LOAN FINANCE. (a) The Purchaser agrees that this Agreement is not subject to the Purchaser obtaining a loan or financing in any form whatsoever from a bank or any other financial institution for the Purchase Price or any part thereof and that any failure to obtain such loan or financing shall not relieve the Purchaser of any of its obligations under this Agreement, which continue in full force and effect from the Effective Date. If requested by the Purchaser, the Seller may, in its absolute discretion, accept monies from a recognised bank or financial institution as a payment made on behalf of the Purchaser.
(b) The Purchaser shall be solely responsible for the Seller for the performance of Purchaser’s obligations under this Agreement, notwithstanding that any financing facility that is arranged by him/it through a financier in respect of the Property is later withdrawn or is no longer available or the financing amount is reduced for any reason whatsoever except in cases where the financier has expressly undertaken to the Seller that it shall be irrevocably and unconditionally liable for the payment of the Purchase Price and any other amounts payable pursuant to this Agreement.
LOAN FINANCE. The Allottee may, with the prior approval of the Company, raise and/or avail loan from banks and other housing finance companies for this purpose only. The Allottee agrees that the provisions of this Agreement are and shall continue to be subject and subordinate to the lien of any mortgage hereto before or hereafter made/created by the Company and any payments or expenses already made or incurred or which hereafter may be made or incurred pursuant to the terms thereof or incidental thereto or to protect the security thereof, to the fullest extent thereof and such mortgage(s) or encumbrances shall not constitute an objection to the title of the said Apartment or excuse the Allottee from making the payment of the Total Consideration of the said Apartment or performing all the Allottee’s other obligations hereunder or be the basis of any claim against or liability of the Company, provided that at the time of the execution of the Sale Deed/Conveyance Deed of the said Apartment, it shall be free and clear of all encumbrances, lien and charges whatsoever. Allottee(s) 10 Company
LOAN FINANCE. The following terms are applicable:
23.1 It is recorded that the finance suspensive condition mentioned in Item 13 of the Information Schedule (if applicable) has been inserted for the benefit of the Purchaser and may be waived at any time prior to the date for fulfilment thereof, by written notice of waiver, delivered to the Seller.
23.2 The Purchaser shall use its best efforts and endeavours to procure the fulfilment of the condition, and shall apply for such loan finance immediately after the Signature Date. If, despite such endeavours, the condition is not fulfilled (or waived) by or prior to the due date or by such extended date as the Parties hereto may agree in writing, then this Agreement shall fail to come into existence and be of no further force and/or effect. In such event, the status quo ante will be restored as far as possible and no Party will have any claim against the other in terms of this Agreement or arising from the failure of the condition, except where a Party deliberately frustrates the fulfilment of the condition.
23.3 Prior to the fulfilment of the suspensive condition, should the Seller receive a clean and unconditional offer for the Property which is not subject to a mortgage bond suspensive condition, and which offer the Seller is inclined to accept, then the Purchaser will be:
23.3.1 given a copy of the offer and notified in writing of such fact, and
23.3.2 the Purchaser shall have 72 (SEVENTY-TWO) hours (excluding weekends and public holidays) from time of receipt of such written notice to waive the benefit of the suspensive condition, thereby binding the Purchaser unconditionally to this Agreement, failing which, this Agreement will lapse and be of no further force and/or effect, and no Party will have claim whatsoever against the other arising from this Contract.
LOAN FINANCE. 3.1.1 In the event of the Purchaser requiring bond finance for the acquisition of the Section, this sale shall be subject to the condition precedent that the Purchaser is offered a loan by a recognised financial institution in the amount and by the date as specified in the Schedule, on the institution's usual terms and conditions relating to such loans (which may include the signing of Suretyships).
3.1.2 This condition shall be deemed to have been fulfilled upon the Purchaser obtaining an offer from a financial institution as contemplated for a loan as herein envisaged. Should the Purchaser be unsuccessful in obtaining the finance, then the deposit and any interest accrued will berefunded to the Purchaser.
3.1.3 The Purchaser hereby authorises the Seller or his agent to apply on behalf of the purchaser for a loan referred to in 3.1.1 and hereby irrevocably authorises the Seller and or his Agent to make application on his behalf. The Purchaser acknowledges that the convenience of applications for loans in the development being submitted through the same channels justifies this condition.
3.1.4 The Purchaser hereby undertakes to use his best endeavors to ensure that the said loan is granted timeously and to sign and provide all such documents and to do all such things as may reasonably be necessary or required for purposes of obtaining the grant of the mortgage loan and, after the loan has been granted, registration of the mortgage bond. Should the Purchaser fail to sign and or provide all such documents and/or do all such things, any such failure shall be deemed to be a breach of a material term or condition of this agreement by the Purchaser.
3.1.5 The Purchaser acknowledges that it is fully aware of the requirements of the banks with regard to the maximum loan which banks are prepared to grant on the basis of income and commitments of the borrower and the Purchaser hereby warrants that its income is sufficient in relation to its commitments to meet the requirements of the bank in this regard and having regard to the amount of the loan to be applied for.
