Common use of Default by the Purchaser Clause in Contracts

Default by the Purchaser. 14.1 Should the Purchaser fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer shall be entitled without prejudice to any other rights of the Developer in law or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser under this Agreement, together with all interest accrued thereon, and/or 14.1.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of such forfeiture, in which event the Developer shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreement, by Order of Court, or otherwise. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 Should If the Sellers do not default hereunder ------------------------- and the Purchaser fail defaults hereunder, the Sellers may assert any remedy, including specific performance, which the Sellers may have by reason of any such default. From and after the Closing, subject to pay the terms and provisions hereof, in the event of a breach by any amount, or fail to provide party of the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch obligation of a written notice requiring payment and/or delivery of party which survives the guarantee(s) and/or requiring such breach to be remediedClosing hereunder, the Developer shall be entitled without prejudice to non-defaulting party may assert any other rights of the Developer in remedy, either at law or in terms equity to which such non-defaulting party may be entitled. Neither the Purchaser nor any of his employees, or agents and or attorneys or professional advisers representing any of them in this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price transaction, or the balance of Company or Spiderboy.com, Inc (the Purchase Price as "Xxxxxxxxx 00 Parties') shall have any liability to the case may beSellers or to those individuals who are parties to the Consulting Agreements, together or to the Company, with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 respect to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser any obligations under this Agreement, together with all interest accrued thereon, and/or 14.1.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of such forfeiture, in which event or the Developer shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreement, by Order of CourtOther Agreements, or otherwise. 14.2 The Developer may at , for consequential, exemplary, special, incidental or punitive damages even if any time, without prejudice to any other rights or remedies which it may of them have at law, terminate this Agreement forthwith, if the estate been advised of the Purchaser is at possibility of such damages. In any time provisionally event, the joint and several liability of the Paragraph 11 Parties to the Sellers or finally sequestrated orto the Company or Spiderboy.com, if the Purchaser is a juristic person Inc. or anx xxxxx xxxty for any reason and such juristic person is at upon any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser cause of action shall be responsible for limited to the aggregate amount of $250,000. This limitation applies to all causes of action in the aggregate, including without limitation to breach of contract, breach of warranty, negligence, strict liability, misrepresentations, and shall pay all legal costs incurred by other torts. In the Developer in enforcing its rights in event the terms of this Agreement on a scale as between an attorney paragraph conflict with any of the other terms hereof or with the terms of any of the Other Agreements, the terms of this paragraph shall control and his own clientthe provisions of this paragraph shall survive the Closing for five years.

Default by the Purchaser. 14.1 12.1. Should the Purchaser fail to pay any amount, or fail to provide the guarantee(s) guarantee/s required in terms of this Agreement agreement on due date, or should the Purchaser commit a breach of or any other of the terms and conditions of this Agreement agreement and remain in default for 7 seven days (unless such breach occurs after at a time critical to the transfer documents have been lodged in the Deeds Office for registrationregistration procedure, in which case the 7 seven day period may at the election of the Developer Seller be reduced to 48 hours) ), after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) guarantee/s and/or requiring such breach to be remedied, the Developer Seller shall be entitled without prejudice to any other rights of the Developer Seller, in law or in terms of this Agreement agreement, including the right to claim interest in terms of 13 above:-the Penalty Interest Clause: 14.1.1 12.1.1. to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, ; or 14.1.2 12.1.2. to cancel this Agreement agreement without further notice notice, in which event the Purchaser shall automatically forfeit and the Developer Seller shall be entitled by way of rouwkoop “rouwkoop” and/or rental and/or a genuine pre- pre-estimate of damages for breach of Contractcontract, to retain all moneys then having been paid by the Purchaser under this Agreement, together with all interest accrued thereon, and/oragreement; or 14.1.3 12.1.3. to cancel this Agreement agreement without further notice and to claim damages, damages if any, in lieu of or in addition to such forfeiture, forfeiture in which event the Developer Seller shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreementagreement, by Order of Court, or otherwise. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate 12.2. Should this Agreement forthwith, if the estate agreement be cancelled in terms of the Purchaser is at any time provisionally or finally sequestrated orpreceding clauses, if the Purchaser is a juristic person shall forthwith give up possession of, and such juristic person is at vacate the property and shall cease to have any time wound up or liquidatedrights under this agreement, whether final or provisionaland the Seller shall immediately be entitled to resell the property. 14.3 12.3. The Purchaser shall be responsible liable for all and shall pay all legal costs any costs, including attorney and own client costs, collection commission or tracing agents’ fees incurred by the Developer Seller, arising out of or in enforcing its rights in terms connection with any breach by the Purchaser of any of the provisions of this Agreement on agreement, or any other matter relating to this agreement. 12.4. No indulgence granted by the Seller shall constitute an estoppel or waiver of any of the Seller’s rights under this agreement. Accordingly, the Seller shall not be precluded as a scale as between an attorney and his own clientconsequence of having granted such indulgence from exercising all or any rights against the Purchaser which may have arisen in the past or which may arise in the future.

