Common use of LOAN FINANCE Clause in Contracts

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 the registration of such bond. The Purchaser acknowledges that the convenience of the bond being registered by the same attorneys as will be attending to the transfer justifies this condition. 3.1.7 The Purchaser shall be liable for payment of all costs of and incidental to the registration of the mortgage bond, including attorney's fees and necessary disbursements, and any costs payable to the proposed mortgagee.

LOAN FINANCE. 3.1.1 3.2.1 In the event of the Purchaser requiring bond loan finance for the acquisition of the SectionSubject Matter, 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 Suretyshipssuretyships). 3.1.2 3.2.2 This condition shall be deemed to have been fulfilled upon the Purchaser obtaining an offer from a recognised 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 be refunded 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 3.2.3 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 grant/approval of the mortgage loan and, after the loan has been granted, the registration of the a 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 material breach of a material term or condition of this agreement by the Purchaser. 3.1.5 3.2.4 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 3.2.5 It is a condition of this Agreement agreement that in the event of the Purchaser's ’s application for a loan being successful, the registration of the mortgage bond shall be effected and registered by the Attorneys 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 the registration of such bond. The Purchaser acknowledges that the convenience of the bond being registered by the same attorneys as will be attending to the transfer transfer, justifies this condition. 3.1.7 3.2.6 Any conditions that the bank imposes when approving the loan, must be acceptable to the Seller, failing which the Seller may treat such conditions as a material breach of this agreement and cancel this agreement on notice to the Seller. The same will apply if the bank changes its conditions of approval in a way that is unfavourable to the Seller. 3.2.7 The Purchaser shall be liable for payment of all costs of and incidental to the registration of the mortgage bond, including attorney's attorneys fees and necessary disbursements, and any costs payable to the proposed mortgagee.

LOAN FINANCE. 3.1.1 In the event of the Purchaser requiring bond loan finance for the acquisition of the SectionSubject Matter, 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 Suretyshipssuretyships). The Parties agree that the Seller shall be entitled to extend the aforesaid date with a further 30 (thirty) calendar days with written notice to the Purchaser. 3.1.2 This condition shall be deemed to have been fulfilled upon the Purchaser obtaining an offer from a recognised 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 be refunded 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 grant/approval of the mortgage loan and, after the loan has been granted, the registration of the a 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 material breach of a material term or condition of this agreement by the Purchaser. 3.1.5 3.1.4 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 3.1.5 It is a condition of this Agreement agreement that in the event of the Purchaser's ’s application for a loan being successful, the registration of the mortgage bond shall be effected and registered by the Attorneys 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 the registration of such bond. The Purchaser acknowledges that the convenience of the bond being registered by the same attorneys as will be attending to the transfer transfer, justifies this condition. 3.1.6 Any conditions that the bank imposes when approving the loan, must be acceptable to the Seller, failing which the Seller may treat such conditions as a material breach of this agreement and cancel this agreement on notice to the Seller. The same will apply if the bank changes its conditions of approval in a way that is unfavourable to the Seller. 3.1.7 The Purchaser shall be liable for payment of all costs of and incidental to the registration of the mortgage bond, including attorney's ’s fees and necessary disbursements, and any costs payable to the proposed mortgagee.

LOAN FINANCE. 3.1.1 3.2.1 In the event of the Purchaser requiring bond loan finance for the acquisition of the SectionSubject Matter, 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 Suretyshipssuretyships). The Parties agree that the Seller shall be entitled to extend the aforesaid date with a further 30 (thirty) calendar days with written notice to the Purchaser. 3.1.2 3.2.2 This condition shall be deemed to have been fulfilled upon the Purchaser obtaining an offer from a recognised 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 be refunded 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 3.2.3 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 grant/approval of the mortgage loan and, after the loan has been granted, the registration of the a 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 material breach of a material term or condition of this agreement by the Purchaser. 3.1.5 3.2.4 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 3.2.5 It is a condition of this Agreement agreement that in the event of the Purchaser's ’s application for a loan being successful, the registration of the mortgage bond shall be effected and registered by the Attorneys 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 the registration of such bond. The Purchaser acknowledges that the convenience of the bond being registered by the same attorneys as will be attending to the transfer transfer, justifies this condition. 3.1.7 3.2.6 Any conditions that the bank imposes when approving the loan, must be acceptable to the Seller, failing which the Seller may treat such conditions as a material breach of this agreement and cancel this agreement on notice to the Seller. The same will apply if the bank changes its conditions of approval in a way that is unfavourable to the Seller. 3.2.7 The Purchaser shall be liable for payment of all costs of and incidental to the registration of the mortgage bond, including attorney's ’s fees and necessary disbursements, and any costs payable to the proposed mortgagee.