3.1.6 It is a condition of this Agreement that in the event of the Purchaser's application for a loan being successful, the registration of the mortgage bond shall be effected and registered by the Attorneys unless agreed to otherwise in writing by the Seller. The Purchaser undertakes to procure that the financial institution from which the Purchaser obtains the loan instructs the Attorneys to attend to t...
LOAN FINANCE. Each of the Shareholders shall use its commercially reasonable endeavours to procure that the Company's business is financed as far as practicable by borrowing from banks, financial institutions and other similar sources on commercially reasonable terms, but without allowing any prospective lender a right to participate in the share capital of the Company as a condition of any loan. Such financing shall be procured without any additional security by way of guarantee or otherwise from the Shareholders.
LOAN FINANCE. The Company shall have the right and authority to raise finance, loan from any Financial Institution/ Bank by way of mortgage/charge/securitization of receivables, subject to the condition that the said Unit shall be free from all encumbrances at the time of execution of the Conveyance Deed. Such mortgage or charge shall not affect the right and interest of the Allottee.
LOAN FINANCE. Subject to Section 7.4(a), following the subscription by the Shareholders of all Required Additional Equity Share Capital or otherwise at any time, the Shareholders may cause the Company to procure that the requirements of the Company for working capital to finance the Business are met, as far as reasonably practicable, by borrowings from banks and other similar sources on the most favorable terms reasonably obtainable as to
LOAN FINANCE. This offer is subject to the suspensive condition that a loan is to be granted to THE PURCHASER, within ( ) days from the date of signature of this Agreement of Sale by both parties, on the terms and conditions normally applicable to loans granted by a financial institution. The approved loan amount must be an amount that will enable THE PURCHASER to deliver guarantees for an amount of not less than R ( ) free of any retention by the grantor of the loan. If this condition is not fulfilled within the abovementioned period, the period shall be deemed to be automatically extended unless and until THE SELLER gives ( ) days written notice requiring fulfilment of the condition. If this condition is not fulfilled or waived within such period or periods this Agreement of Sale shall never be of force or effect and any deposits shall be refunded to THE PURCHASER. It is recorded that the condition is inserted for the benefit of THE PURCHASER, and that THE PURCHASER is entitled at its sole discretion to waive fulfilment of this condition at any time prior to the expiry of any of the above periods.
LOAN FINANCE. 4.1 This Agreement is suspensive upon the Purchaser being granted finance by a financial institution, on its normal terms and conditions, for a loan amount of R upon the security of a first mortgage bond to be registered over the Property, or such lesser amount that the Purchaser may accept or apply for.
4.2 The loan is to be approved within 30 (thirty) calendar days of acceptance, which period shall be automatically extended 15 (fifteen) days unless the Agent, in its sole discretion, advises the Purchaser in writing prior to the expiration of the initial 30 (thirty) calendar day period that the period shall not be extended.
4.3 This suspensive condition shall be deemed to be fulfilled on the date that the financial institution issues a written quotation and/or pre agreement statement for the loan amount.
4.4 The Purchaser and Seller nominate the Seller’s Attorney, or any other attorney nominated by the Seller, to attend to the registration of any mortgage bond to be registered over the Property in favour of the financial institution.
4.5 The Purchaser shall, within 5 (five) days of acceptance hereof, take all steps to give effect to this Agreement and submit to the Mortgage Bond Originator an application for loan finance, together with all necessary supporting documentation required and authorises the Mortgage Bond Originator to apply to any financial institution.
4.6 The Purchaser acknowledges awareness of the requirements of financial institutions with regards to eligibility for the loan amount and is to the best of his knowledge eligible for the loan. The Purchaser records that there are no adverse listings by any credit bureau.
4.7 Failure by the Purchaser to take all reasonable steps to fulfil any suspensive condition contained in this Agreement shall constitute a material breach of this Agreement entitling the Seller and/or Agent at their option to regard the suspensive condition as having been fulfilled in terms of the doctrine of fictional fulfilment.
LOAN FINANCE. 4.1 In the event of the Purchaser requiring bond finance for the acquisition of the Property, this sale shall be subject to the condition precedent that the Purchaser is granted a loan by a recognised financial institution in the amount and by the date as specified in the Schedule, on the institution's usual terms and conditions relating to such loans. The Purchaser undertakes to use his best endeavours to ensure that the loan referred to is granted timeously and undertakes to sign all such documentation and to co-operate with the Seller fully in order to ensure that the said loan is approved.
4.2 In the event that the condition precedent is not fulfilled within the time period provided for in clause 4.1, there shall be automatic extensions to this period of 14 (FOURTEEN) days at a time unless the Seller, in its absolute discretion, notifies the Purchaser of the termination of such time period and provided further that such extension shall not exceed 30 (THIRTY) days in total.
4.3 The loan approved in terms of this transaction will be registered by MHI Attorneys, as part of the conveyancing handled by the said firm in respect of this development.
