FINANCIAL CLOSURE. 6.1. Financial Closure should be achieved within a period of 120 Business Days after the Effective Date, or such longer period as may be agreed between the parties. 6.2. The Grant Recipient shall furnish copies of the following documents to the SHRA, for its approval, which copies shall be annexed to this Agreement numbered as set out below. Where a document is an agreement, it shall be signed by all the parties to that agreement, and where the document is an approval by an Appropriate Authority, or other relevant person, such approval shall be on an official letterhead and / or stamped with the relevant Authority/ person's official stamp. 6.3. In order to achieve Financial Closure, the Grant Recipient shall be required to submit the documents listed below: 6.3.1. Debt Funding Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B1"; 6.3.2. Other Funding Agreements, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B2"; 6.3.3. Consultant and professional team service agreements signed by all parties and all conditions precedent having been met, and professional indemnity cover effected, to be annexed as Annexures "B3"; 6.3.4. Approved site development plan/s, to be annexed as Annexure "B4"; 6.3.5. Approved building plans, to be annexed as Annexure "B5"; 6.3.6. NHBRC enrolment or exemption (enrolment certificates or letters), to be annexed as Annexure "B6"; 6.3.7. Updated Project Development Costs (including costs to reflect tender results, as well as cash flow draw-downs from Financiers) together with updated Quick Scan C, to be annexed as Annexure "B7"; 6.3.8. Development Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B8";(If Applicable) 6.3.9. Construction Agreement concluded between Grant Recipient or Developer and the Contractor and all other relevant documentation (like drawings, specifications, costs, bills of quantity and similar information) that the SHRA may request, to be annexed as Annexure "B9"; 6.3.10. Approved Environmental Management Plan, to be annexed as Annexure "B10"; 6.3.11. A draft copy of the Notarial Deed against the title deed restricting transfer of the land to any third party in favour of the SHRA together with a certificate from the Conveyancer stating the date by which such deed will be registered against the title deeds, to be annexed as Annexure "B11"; 6.3.12. A copy of the Construction guarantee (if applicable) to be annexed as Annexure “B12” 6.3.13. Proof of ownership of the land in the name of the Grant Recipient/written confirmation from the conveyancer that all is in order for the registration of the land into the Grant Recipient’s name, to be annexed as Annexure “B13” 6.3.14. Any other information and/or documentation reasonably required by the SHRA as evidence of the Grant Recipient 's financial standing and readiness in respect of any aspect of the Project, to be annexed as Annexure "B14" 6.3.15. Additionally, the Grant recipient must submit the following in terms of the Grant Approval Resolution referred to as Annexure “A22”; 6.3.15.1. To include any additional FC conditions as per the grant approval Resolution of the SHRA; 6.4. Should the Grant Recipient believe that it will not be in a position to attain the fulfilment of Financial Closure within the 120 Business Days period, the Grant Recipient shall submit a written application to the SHRA requesting an extension, stating the reasons for delay, motivating the reasons that the SHRA should grant such an extension, clearly stipulating the revised date for meeting FC. Such application must be received by the SHRA not later than fourteen (14) Days prior to the date for FC to be met and approval shall not be unreasonably withheld. 6.5. In the event that the SHRA in its discretion concludes that the Grant Recipient shall not reasonably be able to achieve Financial Closure within the stipulated period or such longer period as the SHRA may determine, then the SHRA in its discretion may terminate this Agreement and in this regard: - 6.5.1. The Grant Recipient shall not have any claim against the SHRA as a result of such termination; 6.5.2. The Grant Recipient shall be required to refund to the SHRA, with interest at the rate stipulated in clause 2.1.42, any monies already paid in terms of this Agreement within twenty-one (21) Business Days after receipt of a written notice from the SHRA terminating this Agreement; and 6.5.3. The Grant Recipient shall be entitled to submit a new Application for the Consolidated Capital Grant.
Appears in 2 contracts
Samples: Consolidated Capital Grant Agreement, Grant Agreement
FINANCIAL CLOSURE. 6.1. Financial Closure should be achieved within a period of 120 Business Days after the Effective Date, or such longer period as may be agreed between the partiesParties.
6.2. The Grant Recipient shall furnish copies of the following documents to the SHRA, for its approval, which copies shall be annexed to this Agreement numbered as set out below. Where a document is an agreement, it shall be signed by all the parties to that agreement, and where the document is an approval by an Appropriate Authority, or other relevant person, such approval shall be on an official letterhead and / or stamped with the relevant Authority/ person's official stamp.