Default by the Purchaser. 14.1 Should EVENTS OF PURCHASER'S DEFAULT 18.1. The Purchaser shall be deemed to be in default of performance of its obligations under this Contract in the following cases: a. if the Purchaser fail fails to pay the amount of any amount, or fail of the Instalments of the Contract Price due to provide the guarantee(s) required Builder in terms of this Agreement the period prior to Delivery on the due date, or should date for payment thereof, b. if the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced fails without legal justification to 48 hours) after dispatch of a written notice requiring payment and/or take delivery of the guarantee(sVessel in accordance with Clause 14 and to pay the instalment of the Contract Price due thereon; c. if an order or an effective resolution is passed for the winding up of the Purchaser (otherwise than for the purposes of a reconstruction or amalgamation previously approved by the Builder) and/or requiring such breach or if a receiver is appointed over the whole or any part of the undertaking or property of the Purchaser or if the Purchaser becomes insolvent or suspends payment generally of its debts or ceases to be remediedcarry on its business or makes any special arrangement or composition with its creditors. 18.2. If the Purchaser is in default as to the payment of any instalment as provided in (a) or (b) of sub-clause (1) above, the Developer shall be entitled then without prejudice to any other rights of the Developer in law Builder or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may bePurchaser, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and be liable to pay interest at 2 % per cent over LIBOR on the Developer unpaid amount from the day from which the same became due to the Builder up until the date of actual payment thereof. The Builder shall further be entitled by way to claim as Permissible Delay within the meaning of rouwkoop and/or rental and/or a genuine pre- estimate Clause 15.2 any period of damages for breach time during which the construction or completion of Contract, to retain all moneys then having the Vessel has been paid by delayed in consequence of the Purchaser's default as aforesaid. TERMINATION BY THE BUILDER 18.3. If default on the part of the Purchaser under continues for a period of thirty days, the Builder shall have the right at its sole discretion to rescind this Agreement, together with all interest accrued thereon, and/or 14.1.3 Contract by giving written notice to cancel this Agreement without further notice and to claim damages, if any, the Purchaser. The Builder shall in lieu of such forfeiture, in which event the Developer shall be entitled to retain any moneys paid all of the instalments received from the Purchaser. Upon recession of this Contract in accordance with this clause, title to the Vessel shall be temporarily transferred to the joint ownership of the Builder and the Purchaser and remain as such until disposal of the Vessel by the Builder in accordance with this clause. 18.4. In the event of rescission of this Contract in accordance with this Clause the Builder shall have the right and power either to complete or not to complete the Vessel as it deems fit but in any event shall sell the Vessel (either in its complete or incomplete form) at the best available price at a public or private sale on such reasonable terms and conditions. If the Builder sells the Vessel in an incomplete form then the Builder shall give credit to the Purchaser pending determination for any and all savings which arise from not having to complete the construction of the Vessel. 18.5. In the event of the sale of the Vessel in its completed state the proceeds of sale received by the Builder shall be applied to payment of all expenses attending such sale and otherwise incurred by the Builder as a result of the Purchaser's default and then to payment of all unpaid instalments of the Contract Price and interest on such instalments at the rate of 2 per cent above LIBOR from the respective due dates thereof to the date of application. 18.6. In the event of sale of the Vessel in its incomplete state the proceeds of sale received by the Builder shall be applied first to all expenses attending such sale incurred by the Builder as result of the Purchaser's default and then to payment of all costs of part-construction of the Vessel less the instalments retained by the Builder and compensation to the Builder for damages suffered by the Builder in consequence of such default. 