Common use of MORTGAGE BOND Clause in Contracts

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 offers a lower loan to the Purchaser than the amount that the Purchaser applied for, then it will not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date of the bank or financial institution’s offer to the attorney that he/she/it accepts the lower loan amount by the bank, and that he/she/it intends financing the remaining balance in cash on registration of the transfer; and in which event the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 above. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATION

MORTGAGE BOND. 8.1 This agreement is 24.1 Should this sale be subject to and conditional upon 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 Purchaser being granted a mortgage bond or bond over for the Property for an amount as indicated on “stipulated in item 11 of the Schedule A”from a financial institution, or such lesser amount that the Purchaser may accept, loan is to be approved by no later than 30 (thirty) calendar days after signature of this Agreement. This date will be automatically the Date of Signature or by such extended by a further 14 (fourteen) business days (* delete if not applicable)period, and as the Seller will have a in its sole discretion to further extent this periodmay determine. 8.2 The 24.2 This Agreement shall operate irrevocably and in rem suam as a power of attorney in favour of the Seller granting the Seller power to apply for a mortgage bond on behalf of the Purchaser undertakes to complete the necessary application forms for the loan within 3 (three) business days from contemplated in 11 of the date on which this agreement comes into existenceSchedule. A mortgage origination agent, Ooba, shall contact the Purchaser to obtain the necessary information required for the loan application and to hand same in with the bond originatorthis end, 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 irrevocably agrees to use at no other mortgage origination agent and agrees not to approach any bank or financial institution for finance and/or to procure the mortgage finance required as per clause 11 of the Schedule. The Purchaser hereby undertakes to timeously do all such things and to sign all such documents as may be necessary and/or requisite in order to apply for and procure the approval of the said loan from a written quotation bank or other financial institution and a written pre-agreement statement to furnish same to the Seller and/or Ooba. 24.3 The Purchaser shall within 15 (fifteen) days of the date of approval of the mortgage bond as contemplated in section 92 clause 24.1 above, provide the Seller with an irrevocable bank guarantee, conditional only upon the simultaneous registration of transfer of the National Credit ActUnit and the mortgage bond, No. 34 of 2005 ("in a from acceptable to the National Credit Act") in respect Seller, for the due payment of the loan balance of the Total Purchase Price. The said guarantee shall provide for payment to be effected at the central Cape Town branch of such bank immediately upon receipt by the bank of written notification from the Attorneys that transfer has been effected. 24.4 In the event that the condition in clause 24.1 is not fulfilled within the said amount within the loan time period, irrespective of whether or not such quotation or pre-agreement statement is signed by this Agreement shall automatically lapse and the Seller shall refund the Purchaser. The Purchaser acknowledges that he is aware that the granting of credit is subject to costs 's deposit together with accrued interest and charges levied in terms of the National Credit Actless administration charges. 8.4 If the bank or financial institution requires that the Purchaser’s spouse or if 24.5 Should written confirmation be received from 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 his bankers that the Purchaser's bond has been timeously approved and subsequent to such approval, the approval is not granted withdrawn by the loan date (which includes the automatic extension period)Purchaser or their bankers for any reason whatsoever, then this agreement the Purchaser agrees that he shall be regarded as having lapsed and shall be null and void without the requirement that either party should notify the other of such lapsingforfeit his deposit. 8.6 If the bank or financial institution offers a lower loan 24.6 The Attorneys shall attend to the Purchaser than registration of all and any mortgage bond/s to be registered to secure the amount that the Purchaser applied for, then it will not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date balance of the bank or financial institution’s offer to the attorney that he/she/it accepts the lower loan amount by the bank, and that he/she/it intends financing the remaining balance in cash on registration of the transfer; and in which event the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 aboveTotal Purchase Price. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATION

MORTGAGE BOND. 8.1 This 14.1 Should an amount be inserted at clause E on page 3 regarding mortgage bond approval then this agreement is shall be 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 of the Property for an said amount as indicated on “Schedule A”, or such lesser amount that as the Purchaser may accept, by no later than 30 (thirty) calendar days after signature of this Agreement. This date will be automatically extended being granted to the Purchaser on normal terms and conditions as laid down by a further 14 commercial bank on security of the property or any other acceptable security. The loan shall be granted within 21 (fourteentwenty one) business days (* delete if not applicable), and of signature hereof by the Purchaser or such extended period as the Seller will have a discretion to further extent this periodmay allow. 8.2 14.2 The Purchaser undertakes condition referred 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 clause 14.1 above 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 Section 92 of the National Credit Act, Act No. 34 of 2005 ("the National Credit Act") in respect of the loan in the said amount within the loan periodperiod referred to in 14.1 above, irrespective of whether or not such quotation or pre-agreement statement is signed accepted by the Purchaser. . 14.3 In the event of clause 14.1 above not being fulfilled or waived timeously, this Agreement shall lapse and be of no force and effect and any deposit paid shall be refunded to the Purchaser. 14.4 The Purchaser acknowledges that he the He/She is aware that the granting of credit is subject to costs and charges levied in terms of the National Credit Act. 8.4 If 14.5 The Purchaser hereby authorises the bank Agent or financial institution requires that the Purchaser’s spouse or if Seller's appointed Mortgage Consultant, to apply for this loan on his behalf. The Purchaser undertakes to supply the agent and/or mortgage consultant with all the information requested within 7 (seven) days of being requested to do so. Should the Purchaser is a trust, CC or company, on or more fail to supply the necessary information in terms 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 abovethis clause, then the suspensive condition as stated in Seller will be entitled (but not obliged) to cancel this clause 8, shall be deemed to have been fulfilled, notwithstanding the bank’s requirement for the suretyshipAgreement with immediate effect. 8.5 If 14.6 In order to further enhance the Purchaser's bond is not granted administration and the registration process in the development, the Seller makes it a specific term of this agreement that all mortgage bonds which forms part of this transaction, must be registered by the loan date (Seller's Attorney, failing which includes the automatic extension period), then Seller have the right to cancel 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 offers a lower loan agreement. This clause is to the Purchaser than the amount that the Purchaser applied for, then it will not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date benefit of the bank or financial institution’s offer to the attorney that he/she/Seller, who may waive it accepts the lower loan amount by the bank, and that he/she/it intends financing the remaining balance in cash on registration of the transfer; and in which event the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 abovewriting. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATION

MORTGAGE BOND. 8.1 This 4.1 If so indicated in the Transaction Cover above, this agreement is subject to the suspensive condition that the Purchaser raises and receives a South African loan from a recognized financial institution, in the amount referred to in paragraph 3 of the Transaction Cover above, within 21 (TWENTY ONE) days after the date of signature of this Agreement by the Purchaser. The 21(TWENTY ONE) day period shall automatically extend for a further period not exceeding 14 (FOURTEEN) days should the provisions of this paragraph not be fulfilled timeously. 4.2 The Purchaser hereby undertakes to do all such things and to sign all such documents as may be necessary and/or requisite in order to apply for and procure the grant of the said loan from a 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 to furnish written proof to the Seller will have a discretion to further extent this periodof the granting or refusal thereof. 8.2 4.3 The Purchaser undertakes to complete apply within 10 (TEN) working days for mortgage finance, failing which and in the necessary application forms event of the purchaser failing to successfully pursue such application, the Purchaser hereby irrevocably appoints the Seller as its agent to apply for such loan on the loan within 3 (three) business days from the date on which this agreement comes into existence, Purchaser's behalf and to hand same in with obtain such written approval, consent and authority from any recognized financial institution and the bond originator, bank or financial institution, whichever is applicable, together will Purchaser undertakes to sign all documents required by them for the applicationand do whatever may be necessary to be done. 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 4.4 This suspensive condition of bond approval shall be deemed to have been fulfilled upon the issue to as soon as 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 its agent has received confirmation that the loan in the said amount within the loan period, irrespective of whether or not such quotation or pre-agreement statement is signed question has been approved by the Purchaser. financial institution, regardless of any conditions imposed by the institution in granting such loan. 4.5 The Purchaser acknowledges that he is aware that the granting of credit is subject undertakes 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 operate with the loan as stipulated mortgagee's attorneys 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 offers a lower loan to the Purchaser than the amount that the Purchaser applied for, then it will not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date of the bank or financial institution’s offer to the attorney that he/she/it accepts the lower loan amount by the bank, and that he/she/it intends financing the remaining balance in cash on registration of the transfer; bond and in which event specifically acknowledges his obligation to procure the payment of the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 above. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATIONPurchase Price from the proceeds of the bond finance and not to cause or to allow any delay to be caused therewith.