6.3. In order to achieve Financial Closure, the Grant Recipient shall be required to submit the documents listed below:
6.3.1. Debt Funding Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B1";
6.3.2. Other Funding Agreements, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B2";
6.3.3. Consultant and professional team service agreements signed by all parties and all conditions precedent having been met, and professional indemnity cover effected, to be annexed as Annexures "B3"" (if applicable);
6.3.4. Approved site development plan/s, to be annexed as Annexure "B4";
6.3.5. Approved building plans, to be annexed as Annexure "B5";
6.3.6. NHBRC enrolment or exemption (enrolment certificates or letters), to be annexed as Annexure "B6"" (if applicable);
6.3.7. Updated Project Development Costs (including costs to reflect tender results, as well as cash flow draw-downs from Financiers) together with updated Quick Scan C, to be annexed as Annexure "B7";
6.3.8. Development Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B8";(If ApplicableB8" (if applicable);
6.3.9. Construction Agreement concluded between Grant Recipient or Developer and the Contractor and all other relevant documentation (like drawings, specifications, costs, bills of quantity and similar information) that the SHRA may request, to be annexed as Annexure "B9"" (if applicable);
6.3.10. Approved Environmental Management Plan, to be annexed as Annexure "B10";
6.3.11. A draft copy of the Notarial Deed against the title deed restricting transfer of the land to any third party in favour of the SHRA together with a certificate from the Conveyancer stating the date by which such deed will be registered against the title deeds, to be annexed as Annexure "B11B10";
6.3.126.3.11. A copy of the Construction guarantee (if applicable) to be annexed as Annexure “B12B11”
6.3.136.3.12. Proof of ownership of the land in the name of the Grant Recipient/written confirmation from the conveyancer that all is in order for the registration of the land into the Grant Recipient’s name, to be annexed as Annexure “B12”
6.3.13. The Grant Recipient shall submit the tenant regularisation plan, to be annexed as Annexure “B13”
6.3.14. The Grant Recipient shall submit the certificate of compliance (COC) from the municipality, to be annexed as Annexure “B14”
6.3.15. The Grant Recipient shall submit as-built drawings or new approved building plans (whichever is applicable), to be annexed as Annexure “B15”
6.3.16. The Grant Recipient shall submit a practical and occupation certificate, to be annexed as Annexure “B16”
6.3.17. Any other information and/or documentation reasonably required by the SHRA as evidence of the Grant Recipient 's financial standing and readiness in respect of any aspect of the Project, to be annexed as Annexure "B14B17"
6.3.156.3.18. Additionally, the Grant recipient must submit the following in terms of the Grant Approval Resolution of the SHRA referred to as Annexure “A22”;
6.3.15.16.3.18.1. To include any additional FC conditions as per the grant approval Resolution of the SHRA;
6.4. Should the Grant Recipient believe that it will not be in a position to attain the fulfilment of Financial Closure within the 120 Business Days period, the Grant Recipient shall submit a written application to the SHRA requesting an extension, stating the reasons for delay, motivating the reasons that the SHRA should grant such an extension, clearly stipulating the revised date for meeting FC. Such application must be received by the SHRA not later than fourteen (14) Days prior to the date for FC to be met and approval shall not be unreasonably withheld.
6.5. In the event that the SHRA in its discretion concludes that the Grant Recipient shall not reasonably be able to achieve Financial Closure within the stipulated period or such longer period as the SHRA may determine, then the SHRA in its discretion may terminate this Agreement and in this regard: -
6.5.1. The Grant Recipient shall not have any claim against the SHRA as a result of such termination;
6.5.2. The Grant Recipient shall be required to refund to the SHRA, with interest at the rate stipulated in clause 2.1.42, any monies already paid in terms of this Agreement within twenty-one (21) Business Days after receipt of a written notice from the SHRA terminating this Agreement; and
6.5.3. The Grant Recipient shall be entitled to submit a new Application for the Consolidated Capital Grant.
Appears in 1 contract
Samples: Consolidated Capital Grant Agreement
FINANCIAL CLOSURE. 6.1. Financial Closure should be achieved within a period of 120 Business Days after the Effective Date, or such longer period as may be agreed between the parties.