18.7. In either of the above events of sale, if the proceeds of sale exceed the sums to which such proceeds are to be applied as aforesaid the Builder shall promptly pay any such excess to the Purchaser without interest thereon and shall at the same time either permit the Purchaser to remove the Purchaser's Supplies from the Shipyard or pay to the Purchaser the full value thereof. 18.8. If the proceeds of sale of the Vessel are insufficient to pay such total amounts payable as aforesaid the Purchaser shall be liable to pay to the Builder upon demand the amount of the damages by Agreement, by Order of Court, or otherwisesuch deficiency. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 13.1 Should the Purchaser fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer shall be entitled without prejudice to any other rights of the Developer in law or in terms of this Agreement including the right to claim interest in terms of 13 12 above:- 14.1.1 13.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 13.1.2 to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser under this Agreement, together with all interest accrued thereon, and/or 14.1.3 13.1.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of such forfeiture, in which event the Developer shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreement, by Order of Court, or otherwise. 14.2 13.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 13.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 Should If the Sellers do not default hereunder and ------------------------ the Purchaser fail defaults hereunder, the Sellers may assert any remedy, including specific performance, which the Sellers may have by reason of any such default. From and after the Closing, subject to pay the terms and provisions hereof, in the event of a breach by any amount, or fail to provide party of the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch obligation of a written notice requiring payment and/or delivery of party which survives the guarantee(s) and/or requiring such breach to be remediedClosing hereunder, the Developer shall be entitled without prejudice to non-defaulting party may assert any other rights of the Developer in remedy, either at law or in terms equity to which such non-defaulting party may be entitled. Neither the Purchaser nor any of his employees, or agents and or attorneys or professional advisers representing any of them in this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price transaction, or the balance of Company or Spiderboy.com, Inc (the Purchase Price as "Parxxxxxx 00 Xarties') shall have any liability to the case may beSellers or to those individuals who are parties to the Consulting Agreements, together or to the Company, with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 respect to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser any obligations under this Agreement, together with all interest accrued thereon, and/or 14.1.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of such forfeiture, in which event or the Developer shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreement, by Order of CourtOther Agreements, or otherwise. 14.2 The Developer may at , for consequential, exemplary, special, incidental or punitive damages even if any time, without prejudice to any other rights or remedies which it may of them have at law, terminate this Agreement forthwith, if the estate been advised of the Purchaser is at possibility of such damages. In any time provisionally event, the joint and several liability of the Paragraph 11 Parties to the Sellers or finally sequestrated orto the Company or Spiderboy.com, if the Purchaser is a juristic person Inc. or any xxxxx xxxxx for any reason and such juristic person is at upon any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser cause of action shall be responsible for limited to the aggregate amount of $250,000. This limitation applies to all causes of action in the aggregate, including without limitation to breach of contract, breach of warranty, negligence, strict liability, misrepresentations, and shall pay all legal costs incurred by other torts. In the Developer in enforcing its rights in event the terms of this Agreement on a scale as between an attorney paragraph conflict with any of the other terms hereof or with the terms of any of the Other Agreements, the terms of this paragraph shall control and his own clientthe provisions of this paragraph shall survive the Closing for five years.

