Common use of LOAN FINANCE Clause in Contracts

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. The following terms are applicable: 23.1 24.1 It is recorded that the finance suspensive condition mentioned in Item 13 12 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 24.2 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. . 24.3 Should the Purchaser fail to apply for the loan finance within 14 (fourteen) days of signature of this agreement, Harbour Bay Village (Pty) Ltd is hereby authorised to apply for the loan on behalf of the Purchaser. 24.4 The condition referred to in Item 12 of the Information Schedule will be deemed to be fulfilled upon the issue to the Purchaser by the said bank or financial institution of a written quotation and a written pre-agreement statement as contemplated in section 92 of the National Credit Act, No 35 of 2005 in respect of the loan in the said amount. 24.5 If, despite such endeavours, the condition is not fulfilled (or waived) by or prior to the due within 60 (sixty) days of signature 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. The following terms are applicable: 23.1 24.1 It is recorded that the finance suspensive condition mentioned in Item 13 12 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 24.2 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. . 24.3 Should the Purchaser fail to apply for the loan finance within 14 (fourteen) days of signature of this agreement, Harbour Bay Village (Pty) Ltd is hereby authorised to apply for the loan on behalf of the Purchaser. 24.4 The condition referred to in Item 12 of the Information Schedule will be deemed to be fulfilled upon the issue to the Purchaser by the said bank or financial institution of a written quotation and a written pre‐agreement statement as contemplated in section 92 of the National Credit Act, No 35 of 2005 in respect of the loan in the said amount 24.5 If, despite such endeavours, the condition is not fulfilled (or waived) by or prior to the due within 60 (sixty) days of signature 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 24.6 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 24.6.1 given a copy of the offer and notified in writing of such fact, and 23.3.2 24.6.2 the Purchaser shall have 72 (SEVENTY-TWOSEVENTY‐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.