MORTGAGE BOND. If the sale is subject to the Purchaser obtaining a mortgage bond as per clause 12 of the terms and conditions: Mortgage bond amount R Institution
MORTGAGE BOND. 2.1.1 If the Contract reflects a loan in terms of clause 1.6.2 of the Contract of Sale, then the Contract is subject to and conditional upon the Purchaser obtaining a loan in principle for the amount set out in in terms of clause 1.
MORTGAGE BOND. This Agreement is subject to the suspensive condition that a bank grants in writing on its normal terms and conditions a loan or loans secured by a mortgage bond or bonds over the Property for an amount as indicated on Schedule “A” or such lesser amount as the Purchaser may accept by no later than 30 (thirty) days after the Seller has signed this Agreement or such later date as the Seller in his sole discretion may allow. The Purchaser shall ensure that all reasonable steps are taken to enable the loan to be timeously granted. This condition shall be deemed to have been fulfilled on the date upon which the financial institution issues a written loan quotation to the Purchaser on the terms stated therein.
MORTGAGE BOND. 16.1 This AGREEMENT is subject to the PURCHASER obtaining a bond in principle from a bank on its usual terms in the amount as specified in Clause 11 of the Annexure "A" if any. In this regard, it is specifically recorded that the PURCHASER shall be obliged to source his/ her/ its bond finance from such mortgage originator appointed by the SELLER in writing. The PURCHASER shall take all steps, do all things and sign all documents required by such originator for the purposes of pursuing any mortgage bond application required in terms hereof. Should the PURCHASER not source his / her bond finance from the mortgage originator appointed by the SELLER, then unless payment of the purchase price by the PURCHASER is made in cash without registration of a mortgage bond, the PURCHASER shall be liable for all costs incidental to the registration of the Mortgage Bond that would have been payable by the SELLER. In such event, the PURCHASER shall pay all bond registration costs within 2 (two) days of request.
16.2 The PURCHASER binds his utmost good faith in pursuing mortgage bond finance as aforesaid and ensuring that registration of the mortgage bond is effected by the SELLER'S ATTORNEYS. Should the PURCHASER fail to endeavour to ensure that the financial institution attending to his mortgage bond registration, instructs the SELLER'S ATTORNEYS to effect registration of the mortgage bond concerned, alternatively, directly or indirectly whether by act or omission, frustrates the appointment of the SELLER'S ATTORNEYS for the purpose of registering the aforesaid mortgage bond, then unless otherwise agreed to in writing by the SELLER, the PURCHASER shall become liaible for the transfer costs that would have been payable by the SELLER. In such event, the PURCHASER shall pay all transfer costs within 2 (two) days of request.
16.3 In the event of the PURCHASER, despite his/ her/ its best efforts, not obtaining such bond within 21 (twenty one) days of date of signature hereof by the SELLER or within such extended period as the SELLER in its sole discretion may determine; then in that event, this AGREEMENT shall be null and void.
16.4 In the event of the PURCHASER failing to make application for such mortgage bond and/or failing to provide the information and/or documentation required for the processing of such application timeously and/or frustrating, by any acts or omissions, the fulfillment of the suspensive condition relating to the obtaining of the bond finance referred to ...
MORTGAGE BOND. 8.1 This agreement is subject to the suspensive condition that a South African Bank or other similar financial institution grants in writing, on its normal terms and conditions, a loan or loans secured by a mortgage bond or bond over the Property for an amount as indicated on “Schedule A”, or such lesser amount that the Purchaser may accept, by no later than 30 (thirty) calendar days after signature of this Agreement. This date will be automatically extended by a further 14 (fourteen) business days (* delete if not applicable), and the Seller will have a discretion to further extent this period.
8.2 The Purchaser undertakes to complete the necessary application forms for the loan within 3 (three) business days from the date on which this agreement comes into existence, and to hand same in with the bond originator, bank or financial institution, whichever is applicable, together will all documents required by them for the application.
8.3 The Purchaser must provide the attorney with written proof of the granting of the loan before the expiration of the loan date, or any extension thereof. The suspensive condition of bond approval shall be deemed to have been 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. 34 of 2005 ("the National Credit Act") in respect of the loan in the said amount within the loan period, irrespective of whether or not such quotation or pre-agreement statement is signed by the Purchaser. The Purchaser acknowledges that he is aware that the granting of credit is subject to costs and charges levied in terms of the National Credit Act.
8.4 If the bank or financial institution requires that the Purchaser’s spouse or if the Purchaser is a trust, CC or company, on or more of the trustees, members and/or directors, must bind him or herself as surety and co-principal debtor for the loan as stipulated in clause 8.1 above, then the suspensive condition as stated in this clause 8, shall be deemed to have been fulfilled, notwithstanding the bank’s requirement for the suretyship.