Default by the Purchaser. 14.1 Should the Purchaser Purchaser: 26.1 fail to pay any amountamount due, or or 26.2 fail to provide the guarantee(s) guarantee required in terms of this Agreement on due date, or should the Purchaser ; or 26.3 commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 (seven) days (unless except where such breach occurs after at a time critical to the transfer documents have been lodged in the Deeds Office for registration, registration procedure in which case the 7 (seven) day period may at the election of the Developer Seller be reduced to 48 hours(forty-eight) hours after dispatch of a having received written notice requiring payment and/or from the Seller requiring: 26.3.1 payment; or 26.3.2 delivery of the guarantee(s) and/or requiring guarantee; or 26.3.3 such breach to be remedied, the Developer Seller shall be entitled without prejudice to any other rights of the Developer Seller in law or in terms of this Agreement (including the right to claim interest in terms of 13 above:-interest): 14.1.1 26.3.3.1 to claim immediate payment of the Purchase Price purchase price or the balance of the Purchase Price purchase price as the case may be, be together with all interest and other moneys monies which may then be outstanding, all of which shall immediately become due and payable, ; or 14.1.2 26.3.3.2 to cancel this Agreement without further notice in which event and the Purchaser shall automatically forfeit to the Seller and the Developer Seller shall be entitled by way of rouwkoop and/or recoupment or occupational rental and/or a or genuine pre- pre-estimate of damages for breach of Contract, contract to retain all moneys monies which the Seller had been lawfully proved to be entitled then having been paid by the Purchaser under this Agreement, together with all interest accrued thereon, and/oror 14.1.3 26.3.3.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of or in addition to such forfeiture, in which event the Developer Seller shall be entitled to retain any moneys monies paid by the Purchaser pending determination of the amount of the damages by Agreement, agreement or by Order order of Court, Court or otherwise. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate 26.4 Should this Agreement forthwithbe cancelled, if the estate of the Purchaser is at shall immediately give up possession of and vacate the Property (if applicable) and shall cease to have any time provisionally or finally sequestrated or, if rights under this Agreement and the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisionalSeller shall immediately be entitled to resell the Property. 14.3 26.5 The Purchaser shall be responsible liable for all and shall pay all legal costs any costs, including attorney and own client costs, collection commission or tracing agents fees, incurred by the Developer Seller arising out of or in enforcing its rights in terms connection with any breach by the Purchaser of any of the provisions of this Agreement on a scale as between an attorney and his own clientAgreement, or any other matter relating to this Agreement.

Default by the Purchaser. 14.1 Should 12.1 Provided Always That the Purchaser fail Vendor is ready, willing and able to pay any amount, or fail to provide perform the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer shall be entitled without prejudice to any other rights of the Developer in law or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser Vendor's obligation under this Agreement, together with all interest accrued thereonin the event:- (a) the Purchaser shall fail to pay the Purchase Price within the time and in the manner stated in Clause 3 hereof; or (b) the Purchaser shall be in breach of any material term of this Agreement, and/or 14.1.3 without any default by the Vendor, the Vendor shall require the Purchaser to cancel remedy such breach within fourteen (14) days of receipt of such notice and if the Purchaser fails to remedy the relevant default or breach within the stipulated fourteen (14) days; then, the Vendor shall be at liberty to terminate this Agreement without further by a notice in writing to the Purchaser whereupon: (i) the Deposit shall be forfeited to the Vendor absolutely as agreed compensation and to claim damages, if any, in lieu of such forfeiture, in which event the Developer Vendor shall be entitled to retain or recover the same (if unpaid) and be at liberty to sell or otherwise dispose of the Property as the Vendor shall think fit without being liable to the Purchaser for any moneys profit made on such sale or dealing; and (ii) the Vendor shall refund or cause to be refunded to the Purchaser all other monies paid by the Purchaser pending determination to the Vendor towards payment of the amount Balance Purchase Price free of interest in exchange for the damages by Agreement, by Order of Court, or otherwisePurchaser's compliance with Clause 12.2 herein. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if 12.2 In the estate event of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms termination of this Agreement pursuant to Clause 12.1 above, the Purchaser shall in exchange for the refund provided in Clause 12.1(ii) hereof (if applicable) or where there is no money required to be refunded, the Purchaser shall in exchange comply with the following:- (a) return or cause to be returned to the Vendor all documents (inclusive of the Transfer Documents) which were delivered to the Purchaser or the Purchaser's Solicitors or the Financier or the Financier's solicitors under the provisions of this Agreement with the Vendor's right, title and interests intact; (b) remove or cause to be removed any private caveat entered on a scale as between an attorney the Sale Property by the Purchaser or the Purchaser's Financier or any other person claiming under the Purchaser, at the Purchaser's own costs and his own clientexpenses; (c) deliver the RPGT Termination Letter; and (d) upon the Purchaser's compliance with the above, neither party shall thereafter have any claims whatsoever against the other in respect of this Agreement save on any antecedent breach of this Agreement.