6.2. The Grant Recipient shall furnish copies of the following documents to the SHRA, for its approval, which copies shall be annexed to this Agreement numbered as set out below. Where a document is an agreement, it shall be signed by all the parties to that agreement, and where the document is an approval by an Appropriate Authority, or other relevant person, such approval shall be on an official letterhead and / or stamped with the relevant Authority/ person's official stamp.
6.3. In order to achieve Financial Closure, the Grant Recipient shall be required to submit the documents listed below:
6.3.1. Debt Funding Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B1";
6.3.2. Other Funding Agreements, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B2";
6.3.3. Consultant and professional team service agreements signed by all parties and all conditions precedent having been met, and professional indemnity cover effected, to be annexed as Annexures "B3";
6.3.4. Approved site development plan/s, to be annexed as Annexure "B4";
6.3.5. Approved building plans, to be annexed as Annexure "B5";
6.3.6. NHBRC enrolment or exemption (enrolment certificates or letters), to be annexed as Annexure "B6";
6.3.7. Updated Project Development Costs (including costs to reflect tender results, as well as cash flow draw-downs from Financiers) together with updated Quick Scan C, to be annexed as Annexure "B7";
6.3.8. Development Agreement, signed by all Parties and all conditions precedent in terms of such agreement having been met (save for coming into effect of this Agreement), to be annexed as Annexure "B8";(If Applicable)
6.3.9. Construction Agreement concluded between Grant Recipient or Developer and the Contractor and all other relevant documentation (like drawings, specifications, costs, bills of quantity and similar information) that the SHRA may request, to be annexed as Annexure "B9";
6.3.10. Approved Environmental Management Plan, to be annexed as Annexure "B10";
6.3.11. A draft copy of the Notarial Deed against the title deed restricting transfer of the land to any third party in favour of the SHRA together with a certificate from the Conveyancer stating the date by which such deed will be registered against the title deeds, to be annexed as Annexure "B11B10";
6.3.126.3.11. A copy of the Construction guarantee (if applicable) to be annexed as Annexure “B12B11”
6.3.136.3.12. Proof of ownership of the land in the name of the Grant Recipient/written confirmation from the conveyancer that all is in order for the registration of the land into the Grant Recipient’s name, to be annexed as Annexure “B12”
6.3.13. the Grant Recipient shall submit the tenant regularisation plan, to be annexed as Annexure “B13”;
6.3.14. the Grant Recipient shall submit the certificate of compliance (COC) from the municipality, to be annexed as Annexure “B14”;
6.3.15. the Grant Recipient shall submit as-built drawings or new approved building plans (whichever is applicable), to be annexed as Annexure “B15”;
6.3.16. the Grant Recipient shall submit a practical and occupation certificate, to be annexed as Annexure “B16”;
6.3.17. Any other information and/or documentation reasonably required by the SHRA as evidence of the Grant Recipient 's financial standing and readiness in respect of any aspect of the Project, to be annexed as Annexure "B14B17";
6.3.156.3.18. Additionally, the Grant recipient must submit the following in terms of the Grant Approval Resolution referred to as Annexure “A22”;
6.3.15.16.3.18.1. To include any additional FC conditions as per the grant approval Resolution of the SHRA;
6.4. Should the Grant Recipient believe that it will not be in a position to attain the fulfilment of Financial Closure within the 120 Business Days period, the Grant Recipient shall submit a written application to the SHRA requesting an extension, stating the reasons for delay, motivating the reasons that the SHRA should grant such an extension, clearly stipulating the revised date for meeting FC. Such application must be received by the SHRA not later than fourteen (14) Days prior to the date for FC to be met and approval shall not be unreasonably withheld.
6.5. In the event that the SHRA in its discretion concludes that the Grant Recipient shall not reasonably be able to achieve Financial Closure within the stipulated period or such longer period as the SHRA may determine, then the SHRA in its discretion may terminate this Agreement and in this regard: -
6.5.1. The Grant Recipient shall not have any claim against the SHRA as a result of such termination;
6.5.2. The Grant Recipient shall be required to refund to the SHRA, with interest at the rate stipulated in clause 2.1.42, any monies already paid in terms of this Agreement within twenty-one (21) Business Days after receipt of a written notice from the SHRA terminating this Agreement; and
6.5.3. The Grant Recipient shall be entitled to submit a new Application for the Consolidated Capital Grant.
Appears in 1 contract
Samples: Grant Agreement
