails to remedy the same within 3 5 (threeFive) days after the dispatch (either by email and/or registered post) of the delivery of a written notice to the defaulting 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 agreementAGREEMENT or institute appropriate proceedings to enforce the AGREEMENT, in both circumstances, a claim for damages can be instituted by the aggrieved party. 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.

DEFAULT BY THE PARTIES. 5.1 12.1 The PURCHASER shall have the right to cancel this agreement if; 5.1.1 Construction if the construction and/or finishes of the Unit are not as per the Unit floor plan or the schedule of minimum specifications 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 (Annexure “C"); 5.2 The 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 the right 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 agreement and put the unit up for resale if; 5.2.1 Transfer sale, obtain Immediate repossession of the property 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 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 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 is delayed by the Purchaser for any reason. 5.2.2 If transfer of the property is delayed by the Purchaser PURCHASER and the Seller SELLER does not exercise his its right to cancel as per clause 5.2.112.2.2, then the Purchaser PURCHASER shall be liable for occupational rental to pay Occupational Interest to the SELLER from date of occupation as set out in clause 2.1.15. 5.2.3 The Purchaser markets the property in any manner, by either placing advertisements or appointing an agent, or any other manner to date of marketing, before the property 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 any notice to the Purchaser. 5.2.4 It is specifically agreed that only the Agent will be allowed to market and / or sell the Property in any way, before the registration of the unit into the name of the Purchaser.Unit 5.2.5 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 shall be deemed to have authorised the Seller’s Conveyancers to pay the Seller such monies paid by him/her/it in terms of this agreement and / or repossess the section. 5.3 12.3.1 Save for the provisions of paragraph 5.2 12.2 above, if a party commits any of the Parties commit a breach of any of the provisions of this agreement and fails falls to remedy same within 3 5 (threefive) days after the dispatch (either by email and/or registered post) of the written notice (or to the defaulting partya nominated facsimile number or email address), then the aggrieved party may cancel this agreement. 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.

DEFAULT BY THE PARTIES. 5.1 The PURCHASER shall have the right to cancel this agreement if; 5.1.1 Construction and/or finishes are not as per schedule of minimum specifications (Annexure “C"); 5.2 The SELLER shall have the right to cancel this agreement and put the unit up for resale if; 5.2.1 Transfer of the property is delayed by the Purchaser for any reason. 5.2.2 If transfer of the property is delayed by the Purchaser and the Seller does not exercise his right to cancel as per clause 5.2.1, then the Purchaser shall be liable for occupational rental from date of occupation as set out in clause 2.1.15. 5.2.3 The Purchaser markets the property in any manner, by either placing advertisements or appointing an agent, or any other manner of marketing, before the property 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 any notice to the Purchaser. 5.2.4 It is specifically agreed that only the Agent will be allowed to market and / or sell the Property in any way, before the registration of the unit into the name of the Purchaser. 5.2.5 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 shall be deemed to have authorised the Seller’s Conveyancers ’s 3.3 in either event to pay the Seller claim such monies paid by him/her/damages as it in terms may have suffered as a result of this agreement and / or repossess the section. 5.3 Save for the provisions of paragraph 5.2 above, if a party commits a such breach of any of the provisions of this agreement and fails to remedy same within 3 (three) days after the dispatch (either by email and/or registered post) of the written notice to the defaulting party, then the aggrieved party may cancel this agreementcontract. 5.4 In the event that an act of insolvency (as defined in the Insolvency 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 Loan Amount against the security of a first mortgage of the Unit at and upon prevailing bank rates and conditions within 21 (twenty one) ordinary days of the Signing Date or such later date as the Seller may determine by giving written notice to the Purchaser, failing which this Agreement shall lapse and be of no further force or effect and the parties shall be restored to the status quo ante. This condition shall be deemed to be fulfilled immediately after a letter is issued by a bank/financial institution stating that the loan has been approved in principle.