Default by the Purchaser. 14.1 Should EVENTS OF PURCHASER'S DEFAULT 18.1. The Purchaser shall be deemed to be in default of performance of its obligations under this Contract in the following cases: a. if the Purchaser fail fails to pay the amount of any amount, or fail of the Instalments of the Contract Price due to provide the guarantee(s) required Builder in terms of this Agreement the period prior to Delivery on the due date, or should date for payment thereof, b. if the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced fails without legal justification to 48 hours) after dispatch of a written notice requiring payment and/or take delivery of the guarantee(sVessel in accordance with Clause 14 and to pay the instalment of the Contract Price due thereon; c. if an order or an effective resolution is passed for the winding up of the Purchaser (otherwise than for the purposes of a reconstruction or amalgamation previously approved by the Builder) and/or requiring such breach or if a receiver is appointed over the whole or any part of the undertaking or property of the Purchaser or if the Purchaser becomes insolvent or suspends payment generally of its debts or ceases to be remediedcarry on its business or makes any special arrangement composition with its creditors. 18.2. If the Purchaser is in default as to the payment of any instalment as provided in (a) or (b) of sub-clause (1) above, the Developer shall be entitled then without prejudice to any other rights of the Developer in law Builder or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may bePurchaser, together with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and be liable to pay interest at 2 % per cent over LIBOR on the Developer unpaid amount from the day from which the same became due to the Builder up until the date of actual payment thereof. The Builder shall further be entitled by way to claim as Permissible Delay within the meaning of rouwkoop and/or rental and/or a genuine pre- estimate Clause 15.2 any period of damages for breach time during which the construction or completion of Contract, to retain all moneys then having the Vessel has been paid by delayed in consequence of the Purchaser's default as aforesaid. TERMINATION BY THE BUILDER 18.3. If default on the part of the Purchaser under continues for a period of thirty days, the Builder shall have the right at its sole discretion to rescind this Agreement, together with all interest accrued thereon, and/or 14.1.3 Contract by giving written notice to cancel this Agreement without further notice and to claim damages, if any, the Purchaser. The Builder shall in lieu of such forfeiture, in which event the Developer shall be entitled to retain any moneys paid all of the instalments received from the Purchaser. Upon completion of this Contract in accordance with this clause, title to the Vessel shall be temporarily transferred to the joint ownership of the Builder and the Purchaser and remain as such until disposal of the Vessel by the Builder in accordance with this clause. 18.4. In the event of rescission of this Contract in accordance with this Clause the Builder shall have the right and power either to complete or not to complete the Vessel as it deems fit but in any event shall sell the Vessel (either in its complete or incomplete form) at the best available price at a public or private sale on such reasonable terms and conditions. If the Builder sells the Vessel in an incomplete form then the Builder shall give credit to the Purchaser pending determination for any and all savings which arise from not having to complete the construction of the Vessel. 18.5. In the event of the sale of the Vessel in its completed state the proceeds of sale received by the Builder shall be applied to payment of all expenses attending such sale and otherwise incurred by the Builder as a result of the Purchaser's default and then to payment of all unpaid instalments of the Contract Price and interest on such instalments at the rate of 2 per cent above LIBOR from the respective due dates thereof to the date of application. 18.6. In the event of sale of the Vessel in its incomplete state the proceeds of sale received by the Builder shall be applied first to all expenses attending such sale incurred by the Builder as result of the Purchaser's default and then to payment of all costs of part-construction of the Vessel less the instalments retained by the Builder and compensation to the Builder for damages suffered by the Builder in consequence of such default. 18.7. In either of the above events of sale, if the proceeds of sale exceed the sums to which such proceeds are to be applied as aforesaid the Builder shall promptly pay any such excess to [he Purchaser without interest thereon and shall at the same time either permit the Purchaser to remove the Purchaser's Supplies from the Shipyard or pay to the Purchaser the full value thereof. 18.8. If the proceeds of sale of the Vessel are insufficient to pay such total amounts payable as aforesaid the Purchaser shall be liable to pay to the Builder upon demand the amount of the damages by Agreement, by Order of Court, or otherwisesuch deficiency. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 Should If the Sellers do not default hereunder and ------------------------ the Purchaser fail defaults hereunder, the Sellers may assert any remedy, including specific performance, which the Sellers may have by reason of any such default. From and after the Closing, subject to pay the terms and provisions hereof, in the event of a breach by any amount, or fail to provide party of the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch obligation of a written notice requiring payment and/or delivery of party which survives the guarantee(s) and/or requiring such breach to be remediedClosing hereunder, the Developer shall be entitled without prejudice to non-defaulting party may assert any other rights of the Developer in remedy, either at law or in terms equity to which such non-defaulting party may be entitled. Neither the Purchaser nor any of his employees, or agents and or attorneys or professional advisers representing any of them in this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price transaction, or the balance of Company or Spiderboy.com, Inc (the Purchase Price as "Paragraph 11 Parties') shall have any liaxxxxxx xx xhe Sellers or to those individuals who are parties to the case may beConsulting Agreements, together or to the Company, with all interest and other moneys which may then be outstanding, all of which shall immediately become due and payable, or 14.1.2 respect to cancel this Agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser any obligations under this Agreement, together with all interest accrued thereon, and/or 14.1.3 to cancel this Agreement without further notice and to claim damages, if any, in lieu of such forfeiture, in which event or the Developer shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreement, by Order of CourtOther Agreements, or otherwise. 14.2 The Developer may at , for consequential, exemplary, special, incidental or punitive damages even if any timeof them have been advised of the possibility of such damages. In any event, without prejudice the joint and several liability of the Paragraph 11 Parties to the Sellers or to the Company or Spiderboy.com, Inc. or any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at party for any time provisionally or finally sequestrated or, if the Purchaser is a juristic person reason and such juristic person is at upon any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser xxxxx xx xxxion shall be responsible for limited to the aggregate amount of $250,000. This limitation applies to all causes of action in the aggregate, including without limitation to breach of contract, breach of warranty, negligence, strict liability, misrepresentations, and shall pay all legal costs incurred by other torts. In the Developer in enforcing its rights in event the terms of this Agreement on a scale as between an attorney paragraph conflict with any of the other terms hereof or with the terms of any of the Other Agreements, the terms of this paragraph shall control and his own clientthe provisions of this paragraph shall survive the Closing for five years.

Default by the Purchaser. 14.1 9.1 Should the Purchaser fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement agreement on due date, date or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement agreement and remain in default for 7 days (unless such breach occurs after at a time critical to the transfer documents have been lodged in the Deeds Office for registration, registration procedure in which case the 7 day period may at the election of the Developer Seller be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer Seller shall be entitled without prejudice to any other rights of the Developer Seller in law or in terms of this Agreement agreement including the right to claim interest in terms of 13 above:-interest. 14.1.1 9.1.1 to claim immediate payment of the Purchase Price purchase price or the balance of the Purchase Price purchase price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become come due and payable, or 14.1.2 9.1.2 to cancel this Agreement agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer Seller shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contractcontract, to retain all moneys then having been paid by the Purchaser under this Agreementagreement, together with all interest accrued thereon, and/oror 14.1.3 9.1.3 to cancel this Agreement agreement without further notice and to claim damages, if any, in lieu of or in addition to such forfeiture, in which event the Developer Seller shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreementagreement, by Order order of Courtcourt, or otherwise. 14.2 The Developer may at any time, without prejudice to any other rights 9.2 Should this agreement be cancelled in terms of 9.1.2 or remedies which it may have at law, terminate this Agreement forthwith, if the estate of 9. 1.3 the Purchaser is at shall forthwith give up possession of and vacate the property and shall cease to have any time provisionally or finally sequestrated or, if rights under this agreement and the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisionalSeller shall immediately be entitled to resell the property. 14.3 9.3 The Purchaser shall be responsible liable for all and shall pay all legal costs any costs, including attorney and own client costs, collection commission or tracing agent’s fees, incurred by the Developer Seller arising out of or in enforcing its rights in terms connection with any breach by the Purchaser of any of the provisions of this Agreement on agreement, or any other matter relating to this agreement. 9.4 No indulgence granted by the Seller shall constitute an estoppel or a scale waiver of any of the Seller’s rights under this agreement. Accordingly, the Seller shall not be precluded, as between an attorney and his own clienta consequence of having granted such indulgence, from exercising all or any right against the Purchaser which may have arisen in the past or which may arise in the future.