MORTGAGE BOND. 8.1 This agreement 33.1 If paragraph H of the Schedule is answered in the affirmative, then this sale is subject to the suspensive condition precedent that the PURCHASER is granted a loan by a South African Bank or other similar financial institution grants credit provider, registered as such in writingterms of the National Credit Act No 34 of 2005, on its normal terms and conditions"the NCA", a loan or loans secured by a mortgage bond or bond over in the Property for an amount as indicated on “Schedule A”, or such lesser amount that specified in paragraph H of the Purchaser may accept, by no later than 30 (thirty) calendar days after signature of this AgreementSchedule. This date condition 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 on the issue to the Purchaser PURCHASER by the said bank or financial institution a registered credit provider of a written quotation for the capital amount required as per paragraph H of the Schedule and a written pre-agreement statement as contemplated in section Section 92 of the National Credit ActNCA, No. 34 within thirty (30) working days of 2005 signature hereof by the SELLER ("or within such extended period as the National Credit Act") SELLER in respect of the loan in the said amount within the loan periodits sole discretion may determine.), irrespective of whether or not such quotation or pre-pre- agreement statement is signed accepted by the PurchaserPURCHASER. 33.2 This Agreement shall operate irrevocably and in rem suam as a power of attorney in favour of the SELLER granting the SELLER power to apply for a mortgage bond on behalf of the PURCHASER for the loan contemplated in paragraph H of the Schedule. The Purchaser PURCHASER hereby undertakes to timeously do all such things and to sign all such documents as may be necessary and/or requisite in order to apply for and procure the approval of the said loan from a South African Bank or other credit provider and to furnish written proof to the SELLER of the granting or refusal thereof. Any mortgage bond originator appointed by the SELLER shall contact the PURCHASER to obtain the necessary information required for the loan application and to this end, the PURCHASER irrevocably agrees to use mortgage bond originator or any other mortgage bond original nominated by the SELLER to procure the mortgage finance required as per paragraph H of the schedule. 33.3 The PURCHASER acknowledges that he 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 2011/08/01 28 commitments to meet the requirements of the bank in this regard and having regard to the amount of the loan to be applied for. 33.4 In the event that the granting condition in clause 33.1 above is not fulfilled, this Agreement shall be of credit no force and effect and neither party shall have any claim against the other, except that: 33.4.1 the SELLER shall procure the refund to the PURCHASER of the deposit referred to in paragraph E of the Schedule, with accrued interest provided only that bond approval has not already been received and written confirmation of such approval communicated to the Conveyancer or SELLER. 33.4.2 the PURCHASER shall be liable for payment of the occupational interest and levies during the period between the date of occupation and the date upon which the unit is vacated in consequence of the failure of this Agreement; 33.4.3 the PURCHASER shall be obliged immediately to vacate the unit. 33.5 If the PURCHASER is a company, close corporation, trust or other legal entity (other than a natural person) and the loan is granted subject to costs and charges levied in terms of the National Credit Act. 8.4 If the bank or financial institution requires condition that the Purchaser’s spouse or directors and/or shareholders and/or members and/or trustees (as the case may be) (or) if the Purchaser PURCHASER is a trustmarried woman and the loan is granted subject to the condition that the PURCHASER'S spouse consents, CC or companythen, on or more of the trustees, such directors and/or shareholders and/or trustees and/or members and/or directors, must spouse shall bind him or herself themselves as surety sureties for and co-principal debtor for debtors with the PURCHASER arising from or in connection with such loan as stipulated in clause 8.1 above, then such loan shall be deemed to have been unconditionally granted and the suspensive condition as stated in provisions of this clause 8, 34 shall be deemed to have been fulfilled, notwithstanding the bank’s requirement . The PURCHASER undertakes to procure that such directors and/or shareholders and/or trustees and/or members and/or spouse shall bind themselves as sureties for the suretyshipand co-principal debtor as aforesaid. 