8.5 If the Purchaser's bond is not granted by the loan date (which includes the automatic extension period), then this agreement shall be regarded as having lapsed and shall be null and void without the requirement that either party should notify the other of such lapsing.
8.6 If the bank or financial institution offer...
MORTGAGE BOND. This agreement is subject to the Purchaser obtaining a loan from a bank or other financial institution in the sum specified in Schedule "A" or such lesser amount as may be acceptable to the purchaser, on security of the property within the time specified in Schedule "A", or such extended period of time as may be agreed to by the parties in writing, failing which this agreement shall lapse and be of no further force or effect and the parties shall be returned to the position in which they were prior to the execution hereof. This loan shall be regarded as granted upon the issuing of a quotation and pre-agreement statement by the bank. The Purchaser is obliged to apply for such loan through the services of such mortgage originators as may be nominated by the Seller and/or agent. There is no charge to the Purchaser for the use of such service.
MORTGAGE BOND. 6.1.1. Should the Purchaser require a loan in order to pay the Consideration Payable or any part thereof, then this sale shall be subject to the suspensive condition that the Purchaser obtains within 30 (thirty) days from date of signature hereof a loan for an amount as set out in paragraph 10 of Schedule 1 hereof, secured by a mortgage bond on the customary conditions from a financial institution against security of the Erf.
6.1.2. The Purchaser undertakes to forthwith lodge the required application for the said loan and supporting documents with the financial institution and to do everything that may be necessary to acquire the said loan. It is recorded that this clause is for the sole benefit of the Purchaser.
6.1.3. In the event of the Purchaser failing to apply for the said loan within 10 (ten) days after date of signature hereof, he/she shall be deemed to have waived and renounced the benefit of this clause and this clause shall no longer apply, and the Agreement shall accordingly no longer be subject to this condition, and the Purchaser shall then be obliged to pay the balance of the purchase price to the Attorneys as set out in clause 4 above, alternatively and within the sole discretion of the Developer exercised in writing, the sale shall lapse and shall be of no further force and effect.
6.1.4. The Developer shall during the loan application period be entitled to continue marketing of the Erf and accept other offers in respect of the Erf.
6.1.5. The Seller shall proceed with the first offer where all the suspensive conditions are fulfilled and where written confirmation is received by the Attorney in this regard. All other accepted offers will be terminated in that event and the parties reciprocally and irrevocably acknowledge that they shall have no further claims against one another arising out of the agreements that lapse as a result.
MORTGAGE BOND. 4.1 In the event of the purchaser requiring a mortgage bond for the amount referred to in clause 3.2 above, this condition will be deemed to have been fulfilled upon a financial institution lodging a letter, acceptable to the conveyancers, confirming that a mortgage bond has been granted to the purchaser upon the normal terms and conditions applicable to home loans. It is expressly recorded that a "pledge/pre-bond approval" does not constitute the necessary approval in terms of this agreement.
4.2 The seller shall be entitled to extend the said 30-day period by a further period of 30 days at its sole discretion and the purchaser hereby authorises the seller and/or the agent to assist in the obtaining of the mortgage bond. The purchaser hereby agrees to supply such information as may be required by the financial institution to enable the financial institution to consider the purchaser's application.
4.3 In the event of the purchaser not providing the necessary information to the financial institution within 10 days of being called upon to do so by the financial institution, the agent or, alternatively by the bond originator handling the application on behalf of the purchaser, and the mortgage bond not being granted on due date then the seller shall be entitled to cancel this agreement and retain the deposit paid in accordance with the provisions of clause 2.1 above.
MORTGAGE BOND. This Agreement is subject to the suspensive condition that the Purchaser is granted a loan –
2.1. On the security of a first mortgage bond over the property;
2.2. By a Bank or by any other person on terms and conditions no more onerous than prevailing Bank terms and conditions;
2.3. Within 30 days of the date hereof;
2.4. Provided that this condition shall be deemed to have been fulfilled notwithstanding that such loan is granted subject to a condition that funds are not immediately available or that it can be withdrawn at the lender's discretion or otherwise.
2.5. The Purchaser may at any time up to and including, but not after, the date by which the loan is to be granted, including any extension, waive the benefit of this clause by written notice to the Seller.
2.6. If this condition has not been fulfilled or waived by the Purchaser by the date envisaged in clause 2.3 hereof , including any extension, this Agreement shall be void and neither party shall have any further rights except as set out below. In particular, the Purchaser shall have no right after that date to elect to treat this Agreement as being free of this condition if it has not been waived by that date.
MORTGAGE BOND. The sale is subject to the Purchaser obtaining a mortgage loan as per clause 36: Mortgage Bond Amount: R Institution: If not completed, the sale is unconditional and clause 36 does not apply