Default by the Purchaser. 14.1 Should If (i) the Purchaser shall have made any representation or warranty herein which shall be untrue or misleading in any material respect, or (ii) if the Purchaser shall fail to pay perform any amount, or fail to provide the guarantee(s) required in terms of this Agreement on due date, or should the Purchaser commit a breach of any other of the terms covenants and conditions agreements contained herein and such condition or failure shall continue for a period of this Agreement and remain in default for 7 ten (10) days (unless or such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day additional period as may at the election be reasonably required to effectuate a cure of the Developer be reduced same; provided that no such extension of time shall apply to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach Purchaser's failure to be remedied, the Developer shall be entitled without prejudice to any other rights of the Developer in law or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of pay the Purchase Price at Closing or otherwise operate to extend the balance Closing Date) after notice thereof from the Seller, or (iii) the Seller becomes entitled to terminate (and in fact terminates) the 3-Pack Contract as a result of Purchaser's default pursuant to Section 10.2 of the Purchase Price 3-Pack Contract, the Seller may, as the case may beits sole and exclusive remedy, together with all interest and other moneys which may then be outstandingat law, all of which shall immediately become due and payableor in equity, or 14.1.2 to cancel terminate this Agreement without further notice in which event Agreement, whereupon the Purchaser shall automatically forfeit pay to the Seller, as liquidated damages and not as a penalty, for and on account of the Property (and the Developer shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of properties remaining unsold under the 3-Pack Contract, to retain all moneys then having been paid by if any) the Purchaser under this Agreement, together with all interest accrued thereon, and/or 14.1.3 to cancel this Agreement without further notice and to claim sum of Three Million One Hundred Fifty-two Thousand Six Hundred Eighty Dollars ($3,152,680.00) (which sum is inclusive of the amount of liquidated damages, if any, paid or payable by Purchaser pursuant to Section 10.02 of the 3-Pack Contract, it being the intent and agreement of the parties that Purchaser's aggregate liability for liquidated damages under this Agreement and the 3-Pack Contract shall not exceed $3,152,680.00, including any portion of the Aggregate Deposit applied thereto pursuant to Section 10.3 hereof or Section 10.3 of the 3-Pack Contract), plus the reasonable attorneys' fees and expenses incurred by Seller in lieu enforcing this Agreement and/or the 3-Pack Contract against Purchaser in respect of Purchaser's default. It is understood and agreed that for purposes of this Section 10.2, if a default results from a false representation or warranty, such forfeiture, in which event the Developer default shall be entitled deemed cured if the events, conditions, acts or omissions giving rise to retain any moneys paid by the Purchaser pending determination falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the amount of the damages by Agreement, by Order of Court, or otherwisedate actually made. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 Should If the Purchaser or Guarantors shall have made any representation or warranty herein which shall be untrue in any material respect when made or updated as herein provided, or if the Purchaser shall fail to pay perform any amountof the material covenants and agreements contained herein and such condition or failure continues for a period of ten (10) days (or such additional period as may be reasonably required to effectuate a cure of the same) after notice thereof from the Seller or Tenant, either the Seller or fail to provide the guarantee(s) required in terms of Tenant may terminate this Agreement on due datewith respect to the affected Property and each of Seller and Tenant may respectively elect that either Purchaser or Guarantors shall reimburse to Seller or Tenant, or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement and remain in default for 7 days (unless such breach occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 day period may at the election of the Developer be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer shall be entitled without prejudice to any other rights of the Developer in law or in terms of this Agreement including the right to claim interest in terms of 13 above:- 14.1.1 to claim immediate payment of the Purchase Price or the balance of the Purchase Price as the case may be, together with all interest the Seller's or the Tenant's respective direct, out of pocket expenses incurred in respect of such affected Property (and other moneys which may then be outstanding, all an allocable share of which shall immediately become due and payable, or 14.1.2 expenses attributable generally to cancel the transactions contemplated by this Agreement without further notice and not attributable specifically to any Property), not to exceed $30,000 per Property per party, or the Seller and/or Tenant may instead elect to pursue any and all remedies available to them at law or in which equity, including, but not limited to, a suit for specific performance or other equitable relief, provided, however, that, (x) in no event shall the Purchaser be liable for (and Seller and Tenant hereby agree that they will not commence or prosecute