8.5 If 33.6 In the Purchaser's event that instruction to register a 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 has been received from the bank or financial institution offers a lower loan to and the Purchaser than the amount that the Purchaser applied for, then it will has not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date of the bank or financial institution’s offer to the attorney advised that he/she/it accepts she does not wish to take up the lower loan amount granted and/or has not provided the required guarantee in respect of the purchase price, the Purchaser shall be liable to pay wasted costs on a sliding scale on a tariff as recommended by the bank, Cape Law Society for the work done up to and including that he/she/it intends financing the remaining balance point in cash on registration of the transfer; and in which event the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 abovetime. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATION

MORTGAGE BOND. 8.1 This 3.1. If so indicated in the Transaction Cover above, this agreement is subject to the suspensive condition that the Purchaser raises and receives a South African loan from a recognized financial institution, in the amount referred to in paragraph 3 of the Transaction Cover above, within 20 (TWENTY) days after the date of signature of this Agreement by the last party. The Seller can however, at his own discretion, extend this 20 (TWENTY) day period for a further period not exceeding 20 (TWENTY) days should the provisions of this paragraph not be fulfilled timeously. 3.2. The Purchaser hereby undertakes to do all such things and to sign all such documents as may be necessary and/or requisite in order to apply for and procure the grant of the said loan from a 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 to furnish written proof to the Seller will have a discretion to further extent this periodof the granting or refusal thereof. 8.2 3.3. The Purchaser undertakes to complete apply within 5 (FIVE) days for mortgage finance, failing which and in the necessary application forms event of the purchaser failing to successfully pursue such application, the Purchaser hereby irrevocably appoints the Seller as its agent to apply for such loan on the loan within 3 (three) business days from the date on which this agreement comes into existence, Purchaser's behalf and to hand same in with obtain such written approval, consent and authority from any recognized financial institution and the bond originator, bank or financial institution, whichever is applicable, together will Purchaser undertakes to sign all documents required by them for the applicationand do whatever may be necessary to be done. 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 thereof3.4. The This suspensive condition of bond approval shall be deemed to have been fulfilled upon the issue to as soon as the Purchaser or its agent has received final bond approval confirmation regardless of any conditions imposed 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 granting such quotation or pre-agreement statement is signed by the Purchaserloan. 3.5. The Purchaser acknowledges that he is aware that the granting of credit is subject undertakes 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 operate with the loan as stipulated mortgagee's attorneys 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 offers a lower loan to the Purchaser than the amount that the Purchaser applied for, then it will not be regarded that this suspensive condition has been met, unless the Purchaser stipulates in writing within two (2) days from the date of the bank or financial institution’s offer to the attorney that he/she/it accepts the lower loan amount by the bank, and that he/she/it intends financing the remaining balance in cash on registration of the transfer; bond and in which event specifically acknowledges his obligation to procure the payment of the balance shall be secured by way of a guarantee acceptable to the attorney in accordance with condition 4 above. 8.7 The Purchaser acknowledges that the Developer will appoint the Bond Originator and the Bond Registration Attorneys and will enter into package deals with the different Bank’s as far as possible. The Purchaser acknowledges the benefits and convenience of using the Attorneys of the Developer. 9. HOME OWNERS ASSOCIATIONPurchase Price from the proceeds of the bond finance and not to cause or to allow any delay to be caused therewith.