any action for) consequential or punitive or exemplary damages (other than Tenant's, Crestline's, Seller's or MI's reasonable attorneys' fees and expenses pursuant to Section 11.11 hereof or for any matter indemnified pursuant to Section 11.1 hereof) and (y) in no event shall automatically forfeit and the Developer shall be entitled by way aggregate liability of rouwkoop and/or rental and/or a genuine pre- estimate of damages for breach of Contract, to retain all moneys then having been paid by the Purchaser under this AgreementAgreement exceed an amount equal to five percent (5%) (provided, Tenant and Crestline together with shall be limited to, and shall not recover in excess of, one percent (1%) of such Allocable Purchase Price from Purchaser) of the aggregate of the Allocable Purchase Prices for all interest accrued thereonof the Properties affected by the default plus any amounts necessary to be paid to indemnify and hold harmless Tenant, and/or 14.1.3 Crestline, Seller or MI pursuant to cancel Section 11.1 and the reasonable attorneys' fees and expenses incurred by Seller and/or Tenant in enforcing the Agreement against Purchaser in respect of Purchaser's default. It is understood and agreed that for purposes of this Agreement without further notice and to claim damagesSection 10.2, if anya default results from a false representation or warranty, in lieu of such forfeiture, in which event the Developer default shall be entitled deemed cured if the events, conditions, acts or omissions giving rise to retain any moneys paid by the Purchaser pending determination falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the amount of the damages by Agreement, by Order of Court, or otherwisedate actually made. 14.2 The Developer may at any time, without prejudice to any other rights or remedies which it may have at law, terminate this Agreement forthwith, if the estate of the Purchaser is at any time provisionally or finally sequestrated or, if the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisional. 14.3 The Purchaser shall be responsible for and shall pay all legal costs incurred by the Developer in enforcing its rights in terms of this Agreement on a scale as between an attorney and his own client.

Default by the Purchaser. 14.1 9.1 Should the Purchaser fail to pay any amount, or fail to provide the guarantee(s) required in terms of this Agreement agreement on due date, date or should the Purchaser commit a breach of any other of the terms and conditions of this Agreement agreement and remain in default for 7 days (unless such breach occurs after at a time critical to the transfer documents have been lodged in the Deeds Office for registration, registration procedure in which case the 7 day period may at the election of the Developer Seller be reduced to 48 hours) after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) and/or requiring such breach to be remedied, the Developer Seller shall be entitled without prejudice to any other rights of the Developer Seller in law or in terms of this Agreement agreement including the right to claim interest in terms of 13 above:-interest. 14.1.1 9.1.1 to claim immediate payment of the Purchase Price purchase price or the balance of the Purchase Price purchase price as the case may be, together with all interest and other moneys which may then be outstanding, all of which shall immediately become come due and payable, or 14.1.2 9.1.2 to cancel this Agreement agreement without further notice in which event the Purchaser shall automatically forfeit and the Developer Seller shall be entitled by way of rouwkoop and/or rental and/or a genuine pre- pre-estimate of damages for breach of Contractcontract, to retain all moneys then having been paid by the Purchaser under this Agreementagreement, together with all interest accrued thereon, and/oror 14.1.3 9.1.3 to cancel this Agreement agreement without further notice and to claim damages, if any, in lieu of or in addition to such forfeiture, in which event the Developer Seller shall be entitled to retain any moneys paid by the Purchaser pending determination of the amount of the damages by Agreementagreement, by Order order of Courtcourt, or otherwise. 14.2 The Developer may at any time, without prejudice to any other rights 9.2 Should this agreement be cancelled in terms of 9.1.2 or remedies which it may have at law, terminate this Agreement forthwith, if the estate of 9. 1.3 the Purchaser is at shall forthwith give up possession of and vacate the property and shall cease to have any time provisionally or finally sequestrated or, if rights under this agreement and the Purchaser is a juristic person and such juristic person is at any time wound up or liquidated, whether final or provisionalSeller shall immediately be entitled to resell the property. 14.3 9.3 The Purchaser shall be responsible liable for all and shall pay all legal costs any costs, including attorney and own client costs, collection commission or tracing agents fees, incurred by the Developer Seller arising out of or in enforcing its rights in terms connection with any breach by the Purchaser of any of the provisions of this Agreement on agreement, or any other matter relating to this agreement. 9.4 No indulgence granted by the Seller shall constitute an estoppel or a scale waiver of any of the Seller’s rights under this agreement. Accordingly the Seller shall not be precluded, as between an attorney and his own clienta consequence of having granted such indulgence, from exercising all or any right against the Purchaser which may have arisen in the past or which may arise in the future.